There are immediate and effective steps that governments and businesses can and must take to unlock a decarbonised power sector.
If everyone acts now, we can still prevent a global temperature increase of more than 1.5 °C. Here’s some advice 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, government inaction in some regions is causing costly delays to the green power revolution.
To unlock the private sector’s ability to deliver at the required scale, governments must:
Set higher 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, so that offshore and onshore wind farms and solar farms 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.
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 must 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 must do so.
Commit to science-aligned climate action
There are no shortcuts here: the SBTi’s Net-Zero Standard shows that most companies must slash 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
With the right policy frameworks, the private sector can scale 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 must play their part by backing companies that are creating the 1.5 °C world. Those who move furthest and fastest will reap the biggest benefits.
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.
