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The next area of invention: Electric Aviation

Aircraft are extremely weight-sensitive, which is a challenge for battery development. Therefore, battery-powered aircraft will not have any appreciable share of aviation anytime soon. According to NASA research, turbo- and hybrid-electric aircraft are promising but challenging due to weight and complexity issues. What the industry needs is a practical approach to deliver longer zero-emission range in the near term, which can reliably scale to 1,000 miles or more in larger aircraft. This leads to the next logical fuel option for zero-emission power: hydrogen.

 

The commercial aviation industry reportedly accounted for 918 million tons or about 2.4% of global CO2 emissions from fossil fuel use. While 2.4% may not seem like much, the International Council On Clean Transportation reported that CO2 emissions from commercial aviation increased by 32% between 2013 and 2018. If this trajectory continues, some say aviation could account for over 25% of the worldwide carbon budget by 2050.

At the same time, the U.N. warns that human-sourced CO2 emissions must be reduced by 45% of 2010 levels by 2030. Therefore, we have only 10 years to make a significant change or face catastrophic environmental and economic consequences.

Instead, we should make some immediate and fundamental changes in how we power aviation. If the industry ignores this, it faces the risk of regulatory pressure or severe growth headwinds from cultural and social changes.

To solve these problems, we should work to create new, truly zero-emission fuels. Building on years of great decarbonization momentum in other industries, electrification is the logical next frontier. The U.S. is gradually reducing emissions from electricity, and the electric vehicle industry is growing gradually in several regions. It’s time for aviation to follow suit.

Startups tackling the commercial aviation challenge are pursuing a variety of novel propulsion systems. Three of them flew real, commercially relevant zero-emission aircraft in 2019.

A hydrogen-electric company ⁠recently flew a modified Piper airplane. In June 2019, Ampaire had a maiden flight of its electric hybrid Cessna. Finally, Harbour Air and MagniX flew a six-passenger, battery-electric seaplane on a short test flight in December 2019. With several other startups and some of the aviation majors, like Airbus and Scandinavian Airlines, announcing their future electrified aircraft plans, the industry is beginning to move.

 

Hydrogen-Powered Flights

Hydrogen has been considered as aviation fuel before ⁠— from the CL-400 to the Soviet Tu 155 and the hydrogen-electric-powered Boeing in 2008. However, more recent technology and safety improvements, combined with growing real-world experience with ground vehicles such as trains, are finally making a practical hydrogen-electric commercial aircraft possible. Hydrogen-electric safety and operational reliability are now more established in numerous ground mobility applications ⁠— from fuel-cell-powered cars to an estimated 20,000 hydrogen fuel-cell forklifts in warehouses across the U.S.

There are already several hydrogen-electric aviation programs underway. My company is working to launch a 500-mile, 19-passenger aircraft by 2023. HES has announced a four-passenger concept that could travel between 500 and 5,000 kilometers (311 to 3,107 miles) and expects to have a prototype in 2025. Another four-seat effort ⁠— although more academic ⁠— is the Pipistrel, Hydrogenics, University of Ulm and German Aerospace Center airplane called HY4, which has been flying since 2016.

There are some challenges of hydrogen to overcome. Any new fuel requires new infrastructure. A new supply and delivery chain would have to be built across all airports. But we could do it profitably by effectively paying for it through the savings from fuel and maintenance costs that hydrogen-electric transports could bring. Access to renewable power near the airports may be limited, so on-site production would be more difficult and affect local economies. The solution could be a new delivery method, such as building hydrogen pipelines.

For the first time since turbines emerged 80 years ago, we are witnessing a fundamentally new propulsion technology take hold. We could see more electrified aircraft take flight and many records break as entrepreneurs and pioneers push the boundaries of what we think is possible. It will be up to manufacturers, operators and regulators to pursue zero-emission aircraft or risk playing a part in humanity's inability to reach its CO2 reduction goals.

