Decarbon Daily - Road to COP26, Renewables, & Carbon Offsets
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The Road to COP26
As we approach the end of the year, expect more companies to announce net-zero ambitions. The United Nations Climate Change Conference (COP26) takes place from October 31st to November 12th this year Glasgow, UK. COP26 goals are to:
1. Secure global net zero by mid-century and keep 1.5 degrees within reach
2. Adapt to protect communities and natural habitats
3. Mobilise finance
4. Work together to deliver
For a moment, only focus on the 3rd goal to mobilise finance. It is such a critical element since many of the projects that we are tracking CCUS, hydrogen, renewables, and energy storage require $500+ million and more to get the project to the finish line.
Already this year the largest CCUS project has commenced operations, new gigafactories are opening, and many hydrogen projects are obtaining funding. Many of the CCUS and hydrogen projects are relying on tax credits and carbon trading plans to recoup the investment.
The scale and speed of the changes we need to make will require all forms of finance: public finance for the development of infrastructure we need to transition to a greener and more climate-resilient economy; private finance to fund technology and innovation, and to help turn the billions of public money into trillions of total climate investment.
Once again, scale comes into the conversation due to the sense of urgency and size of the investments required.
Developing countries in particular need support. Developed countries must deliver on their promise to raise at least $100 billion every year in climate finance to support developing countries. The OECD estimates that $78.9bn of climate finance was mobilised in 2018. Source: COP26 Explained
Mobilising finance is the critical path to starting and finishing the scale of projects needed for a low-carbon economy.
Inside this Issue
☀️ Excelsior Energy Capital Acquires Tax Equity Interests in Existing Portfolio Investment
🔋 The Story of Renewables in India is Incomplete without Energy Storage
🌳 Bank of America: Carbon Offset Market may Need to Grow Fiftyfold to Meet 2050 Net-zero Emissions Goals
👩🏼🔬 US Pharma Giants Combat Emissions Crisis with Long-term Net-zero Pledges
☁️ Petronas Champions Low-carbon Energy Production with CCUS
♻️ New 10GW Green Hydrogen Project in Mauritania Could Include Africa's First Offshore Wind Farm
Articles in this issue