The UK Government's Ten Point Green Plan was announced this week and climate action is hitting the headlines again. But what does this mean for corporate climate action? We've pulled out three key points from the Green Plan to demonstrate how your organisation can support the government's ambition with action.
1. An extra £200m invested in carbon capture initiatives to remove carbon
Alongside science-based decarbonisation plans and compensating emissions through projects that drive down global GHGs, carbon removals will be critical in keeping climate change to the 1.5°C warming scenario that science demands. Further investment from the UK government could mean greater opportunity to capture corporate carbon emissions produced here in the UK, but what about organisations with global supply chains or emissions produced elsewhere?
Carbon removals can be achieved in different ways – using technological solutions, such as direct carbon capture – but also through nature-based projects, such as reforestation and soil carbon sequestration.
South Pole holds the world's largest portfolio of carbon reduction projects, so whether it's a project that involves reducing carbon emissions through nature, like growing forests, companies can reduce and offset their global emissions through South Pole's portfolio.
2. A pledge to make London “the global centre of green finance"
Sustainable “green" finance means integrating environmental, social and governance (ESG) considerations into financial planning and investment decisions. Mainstream banks, asset managers and heavyweights such as BlackRock have made large, high profile financial commitments to grow sustainable finance and sustainable investing by integrating ESG considerations into their financial products and services. We can help you implement the Task force on Climate-related Financial Disclosures (TCFD) so you
build lending and investment portfolios resilient to transition and physical risks. Along your sustainability journey, we support business opportunities by providing Sustainable Development Goal (SDG) impact assessments for financial products and help navigate the process of setting corporate Net Zero commitments.
3. A previously announced pledge to quadruple offshore wind power by 2030, to 40GW, enough to power every UK home
The corporate sector will play a great role in enabling renewable energy, like wind power, in the UK. By investing in green tariffs, Energy Attribute Certificates, corporate PPAs and onsite renewables, corporates can demonstrate their commitment to renewable energy. The UK has seen
global leaders like Nestle, Ikea and Mars follow this path in 2020, and greater investment from the UK government should allow other corporates to catch-up. For example, ePPAs are long-term offtake agreements for companies looking to meet renewable energy targets while leaving underlying electricity purchase contracts untouched. By establishing offtake agreements with specific renewable plants, ePPA enables organisations to demonstrate their long-term investment into local renewable energy transitions in a tangible way.
Begin your climate journey today
South Pole turns your business's climate ambition into action – we're here to support you along every step of your journey. Whether your ambition is to go Net Zero, join the RE100, or you're just starting out on the journey, we offer expert insight into what it all means and how your organisation can support the UK government's ambition.