Green bonds reach record in 2019 - and will increase in 2020.

The global market for green bonds continues to grow, achieving yet another annual issuance record of almost $255bn in 2019. Analysts set their sights on further and even more rapid growth around the world over the coming decade.

 

The Climate Bonds Initiative (CBI) this week confirmed annual green bond and loan issuance for the 2019 calendar year reached a tally of $245.9bn, a rise of almost 50 per cent on the previous year's final figure of $171bn.

The new global record surpasses expectations from a year ago, when the non-profit forecast 2019 green bonds issuance of between $230-250bn.

The CBI is now forecasting even further growth over the coming year, tipping the sector to reach $350-$400bn. It now expects global annual issuance to break the $1tr mark in the early 2020s.

The largest international green bond market remains the EU, where $107.7bn were issued last year, while the US hit the top of the national rankings with just over $50bn, followed by China at just over $30bn. Collectively, the EU, US, and China accounted for 73.5 per cent of the market last year, according to CBI.

In third place nationally was France on $29.5bn, while the remaining top 10 national spots for 2019 issuances were filled out by Germany, Netherlands, Sweden, Japan, Italy, Canada, and Spain.

Clean energy dominated the use of green bond proceeds last year accounting for 31.5 per cent of activity. Low carbon buildings and low carbon transport came in second and third place, accounting for 29 per cent and 20 per cent of the market, respectively. Water projects benefitted from nine per cent of green bond proceeds, with land use and waste both taking 3.5 per cent of the total, CBI said.

The amount of green bonds and loans certified by CBI also hit a new record in 2019 of just under $40bn by volume, which the non-profit said reflected an acceleration of green issuers demonstrating international market best practice. Cumulatively, CBI-certified bonds passed the $100bn milestone last month.

Despite rapid growth and bullish predictions for the market, however, a major realignment of investment strategies across both public and private sectors is still required in order to hit the first $1tr of annual issuances globally in the coming years.

Source: CBI

New Zealand's zero carbon bill has gained historic popular support

The New Zealand parliament passed a landmark legislation last year that enshrines the country’s commitment to the Paris Agreement into law, and will see the country achieve zero net carbon dioxide emissions by 2050.

 

The legislation establishes New Zealand as one of the few countries in the world with a legislated commitment to meeting the goals of the Paris Agreement, with the New Zealand bill committing to establishing policies consistent with limiting global warming to just 1.5°C.

The bill was passed with bipartisan support, including from the centre right Nationals, in contrast to Australia where climate and energy policy has provoked toxic debate and scare campaigns from the far right factions that dominates the Coalition government.

“This is a historic piece of legislation and is the centrepiece for meaningful climate change action in New Zealand”, New Zealand climate minister James Shaw said following the passage of the bill.

“Climate change is the defining long-term issue of our generation that successive Governments have failed to address. Today we take a significant step forward in our plan to reduce New Zealand’s emissions.”

The bill sets a trajectory for reducing emissions and introduces a range of complementary measures, including the establishment of an independent Climate Change Commission to advise advice to the NZ government on reducing emissions and adapting to the impacts of climate change, as well as determining emissions budgets.

The Ardern government has also established a $100M Green Investment Fund, which will invest public funds in projects that reduce greenhouse gas emissions, serving a similar role to that of the Australian Clean Energy Finance Corporation.

It is a further step that will cement New Zealand’s position as a climate leader in the Pacific region, a position that has effectively been abdicated by the Australian government.

New Zealand prime minister Jacinda Ardern said that the passage of the bill sent a meaningful message to the Pacific region that New Zealand took the threats of climate change seriously.

“We have committed ourselves to a 1.5°C target that we are embedding in legislation, not just because of the statements of the Paris Agreement but because that is what is required if we are to show our Pacific neighbours that we understand what the impacts above 1.5°C will have on them — it is real,” Ardern told the parliament.

