Zero-Carbon Transition: Latest signals of change (09.04.2020)The We Mean Business coalition
As the world grapples with the devastating impacts of the coronavirus, our thoughts are with those affected by the illness and those struggling to carry on despite incredibly challenging conditions – particularly those at the frontline of caring for the sick and vulnerable.
At this time, it is difficult to think of anything other than getting through the coming days, weeks and months. But we also need to look forward with hope that in rebuilding from this devastating crisis we can ensure greater resilience and steer a renewed pathway to the zero-carbon future.
The hard work of shaping that future continues, but with even greater determination. Here are just some of the signals of change from the past week, demonstrating the transition to a resilient, zero-carbon future remains underway. Find out more here >
Chile has increased its Nationally Determined Contribution (NDC) and committed to peaking its greenhouse gas emissions by 2025. As the calls for a green recovery from the devastating impacts of the coronavirus continued, the European Commission said green finance will be a ‘key focus’ of the post-virus recovery phase. Amsterdam is looking to ‘doughnut’ economics to help plan its recovery from the coronavirus. The governing body of athletics – World Athletics – has pledged to become carbon neutral by 2030. The number of companies committed to science-based targets has surpassed 850 with latest joiners including Chinese semiconductor company Jiangsu Pacific Quartz Co. and Chinese software company Wuhu Sanqi Interactive Entertainment Network Technology Group Co.
Renewable energy accounted for almost three quarters of total global power capacity additions in 2019, while the total share of renewables reached 34.7%, according to data from IRENA. A report from Carbon Tracker highlighted that plans to stimulate economic recovery with new coal-fired power plants could be counter productive, with nearly half of all coal plants expected to be unprofitable this year. US coal production fell to levels not seen since the early 1980s. And renewable energy sources accounted for 44.6% of the UK’s total electricity generation in the first quarter, surpassing all fossil fuels combined.
As part of its COVID-19 stimulus measures, China will extend subsidies and tax exemptions for new energy vehicles. The UK government is increasing the tax paid by owners of large utility vehicles and adding incentives to increase the uptake of electric cars. Colombian freight company TCC S.A.S. has committed to set a science-based target.