Net-Zero Transition – Latest signals of change (24.09.21)We Mean Business Coalition
Here are just some of the signals of change from the past week, demonstrating the transition to a resilient and inclusive net-zero economy.
UK Prime Minister Boris Johnson has renewed his call for richer countries to increase financial support to developing countries fighting the effects of climate change. A green homes revolution could create more than 138,000 jobs, slash energy bills and pump nearly £10 billion into the UK economy, experts say. President Biden announced plans to double the funding the United States provides each year to help developing nations cope with the effects of climate change and build greener economies. South Africa’s cabinet has adopted a more ambitious emissions reduction target. And global climate strike by youth protesters on Friday will hit more than 1,400 locations with a message that “change is coming – from the streets”.
Chinese President Xi Jinping announced China would end support for building new coal-fired power plants abroad. Ørsted revealed its intention to invest up to £12bn directly with Scottish companies on developing and constructing offshore wind farms during the next decade. WWF is teaming up with Scottish Power to champion low energy and push the government and local authorities towards more ambitious climate action in the run up to the COP26 climate summit. The World Health Organization has cut its recommended limits for air pollution and urged nations, halving limit for tiny particles from burning fuel and reducing by 75% NO2, to tackle dirty air and save millions of lives. UK wind power generation climbed to the highest level in more than a month on Wednesday, reaching 7.9 gigawatts, enough to meet about 30% of the country’s total power demand.
Global electric vehicle (EV) sales are expected to surpass six million units in 2021 after sales tripled worldwide during the first six months of the year, compared with the same period in 2020, says energy consultancy Wood Mackenzie in a new analysis. Cab company Addison Lee has pledged it will operate only electric vehicles from 2023, saying it will invest £160 million to shift its 4000-strong fleet to electric. And over 150 shipping industry leaders and organisations representing the maritime value chain have issued a joint call for governments around the world to set coordinates towards a net zero maritime sector by 2050.
Net-Zero Built Environment & Heavy Industry
Ineos has unveiled plans to spend £1bn on building a “world-scale carbon capture-enabled hydrogen production plant”. Australian mining billionaire Andrew Forrest launched a green hydrogen organisation, GH2, in a push to speed up development of the fuel. The Biden administration on Thursday finalized its first major regulation to directly limit greenhouse gases, which would curb the production and use of potent planet-warming chemicals called hydrofluorocarbons, or HFCs, which are used in air-conditioners and refrigerators.
Net-Zero Land and Nature
Phoenix pledged to reach “tree equity” by 2030, under an agreement with American Forests, a national tree organization. Nine philanthropic organisations have collectively pledged to provide $5bn for projects that advance progress towards a goal of protecting 30 per cent of land and ocean by 2030, in a donation that has been touted as the largest-ever private funding commitment for biodiversity.