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Doubling down to deliver emissions cuts
The COP27 Climate Summit is a moment to problem solve, overcome barriers and coordinate efforts to halve global emissions by 2030.
Companies are critical to decarbonization. Their real-world experience, agility and learnings mean they are already at the forefront of investing in low-carbon solutions. Business must now go further to deliver emissions reductions at pace. The right policy support from governments will accelerate action.
See insights from the Summit and the full schedule of events at the COP27 Business Pavilion.
All in for a net zero energy system
How business is delivering
- 380+ companies, with combined electricity demand comparable to the UK or Italy, are switching to 100% renewable electricity through RE100
- 600+ companies have engaged in the Clean Energy Investment Accelerator resulting in over $50 million in investment and 100 MW of clean energy projects
- Hundreds of companies are working towards a 90% carbon-free US electricity system by 2030 through CEBA
Mars Wrigley is converting its ice cream plant in France to become the first 100% electrically powered industrial site within the Mars Group.
Built by Saudi energy developer ACWA power, Egypt’s onshore wind farm will be the largest in the Middle East, providing 1.1 GW of electricity – enough to power over 1 million households.
In a world first, wind energy is now stabilizing the German electricity grid from Ørsted’s offshore wind farm – Riffgrund – which is acting as a secondary reserve.
Climate Group’s 2021 RE100 annual report shows 61 members are now sourcing 100% renewable energy including Clif Bar & Company, Credit Suisse, Gürmen Group, Firmenich, Sky and Zalando.
Suntory Group is using 100% renewable electricity across its 30 facilities in Japan, cutting 150,000 metric tons of GHG emissions annually – equivalent to the energy emissions from almost 19,000 homes.
SSE closed its last coal plant in 2020. Now it’s operating Scotland’s largest offshore windfarm with TotalEnergies, and has published a just transition strategy, with 1 in 5 employees already transferred from high to low-carbon jobs.
Dutch INGKA Group, the owner of most IKEA stores has invested a 49% stake in three Swedish offshore wind projects. Once operational, they will generate up to 38 TWh – more than 25% of the electricity consumed in Sweden in 2021.
Octopus Energy has partnered with Xlinks, a firm building four 3,800 km-long sub-sea cables to link a solar farm in the Moroccan desert with Devon in England. It will supply enough power to run 7 million heat pumps all year round.
RE100 member Anheuser-Busch met its 100% renewable energy goal four years early. The firm has added nearly 400 MW of renewables capacity to the grid in the US, cutting 950,000 metric tonnes of carbon emissions.
can accelerate action with policies that ensure 100% decarbonized power systems by 2035 in developed economies, and 2040 for developing economies.See all energy policy asks
can send a powerful demand signal for renewable electricity and accelerate the deployment of low-carbon technologies and fuels at scale.See all energy initiatives
All in for a low and zero-carbon transport system
How business is delivering
- 130+ companies are transitioning their fleets to EVs, with 5.5 million+ vehicles committed, through EV100
- 30+ companies who own, lease, or operate 2.5 million+ on-road fleet vehicles, are accelerating deployment of ZEVs in the US through CEVA
- 10+ major multinationals are collaborating on projects and tracking emission reductions to reach net zero freight via the Sustainable Freight Buyers Alliance.
Five Northern European port authorities and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping are building a green shipping corridor, with a focus on net-zero propulsion and green fuel infrastructure.
Companies including Unilever, JSW Steel, and GeoPost/DPDgroup launched EV100+, pledging to transition their medium and heavy-duty vehicles to zero emissions in OECD markets, India and China by 2040.
Established by Daimler Truck, Traton and Volvo Group, CV Charging Europe will build at least 1,700 high-powered charging points for commercial vehicles on and near motorways and logistics hubs in Europe.
Siemens Mobility is building seven hydrogen-powered trains for German rail operator Niederbarnimer Eisenbahn. The trains will run in the Berlin-Brandenburg region, saving 1.1 million litres of diesel annually.
After its acquisition by Schneider Electric, California-based start-up EV Connect – whose software manages more than 10,000 chargers across North America – will expand to 14 European countries.
Towage operator Svitzer, a Maersk subsidiary, is aiming for a 50% reduction in the carbon intensity of its fleet by 2030 by switching to low-carbon fuels and renewing and retrofitting ships.
In 2022, Heidelberg Cement committed to 30% of new heavy-duty truck purchases and 100% of its medium-duty new truck purchases to be zero-emissions by 2030, as part of the First Movers Coalition.
