UK Considers Setting Aggressive Carbon Cut Targets; Nestle Commits to Invest $3.6 Billion

By Mariliana Fotopoulou Thursday, December 3, 2020

The UK is considering imposing significantly more rigorous greenhouse-gas cuts of 69% by 2030, which would make Britain one of the most determined countries in the fight against climate change. To the same end, Nestle committed to invest $3.6 billion to achieve net-zero emissions by 2050.

Ambitious Goals

The UK is considering setting ambitious goals to reduce carbon emissions. This decision isn’t final yet as Prime Minister Boris Johnson is also considering emission cuts in the range of 65% to 68%, according to a report in the Financial Times.

If the UK decides to pursue this goal, it will overshadow all other global leaders when it comes to fighting climate change, including the 55% emission cuts planned in the European Union’s Green Deal.

The move would also represent a critical step in Britain’s strategy to entirely remove net emissions by 2050 in a bid to contain global warming to a minimum of 2 degrees Celsius (35.6 degrees Fahrenheit).

On December 12, Boris Johnson is set to co-host a United Nations event where he’s expected to make a final announcement about Britain's plans on fighting climate change. Other world leaders are also expected to announce their plans on cutting carbon dioxide during the event.

“We’re looking at our nationally-determined contribution which will be extremely ambitious and will be published around the time of the climate summit on Dec. 12 this year,” Johnson said on Wednesday.

Apart from the UK, China and Japan have also set long-term objectives to eliminate greenhouse gas emissions. However, the world also needs mid-term targets in order to make sure nations stay on the right track, according to the terms of the Paris Agreement.

The non-governmental environmental organization Greenpeace has urged global leaders to reduce gas emissions by as much as 75% by 2030, including international aviation and shipping.

Adair Turner, co-chair of the Energy Transitions Commission think tank said Britain’s new target should range between 65% and 70% in order for it to have “a really credible and strong commitment.”

Furthermore, the UK would also be required to almost completely eliminate carbon from its electricity system by 2035.

Nestle and JPMorgan Chase Set Their Own Targets

Elsewhere, Nestle announced its plans to invest 3.2 billion Swiss francs ($3.58 billion) to help it achieve net-zero emissions by 2050. The food and drinks giant is planning to cut its emissions in half by 2030 and use completely renewable electricity at its 800 global sites by 2025.

Nestle said it plans to fund these investments largely through operational and structural efficiencies to maintain the initiative earnings on a neutral level. In 2018, Nestle emitted 92 million tons of greenhouse gases.

It also said it would collaborate with farmers and vendors to employ regenerative agriculture practices, including rebuilding soil health. Through these methods, Nestle said it expects to obtain more than 14 million tons of its ingredients by 2030.

The conglomerate also plans to ramp up its reforestation strategy and plant 20 million trees each year until 2030 in the areas where it acquires its ingredients. It also intends to offset all business travel by 2022 and ramp up the number of “carbon neutral” brands through the expansion of plant-based products.

In a similar manner, the investment banking giant JPMorgan Chase also made an announcement on its plans to invest in cutting carbon emissions worldwide, by supporting companies committed to fighting climate change.

JPMorgan Chase authorized a “financing commitment” that is in line with the objectives of the Paris Agreement, which has been adopted by 189 nations to cut greenhouse gas emissions.

“Climate change is a critical issue of our time. The goals set in the Paris Agreement are commendable and ambitious, but the world is not on track to meet them,” said Daniel Pinto, co-President and Chief Operating Officer of JPMorgan Chase.

“While the world has a long way to go, we at JPMorgan Chase want to do more. That means working with clients, policymakers and advocates to transition our economy and turn the goals of Paris into a reality,” he added.

Summary

UK Prime Minister Boris Johnson is contemplating greenhouse gas emission cuts of up to 69% until 2030, which would make it the top country when it comes to fighting climate change. Furthermore, Nestle and JPMorgan Chase also announced their plans that include substantial investments to reduce gas emissions.

About the Author


Mariliana Fotopoulou

Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.

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