Tag Archives: pandemic

Power CO2 emissions fall 7% across Europe’s top 10 economies in 2020: Wartsila

At-a-Glance:

CO2 emissions from electricity generation among Europe’s 10 largest economies fell by 7% in 2020, according to the latest figures provided by Wärtsilä’s Energy Transition Lab. To learn more, read “Power CO2 emissions fall 7% across Europe’s top 10 economies in 2020: Wartsila.”

Key Takeaways:

  • CO2 emissions fell by 36.7 million mt to 489.1 million mt as the effects of the coronavirus pandemic combined with an ongoing phase-out of coal for electricity generation in many European countries.
  • Austria led the way with the largest percentage drop in emissions in 2020, down 28.8% from the previous year, reflecting the closure of the country’s largest coal-fired power plant in April 2020.
  • The pandemic combined with government-mandated coal phase-outs to accelerate the pace of the energy transition, with the share of renewables reaching levels not previously expected for another 10 years.
  • “One year since lockdowns began, we must now focus on a strategic, scientific, and intelligent approach to cutting carbon emissions that enables us to achieve the Paris Agreement while actually benefiting our economy and improving our quality of life,” said Tony Meski, senior market development analyst at Wartsila Energy Business.

Path to 100% Perspective:

Although record breaking carbon reductions have been recorded, the global economy has been put under intense strain. One year since lockdowns began, the focus is now moving to a strategic, scientific, and intelligent approach to cutting carbon emissions while benefiting the economy and improving quality of life. Energy demand will rebound and emissions with it. Innovators, leaders, and policymakers need to capture this moment and be ambitious with investments in renewables and flexible technologies while they remain highly competitive.

The Wärtsilä Energy Transition Lab is a free-to-use data platform to help the industry, policy-makers, and the public understand the impact of COVID-19 on European electricity markets and analyze what this means for future energy systems. The goal is to help accelerate the transition to 100% renewables.

 

Photo by Joss Woodhead on Unsplash

JPMorgan Chase wants to be the commercial bank for ‘green economy’ companies

At-a-Glance:

As the world’s largest financial institutions jockey for leadership positions in financing the transition to a clean economy, JPMorgan Chase is creating a team dedicated to building deeper relationships with companies that sell “environmentally-friendly” products and services or that focus on environmental conservation. To learn more, read “JPMorgan Chase wants to be the commercial bank for ‘green economy’ companies.”

Key Takeaways:

  • The new Green Economy team is explicitly tasked with providing services for companies — notably private entities in need of capital — that are poised to benefit from the transition.
  • The group will initially be focused on four sectors — renewable energy, efficiency solutions, agriculture and food technology, and sustainable financial firms that provide capital or project finance.
  • While many renewable energy companies are mature, many are just getting started and they will need capital and advice to innovate and evolve efficiently in a changing world.

Path to 100% Perspective:

Since March 2020, policy makers worldwide have made decisions that will shape the energy sector for decades. Enormous recovery stimulus packages have been announced to support industries and communities to get back onto their feet, with hundreds of billions of dollars allocated to the energy sector alone. Investment firms such as JPMorgan Chase have identified the need to invest in decarbonization innovation. These investment decisions are designed to counteract the financial shocks of the pandemic, but they will also determine whether the world meets its long-term energy and climate goals.

 

Photo by Micheile Henderson on Unsplash