Zero-Carbon Transition – Latest signals of change (04.09.20)The 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 zero-carbon future remains underway.
The French government has earmarked €30 billion to promote greener energy policies, as part of its overall €100 billion stimulus package. Louisiana Governor John Bel Edwards has set a pathway for the state to transition to net-zero carbon emissions by 2050. As part of its commitment to climate positivity by 2030, Ingka Group is planning €600 million in sustainability-related investments over the next 12 months. Tech giant Microsoft has joined the European Corporate Leaders Group. And a group of youth activists from Portugal have filed a landmark climate change case at the European court of human rights.
Swidish automaker Volvo Car Group has committed to set a science-based target, joining the growing number of major automotive companies already committed via the Science Based Targets initiative including BMW Group, PSA Group and Mercedes-Benz AG. India’s Swaraj Engines Limited, which manufactures tractor engines, has had its science-based target approved, along with The Port Authority of New York and New Jersey. The CFO of Volkswagen has announced plans to launch a $1 billion tranche of green bonds. LA is considering eliminating bus and train fares. And activist hedge fund Oceanwood Capital has urged European governments to overhaul transport policy to radically cut emissions.
Japanese chemical company Sekisui Chemical has committed to switch to 100% renewable electricity with RE100. China’s top state oil and gas producers have laid out a raft of green initiatives and targets, including Petrochina committing to be near-zero greenhouse gas emissions by 2050. And Germany looks set to be on track to exceed its 2030 target for 5 GW of installed hydrogen capacity.
Zero-Carbon Built Environment & Industry
Danish window maker Velux has committed to counteract all its historical carbon emissions since its founding in 1941, as part of its efforts to become lifetime carbon neutral by 2030 and its commitment to the Business Ambition for 1.5ºC campaign. Cbus, the $54 billion construction industry fund, has committed to cut absolute portfolio emissions to net zero by 2050. Ireland’s Lagan Aviation & Infrastructure, which manages airport construction projects, has committed to set a science-based target, while US office furniture company Steelcase has had its target approved.
Zero-Carbon Nature Based Solutions
Unilever has committed to invest €1 billion to eliminate petrochemicals from its cleaning products by 2030. Owner of one of the world’s largest pulp and paper mills, Asia Pacific Resources International Holdings Ltd, has committed to set a science-based target. The world’s biggest pork producer Smithfield Foods has committed to cut emissions from its own operations to zero by 2030. And farmers in the UK could profit from letting land return to forest, according to one study.