Shaw said that the passage of the bill had the backing of the wider New Zealand public, after consultation on the bill received a huge response from a wide diversity of stakeholders.

“We as the elected representatives of New Zealanders must take the opportunity to act on climate change before the window closes,” Shaw added.

“We’ve led the world before in nuclear disarmament and in votes for women, now we are leading again.”

“The Bill had nearly eleven thousand written and oral submissions. The Committee heard from parents, students, scientists, farmers, academics, health professionals, activists, iwi, local government and many more,” Shaw added.

The Climate Change Response (Zero Carbon) Amendment Bill, passed through the New Zealand parliament with near-unanimous support, although the National party has pledged to make amendments to the zero carbon legislation if it wins government at next year’s election.

“We have taken a bipartisan approach to climate change but we will continue to fight for the changes we think will make the law better,” NZ leader of the opposition Simon Bridges said.

The sole dissenter was David Seymour of the ACT New Zealand party, which has consistently held a position of climate change denial.

The passage of the bill was welcomed by environmental groups, along with business groups that welcomed the multi-party support passage of the bill as a strong signal of policy stability.

“We want to congratulate Generation Zero and all of the people who worked so hard to get the Zero Carbon Act across the line,” Greenpeace climate and energy campaigner Amanda Larsson said.

“Now that the Zero Carbon Act is passed, the Government can get to work on introducing policies to cut climate pollution.”

Given the significant portion of New Zealand’s economy that is reliant on the agricultural sector, the NZ government opted to set ambitious methane reduction targets, but stopped short of mandating zero methane emissions by 2050.

 

Source: The guardian, Renew Economy

Sustainability Powered By Blockchain

There is an increasing focus on and awareness of the damage humans are causing the planet. As the damaging effects of climate change are becoming more obvious, the pressure to innovate and adapt to a circular economy is starting to become a significant priority business practice.

 

 

The notion of the circular economy can be described by the three R’s: reducing materials and waste, reusing products, and recycling materials. So, products and services are traded in closed loops or cycles. The Ellen MacArthur foundation illustrates that there is a continuous flow of materials through the value circle.

Today’s customers are demanding more product transparency from brands, and roughly 60% of them are inclined to buy products that have a clearly defined sustainability policy as shown by the success of fashion brands like Allbirds and Veja.

How companies handle the disposal or reuse of their products is important today. They must quickly adapt and innovate, using disruptive business models and technologies to support the movement.

Blockchain technology can be applied on multiple fronts to this problem, with wide-ranging benefits of the circular economy. As we know, blockchain technology originally spread through the emergence of bitcoin and cryptocurrency but is now widely used in applications like voting, health records, supply chain, ownership and identity management, energy supply, and protection of critical civil infrastructure.

Blockchain technology can reduce resource consumption by providing transparency and traceability, which efficiently facilitates the provenance of items. Blockchain technology can help to combat counterfeiting and its substantial negative environmental and social impacts in terms of materials used and human rights, as well as fair work practices. Moreover, consumers will be able to make more informed purchasing decisions, enabling them to consume truly sustainable circular products and services.

The circular economy is a complex area to navigate, mainly due to its vast extent of participants and the global nature of supply chains. Trying to fix the circular economy is a task for all participants in the ecosystem, not just one or two companies.

This is why blockchain technology is such a critical enabler: It helps provide an ecosystem with a trusted set of data and transactions on which the entire ecosystem can make collective decisions.

The future circular economy and blockchain use cases look positive as more and more brands turn toward adopting a circular economy.

 

Corporations should take advantage of emerging technologies to improve the tracking and tracing of products beyond the point of sale and enable authentication, resale and material recovery.

The future of our planet will be greatly improved if more companies adopt blockchain technology for the circular economy.

 

Source: Forbes

Liberia return toxic waste shipment to Europe

The authorities of the Environmental Protection Agency of Liberia (EPA) have ordered the sending back of four containers. The shipment from Greece had been smuggled into Liberia, containing chemical waste harmful to health and the environment.

