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The Chairperson of the Energy Transfer Commission emphasized the role that companies and governments can play in reducing emissions and stressed the importance of climate change at the upcoming COP26 summit.
In a wide-ranging interview with CNBC’s “Sky Box Europe” over the weekend, Adder Turner was asked if meaningful action was being taken against ACG-related corporate advertising: whether this term is for environmental, social and governance – or if these elements do not exist..
“Significant steps are being taken,” Turner said. The problem is that it’s been five to ten years since it happened – but it’s still good news.
He went on to say that companies and countries around the world are now “making clear promises and taking clear steps to reduce emissions.”
“Everyone now agrees to reduce the global economy to zero by 2050,” said Turner, who headed the UK Financial Services Authority from 2008 to 2013.
The other good news is that technologies – renewable, battery, and electrolysis hydrogen technologies – are much cheaper and easier to implement than we hoped 10 years ago.
According to a recent report from the International Renewable Energy Agency, the price of solar photovoltaic electricity has dropped by 85% between 2010 and 2020. 48% reduction.
IRENA reports that the cost of battery storage in the United States has dropped by 71% between 2015 and 2018.
Hydrogen production is sometimes expensive, using renewable energy and electrolysis called “green” hydrogen, but efforts are being made to reduce costs.
In June, the US Department of Energy launched Energyshots Initiative TV, the first of which focused on reducing “pure” hydrogen to $ 1 per kilogram (2.2 pounds) in ten years. According to DOE, renewable hydrogen costs about $ 5 per kilogram today.
Looking at the bigger picture, Turner acknowledged the need for a stronger commitment to the COP26 in Glasgow, Scotland, from October 31 to November 12, where the technologies are in place and many companies are taking action.
Especially now that we need to focus not only on how we will achieve zero emissions by 2050, but how we will actually achieve significant emissions in methane and CO2 – I want to emphasize that point – in 2020. he said. We must take action now.
COP26, which was postponed last year due to the cholera virus, is on the rise. “The parties will come together to accelerate the implementation of the Paris Agreement and the United Nations Climate Change Agreement,” the official website of the Guba summit said.
The United Nations Convention on Climate Change The Paris Agreement, adopted at the end of 2015, aims to “limit global warming below 2 degrees Celsius, especially to 1.5 degrees Celsius” compared to pre-industrial standards.
Most of the discussions in Glasgow focused on national resolutions or the NDCs. Simply put, Andds refer to individual targets to reduce emissions and adapt to the effects of climate change.
In an interview with CNBC Turner, he added that the NDCs presented at COP26 would not be “the amount of emissions we want.”
We need to think about this further. And that will require further consolidation of the NDCs in the coming years, but perhaps, in the case of COP26 methane, deforestation, driving to electric vehicles may be agreed upon by all countries.
The role of government
When it comes to results, Turner emphasizes the important role that national governments can play.
You only need to limit and voluntarily promise corporations because you want to do the right thing, but strict government rules and taxes and other equipment, he said.
He explained how creating a framework is key to creating an environment in which businesses can present.
One example of governments trying to make a difference is in the automotive industry. For example, the UK wants to stop selling new diesel and petrol cars and vans by 2030, and by 2035 all new cars and vans want to have tail fumes.
“The automotive industry is moving at an astonishing rate,” says Turner. But we have to do even faster, saying that after 2035 you will not be able to sell an internal combustion engine. It is a subsidy. “
On climate change and action, topics related to government regulation and carbon prices have been hotly debated recently.
Former United States Secretary of Energy Nornst Monise touched on these issues in an exclusive interview with CNBC’s Steve Sedegwick over the weekend.
Monise sees the transition to pure zero energy as a “100 trillion-plus” issue. He called on financial institutions to “shape their own investment portfolios” from “companies”.
“But we know that most of the areas where there is no clean energy transfer are currently available. So I think it’s a key step that needs more attention right now.
It was then asked if the carbon tax would raise the playing field level and make it more attractive to renewables compared to hydrocarbons.
“First of all, I don’t want to be clean and renewable because we want carbon dioxide and hydrogen and nuclear energy everywhere.
“But yes, I think carbon offsetting is a very straightforward way to do two things. One, to design the playing field – estimating the cost, is high. But second, what does carbon cost do? Create a resource pool that I strongly recommend to be processed.