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GRAPH 4

ARE INNOVATION AND COLLABORATION GOING TO SAVE US ALL?

By Gerrit Dubois,
Responsible Investment Specialist at DPAM

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STATUS PRE-COP27

  • 46% of decarbonisation targets currently rely on technologies that have yet to be developed, or that are only at an early stage of commercialisation.
  • The economics of renewables are becoming more favourable year after year, but we need to drastically scale up investments in low-carbon power, energy efficiency, low carbon fuels and carbon capture as well as EVs, grids and battery storages.
  • The First Movers Coalition and financial institutions play an important role. Collaboration on climate action through the Climate Action/Climate Champions Program will become increasingly important.

Investments and innovation need to increase if we want to reach Net Zero by 2050

Source: International Energy Agency, 2021

OUTCOME POST-COP27: NEUTRAL

  • Although not directly related to innovation in industrial terms, new ISO standards have been published on Net Zero and Transition Plans, both for investors and corporates. This is a positive move that helps to standardise the market and ensure credible changes are made.
  • On the emissions monitoring side, some positive developments were announced, although the outcome is not something to celebrate. Climate TRACE, an emissions monitoring non-profit, released detailed emissions data considered vital to accurately assess and report project-level emissions (and linking them to carbon credit systems). The organisation used data derived from satellites, sensors, and respected datasets. This accurate data is clearly a positive evolution, although it indicates significant underreporting of emissions by the oil and gas companies (by a factor of 3!).

 

A glimpse at some industry-specific news:

  • The Global Steel Climate Council (GSCC) was formed, with 14 supporters from the US and 8 from Europe, aiming to create a ‘gold standard’ for low-carbon steelmaking, with emission ceilings. This covers steel manufacturers and supply chains. Interestingly, public procurement outreach will be part of the ambition. Promising development or just another initiative like the already two years old ‘SteelZero’?
  • The ‘Clydebank Declaration’ unites 20 nations to develop zero-emission shipping routes between ports, so-called ‘Green Corridors’.
  • The WASH4Work initiative focuses on supporting actions to increase climate resilience in water, sanitation and hygiene (WASH).
  • Glasgow’s Zero Emissions Vehicles Declaration is gaining traction: 214 new signatories have joined the declaration. They will develop plans to end the sale of light vehicles which are not zero-emission by 2035 in leading markets, and 2040 elsewhere (with a financial and technical support package for emerging and developing economies).
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