Nissan has partnered with energy company Enel to launch an innovative “Second Life” storage system made up of new and recycled car batteries. It will support electricity grid stability in Spanish enclave Melilla.
India has the greatest number of EV100 corporate fleet commitments, at 194,388 in 2022. This includes State Bank of India with 1,790 EVs, Wipro with 3,417 EVs and Flipkart with 26,000.
can accelerate action by committing to 100% sales of zero emission vehicles for new light-duty vehicles by 2035, and heavy-duty vehicles by 2040.See all transport policy asks
can increase the pace of electric vehicle uptake and grow the market for low and zero-emission transport modes and technologies.See all transport initiatives
All in to increase supply and demand for low carbon and circular materials
How business is delivering
- 27 major steel buyers and specifiers of steel are committed to using 50% low-emission steel by 2030 and 100% net zero steel by 2050 through SteelZero
- 60 companies have signaled intent to invest at scale by endorsing Mission Possible Partnership‘s Sector Transition Strategies for Ammonia, Aluminum and Steel.
- Over 50 companies have endorsed ResponsibleSteel’s new global standard to accelerate responsible sourcing and production of low-emission steel.
Jaguar Land Rover has invited its Tier 1 supplier network to align with the company’s science-based target of net zero supply chain emissions by 2039. The network comprises 5,000+ companies globally.
Volvo Trucks has announced that its heavy duty electric trucks will include green steel made with green hydrogen as part of plans for its zero-emissions vehicle range. It is the first truck-maker in the world to do so.
Automaker BMW is partnering with green steel provider H2 Green Steel in a deal which will enable BMW to reduce carbon emissions by up to 400,000 tonnes annually.
Tata Steel Nederland launched a new steel solution that offers a 30% reduction in CO2 intensity, and is switching to green hydrogen-powered steelmaking, as it aims to eliminate CO2 emissions by 2050.
10 companies and lenders including Mitsubishi Heavy Industries have invested $198 million in Electric Hydrogen (EH2), a company targeting hard-to-electrify industries with cost competitive fossil-free hydrogen.
Steel buyers, hydrogen developers and an EU-funded innovation hub have pledged €2.2 billion to develop one of Europe’s largest electrolyzer arrays. It will produce hydrogen-derived direct reduced iron for green steel.
can accelerate action with policies that increase supply and demand for low carbon and circular materials including steel and concrete.See all industry policy asks
can drive demand for net-zero materials and harness the circular economy, recognizing the decarbonization opportunities from collaborating with their value chains.See all industry initiatives
All in for zero-deforestation commodities and a nature positive future
How business is delivering
- $1 billion mobilized to protect tropical forests through the LEAF Coalition with support from companies including Amazon, Bayer, E.ON, Inditex, Salesforce and Unilever.
- 35 companies including have planted more than 20 million trees in Ghana and Ivory Coast and achieved 72% traceability in their cocoa supply chains.
- 80% reduction in palm oil driven deforestation in Indonesia, with the greatest falls in supply chains governed by zero-deforestation commitments
- Businesses are aligning their ambition for nature with the GHG emissions mitigation hierarchy. This means focusing on avoiding and reducing value chain emissions first — and then also investing beyond the value chain.
Ben and Jerry’s have joined the Pack4Good initiative, the first food brand to do so. Pack4Good is working to ensure that paper packaging does not come at the expense of forests worldwide.
John Lewis Partnership has launched a ‘Plan for Nature’ aimed at eliminating deforestation from its supply chain. It is partnering with WWF on nature-based solutions and trialing a net-zero farm.
AXA is teaming up with green groups in France to study climate and biodiversity impacts on 600 hectares of forest it owns. The three-year program aims to develop fresh solutions for restoring damaged forests.
By 2025, Nestlé is aiming for 20% of its coffee crop to be grown using regenerative agriculture, including planting cover crops to protect soil, using organic fertilizers, and increased agroforestry.
Diageo has unveiled funding for innovations to improve biodiversity, water quality and carbon sequestration. Pilots are taking place across East Africa, with £450,000 committed for smallholder farmers.
H&M has partnered with WWF on an app that identifies wood species using a smartphone and a macro lens at the factory gate – helping factories to verify that the wood sourced is from approved species.
Supermarkets Tesco, Sainsbury’s and Waitrose have invested $11 million into incentivizing 36 soy farmers in Brazil to use deforestation-free cultivation methods and to eliminate land-use conversion.
Wind energy giant Ørsted and rewilding organization ARK have set up a Marine Field lab to test and develop the best ways for wind farms to support shellfish reefs in the North Sea, and bolster biodiversity.
