With the Covid-19 lockdown lasting for just over 12 months, lives have been changed forever, public and private transport is being used less (42% decrease during 2020), it is very interesting and concerning to see that carbon emissions have not been impacted significantly enough to change the upward curve over the last 10 years, with the global average still sitting at ~410ppm.
With the Russian, Ukraine war underway. A series of sanctions, imposed on Russia, have meant that countries across the world have started to rethink their strategic partnerships with Russia, long term. This is not to say that Russia does not play a serious role in the future of the energy market, but it has brought firmly into focus, the need for companies and countries, to start achieving net zero, by hook or by crook!
This means that now more then ever, large corporations are having to strongly consider their Net-Zero strategy, if they aren’t going to be hit with significant fines or tax hikes, to cover the overall impact that rising carbon emissions would have on the world.
Having worked with a number of corporations, mapping out their long term plans around net zero, consistent themes do appear, and I will discuss below the top 3 changes that corporations are implementing to reduce their carbon impact by 2050.
- Carbon capture and storage: This process captures carbon dioxide and allows the company to transport and store the emissions, stopping the impact on the atmosphere. It is believed that this can reduce a sites carbon emissions by 90%.
2. Switching to electric: Logistics companies are significantly increasing their electric vehicle footprint, by switching vans to electric and in turn decarbonising their impact. Royal Mail for one has committed to 100% of their fleet being electric by 2030. Considering they currently run a fleet of 42,000 vehicles, a potential carbon reduction of 6652800 tonnes of Co2.
3. Power Storage: Generating on-site electric and storing surplus, is a huge step for corporations that have a single reliance on the grid for their power. Whilst the investment is significant, the long term financial cost benefits to corporations if DSR can be sold back to the grid, can be very profitable.
Whilst there isn’t one size fits all for companies, it’s important to remember that the economies of scale for a lot of the technologies that will enable the company to achieve a reduction in carbon emissions are now being realised. Meaning that corporations cost to achieve their net-zero can be reduced significantly, whilst in some instances actually turning it into a profit centre.