There is Much Action in the Air
There was widespread agreement at the Climate Week NYC (New York City), organised by the UN and the City of New York, in September about countries needing to step up action if any tangible results in climate change mitigation are to be achieved. As seen by the increasing engagement of Japanese companies in climate action, private player participation was also important this year.
Perhaps the biggest development since last year was the intensity and clarity in ‘energy transition’ conversations. Options of using biofuel and hydrogen to power ships and airplanes were discussed, the details of which can be found in the report, Mission Possible. Also, the ‘Climate Seven’ — seven corporations from across the world, including four from India — launched the ‘Cooling Challenge’. This commits to the challenge of adopting the best cooling technologies to bring down the power consumed and carbon emitted by cooling processes.
On the eve of Climate Week, 87 MNCs — with a combined worth of $2.3 trillion, and direct emissions equal to 73 coal-fired power plants — including four India-headquartered ones, announced they would set science-based climate targets aligned to limiting global temperature rise to 1.5° C, and reaching net-zero by no later than 2050. This is over and above the 550-plus companies who have already committed to align their emission reduction goals to the Paris Agreement.