Zero-Carbon Transition – Latest signals of change (13.11.20)
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 is accelerating.
Zero-Carbon Economy
World leaders have welcomed US President-elect Joe Biden’s commitment to rejoin the Paris Agreement, following his expected inauguration on 20th January, 2021. The UK Chancellor Rishi Sunak has made the recommendations from the Task Force on Climate-related Financial Disclosures mandatory for all companies from 2025. Rapid action to tackle the climate crisis, coupled with a renewed commitment to globalization, would put the global economy on track for 2050 GDP growth of $185 trillion, according to Bloomberg research. Coca-Cola European Partners has joined the Business Ambition for 1.5ºC campaign. A path to net zero emissions is technically and economically feasible for Australia, a new report shows. UN special envoy for climate action Mark Carney has called for investors to be given an annual vote on how companies plan to cut their carbon emissions. And the Dalai Lama has appealed to world leaders to take urgent action against climate change.
Zero-Carbon Energy
Scottish energy firm SSE has joined the “Race To Zero” campaign, pledging to cut its carbon emissions to net zero by 2050 at the latest. The Climate Group’s RE100 initiative has welcomed six new members including UK-based pharmaceutical company GlaxoSmithKline, Australian retail chain Woolworths and waste management utility Bingo. Global renewable electricity installation will hit a record level in 2020 despite Covid-19, according to the International Energy Agency (IEA). Renewables could overtake coal as the largest source of electricity generation globally by 2022 if US president-elect Joe Biden delivers on campaign pledges according to the IEA’s Fatih Birol. Gas has been denied ‘transition’ fuel status in new draft EU green finance rules. And Japan’s Toshiba has said it will stop taking orders for its technology to be used in new coal-fired power plants.
Zero-Carbon Transport
Chinese air freight company JD Logistics, French auto-parts manufacturer Faurecia and India’s Mahindra Heavy Engines have all had their science-based targets approved as being 1.5ºC aligned. Virginia and Massachusetts are rolling out a fleet of 50 electric school buses as part of a new initiative and Volvo Trucks is to deploy 70 electric trucks in Southern California.
Zero-Carbon Built Environment & Heavy Industry
UK construction and engineering firm Wilmott Dixon has committed to switch to 100% renewable energy with RE100. Singapore-based real-estate investment firm CapitaLand has had its science-based targets approved and Danish chemicals company Hempel has committed to set a science-based target. BP and Danish wind power group Ørsted are jointly developing a green hydrogen project in Germany.
Zero-Carbon Land Use and Nature Based Climate Solutions
Japanese beverage companies Asahi Group and Kirin have committed to switch to 100% renewable energy with RE100. Belgian food company Greenyard NV has joined the Business Ambition for 1.5ºC campaign, and Netherlands-based food production company Nature’s Management has had its science-based targets approved.