 

Liberia refuses to become a dumping ground for toxic waste produced by developed countries. On the 2nd of January 2020, the anti-smuggling unit at the port of Monrovia quarantined four 40-foot containers. This was after finding that an unusual and foul-smelling odour was emanating from the containers, which had been smuggled into Liberia from Greece by Republic Waste Services, a US waste management company.

Africa, Europe’s dumping ground

Many developed countries advocate a circular economy, recycling their waste. However, when it comes to toxic waste, it is most often exported. Apart from Asia, their destination is also Africa. The continent is therefore submerged in waste. Uncontrolled dumps are appearing and several countries, including Ethiopia, Congo, Burkina Faso, Mozambique, Mali and Niger, see their dumps overflowing with household waste, but also with toxic materials or electronic equipment from developed countries.

The case of the Probo Koala, a cargo ship chartered by the multinational Trafigura, is a perfect illustration of this. In 2006, the ship’s toxic cargo from Panama, carrying several tonnes of toxic waste, had dumped its deadly cargo in Abidjan-Ivory Coast, officially causing 17 deaths and 43,000 intoxication cases.

A disaster that could have been avoided if only international agreements on waste trafficking were respected. Such is the case with the Basel Convention, which came into force in 1992. It prohibits the import and disposal of hazardous waste from industralised countries to developing countries. This international treaty establishes a procedure that includes strict requirements and requires the consent of the receiving country for any transboundary movement of hazardous waste.

 

Suspicions by the port authorities will soon be confirmed by Liberia’s Environmental Protection Agency (EPA). At a press conference on January 10, 2020, in the capital Monrovia, the EPA stated that an analysis of samples found that the four containers were filled with toxic waste. The tests confirmed, among others, the presence of three hazardous organic compounds: 1-butane, 1-hexane and 1-octene. These are wastes whose recycling is prohibited in Greece because of their danger to the environment and human health.

 

In accordance with Article 55-1 of the Environmental Protection and Management Law (EMPL) of Liberia, which prohibits the illegal import of any hazardous waste or substance into Liberia, the EPA ordered with immediate effect, the repatriation of the four containers to their consignor (Stayropoulou Dimitra) in Greece. “In our opinion, the shipper was looking for a safe dumping ground under the pretext of selling recyclable materials. Unfortunately, the dump in this case was Liberia,” said EPA Director General Dr. Blama.

Shareholders - the new climate activists

Shareholders worth more than £100bn are calling on Barclays to phase out the provision of financial services to energy firms that remain unaligned with the Paris Agreement

 

A group of Barclays shareholders coordinated by responsible investment lobby group ShareAction want the bank to phase out financing fossil fuels, stepping up pressure on one of Europe's biggest funders of the sector.

 

2019 research by the Rainforest Action Network found that Barclays has provided more than $85bn of finance to fossil fuel firms and high-carbon projects such as tar sands and Arctic oil and gas exploration since the Paris Agreement was signed in 2015. The analysis ranked Barclays as the world's sixth largest backer of fossil fuels and the largest in Europe, exceeding its peers on the continent by over $27bn.

 

"Aligning financial flows with the goal of keeping temperature increases well below 2C, and preferably to 1.5C, was hard-wired into the Paris Climate Agreement for good reason," said Natasha Landell-Mills, head of stewardship at Sarasin & Partners, which managers more than £14bn.

 

"Continued financing of harmful fossil fuel activities puts this target at risk, with potentially devastating consequences for us all. And yet, this is precisely what is happening today, and Barclays is amongst the most prolific bank financiers globally of such activities.", she said.

 

The investors, which are shareholders in Barclays, will file a resolution calling on the bank to phase out the financing of fossil fuel companies that are driving the climate crisis.

