NEW YORK: A coalition of investors with more than $60 trillion in assets is preparing to call on electric utility companies globally to extend their deadline to bring their net greenhouse gas emissions to zero by 15 years.
Utilities account for about 40% of worldwide emissions, more than any other sector. Many of them have committed to reaching net-zero emissions by 2050, a goal that scientists say must be met to prevent global warming of more than 1.5 degrees Celsius.
Net zero refers to reaching a balance between greenhouse gases that are put into the atmosphere and those that are expelled.
The Institutional Investors Group on Climate Change (IIGCC) in London, part of the Climate Action 100+ initiative, told Reuters on Tuesday that emissions from electricity generation need to reach net zero before 2050, in order for other industries dependent on electricity to do so. be able to follow Dress.
In a report to be published on Wednesday, the IIGCC will call on utilities to reach net zero emissions by 2035 in developed economies and by 2040 in developing countries. It will ask them to outline a detailed strategy to get there.
“It’s very important that they decarbonize,” IIGCC chief executive Stephanie Pfeiffer said in an interview. “We really need to know how they are going to implement the vision over the long term.”
Companies and governments are under increasing pressure to tackle climate change ahead of the COP26 UN summit https://www.reuters.com/business/environment/cop26-glasgow-who-is-going-who-is-not – 2021-10-15 in Glasgow, Scotland, later this month.
According to the report, companies that do not respond to IIGCC’s outreach could face shareholder resolutions and votes against corporate directors.
Outreach by individual IIGCC members has already been started. Wespath Benefits & Investments, with approximately $29 billion in assets under management, is urging WEC Energy Group Inc. to move its net zero deadline to 2035, said Jake Barnett, director of sustainable investment stewardship in Glenview, Illinois. , Faith-Based Investing said. Strong.
The Milwaukee-based WEC has already said it plans to cut greenhouse gas emissions by 80% by 2030.
“We have set some of the most aggressive near-term emissions targets in the utility industry. We will continue to support achievable goals that keep our customers and communities safe,” said Brendan Conway, Media Relations Manager at WEC.
Barnett said WayPath will continue to engage with the WEC on a net zero goal of 2035.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
read all breaking news, breaking news And coronavirus news Here. follow us on Facebook, Twitter And Wire.