Zero-Carbon Transition – Latest signals of change (12.02.21)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 zero-carbon future is accelerating.
The number of companies committed to the Business Ambition for 1.5°C campaign has surpassed 400, with recent joiners including Swiss financial group Credit Suisse Group. Climate action could save ‘millions of lives‘, new research has found. And the FT is developing a set of indices with a focus on environmental, social and governance investments.
India is on ‘cusp of a solar-powered revolution’ with capacity set to grow 18-fold by 2040, according to the latest IEA report. Danish wind turbine producer, Vestas, is set to build the world’s biggest wind turbines at 260m tall. Royal Dutch Shell announced plans to reduce oil production by 55% by 2030 as part of its revised strategy to be net-zero by 2050, but also plans to increase gas production and has a heavy reliance on carbon capture and natural climate solutions. Major oil companies, including BP and Total, bid record prices for the rights to build offshore wind farms in a Crown Estate auction. And the German gas lobby has called for a more ambitious switch to green hydrogen in the government’s strategy.
Plans for a fourth terminal at Paris’s main airport have been scrapped for being incompatible with country’s climate pledges. British Airways has announced plans to power planes with ethanol. Tesla has announced plans to make Indonesia its EV battery production hub. Mercedes-Benz said it will earn as much from EVs as from its combustion engine models by the end of the decade. A UK start-up that produces hydrogen-powered cars has won investment backing from Siemens. And Toyota will release two new battery-EVs next year.
Zero-Carbon Industry and Built Environment
Permission for a new Cumbrian coal mine has been put on hold by local authorities after mounting criticism. EP100, led by the Climate Group has welcomed Singapore-based real estate company City Developments Limited and Siemens, with a commitment to net-zero carbon buildings in collaboration with the World Green Building Council (WGBC). Australia’s Charter Hall and NEO in the Philippines have also committed to net-zero carbon buildings, with WGBC. US real estate company FPA Multifamily LLC and Danish construction company FLSmidth have committed to set a science-based target. Japanese home builder ECO WORKS, the UK’s Great Portland Estates, US company ARC Alternative and Renewable Construction and Netherland-based building products company Geelen Counterflow have had their commitments approved. And Russia’s biggest gold producer, Polyus, will power its two biggest mines using hydropower.
Zero-Carbon Land Use & Nature-Based Solutions
The Coca-Cola Company has committed to selling 100% recycled bottles in the US. Finnish food producer Oy Karl Fazer Ab, Japanese food company Meiji Holdings Co and the UK’s Hilton Food Group have all committed to set a science-based target, while Swedish food company Bertegruppen has had its target approved. And the UK has unveiled a £10 million in funding to drive private investment in nature projects.