 

Co-ordinated by campaign group ShareAction, the resolution is being filed by a group of shareholders that includes 11 institutional investors managing £130bnof assets, alongside more than 100 individual shareholders. The group includes financial giants such as Brunel Pension Partnership, LFPS, Sarasin & Partners and Folksam Investors.

 

The landmark action - which ShareAction claims is the first climate change resolution filed at a European bank - urges Barclays to publish a plan to phase out the provision of financial services to energy companies not aligned with the goals of the Paris Agreement. 

 

The proposal would cover project finance, corporate finance and underwriting activities, and apply to all energy companies, including gas and electric utilities, that are not aligned to the goals of the Paris Agreement. 

The proposal also encourages Barclays to consider the social dimension of the low-carbon transition, making it the first climate change resolution to encompass a so-called 'just transition' in its remit, according to ShareAction.

In response to news of the resolution, a spokesperson for Barclays said: "We are working to help tackle climate change, and we meet with Share Action and other shareholders regularly to update them on our progress." They pointed out the bank already has lending restrictions on carbon-intensive sectors, and stressed the board will give the resolution careful consideration before publishing its recommendation to shareholders. 

 

However, those involved in the drafting of the resolution insist it is in shareholder interests to demand more action from Barclays. 

 

"Brunel Pension Partnership Limited (Brunel) believes climate change poses significant risks to global financial stability and could thereby create climate-related financial risks to our own business operations, portfolios and client partner funds, unless action is taken to mitigate these risks," said Laura Chappell, CEO at Brunel Pension Partnership, which manages £30bn. "We believe that it is crucial for investors to carry out climate change risk assessments across the whole financial chain. As banks are the biggest lenders, they are a key component of this. The lending practices of many banks poses a serious threat to the goals to the Paris Agreement.

 

"It is therefore vital that Barclays' Board ensures that it no longer supports - whether through direct lending or underwriting - any activities that run contrary to the Paris Agreement. Failure to act leaves directors open to charges that they have failed to meet their obligations under the UK Companies Act. It also exposes the bank and its shareholders to heightened capital risks as decarbonisation accelerates. At a time of economic uncertainty, the Board should not be taking on additional risks."

 

Source: Reuters, Business Times, Business Green

How trees could help to save the climate

Around 0.9 billion hectares of land worldwide would be suitable for reforestation, which could ultimately capture two thirds of human- made carbon emissions. The Crowther Lab of ETH Zurich has published a study in the journal Science that shows this can be a powerful tool for drawing carbon from the atmosphere.

Reforestation would be the most effective method to combat climate change. (Image: Vershinin- M / iStock)

The Crowther Lab at ETH Zurich investigates nature- based solutions to climate change. In their latest study the researchers showed for the first time where in the world new trees could grow and how much carbon they would store. Study lead author and postdoc at the Crowther Lab Jean- François Bastin explains: “One aspect was of particular importance to us as we did the calculations: we excluded cities or agricultural areas from the total restoration potential as these areas are needed for human life.”

The researchers calculated that under the current climate conditions, Earth’s land could support 4.4 billion hectares of continuous tree cover. That is 1.6 billion more than the currently existing 2.8 billion hectares. Of these 1.6 billion hectares, 0.9 billion hectares fulfill the criterion of not being used by humans. This means that there is currently an area of the size of the US available for tree restoration. Once mature, these new forests could store 205 billion tonnes of carbon: about two thirds of the 300 billion tonnes of carbon that has been released into the atmosphere as a result of human activity since the Industrial Revolution.

According to Prof. Thomas Crowther, co- author of the study and founder of the Crowther Lab at ETH Zurich: “We all knew that restoring forests could play a part in tackling climate change, but we didn’t really know how big the impact would be. Our study shows that tree restoration can be a powerful tool for drawing carbon from the atmosphere.* But we must act quickly, as new forests will take decades to mature and achieve their full potential as a source of natural carbon storage.”

