October 1, 2021 - ESG and Climate News
As the UN General Assembly wraps, the “Pre-COP” meeting is beginning in Milan, Italy. This is the last ministerial-level discussion before the big COP meeting in Scotland, now less than five weeks away. With leadership changes underway in both Japan and Germany and the US seemingly unable to break free of its unending partisanship, there is plenty to worry about (climate action will continue to be a priority in Germany regardless of who leads). Yet, momentum looks good, and I am optimistic.
On the Up and Up
Reasons for optimism came from Nigel Topping – the High-Level Champion for Climate Action at COP26, who publishes an outstanding compilation of climate news each week. This week’s edition claims we are witnessing a breakthrough and backs it up with facts. Just a small sample:
One-fifth of major companies by revenue across 15 of the economy’s biggest sectors are now committed to reaching net zero before 2050.
The power sector accounts for a quarter of global emissions and 21% of major utilities are now in the Race to Zero. Renewable energy is already the cheapest option for new power generation in most countries, with an 80% fall in the cost of solar and 55% for wind.
40% of major heavy goods vehicle manufacturers and a quarter of major bus makers have joined the Race to Zero.
28% of major food suppliers have committed to create deforestation-free supply chains and to fully adopt regenerative agriculture and land restoration work by 2030.
All these changes are pointing in the right direction, but more will be needed. We are, after all, required to change our entire economy in a very short time. This will not be easy, and it will take massive effort from all sectors.
Read the full column here.
Missed our previous edition of ESG & Climate News? Check it out now and stay in the know: September 24, 2021.