UK Prime Minister Rishi Sunak today announced a new £11bn investment in the UK’s largest offshore wind project and a string of international climate financing commitments, as he once again sought to defend his government’s record on climate action. Speaking at a press conference ahead of his speech to the COP28 Climate Summit in Dubai, Sunak announced a new deal between UAE green investment firm Masdar and European energy giant RWE that is expected to result in up to £11bn of investment in the world’s largest offshore wind farm, Dogger Bank. “This is a huge boost for UK renewables, creating…
COP28 President Al Jaber urges immediate action to combat climate crisis and calls for fossil fuel inclusion in clean energy transition. “The science has spoken,” Al Jaber said. “It has been loud and clear. It has confirmed that the moment is now to find a new road, a road wide enough for all of us, free of the obstacles and the detours of the past.” During his speech, Al Jaber laid out a comprehensive and ambitious agenda for COP28, calling for a new roadmap to bring mitigation, adaptation, and means of implementation, including finance, “under one umbrella.” He also emphasised…
A new report by EY sheds light on the ongoing struggle of businesses to effectively manage climate risks. While transparency regarding climate-related risks has increased, companies continue to grapple with translating this knowledge into concrete carbon reduction measures. Now in its fifth year, the EY Climate Risk Barometer surveyed over 1,500 companies across 13 climate-vulnerable industries and 51 countries, assessing both the quantity and quality of climate-related disclosures. Disclosure coverage, which measured by the percentage of Task Force on Climate-Related Financial Disclosures (TCFD) recommendations addressed, reached an encouraging 90% in 2023, up from 84% in 2022. South Korea led the…
Virgin Atlantic made history by completing the first transatlantic flight powered only by sustainable aviation fuel (SAF). The flight, which took off from London Heathrow Airport en route to New York’s JFK airport yesterday, was operated by a Boeing 787 Dreamliner, branded as “Flight100”, which has been converted to use SAF. The flight was not carrying any fare-paying passengers, but was instead crewed by Virgin Atlantic pilots and engineers, as well as Virgin founder, Sir Richard Branson, and the transport secretary, Mark Harper. The use of SAF is considered a major step forward in the aviation industry’s efforts to decarbonise…
Upgrading the world’s transmission grids could save the global economy nearly $3 trillion (£2.4trn) by 2040, according to a new study by data modelling experts TransitionZero. The study, which modelled power grids in 163 nations representing 99% of the global population, evaluated two different scenarios: one where grid capacity is not expanded beyond current levels, and another where new transmission lines are built to accommodate the growing demand for electricity. The results show that expanding transmission capacity allows for more efficient use of renewable energy sources like wind and solar, leading to a reduction in the overall amount of generation…
In a bid to foster economic growth, Chancellor Jeremy Hunt has unveiled his Autumn Statement, which comprises 110 growth measures. But what measures help achieve net zero? Speaking to the House of Commons, Hunt said he was delivering an “Autumn Statement for growth” and that the OBR’s forecast shows that the Prime Minister’s priorities for the economy are being met. According to Hunt, the measures introduced will halve inflation, grow the economy and reduce debt and that it will “growth measures to back British business” and “measures to make work pay”. But what does the statement do for net zero? …
As COP28 looms just around the corner, the world’s gaze shifts to Dubai, eagerly awaiting the roadmap global leaders will lay out for our collective future. But what will the conference look like? After COP27 was analysed predominantly as being an overall failure but with some successes, leaders will face an uphill battle at COP28. Various reports on the state of the climate this year have been sobering; the Intergovernmental Panel on Climate Change (IPCC) offered a ‘final warning’ on the climate crisis in March, while earlier this month the United Nations Environmental Program (UNEP) stated that current pledges were…
In the pursuit of a sustainable future, eco-conscious office spaces have emerged as an important consideration, as buildings play a significant role in contributing to global greenhouse gas emissions. Stay with us as we show you the 10 company HQ’s sustainable buildings leading the way. Recognising the need for awareness and action, real estate software company ProptechOS has compiled a list of ten exemplary green headquarters of major American corporations that are spearheading the transition to net zero operations. These buildings were carefully selected based on their achievements in LEED certification, an acronym for Leadership in Energy and Environmental Design.…
The government has announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding, confirmed by the Treasury on Friday evening (17 November), and which will be distributed from 2025, is intended to boost investment in these sectors, is considered to be crucial to the UK’s economic growth, levelling up agenda, and transition to net zero. The investment will be focused on four key areas, over £2 billion has been earmarked for the automotive industry, £975 million for aerospace, supporting the manufacturing, supply chain and development of zero emission vehicles, and investment…
European CEOs are optimistic about the green transition, but remain concerned about the impact of complex and inconsistent regulations on their ability to navigate it and remain competitive. The survey by The European Round Table for Industry (ERT) and think-tank The Conference Board assesses the current and anticipated business and economic outlook among CEOs of leading companies. Sentiment ranges from 0 to 100, with readings below 50 indicating a higher prevalence of negative responses compared to positive ones. According to the results, overall confidence among CEOs has dropped into negative territory to 42, down from a low but positive 53…
