IEA releases ‘roadmap to net zero’ report
BERKELEY, California, 18 May 2021: The International Energy Agency (IEA) said it has published its first ever comprehensive roadmap to net-zero emissions by 2050. The report, it added, provides guidance for governments, companies, investors and the public on what is necessary to fully decarbonize the energy sector and lower greenhouse gas emissions to limit temperature rise to 1.5 degrees Celsius.
The report, it said, comes after it received widespread criticism for systematically underestimating the pace of adoption of clean energy technologies, such as solar and wind, and substantially overestimating their costs. Critics, it said, argued that IEA projections had effectively acted as support for the fossil fuel industry’s business-as-usual operations.
In a significant shift, the IEA said, it today recognizes that on a net-zero pathway there can be no investment in new fossil fuel supply. This, it said, includes oil, gas and coal projects. The IEA said, it confirms that with the introduction of policy to achieve climate stabilization at 1.5 degrees, the fossil fuel sector will face significant demand reduction.
Danielle Fugere, President, As You Sow, responding to the release of the report, said: “This new net-zero scenario from the IEA finally aligns with investor expectations and makes abundantly clear to fossil fuel companies that they must set net-zero targets, develop a clear transition strategy, and evolve in step with the decarbonizing global economy. Standing in the way of progress is no longer acceptable for companies’ own enterprise success or for the global economy.”
Daniel Stewart, Senior Research Associate, As You Sow, said: “Until now, the IEA’s research has been used to play down transition risks faced by the fossil fuel industry and as a support for inadequate energy and climate policy. IEA’s new scenario firms up what investors already knew about the steps needed to achieve climate stabilization by mid-century. It demonstrates without a doubt that it is difficult but absolutely possible to contain the catastrophic impact of runaway climate change, and signals major disruption on the horizon for industries reliant on fossil fuels.”
JCI named to FT European Climate Leaders list
CORK, Ireland, 18 May 2021: Johnson Controls (JCI) said it has been named to the inaugural FT Climate Leaders in Europe list.
Europe’s Climate Leaders 2021 is a list of companies across Europe that have shown the highest reduction of their emission intensity – that is, core greenhouse gas emissions in relation to revenues, between 2014 and 2019. Johnson Controls reported that it was one of only 300 companies selected from 4,000 across Europe.
“We are extremely proud to be recognized by the Financial Times as a European climate leader,” said George Oliver, chairman and CEO, Johnson Controls. “Sustainability has long been at the heart of everything we do, and it is an honor to be included on this prestigious list. With COP26 approaching at this critical moment in the battle against climate change, it is important that companies continue to play their part in cutting emissions and delivering clean, sustainable solutions across the entire value chain.”
According to JCI, companies on the list – compiled by research firm, Statista – were invited to submit emissions reported following the emission categories of the greenhouse gas protocol (scope 1, 2 and 3). In addition, Statista scrutinized publicly available data, mainly from financial and non-financial reports as well as from CDP (formerly the “Carbon Disclosure Project”).
Although JCI reports all three emissions scopes, the ranking only considers scope 1 and scope 2 emissions, since not all companies publish their scope 3 emissions, it said. Since 2002, JCI said, it has reduced its emissions intensity by more than 70% – equivalent to the carbon sequestered by 17,000 acres of forest. The company said it has also helped its customers save more than 30.6 million tonnes of CO2 globally and $6.6 million through guaranteed operational savings.
At the European level, JCI said, it has been effectively supporting the EU’s ambition to become carbon neutral by 2050. The European Commission recently committed to at least 55% cuts in greenhouse gas emissions (from 1990 levels) by 2030 under the European Green Deal. Decarbonizing Europe’s building stock through the European Commission’s Energy Performance of Buildings Directive has a crucial role to play in this effort – 40% of greenhouse gases come from buildings, the company said.
According to JCI, digitalization has been recognized as a key enabler for the building renovation wave in Europe and the rest of the world. Already, JCI said, it has been deploying its OpenBlue digital platform for optimizing buildings sustainability across its entire value chain – drastically improving the company’s own environmental impact and helping customers consume less energy, conserve resources and identify pathways to achieving healthy, net zero carbon communities.
Katie McGinty, Vice President & Chief Sustainability, Government and Regulatory Affairs Officers, JCI, said: “We are making positive change within our own corporation and believe we are uniquely positioned to help customers and suppliers achieve their sustainability goals. By driving global change, we are ultimately creating an environment for healthy people, healthy places and a healthy planet.”
JCI said it is also helping meet the growing demand for energy-efficient technologies. It said it has provided heat pump solutions for customers at more than a dozen district heating and cooling applications in Denmark, Finland, France, Germany, Italy and Norway.
Heat pumps, it said, have an important role to play in decarbonizing buildings and industry. They have long been in the DNA of industrial refrigeration – utilised in food and beverage, dairy and other process industries for reclaiming low-temperature waste heat and turning it into low-cost, high-temperature heat.