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Former chair of the Committee on Climate Change Lord Deben believes the country can get back on track to netzero and regain its status as a global leader. In 2020, her successor Boris Johnson launched a 10-point plan for a Green Industrial Revolution. Lord Deben was a principal witness for the prosecution. It’ll be a mess.”
When Bernard Looney became CEO of BP in 2020, he promised to reinvent the British oil major as a “leaner, faster-moving and lower-carbon company.” The company was one of the first oil majors to commit to being net-zero in 2050 and was showing signs it was open to speeding up its transition to a low-carbon future.
BlackRock’s sustainability activity leads its investment megafirm cohort of Vanguard, Fidelity and State Street Global Advisors, which together manage 20 percent of global publicly listed securities , an aggregate $20 trillion assets under management at the end of last year. Fink’s signal is not loud enough, especially for those in the back.
Our new report, produced in collaboration with the Ottawa-based Smart Prosperity Institute and funded by the Trottier Family Foundation, finds that pension managers’ support for the green transition is growing but still nowhere near the pace required to meet global net-zero-carbon targets. trillion at the end of 2020.
Agencies and organisations like the International Energy Agency and the United Nations have raised concerns about the effects of crypto mining – particularly Bitcoin, the best-known crypto asset. The second aim states that signatories should achieve net-zero emissions from electricity consumption by 2030.
Canadian provinces must rein in their expanding gas systems or risk incurring staggering costs from strandedassets and failure to meet net-zero targets, the Canadian Climate Institute (CCI) warns in a new report. between 2005 and 2022.
BASF resists the characterization, pointing to its track record – since 1990, the company has reduced its greenhouse gas emissions by 50% – and its objective to achieve net-zero by 2050 (five years later than the German national target of 2045).
This is according to a study by global asset manager Invesco and Sweden’s fourth national pension fund, AP4, who recently partnered up to explore the road to netzero for institutional investors. It now aims to further halve its emissions by 2030 compared to 2020 levels – with the long-term goal of achieving netzero by 2040. “We
In 2020, Shell announced a commitment to achieve netzero in its operations by 2050, and in 2021, the company launched its “Powering Progress” strategy , detailing how it will achieve its target to be a net-zero energy business by 2050 across Scope 1, 2 and 3 emissions, with initiatives including investing in renewable and clean energy solutions.
In 2020, a blistering analysis showed Canada leading the G20 countries in per capita public financing to oil and gas. That work was meant to conclude by 2020. billion in 2020/21 and another $1.5 Those guidelines are due to be released in 2024. billion for the first nine months of 2021/22. Carbon Capture Backed by Carbon Offsets?
Delaying those actions “would lock in high-emissions infrastructure, raise risks of strandedassets and cost escalation, reduce feasibility, and increase losses and damages.” But some meeting participants warned that those delays are baked into the process by some of the key assumptions in the IPCC’s modelling. Overshooting 1.5°C
In September 2020, five of the major global reporting organizations came together to form the Comprehensive Reporting group, signaling their intent to work towards a common framework with a single set of global reporting standards.
With global trade highly dependent on shipping, achieving netzero may put wind in the sails of other industries’ climate ambitions. For the first time, the IMO has also agreed on an overarching objective to achieve netzero greenhouse gas (GHG) emissions by or around 2050.
This stands in contrast with China’s domestic energy policy, which is prioritizing a transition to renewable energy, peak emissions before 2030 and a net-zero economy by 2060. Of course, China is not the only culprit. The full knowledge brief is available here.
In 2020, Eurostat reported that renewable energy made up 22.1% of the EU’s gross electricity consumption in 2020, said Eurostat, of which two thirds was produced by wind and hydropower. Increasing gas infrastructure must be avoided to avert dangerous climate impacts and strandedassets.”.
The Monetary Authority of Singapore (MAS) has published new information papers on environmental risk management for banks , insurers and asset managers. Many asset managers have also made public commitments to sustainable investing, and a few have pledged to achieve netzero emissions for their investment portfolios by 2050.
According to a report published by Ceres , the NetZeroAsset Managers initiative has grown to 128 investors who collectively manage $43 trillion. Fossil fuels are at high risk of becoming strandedassets and PEs have a significant stake in the energy sector. In 2020, U.S.
Net-zero CO2 energy systems entail: a substantial reduction in overall fossil fuel use, minimal use of unabated fossil fuels, and use of CCS in the remaining fossil system,” says the report. C or below will leave a substantial amount of fossil fuels unburned and could strand considerable fossil fuel infrastructure.
In its latest and last status report , the TCFD said that 58% of companies now disclose in line with at least five of the its 11 recommended disclosures, up from 18% in 2020. But once those concessions are included in protected areas, the ability of those companies to exploit or operationalise those assets becomes much more challenging.
In November 2020, investors sent letters outlining their expectations to 36 companies. . Important matters, such as physical impacts or the potential for further regulatory change and what this could mean in terms of strandedassets or any other material outcomes, are routinely failing to be disclosed.
According to research by MSCI, nearly half (44%) of listed companies have now set decarbonisation targets, representing an eight-percentage-point increase than was reported in the October 2022 MSCI Net-Zero Tracker , but only 17% of those targets would align with the 1.5°C of global GDP, in 2020, and are expected to increase to 7.4%
With the transport sector a significant generator of greenhouse gas emissions, electric vehicles are an important element of the netzero transition. More electric cars were sold in 2021 in China alone than were sold in the entire world in 2020. In 2021, global electric vehicle (EV) sales more than doubled to 6.6
Mobilising public and private capital to fund the netzero transition efforts of emerging markets and developing economies (EMDEs) has been a central theme of discussions at COP27 in Egypt. . They receive mixed signals from their stakeholders and regulators on the appropriate role carbon credits play in netzero strategies.” .
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