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COP26: Science and Innovation Day, 9 November 2021

  • Global
  • ESG
  • ESG - Sustainable Finance
  • Financial services and markets regulation - ESG
  • Energy and infrastructure - Clean energy

10-11-2021

Key announcements and pledges

  • The U.K. won’t join an alliance of countries fixing a date to phase out fossil fuel production to protect energy supply.
  • U.S. climate envoy John Kerry is hopeful of a Deal on Carbon-Trading Rules at COP.
  • Abu Dhabi hopes to increase the share of renewables in its energy mix to 31% by 2025 from 13% today. Its Department of Energy (DOE) announced the initiative at COP26 in Glasgow and outlined its plan that hinges on the continued roll out of solar and other renewables, the electrification of the water production and supporting energy efficiency measures.
  • An industry consortium led by Rolls-Royce, the UK aero-engine maker, and the British taxpayer will jointly invest £405m into the development of mini-reactors as part of a new push into nuclear power designed to help the government meet its net zero carbon targets. The key difference is that the small, modular design would allow the parts to be built in factories ready for quick assembly at the chosen location, making them much cheaper than the traditional large reactors.
  • The World Business Council for Sustainable Development (WBCSD) and the Sustainable Markets Initiative (SMI) yesterday announced the pledges of 28 companies to drive growth in the demand for, and supply of, hydrogen. “Pledges across three categories – demand, supply and financial or technical support – have been made by 28 companies representing different sectors from mining to energy, vehicle and equipment manufacturers, and financial services.”
  • Fashion brands such as Burberry and H&M are among 130 companies that have pledged to halve their greenhouse gas emissions by 2030. The industry as a whole will fall way short of this target.