Total land available that can support trees across the globe (total of current forested areas and forest cover potential available for restoration). (Image: Crowther Lab / ETH Zurich)

 

The study also shows which parts of the world are most suited to forest restoration. The greatest potential can be found in just six countries: Russia (151 million hectares); the US (103 million hectares); Canada (78.4 million hectares); Australia (58 million hectares); Brazil (49.7 million hectares); and China (40.2 million hectares).

Many current climate models are wrong in expecting climate change to increase global tree cover, the study warns. It finds that there is likely to be an increase in the area of northern boreal forests in regions such as Siberia, but tree cover there averages only 30 to 40 percent. These gains would be outweighed by the losses suffered in dense tropical forests, which typically have 90 to 100 percent tree cover.

Land available for forest restoration (excluding deserts, agricultural and urban areas; current forestland not shown). (Image: Crowther Lab / ETH Zurich)

*In the initial version of the media release, afforestation was described as "the best climate change solution available today" and the title as "could trees could save the climate". This statement and the titel was clarified on 17.10.2019.

The study by the Crowther Lab on the potential that reforestation offers to reduce CO2 published in the journal Science (5 July 2019) prompted four scientific comments and three letters which were published in the October 18th edition, together with two responses of the scientists in the Crowther Lab. The authors have since amended a statement in the abstract of their original publication.

Source: ETH Zürich

Kenya: Growing traditional crops help cope with climate change

Many households in sub-Saharan Afria struggle with poverty and food insecurity. Now climate change hit their harvests and makes life even harder. But finding new markets for hardy indigenous grains like millet, that can better stand up to extreme weather and changing pests, and produce a reliable harvest, can help, agricultural scientists say.

Patrick Maundu, an ethnobotanist at the National Museums of Kenya and an honorary fellow with Bioversity International, an organisation that promotes agricultural biodiversity, said millet is a traditional Kenyan crop - just one that, over the years, lost ground to maize.

The change came as a result of the intense promotion of maize production by governments, research groups and multinational companies selling products in Africa, he said.

"Millet is well adapted to dry parts of Africa but has been neglected because of ... key policies focused on maize, taking over indigenous cereals," he said in an interview with the Thomson Reuters Foundation.

But in the recent years, wilder weather linked to climate change and the high cost of farm inputs - which farmers can struggle to pay if harvests fail - has made maize farming less reliable, particularly for small-scale farmers like those in Embu, Maundu said.

That has pushed many farmers to diversify back into drought-resistant traditional crops. The amount of farm acreage planted with maize in Kenya has therefore fallen by about a quarter in recent years, according to data from Kenya's Ministry of Agriculture.

Still, finding a ready market for crops like millet - and getting people to resume eating them - can be a challenge.

But Kenyan millet farming entrepreneurs now say that the key to making the new crops pay is adding value to what was harvested. One example is the thriving use of millet instead of maize for popcorn.

The puffed millet, besides being tasty, has boosted employment opportunities in Embu and helped reduce food waste because it can be stored longer.

Stella Gathaka 30, who formerly worked as a food vendor, is now one of four workers at small factory making puffed millet.

Besides earning a salary, her new job allows her children to eat the millet snacks, which are more nutritious than their previous snack of sweet wheat biscuits.

These days, "I'm very knowledgeable on the importance of millet as a nutritious crop," she said.

Daniel Kirori, operations director at DK Engineering Ltd., which assembles the popping machines, said his company had sold about 15 of them so far to women's groups and other entrepreneurs around Kenya.

According to a 2017 United Nations report on the state of food security and nutrition, climate change pressures, from worsening droughts to floods, heatwaves and storms, are a key reason about 800 million people still lack access to enough food. Producing more millet and other traditional hardy crops, and finding ways to process them to produce more income, is one way of doing that.

Emily Wawira, a small-scale millet farmer in Embu who sells her produce to Gichangi, said she sells 10 to 20 sacks of grain each year, each weighing 90 kilos, and earns $25 to $30 per sack.

That income "is enough to pay school fees," she said - and an improvement on her former loss-making maize farming.

