
BP’s zero-carbon pledge: three major challenges
Private finance must invest in carbon asset retirement, not just clean energy
Climate Auctions can reduce emissions and accelerate regulatory, financial and infrastructure goals
This month BP, one of the world’s largest oil and gas firms, announced its ambition to be a net zero emissions company by 2050. The promise extends to cutting the emissions of its customers too; after all, they’re the ones who are actually burning the fuel, not BP. So it aims to reduce the carbon intensity of its products by 50% by 2050 or sooner. Jules Kortenhorst, Tyeler Matsuo and Raghav Muralidharan at Rocky Mountain Institute take a look at … [Read more...]
The Climate Finance Leadership Initiative (CFLI) is laying out concrete plans for the private sector to finance the low-carbon transition, say Tyeler Matsuo and Lucy Kessler of Rocky Mountain Institute. One important insight of their new report “Financing the Low-Carbon Future” is that it’s not enough to back clean energy. Climate finance also needs to accelerate the retirement and transformation of the carbon assets that are responsible for 78% … [Read more...]
Auctions for delivering an amount of power at a defined price are already well established for renewables. “Climate Auctions” do the same with carbon emissions: a carbon price is guaranteed to the winning bidder, but only paid on delivery of the emissions cut. Tyeler Matsuo and Julia Meisel at Rocky Mountain Institute say this is proving particularly useful in emerging and developing countries where progress in building up their climate laws is … [Read more...]
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