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Green groups urge UN to raise climate ambition on global shipping. The global shipping industry's decarbonization efforts once again face stormy seas. Faïg Abbasov, head of shipping at campaign group Transport & Environment, told BusinessGreen the proposal was "essentially an empty shell." "To Cecilia Keating.
BP, Shell, oil giants fund research into mobile carbon capture from ships at sea. Expanding carbon capture to long-distance marine shipping could help accelerate its use, while addressing a difficult to abate sector of the transport industry.". Expanding carbon capture to long-distance marine shipping could help accelerate its use.
But in reality, with revenues and ticket sales way down, there's only so much commercial airlines actually will do to meet decarbonization goals. More specifically, Amazon's air shipping business, which along with its entire global logistics supply chain juggernaut is booming. . Enter air cargo.
Shipping must align with the ParisAgreement temperature goal and be run entirely on net-zero energy sources by 2050. Over 200 signatories to the industry-led Call to Action to decarbonizeshipping firmly believe that urgent and equitable decarbonization of the maritime supply chain by 2050 is possible and necessary.
National Blueprint for Transportation Decarbonization on Tuesday, its multi-department set of strategies and actions aimed at eliminating nearly all emissions from the U.S. National Blueprint for Transportation Decarbonization. The Biden administration released the U.S. transportation sector by 2050. domestic GHG emissions.
Maersk said that it intends to purchase the full volume of green methanol produced, with options for the output of subsequent facilities at other locations, forming part of the company’s fleet decarbonization efforts. Maersk currently has 19 green container vessels on order capable of operating on green methanol.
Energy infrastructure investment manager Copenhagen Infrastructure Partners (CIP) announced that it has raised €3 billion for CI Energy Transition Fund I, its new fund aimed at investing in next generation renewable energy infrastructure, with a particular focus on decarbonizing hard to abate industries. The fund surpassed its prior €2.25
When you look at the oil industry’s efforts to decarbonize, the results are lacklustre. By our count in 2022 – seven years after the ParisAgreement – the vast majority of oil companies still earn less than 1% of their revenue from renewable sources. Other underperformers on our list are U.K.
The new report indicates that the speed with which clean technologies and decarbonization of the power sector are scaled up is crucial. The power, transport, industry and buildings sectors transition at different speeds based on the technologies available for them to decarbonize, but all see emissions start to fall immediately.
We also engaged EY to confirm that our targets for Aluminium, Automotive Manufacturers, Cement, Commercial Real Estate, Oil and Gas, Power, Shipping, Steel and Coal, meet the long-term temperature goal of the ParisAgreement, and are mathematically accurate in reference to third-party scientific scenarios.
This lesson on the importance of actionable data did not go unnoticed for those of us working on industrial decarbonization. Since then, the asset manager backed two proposals at the annual general meetings of both Chevron and Exxon, related to the manner these companies conduct themselves in relation to ParisAgreement targets.
This is the second in a three-part series exploring how Article 6 of the ParisAgreement can spur the clean energy transition. This type of agreement also helps distribute the project risks, facilitating access to finance. Designing and implementing decarbonization pathways for utilities and private corporations.
or less in line with the ParisAgreement, it is essential to decarbonize our economy by 2050. And there is no decarbonizing our economy without decarbonizing buildings. According to the World Business Council on Sustainable Development (WBCSD), in order to limit global warming to 1.5C
The new targets form part of the company’s commitment, announced in October 2020 , to align its financing activities with the goals of ParisAgreement, and to help clients navigate the challenges and capitalize on the long-term economic and environmental benefits of transitioning to a low-carbon world.
Accelerating decarbonization requires not only innovation, but also advocating for policies that remove barriers and support adoption at scale,” said Scott Tew, vice president of Sustainability, Trane Technologies. As the window for limiting global warming to 1.5°C
C as a “survival target” for average global warming, and the meeting recognized that the most technically achievable decarbonization options are also the most economically feasible. But there’s still time to take action if countries pick the right decarbonization options and scale up fast. The dangers of overshooting 1.5°C
According to Equinor CEO Anders Opedal, the agreement marks a “major milestone for the development of carbon capture, transport and storage,” viewed as a key tool for the decarbonization of heavy industries. From early 2025 we will be shipping the first tonnes of CO2 from the Netherlands to Norway.
This work culminated in a new report, “ Decarbonization Pathways for Paraguay’s Energy Sector ,” published in November of 2021 by the Columbia Center on Sustainable Investment (CCSI), and co-authored by the Quadracci Sustainable Engineering Lab at Columbia University, and Paraguay-based Centro de Recursos Naturales, Energía y Desarrollo (CRECE).
From the super-heated factories needed to make steel and cement to the dirty fuel powering container ships and airplanes, these industries are known as Hard-to-Abate sectors. Many countries’ national strategies to meet the ParisAgreement on emissions reduction do not address hard-to-abate sectors. of global GDP by mid-century.
The landmark ParisAgreement was forged in the corridors of COP21 back in 2015. They could have an amazing impact on accelerating decarbonization, but theyve decided not to do it. They could have an amazing impact on accelerating decarbonization, but theyve decided not to do it. Shes changed her mind. Is it perfect?
