Zero-Carbon Transition – Latest signals of change (20.11.20)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.
UK Prime Minister Boris Johnson unveiled the government’s 10-point climate action plan for a ‘green industrial revolution which will create and support up to 250,000 British jobs’. Some 150 countries have indicated they will make stronger commitments under the Paris Agreement by the end of 2020, according to a new tracker. Japanese lawmakers have declared a climate emergency. The US economy is on track to reach its lowest level of greenhouse gas emissions in at least three decades, according to BloombergNEF. UK bank Natwest and South Korean bank Shinhan Financial Group have both committed to set a science-based target. The Bezos Earth Fund has granted $10 million to Rocky Mountain Institute to tackle emissions related to US buildings, energy-intensive industrial and transport sectors.
The EU has committed to increase offshore wind capacity by a factor of 25 by 2050, and to reach 60% share of renewables by 2030. The European Commission is planning to boost development in ocean energy sources like wave and tidal, according to a draft policy document. General Electric is in talks to build a wind turbine factory on the UK’s north-east coast, potentially creating at least 3,000 jobs, to supply the Dogger Bank offshore wind farm. Dogger Bank, which will be the world’s biggest offshore wind farm is set to get the go-ahead from SSE, as part of the energy company’s plans to treble renewable electricity output in the next decade. As part of the 10-point plan, the UK government has committed to producing enough offshore wind to power every home, as previously announced.
The UK government has brought forward the end date for sales of new petrol and diesel cars by 10 years to 2030; sales of new hybrid vehicles will be allowed to continue until 2035. German seaport and logistics company BLG Logistics Group AG & Co. has had its science-based target approved. India is investing $1.35 billion over three years on 1,000 liquefied natural gas fuelling stations in a bid to reduce diesel consumption. And the UN shipping agency has approved measures to boost energy efficiency in vessels.
Zero-Carbon Built Environment and Heavy Industry
The world’s largest gold mining company Newmont Corporation has committed to set a science-based target and Japanese homebuilding company Miyakoda Construction has had its commitment approved. One of the world’s largest oil field service companies Halliburton has also had its target approved. As part of the 10-point plan, the UK government announced plans to become a world leader in carbon capture and storage technology, generate 5 GW of low-carbon hydrogen production capacity by 2030, install 600,000 heat pumps every year by 2028 and ban gas boilers.
Zero-Carbon Land Use and Nature-Based Solutions
Russian food retailer X5 Retail Group, US agricultural and food production company Fresh Del Monte Produce, Irish food companies Kepak Group and Linden Foods have all committed to set a science-based target. And as part of the 10-point plan, the UK government has committed planting 30,000 hectares of trees every year.