Zero-Carbon Transition: Latest signals of change (17.07.2020)
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
The We Mean Business coalition has launched a major new partnership with Amazon to encourage companies to accelerate climate goals to reach net-zero emissions by 2040 through The Climate Pledge, drive supply chain action and support the development of a robust approach to Nature Based Solutions for business. Ceres has launched the Blueprint for Responsible Policy Engagement on Climate Change to better align companies’ lobbying efforts with their climate action. South Korea unveiled plans to increase its investments in renewable energy and environmentally friendly infrastructure by $35 billion. COP26 Finance Adviser Mark Carney has called on stock exchanges across the world to support a call to improve the environmental data shared by companies. A study by The World Economic Forum estimates a green COVID-19 response could create 385 million new jobs worldwide by 2030. BlackRock has placed 244 companies “on watch” for insufficient progress on climate issues. The British Government plans to recreate a Green Investment Bank, funded by taxpayers. And Australia’s Northern Territory has adopted a 2050 net-zero emissions target and 50% renewable energy by 2030 target.
Zero-Carbon Energy
Japan’s environment minister claimed the country has reached a “turning point” in climate policy with its promise to withdraw support for coal power in the developing world. Portuguese power utility EDP has brought forward the planned shutdown of coal-fired power plants in the country by two years. Global offshore wind investment has jumped 319% in the first half of 2020, according to BloombergNEF. And Construction is underway on the world’s longest electricity connector, between Denmark and the UK.
Zero-Carbon Transport
The UK Electric Fleets Coalition, launched by The Climate Group and BT Group, has called on the UK Government to target 100% electric car and van sales by 2030. Battery start-up Britishvolt has chosen South Wales for the UK’s first large-scale gigafactory to supply batteries for electric vehicles, with investment planned at £1.2 billion including the addition of thousands of jobs. BMW has signed a €2 billion EV battery cell contract with Swedish supplier Northvolt. British Airways has brought forward the retirement date of its entire fleet of Boeing 747s as it looks to more efficient models.
Zero-Carbon Built Environment and Heavy Industry
Taiwan Cement Corporation and Taiwanise real estate company Sinyi Reality Inc. have both committed to set a science-based target, while Indian construction materials company ACC Limited has had its target approved.