The Corporate Climate Stocktake (CCST), led by the We Mean Business Coalition and supported by the Climate Champions Team and Bain & Company, looks in detail at eight sectors that account for two-thirds of the world’s greenhouse gas emissions: power, road transport, concrete and cement, steel, shipping, hydrogen, aviation and agriculture.
In order to secure the rights of current and future generations, societies must transition toward total decarbonization by 2050. C, as specified by the ParisAgreement, and to ensure access to affordable, clean, and reliable energy to all, as specified by SDG 7.
Although prevailing wisdom holds that time is running out, BloombergNEF’s New Energy Outlook 2024 seemingly shows how the world could still achieve the major goal of the ParisAgreement – holding global warming to well below 2°C and avoiding the worst impacts of climate change – and what it would take to get there.
This year's event built off the learning from the SDSN's Roadmap to 2050 A Manual for National to Decarbonize by Mid-Century report published in partnership with Fondazione Eni Enrico Mattei (FEEM). The event’s panels on the first day were focused on the decarbonization of the power, transport, industry, and buildings sectors.
The world is not currently on track to achieve the goals set out in the ParisAgreement. Targeted action by sector and region This year’s COP28 in Dubai sees the culmination of the first-ever UNFCCC Global Stocktake, which assesses progress made since the ParisAgreement. This political momentum is welcome.
This carbon challenge is bigger than cars, aviation and shipping combined. At 10 percent, industrial heat ranks on par with the combined emissions of cars (about 6 percent), planes (about 2 percent) and ships (about 2 percent). . In time, decarbonizing industrial heat is likely to require an all-of-the above mix of solutions.
Business houses such as the Mahindra Group have been working for several years to decarbonize their own operations and supply chains. Science-based emission reduction targets aligned with the ParisAgreement gave us, and thousands of other companies, a useful framework to understand how and where we need to reduce emissions.
Leading companies are showing what can be done to shift to sustainable aviation fuels or working together in initiatives like the Getting to Zero Coalition to decarbonizeshipping and other sectors. . Progress is being made in other hard-to-abate sectors too, thanks to Mission Possible Partnership , First Movers Coalition and others.
The five day online event brought together 74 global technical experts and world-leading scientists, engineers, and innovators from business, academia, and civil society to share knowledge and showcase solutions to maximize climate commitments in the wake of the ParisAgreement.
Restrictions, Brexit regulations, a ship stuck in the Suez Canal, extreme weather events and energy shortages impacted supply chains and prevented firms to meet their demand. Among several requirements, companies will need to reach deep decarbonization of 90-95% before 2050. 2 – Carbon Offset Markets price Hike.
Looking forward, with customers, investors and policymakers increasing pressure to adhere to the ParisAgreement, reducing greenhouse gas emissions is a critical element of maintaining competitiveness.
Historically, some 40% of the raw materials entering the site do so by freight ships. In the summer of 2018, these were scraping bottom; cargo traffic was reduced to a trickle, and ships could be only partially laden. You’d expect a company so directly affected by climate change to be jumping on the decarbonization bandwagon.
Ahead of the conference, the data had been collected and analysed, with assessments delivered on the effectiveness of actions taken to date, primarily in the form of signatories’ nationally determined contributions (NDCs) to the ParisAgreement. The official verdict was clear. C of climate change by 2100.
The idea of net zero gained attention at the 2015 ParisAgreement on climate, with the goal for global emissions to reach net zero by 2050. There are clear consequences for business , as well, from supply chain and shipping disruptions to higher costs, changing markets, and regulatory shifts. But progress has to start now.
The document also holds out the possibility of subsidies for carbon trading deals under Article 6 of the Parisagreement, and for Indigenous participation in fossil fuel projects. those are the pieces that we still need to find.”
We will also continue to support the banking and investment needs of our clients who are engaged in energy transition and in decarbonizing different sectors of the economy. JPMorgan joined the NZBA in October 2021 , shortly after the launch of the alliance. The targets remain in place on the companys website.
But when Figueres, the renowned Costa Rican diplomat and one of the key orchestrators of the ParisAgreement herself, came on board, via her own organization Global Optimism (“a group of stubborn climate optimists”) — we all sat up to listen. Beating the ParisAgreement’ is a huge statement to make.
In addition to net-zero companies, there are also net-zero buildings , communities , products , farming , factories , supply-chains , even ships. Global net-zero commitments doubled in less than a year and commitments by companies more than tripled, rising from 500 at the end of 2019 to more than 1,500 by September. degrees C pathway.".
The intention is to align its portfolio with the goals of the ParisAgreement. Newsom also was named to a two-year term as co-chair of the Under2 Coalition, a network of states and regions looking to integrate the ParisAgreement goals with a mind to social justice. . On the other side of the U.S., New York Gov.
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. . At COP26, focus turned to industrial decarbonization, with several key developments across the harder-to-abate sectors. . C alive, just.
See below for the highlights of the past week, and get all your ESG news at ESG Today: Sustainability Goals, Initiatives and Achievements Microsoft Signs One of the Largest-Ever Nature-Based Deals to Remove 1.5
Upon settling in the Oval Office President Joseph Biden quickly returned to the historic ParisAgreement that was abandoned by his predecessor. In focus: clean energy, aviation, shipping, the oceans, the Arctic, sustainable development, and migration (a 2023 critical issue for sure). How are we doing?
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