Key green projects face toll barriers
High-emissions industries are struggling to finance more than 450 large-scale low-carbon projects, while demand for green products remains too weak to justify the investments, according to the Industrial Transformation Accelerator (ITA), a UN-backed initiative. ITA said late on Thursday that removing “key investment barriers” caused by low demand could unlock $700 billion in financing by 2030 and help decarbonize six industries - aviation, steel, chemicals, aluminum, shipping and cement - that account for about a third of global CO2 emissions. Reuters Report. ITA was established during last year’s COP28 climate negotiations in Dubai to work with industry, investors and governments to drive green transformation in “hard-to-abate” sectors. The 473 net-zero emissions projects proposed by six sectors cover around 80% of the emissions reductions needed to meet the Paris climate targets by 2030, but companies are finding it difficult to put them into action. "The number of projects announced is as high as we need," Faustine Delasalle, executive director of the…
DP World sets ambitious new carbon reduction targets
DP World has made significant progress in its sustainability efforts, with its ambitious carbon reduction targets endorsed by the Science Based Targets Initiative (SBTi). The company has pledged to reduce Scope 1 greenhouse gas (GHG) emissions by 42% by 2030, from a 2022 baseline. In addition, DP World plans to reduce Scope 2 GHG emissions by 62.2% and absolute Scope 3 GHG emissions by 28% over the same timeframe. Also read: Maersk’s path to carbon neutrality still requires LNG This comes after DP World had already achieved a 13% reduction in emissions since 2022. Emphasizing the company’s commitment to sustainability, Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, said: “DP World is committed to leading the supply chain industry towards a more sustainable and efficient future, ultimately achieving net zero emissions by 2050. SBTi’s recognition confirms the strength and ambition of our plans, and we remain committed to playing a key role in uniting the industry to create…
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