Royal DSM is joining forces with animal health company Elanco to bring a methane-reducing cattle feed to the US market. The feed reduces enteric methane emissions from dairy cows by approximately 30%.
can accelerate action with trade policies that ensure zero-deforestation commodities.See all land and nature policy asks
can harness natural climate solutions to cut emissions and remove carbon while also benefiting nature by building resilient and biodiverse ecosystems for generations to come.See all land and nature initiatives
ALL IN FOR A NET ZERO AND RESILIENT BUILT ENVIRONMENT
How business is delivering
- Companies have avoided 340 million Mt of CO2 emissions, more than the annual emissions of France and Switzerland, through EP100 and the Net Zero Buildings Commitment.
- Over 350 construction and real estate companies have set science-based targets with SBTi.
- Companies are reporting on whole life carbon emissions with WBCSD’s Building System Carbon Framework.
BAM is on track to reduce operational emissions by 80% by 2026. It’s already achieved a 40% reduction thanks to measures including diverting 92% of its waste from landfill.
Landsec‘s £135M net zero transition investment plan aims to reduce buildings’ energy use through technology, low carbon heating installation and onsite renewable generation.
Firms including Laing O’Rourke, Willmott Dixon and Skanska have pledged through ConcreteZero to buy one-third low emission concrete by 2025, and only net zero carbon emissions concrete by 2050.
The IKEA Foundation and the Clean Cooling Collaborative are partnering to help advance solutions for reducing global cooling emissions with grants totalling $25 million.
Hanson UK is building the UK’s first net zero cement factory in North Wales. It will capture up to 800,000 tonnes of CO2 per year – to be stored in a now-depleted gas reserve under the Irish Sea.
JLL was the first real estate company in the world to have a validated net-zero target through the SBTi’s new Net-Zero Standard. In 2022, it reported a 17% reduction in Scope 1 & 2, and 26% drop in Scope 3 emissions.
Japanese retailer AEON has pledged to halve emissions from its store operations by 2030, with 1,000 solar panels installed across its retail stores and plans to install renewables at all 600 major shopping centers by 2030.
can accelerate action through mandatory building codes and planning standards addressing whole-life carbon emissions.See all built environment policy asks
can cut emissions throughout the lifecycle of the buildings they own and operate and support an overall net-zero transition of buildings and infrastructure.See all built environment initiatives
ALL IN FOR FINANCING THE LOW CARBON TRANSITION
How business is delivering
- An International Federation of Accountants recent study shows that 60% of large companies disclose emissions targets and transition plans, but greater comparability needed
- 3,400 organizations including 1,000+ financial institutions with assets of $194 trillion support the Taskforce for Climate-related Financial Disclosure
- Business groups welcomed proposed US SEC and EU reporting legislation and called for global consistency of international reporting standards
- Investors, companies and organizations have called on the US Securities and Exchange Commission to mandate corporate climate disclosure
Banks representing 40% of global banking assets, including AIB Group, ING and Bank of America, have committed to aligning their lending and investment portfolios by with net zero by 2050 through the Net-Zero Banking Alliance.
More than 500 firms have joined the Glasgow Financial Alliance for Net Zero (GFANZ), the world’s largest coalition of financial institutions committed to transitioning the global economy to net zero.
Institutional investors including Aviva and Legal and General have committed to transitioning their investment portfolios to net-zero by 2050 through the UN-convened Net Zero Asset Owner Alliance.
Following engagement from Climate Action 100+’s investor signatories, 119 out of 159 focus companies pledged to reach net zero by or before 2050. However, only 51% of plans cover all material emissions.
Norway’s sovereign-wealth fund wants every company in its portfolio to reach net zero emissions by 2050. It holds a stake in more than 9,000 companies in 70 countries.
The London Stock Exchange is the first major bourse to set rules for using carbon offsetting. A fund or company has to issue a prospectus vetted by the FCA giving details of the project it wants to finance.
HSBC Asset Management has launched a circular economy investment fund aimed at supporting 60 firms involved in recycling, regenerating natural ecosystems and designing out waste and pollution.
More than half of FTSE100 companies have set up an environmental, social and governance (ESG) committee at board level, while more than 80% have articulated a net zero target to their shareholders.
can accelerate action through mandatory climate-related financial disclosure requirements based on the International Sustainability Standards Board and considering impacts on people and planet.See all finance policy asks
Through clear and consistent disclosure, scenario planning and carbon pricing companies can harness the potential of climate finance to unlock growth and innovation.See all finance initiatives