Zero-Carbon Transition – Latest signals of change (29.01.21)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.
The Mission Possible Partnership (MPP), a new coalition formed to accelerate the decarbonization of global industries representing 30% of global emissions, launched this week at the Davos Agenda (more details under Heavy Industry). The UN High-Level Climate Champions have launched the Race to Zero Breakthroughs – a campaign highlighting the sectorial shifts required to reach the goal of net-zero emissions by 2050 at the latest. The MPP is acknowledged as a key delivery route for seven of the most energy-intensive industries covered by the Race to Zero Breakthroughs – steel, cement, aluminium, plastics, shipping, trucking and aviation. US President Joe Biden has signed a series of climate-related executive orders, including a ban on some oil and gas drilling. China has increased investment into green Belt and Road projects. BlackRock, the world’s largest asset manager, will push companies to commit to achieving net-zero emissions by 2050. Rating agency S&P has warned 13 oil and gas companies that they risk downgrades amid the shift away from fossil fuels. And despite the pandemic, almost two thirds of people around the world now view climate change as a global emergency.
General Motors has committed to become carbon neutral in its global products and operations by 2040, joined the Business Ambition for 1.5°C campaign and has committed to setting a science-based target. US plane maker Boeing has announced plans to produce commercial aircraft capable of flying on 100 percent sustainable aviation fuel. The EU plans to distribute $3.5 billion of state aid to battery projects at companies such as Tesla and BMW. Qantas and BP have announced a strategic partnership to reduce carbon emissions in the aviation sector in Australia. And Shell has agreed to buy the UK’s largest electric charging vehicle network, Ubitricity.
Renewable power has made up the bulk of China’s Belt and Road Initiative energy investments in 2020 for the first time. Norway’s sovereign wealth fund has sold its entire portfolio of companies focused on oil exploration and production. And renewables overtook fossil fuels to be the biggest source of electricity in the UK for the first time in 2020.
Zero-Carbon Built Environment & Heavy Industry
The Mission Possible Partnership (MPP), run by the Energy Transitions Commission, Rocky Mountain Institute, the We Mean Business coalition, and the World Economic Forum, the MPP aims to accelerate several pathways for decarbonizing heavy industry and transport by unifying the critical actors needed to influence and enable industry transformation at speed and scale. The Partnership builds on the success of the Mission Possible Platform, launched in 2019, and has grown from 30 companies in 2019 to 400 – who all are committed to working on concrete actions towards net-zero.
Zero-Carbon Land Use & Nature Based Solutions
The High Level Climate Champions launched the Race to Resilience campaign at the Climate Adaptation Summit this week. By 2030, the campaign aims to catalyze action by non-state actors that builds the resilience of 4 billion people from vulnerable groups and communities to climate risks. And Credit Suisse, ING and BNP Paribas have decided to stop financing the trade in crude oil from Ecuador, following pressure from campaigners aiming to protect the Amazon rainforest.