Zero-Carbon Transition – Latest signals of change (15.01.21)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.
UK Prime Minister Boris Johnson said putting the world on a pathway to achieving net-zero carbon emissions by 2050 is the main aim of the COP26 summit in November. The UK Government has been urged by the Investor Forum to give shareholders a vote on how businesses are responding to global warming. Aviva Investors has pledged to achieve net-zero emissions across its £47.3 billion real assets platform by 2040. A coalition of investors have publicly urged HSBC to stop financing fossil fuels. A new report by CDP suggests companies are twice as likely to report climate risk data when pressured by investors to do so. The Prince of Wales has launched the Earth Charter, or ‘Terra Carta’, designed to channel investment into protecting the health of the planet.
Brazilian power utility EDP Energias do Brasil S.A. has had its 1.5°C aligned science-based target approved. Russian oil and gas company PJSC Tatneft has committed to set a science-based target and joined the Business Ambition for 1.5°C campaign. Wind power has officially overtaken coal in electricity generation in Texas. Indian energy company, Essar, is planning to build the biggest low-carbon hydrogen production hub in the UK. And the UK saw its greenest ever year for electricity production in 2020.
General Motors has launched a new vehicle brand to sell electric delivery vans in the United States and Canada. A third of the global population would be willing to fly less even after pandemic restrictions ease, according to a new poll.
Zero-Carbon Built Environment & Heavy Industry
British construction and engineering firm Willmott Dixon Holdings Limited has joined the Business Ambition for 1.5°C campaign. Chinese chemicals group Jiangsu Hongbang Chemical Technology has also committed to set a science-based target. Norway’s abandoned “Longship” carbon capture and storage project is being revisited as part of the country’s plans to cut emissions. Saudi Arabia’s Crown Prince Mohammed bin Salman announced a 170 km development described as a walkable “belt of hyper-connected future communities, without cars and roads and built around nature.”
Zero-Carbon Land Use & Nature-Based Solutions
France and the UK are encouraging donor countries to channel more climate finance to protect and restore nature, starting with Africa’s Great Green Wall. Finnish food group Meira Oy and UK food group HFG Sverige AB have both committed to set science-based targets.