Path to net zero for energy systems: Complicated but feasible, IPCC finds
04/22/22 • 29 min
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A new report from the U.N.'s Intergovernmental Panel on Climate Change, or IPCC, charts a challenging but feasible course ahead for many sectors in achieving net zero emissions. The report warns that delayed action could result in significantly worse losses and damages, including trillions of dollars worth of stranded fossil fuel assets.
In this Earth Day episode of ESG Insider, we talk with a contributing author to the report, John Bistline. John is Program Manager in the Energy Systems and Climate Analysis Group at the Electric Power Research Institute, or EPRI. He explains that a low-carbon future will depend on transforming energy systems that rely on electricity or fossil fuels to operate. And he talks about the potential challenges energy systems face in pursuing net zero emissions by 2050, and the actionable takeaways in the report for companies.
"The next steps are thinking about these credible commitments to public policy, private investment, to innovation. And in the near term, that may mean doubling down on options that previous decades have helped to make cheap," he says. "We're also going to see a lot of work trying to scale the technologies that are needed to reach net zero emissions across the economy. And I think in order to do that, there's going to be a lot of interest, a lot of investment in these options that today are sort of more at a pilot scale."
Listen to our episode on the IPCC's previous February 2022 climate adaptation report here: https://soundcloud.com/esginsider/ipcc-climate-report-warns
Listen to our episode on the IPCC's August 2021 report about the scientific basis for climate change here: https://soundcloud.com/esginsider/in-fighting-climate-change
Register for the S&P Global Sustainable1 Summit here: https://www.spglobal.com/esg/sp-global-sustainable1-summit?utm_medium=social&utm_source=podcast&utm_content=ESGInsiderAd
We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall ([email protected]) and Esther Whieldon ([email protected]).
Photo credit: Getty Images
A new report from the U.N.'s Intergovernmental Panel on Climate Change, or IPCC, charts a challenging but feasible course ahead for many sectors in achieving net zero emissions. The report warns that delayed action could result in significantly worse losses and damages, including trillions of dollars worth of stranded fossil fuel assets.
In this Earth Day episode of ESG Insider, we talk with a contributing author to the report, John Bistline. John is Program Manager in the Energy Systems and Climate Analysis Group at the Electric Power Research Institute, or EPRI. He explains that a low-carbon future will depend on transforming energy systems that rely on electricity or fossil fuels to operate. And he talks about the potential challenges energy systems face in pursuing net zero emissions by 2050, and the actionable takeaways in the report for companies.
"The next steps are thinking about these credible commitments to public policy, private investment, to innovation. And in the near term, that may mean doubling down on options that previous decades have helped to make cheap," he says. "We're also going to see a lot of work trying to scale the technologies that are needed to reach net zero emissions across the economy. And I think in order to do that, there's going to be a lot of interest, a lot of investment in these options that today are sort of more at a pilot scale."
Listen to our episode on the IPCC's previous February 2022 climate adaptation report here: https://soundcloud.com/esginsider/ipcc-climate-report-warns
Listen to our episode on the IPCC's August 2021 report about the scientific basis for climate change here: https://soundcloud.com/esginsider/in-fighting-climate-change
Register for the S&P Global Sustainable1 Summit here: https://www.spglobal.com/esg/sp-global-sustainable1-summit?utm_medium=social&utm_source=podcast&utm_content=ESGInsiderAd
We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall ([email protected]) and Esther Whieldon ([email protected]).
Photo credit: Getty Images
Previous Episode
Why Bank of America says Scope 3 emissions "biggest challenge" for banks
The world is working to meet ambitious environmental, social and governance targets in the form of the Paris Agreement and the U.N.'s Sustainable Development Goals. It's clear that banks will play a central role in financing the changes needed to meet these goals. In this episode of the ESG Insider podcast, we talk with Karen Fang, Global Head of Sustainable Finance at Bank of America, about how one of the largest U.S. banks is approaching sustainability challenges.
In the episode, Karen discusses the bank's goal of deploying and mobilizing $1.5 trillion in sustainable finance by 2030, how Bank of America is working to align SDG and ESG goals, and steps the bank is taking to meet its own net zero goal.
She also talks about the new climate disclosure proposal from the U.S. Securities and Exchange Commission and the difficulty of measuring and managing Scope 3 emissions.
"For us, as a bank, the biggest challenge is Scope 3 because that's our entire supply chain and value chain," Karen says. "It really takes all of our clients that we lend money to and invest in to work with us on a credible transition plan to transition to net zero so our financing and investment emissions — which is the biggest contributor of our Scope 3 emissions — can be neutralized over time."
Listen to our recent episode on the SEC’s climate disclosure proposal here: https://www.spglobal.com/esg/podcasts/unpacking-implications-of-the-sec-s-proposed-climate-disclosure-rule
Register for the S&P Global Sustainable1 Summit here: https://www.spglobal.com/esg/sp-global-sustainable1-summit?utm_medium=social&utm_source=podcast&utm_content=ESGInsiderAd
We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall ([email protected]) and Esther Whieldon ([email protected]).
Photo credit: Bank of America
Next Episode
EU bank regulator puts spotlight on ESG disclosures
Regulation is increasingly shaping the agenda for environmental, social and governance-focused investors. In many parts of the world, regulators are working to bring clarity to an often-confusing ESG market amid an alphabet soup of different voluntary frameworks.
The European Banking Authority, which oversees EU banks, is one such regulator. Earlier this year, it said it will ask banks to disclose information on climate risks and their plans to address those risks from 2023. For this episode of the ESG Insider podcast, we interviewed Pilar Gutierrez, Head of Reporting and Transparency at the EBA, about the new standards, how they fit with a push for more standardized reporting internationally, and what improvements banks will have to make.
“Many corporates or banks are already providing disclosure reports on nonfinancial information according to the TCFD recommendations,” Pilar tells us. “But when assessing these reports, we still observe growth for improvement in terms of consistency and comparability of the disclosures.”
We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall ([email protected]) and Esther Whieldon ([email protected]).
Register for the S&P Global Sustainable1 Summit here: https://www.spglobal.com/esg/sp-global-sustainable1-summit?utm_medium=social&utm_source=podcast&utm_content=ESGInsiderAd
Photo credit: Getty Images
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