By enacting policies and projects promoting green growth, the ILO has found that nations can help drive positive change by aligning economic and social development with climate action, creating a rising tide that will lift all boats. Heavy investments in clean energy projects are doing just that, tapping into renewables to decarbonize global energy sources and generate sustainable jobs for millions of workers worldwide.
Hanwha is leading the charge towards creating a green energy economy by growing its vast portfolio of clean energy projects. The company recently announced a 2.5 billion USD investment to expand its solar manufacturing presence in Georgia, USA. The investment is expected to create 2,500 green energy jobs in the state and form a complete end-to-end U.S. solar value chain.
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Strengthening the reach and impact of the world's risk pools is a crucial objective now in progress following a Memorandum of Understanding (MoU) that was signed between African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) and Pacific Catastrophe Risk Insurance Company (PCRIC) on the sidelines of November's COP27 in Sharm el Sheikh, Egypt.
The relevance and importance of the three global risk pools is clear, especially in the face of the increasing frequency and intensity of climate-change-induced events. The MoU has formalised and established a framework for enhanced cooperation and partnership among them, including the development and sharing of best practices in parametric models, the development of new and innovative DRF instruments and for the undertaking of joint initiatives focused on advocacy, capacity building and training.
It now becomes important for the various risk pools to work collaboratively in engaging the long-awaited Global Shield against Climate Risks, launched at COP27 and is set to transform the DRF landscape. The Global Shield is essential for helping risk pools scale up their efforts to make insurance more accessible, affordable and available to the people who need it the most.
As loss and damage continue to rise and developing countries struggle to fund insurance premiums, risk pools are a critical financial resilience mechanism that protects them from the impact of perils and helps them meet the rising cost of disasters fuelled by climate change.
While risk pools play an important role in moving the management of disaster and climate shocks away from ad hoc humanitarian assistance, there is still a lack of understanding of the role they play in helping countries protect their financial means to build resilience and shield themselves from loss and damage.
The members of the Alliance know that limiting global warming to 1.5 degrees Celsius requires significant collaboration and shared responsibility between the private and public sectors. In this light, they express their willingness to "work side-by-side with governments to deliver bold climate action" and "encourage all business leaders to set science-based targets to halve global emissions by 2030 and reach net zero by 2050 at the latest."
They believe that "business commitments to climate action backed by private sector actions and investments can reinforce the mandate for governments to raise their own ambitions and enable faster progress."
The World Economic Forum's Friends of Ocean Action has worked with partners Salesforce, Meridian Institute, Conservation International, The Nature Conservancy, and Ocean Risk and Resilience Action Alliance, to launch new guidance and principles to support businesses in charting a course forward when planning programmes for sustainable and responsible blue carbon.
The new guidance provides a consistent and accepted approach to ensuring that blue carbon credits optimize outcomes for people, biodiversity, and the climate - and offers guardrails for the development and management of blue carbon projects that are equitable, fair, and credible.
The journey towards net-zero is underway worldwide, and the processes of decarbonizing and electrifying the global economy are crucial in avoiding the grave consequences of temperatures rising by more than 1.5C.
To this end, Enel aims to complete the phasing out of all its coal-fired power plants by 2027 worldwide and gas-fired power plants by 2040. It will involve substituting all fossil fuel power plants with new renewable capacity and taking advantage of hybridizing renewables with energy storage systems. As an intermediate step, more than 85% of its energy produced by 2030 will be emissions-free, which will consent to reduce its direct GHG emissions per unit of energy produced by 80% by 2030, compared to the 2017 base year.
The Paris Agreement's achievement requires accelerating the energy demand's electrification. Enel expects that by 2040, all the electricity sold to its customers will be produced entirely from renewable sources. Thus, Enel will cut down its direct and indirect emissions from the sale of electricity by 80% by 2030 as an intermediate step towards reaching a 100% reduction by 2040. Enel will also withdraw from the retail gas sales business by 2040, fostering its customers to switch from gas to renewable electricity.
The initiative comes in response to the fact that the international energy and geo-political scenario have caused energy bills to increase with consequent great concern, especially for low-income families. Giving families a financial contribution for their bills would only solve the problem in the short term, while giving them the tools to self-produce energy from renewable sources is a structural welfare solution, capable of bringing lasting economic and environmental benefits.
Besides being a solidarity project, the initiative will contribute significantly to increasing the role of renewables in the Italian energy mix. For example, if only 20% of the apartments in our cities were equipped with a photovoltaic panel on their balconies or windows we would avoid the emission in the atmosphere of over 600,000 tons CO2 per year, equal to that absorbed by a forest of around 35 million trees. This would be equivalent to installing 1.6 GW of new photovoltaic power.
In this context, Battery Energy Storage Systems (BESS) play a key role thanks to their ability to ensure the stability of the grid, through flexibility services, and to provide adequacy, as a thermal power plant, to manage the RES overgeneration.
A significant step towards the transformation of Sardinia into a green island was already made through the Capacity Market auction held by Terna (Italian TSO) for delivery in 2024. In this auction the whole demand was awarded to 8 utility-scale BESS projects for approximately 800 MW of installed capacity, entirely fulfilling the system needs without any recourse to new thermal plants. More than 90% of this new capacity was awarded by Enel with BESS projects based on state-of-the-art lithium technology.
Dubai Electricity and Water Authority (DEWA), the provider of electricity and water in Dubai and the majority owner of Empower, announced its initial public offering floating 18% of its issued share capital on the Dubai Financial Market.
UL, the global safety science leader, announced its commitment to set enterprisewide science-based targets to reduce greenhouse gas (GHG) emissions in line with the Science Based Targets initiative (SBTi).
The SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) that enables businesses to set ambitious emission reduction targets to reduce emissions in line with the latest climate science.
Hindustan Zinc has set an ambitious target for 40% reduction in its carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.
The company has approved the proposal for entering a long-term group captive Renewable Power development plan up to a capacity of 200MW.
It is in line with the company's strategic objective of reducing dependence on conventional sources of energy and transitioning from thermal power to Renewable power thereby reducing GHG emissions. This reaffirms its proactive approach to sustainability and maintaining its leadership position in the Dow Jones Sustainability Index.
Mike Boots, Executive Vice President at Breakthrough Energy, has penned an opinion piece on how decisions made in the US now are critical for a rapid transition to clean energy that can bolster global security and help solve the climate crisis.
To actually achieve that goal, he calls for incentives for the development and commercialization of early-stage climate innovations like clean hydrogen, clean steel and cement, long-duration energy storage, and clean fuels.
Johnson Controls' Chief Sustainability Officer Katie McGinty teamed up with TED Countdown and The Climate Pledge to develop an inspiring and informative video outlining the key role buildings play in net zero strategies and driving sustainability.
The video is the first in a series entitled In The Green: The Business of Climate Action, which will showcase steps taken by signatories of The Climate Pledge to transform their approach as they strive to achieve net zero carbon by 2040.
With buildings accounting for almost 40% of global greenhouse gas emissions, Johnson Controls believes in optimizing and modernizing building technologies to drive sustainability and have a positive impact on climate change.
Renewing and modernizing bus fleets to cleaner technology provides an opportunity for cities to improve their quality of transport and reduce polluting emissions. Electric buses are part of this process to modernize a network and improve air quality in urban centres.
Enel X has developed a series of green transport turnkey solutions for public administrations. This includes the supply, maintenance, and management of electric buses and charging infrastructures, as well as the provision of green electricity from renewable sources. 152ee80cbc