Zero-Carbon Transition – Latest signals of change (07.08.20)
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.
Zero-Carbon Economy
A coalition of over 70 pension funds and investment managers representing assets of $16tn have designed a “net zero” framework to cut emissions from their portfolios by 2050. BP has announced plans to invest $5 billion in developing wind and solar farms and installing electric vehicle (EV) charging points, which is 3% of its total investment spend.
Zero-Carbon Energy
Global healthcare company Novo Nordisk has reached its RE100 ambition of using 100% renewable electricity in all of its global production facilities. For the first time on record, the size of the global coal power fleet declined during the first half of 2020, with more generation capacity being shut than coming online. The research also shows that India’s coal construction ground to a near halt, which shut more capacity than opened. The “rapid and total decarbonization” of the US economy would create 25 million US jobs in 15 years, according to a new report. China is set to lead a surge in offshore wind power development, which would see capacity grow eightfold by the end of the decade, according to a report. New Zealand-based power utility Genesis Energy and Spanish gas grid operator Enagas have both committed to set science-based targets, while Denmark’s Vestas Wind Systems and Scottish Hydro Electric Transmission have both had their targets approved. And Bosch has signed solar power supply deals with three utilities.
Zero-Carbon Transport
Faurecia, one of the largest automotive parts manufacturers in the world, has committed to set a science-based target, along with rail operator Canadian Pacific Railway Company. The European Union is considering “sustainable fuel” quotas for airlines. A growing number of European countries are bringing low-emission sleeper trains back out of decommission. A new report is urging governments to tackle shipping emissions as part of national climate plans as some 30% of ship emissions come from domestic voyages.
Zero-Carbon Built Environment & Industry
A group of leading architects have said that the scale of building demolition has to be cut to reduce emissions in the built environment. Scrap metal processor European Metal Recycling has committed to installing an energy management system across all its operations within 10 years as part of its new EP100 commitment.
Zero-Carbon Land Use and Natural Climate Solutions
UK supermarket Tesco has been urged by Greenpeace to stop buying meat and dairy from companies involved in Amazon deforestation and to halve the amount of meat it sells by 2025.
Belgian sustainable paper packaging company VPK Packaging Group and Mauritius-based textiles company RT Knits Ltd have both committed to set a science-based target.