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As a group, over the course of the past decade (2012 to 2021) these 20 companies slashed their net GHG emissions (Scope 1 and 2) by 43%, from 862 million tonnes to 489 million tonnes. Yet the pace and scale of their reductions is in the realm of what every company and country must do by 2030 to keep the faith of the ParisAgreement.
Follow This plans to introduce a resolution at BP’s annual general meeting in May calling for the company to align its 2030 targets with the ParisAgreement. This was an increase from the 19% of BP's investments that were classified as sustainable in 2021, according to Corporate Knights sustainable economy intelligence.
When Glasgow hosted COP26 in 2021, bringing together 120 world leaders and more than 40,000 participants, the UK was seen as a world leader in the battle against climate change. Back then, I wouldn’t have believed that we would come so far in international collaboration on climate change, such as the ParisAgreement,” he said.
Introduces new target, but eliminates 2035 goal due to energy transition “uncertainty” Energy giant Shell announced today the release of “Energy Transition Strategy 2024,” the first update to its “Powering Progress” strategy, launched in 2021, outlining the company’s climate transition roadmap and goals.
The UN’s Second World Ocean Assessment report published in 2021 found that a failure to achieve the integrated management of human uses of coasts and the ocean is increasing risks to the benefits traditionally drawn from the ocean, including food safety and security. What is the scale of the problem?
The report cites a global total of 2002 cases, brought by May 2021, according to the Climate Change Laws of the World (CCLW) database, maintained by the London School of Economics’ Grantham Research Institute on Climate Change and the Environment, supplemented by the United States Climate Litigation Database. Vital role of non-execs.
Anglo American sold its thermal coal portfolio in 2021, while BHP announced in 2022 that it would close its last such mine in 2030. This leaves it heavily exposed to reputational, regulatory and stranded-asset risk, leading many investors to avoid it.
In 2021, insured natural catastrophe losses reached around US$110 billion, according to Swiss Re, making it the third-costliest catastrophe year since 2011.
It has publicly endorsed the ParisAgreement on climate change as well as the EU’s target of being net-zero by 2050. In 2021, BASF purchased a major share of the world’s largest wind farm – Hollandse Kust Zuid – which is currently under construction in the North Sea, some 50 kilometres off the Dutch coast.
Alongside strandedasset dangers for investors, the early phase-out of emerging markets coal fleets leaves countries open to legal, financial risks. An increasing number of countries including the EU have exited the ECT, arguing that the treaty does not align with the goals of the ParisAgreement.
The Clean Shipping Act would direct the US Environmental Protection Agency (EPA) to set increasingly stringent carbon intensity standards for shipping fuel by 2040, in line with the goals of the ParisAgreement. Some companies will start acting and some won’t; there’s more risk of strandedassets.” What role should investors play?
In 2021, global electric vehicle (EV) sales more than doubled to 6.6 Moreover, all of the net growth of global car sales in 2021 came from the sale of EVs. China has emerged as a driver of the global EV market, almost tripling sales in 2021 to reach 3.4 This represented a tripling of EV’s market share from two years earlier.
The announcement is meant to deliver on the 2023 subsidy phaseout deadline contained in Prime Minister Justin Trudeau’s December, 2021 mandate letters to Guilbeault and Finance Minister Chrystia Freeland. increase in 2021, the Canadian Climate Institute reported in February). billion for the first nine months of 2021/22.
Only 1% of over 13,000 corporates across 13 industries and 117 countries disclosed against 24 key climate transition plan indicators, according to a 2021 report by sustainability disclosure platform CDP. In 2021, the TCFD consulted on its metrics, targets and transition plans, with a view to updating its original 2017 framework and guidance.
For example, a decision not to invest in a high-carbon asset because of financial concerns about strandedassets is likely to be seen as consistent with fiduciary duties, providing that the decision is based on credible assumptions and robust processes. How are attitudes changing? Are returns no longer first among equals?
VCMs have logged rapid growth in recent years, reaching nearly US$2 billion by the end of 2021, and expected to reach US$50 billion by 2030. “There is only one way we’re going to keep 1.5°C It makes sense for countries where it is costly to reduce emissions to pay for the emissions reductions where it is cheaper to do so.” .
While Group of Seven governments are announcing grand plans , asset owners in developed markets are increasingly keen to play their part in this transition. . In April, a Principles for Responsible Investment (PRI) ?
C and implement the ParisAgreement and will be welcomed by the business community. C temperature goal of the ParisAgreement alive, and to ensure a just transition. . See the open letter to President Biden that supports this direction of travel, signed by more than 400 companies in April 2021. .
As stated in the most recent IPCC report we know with unequivocal clarity that fossil fuels are the leading cause of climate change and that we must quickly move away from them if we are to keep temperatures from exceeding the upper threshold limit contained in the ParisAgreement (2 degrees Celsius above pre-industrial norms).
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