Global weigh-in on renewables amid urgency
From sunbathers in Spain to unheard-of heat in Denmark, 1st of January was the hottest on record in at least eight European countries. Regarded as the most extreme weather event in the continent’s history, the sense of urgency was at the boiling point as we embarked 2023.
Echoing the message, although from a much cooler setting, the Global Risks Report 2023 published ahead of the ongoing World Economic Forum in Davos lined the fact that 2023 is all about pace if we are to decarbonise societies and reach future net-zero targets:
Over the next two years, half of the world’s top ten risks are related to extreme weather events, environmental degradation, and climate inaction. In 10 years, the world’s four greatest risks are all results of climate action failure.
While the outlook is a stark awakening to the new year, positive winds are also sweeping as the global energy crunch has triggered unprecedented momentum behind renewables. The International Energy Agency predicts the world is set to add as much renewable power in the next five years as it did in the past 20. This means that renewables will overtake coal as the largest source of electricity generation globally by early 2025.
Although the projection should be digested in view of a simultaneous fall back on fossil fuels, the uptake is 30% higher than the expected growth just a year ago. A development underlining how swiftly policymakers have thrown weight behind renewables.
From the corporate side, the weigh-in on renewables was amplified in a similar fashion as Corporate Knights' annual ranking of the world’s 100 most sustainable companies was launched this morning. Continuing to up their game in the transition to greener economies, companies are reporting a sustained correlation between sustainable business and high returns and an increase in diverse leadership among boards and executive teams.
In line with recent years, Denmark fares well as Vestas (2), Ørsted (13), Rockwool (16), Chr. Hansen (18) Novozymes (23) and Coloplast (43) secure six spots among the world's 100 most sustainable corporations.
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