There are effective steps that we can and must take to unlock a decarbonised power sector.
If we all act now, we can still prevent a global temperature increase of more than 1.5 °C. Here are some thoughts from the world’s most sustainable energy company on how to supercharge climate action.
Renewable power is already the cheapest energy solution in two-thirds of the world. However, achieving a 1.5 °C pathway requires construction of twice as much wind and solar globally in the coming eight years as the entire amount constructed throughout history.
At the same time inaction in some regions is causing costly delays to the global green power revolution.
To unlock the private sector’s ability to deliver at the required scale, governments must:
Set short- and long-term targets for deploying renewable energy
A solid pipeline of solar and wind projects and a transparent market framework will reduce the cost of capital and send a strong signal for the renewable energy industry to invest.
Make land and seabeds available faster
To deploy renewables, space on land and at sea is needed urgently, including through marine spatial planning and site allocation on land, taking account of biodiversity and other sea uses.
Streamline consenting processes, allowing coexistence with other sea uses
Planning permission must be faster and more predictable, whilst continuing to ensure that the environment is protected, so that offshore and onshore wind farms, solar farms, and the new transmission infrastructure needed to bring this power to our homes and businesses are approved fairly and transparently without undue and costly delay.
Modernise electricity grids
Energy storage, transmission, and distribution must be modernised, so that they better match supply and demand, incorporate renewables into the grid more quickly, and allow the integration of innovative solutions like green hydrogen and battery storage
Green public procurement
Public procurement amounts to ~ 13 % of global GDP. Integrating climate criteria and global corporate climate standards in public tenders can help ensure a sustainable build-out of renewables.
As governments step up their ambitions to COP27, businesses can be equally intent on raising the bar on corporate climate action. Net-zero by 2050 is a globally shared mission – companies that can afford to move faster and go further should do so.
Commit to science-aligned climate action
There are no shortcuts here: the SBTi’s Net-Zero Standard shows that most companies must focus on reducing emissions by at least 90 % before utilising offsets.
Report transparently on climate
When it comes to emissions reductions, genuine progress requires genuine transparency. Businesses must account for and publicly disclose their full value chain climate footprint.
Help accelerate the energy transition
The private sector can play a vital role in scaling the energy transition through corporate renewable power purchase agreements and energy efficiency improvements.
Invest in companies that are on a 1.5 °C pathway
Money talks, so investors can play their part by backing companies that are creating the 1.5 °C world.
Become a climate advocate
Businesses should use their voice to advocate for 1.5 °C-aligned policy action and seek to empower their customers, partners, and employees to speak and act for the climate.
Use only high-quality, certified carbon removals
Carbon removals used to offset any residual emissions should be done through high-quality projects certified to remove carbon from the atmosphere (e.g. nature-based solutions).
Tackle climate change and biodiversity loss together
The biodiversity and climate crises mutually reinforce each other, so companies must embrace net-positive biodiversity strategies alongside climate plans.