Source: Reuters

Japan's Environmental Policies Attract 21st Century Companies

Today’s emerging companies are on the hunt for the most environmental cities, which is requiring eco-minded and carbon-friendly policies. When it comes to attracting to the world’s most advanced finance and technology companies, Japan is therefore relying on environmental activism.

 

Tokyo hosted a conference to highlight its mission — to attract so-called FinTech companies using environmental, social and governance principles. In other words, today’s financial firms that rely on digital technologies want to associate with other eco-conscious companies and environmentally-friendly cities. And Tokyo thinks it is the right city at the right time.

 “If we can allocate Japanese savings in a sustainable society that will be a major driver,” says the Governor of Tokyo Yuriko Koike, in a response to this reporter’s question. “We can recruit more foreign companies to Japan. If we have more green initiatives, it will contribute to Japan’s overall economy.” 

At the same time, Japan is demonstrating leadership. While the United States has bowed out, Japan is active in the Paris Climate Agreement and it has adopted a policy to become carbon neutral by 2050. Other financial capitals such as London and Hong Kong, meanwhile, are undergoing internal strife whereas Japan is politically and economically rock solid. “Japan is not difficult,” says David Shirt, chief executive of Astris Advisory. “If you can navigate it, you can build a business here. But you have to understand the regulators.”

Consider also that The US SIF Foundation’s 2018 biennial Report on US Sustainable, Responsible and Impact Investing Trends found that sustainable, responsible and impact investing assets now account for $12 trillion —or one in four dollars— of the $46.6 trillion in total assets under professional management in the United States. This represents a 38% increase over 2016.

For its part, the Tokyo Metropolitan Government has established public funds to support environmental, social and governance investment in renewable energy. It is also issuing green bonds worth 20 billion yen in which the revenues are earmarked for environmentally-friendly projects like energy conservation and energy-efficient buildings. The city plans to highlight those themes during its 2020 Hydrogen Olympics in which clean electricity will provide power where the games will be played. 

Specifically, Governor Koike, who has previously been a member of parliament and the minister of the environment, say that since 2000 Tokyo has employed a cap-and-trade scheme for its office buildings, which has reduced CO2 emissions by 26%. Going forward, the country’s goal is to focus on advancing the production of green hydrogen that is CO2-free while relying on renewable energy to provide 22-24% of the energy mix by 2030.  

 

Prospering in the 21st Century economy means going green.

Leading investors welcome a commitment from Anglo American mining company to align with Paris Agreement

Activist investors celebrate after mining giant promises to realign all its lobbying activity, including that done on its behalf by industry associations, with the goals of the Paris Agreement

Leading investors welcome a commitment secured from Anglo American, the UK based global mining company, to align its lobbying activity with the goals of the Paris Agreement. The announcement is the outcome of extensive engagement with the company by members of the Institutional Investors Group on Climate Change (IIGCC), as part of its European Corporate Climate Lobbying Initiative. This is backed by leading investors with over $4.7 trillion in assets under management.

Anglo American joins 11 other global companies, including Glencore, that have already committed to positive lobbying practices on climate change, as the result of engagement through IIGCC’s European Corporate Climate Lobbying Initiative2.

The commitments are also made in line with the European Investor Expectations On Corporate Lobbying On Climate Change. Investors will expect the company to act accordingly with each aspect of the expectations. This includes ensuring lobbying activity only supports, rather than frustrates, delivery of the Paris Agreement.

They also set out how lobbying activity should be undertaken in a transparent and accountable manner, supported by governance and reporting procedures. This provides investors and other stakeholders with the means of assessing progress on implementation and holding companies to account where required.

Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change, explains: “Anglo American can be commended for joining the growing list of global companies committed to positive lobbying practices on climate change. In the face of the climate crisis, this must become standard practice for global companies across all sectors of the economy."

Source: IIGCC, Business Green, Financial Times

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