WeWork, RBS, McKinsey and Sony all join Climate Group's RE100 initiative
Four leading businesses have joined the Climate Group’s RE100 initiative, a commitment to transition to 100% renewable energy.
The new additions to the agreement include coworking space provider WeWork, global consultancy McKinsey & Company, financial institution the Royal Bank of Scotland (RBS) and technology giant Sony.
RE100 is a global corporate leadership initiative set up by the Climate Group alongside the Carbon Disclosure Project (CDP) which currently includes over 140 global businesses. The Climate Group states that the organisations involved have created demand for over 182TWh of renewable energy annually – which is more than the demand created by the likes of Thailand and Poland.
Sony has set itself a target of 100% electricity to be sourced from renewable energy by 2040, and 30% by 2030. It already sources 100% of its electricity in Europe from renewable resources and will now work toward doing the same in North America and Asia, looking to install solar panels on site in Thailand and Japan.
The addition of the new companies was announced as part of this week’s Global Climate Action Summit in San Francisco.
Helen Clarkson, CEO of The Climate Group, stated: “By stepping up and joining RE100, these leading companies are saying loud and clear that 100% renewables are the solution – they reduce business risk and drive down greenhouse gas emissions. By putting renewables at the heart of their business strategies, RE100 members are sending the demand signals needed for national governments to increase their own ambitions on clean energy.
“We are excited to welcome Sony aboard RE100… this is the largest entertainment and technology business in the world stepping up and switching its entire operations to 100% renewable electricity. Sony is at the forefront of cutting edge innovation and is showing the global market that renewable energy is the future.”
Miguel McKelvey, WeWork’s Co-founder and Chief Culture Officer, said of the company’s involvement: “Together with our global community, we are redefining the way we work, live and learn. As globally conscious citizens, we believe that WeWork has a responsibility and an opportunity to create a new forum for discussion and new forms of action. We have committed to making all of our global operations carbon-neutral by 2023.”
Trafigura and Yara International explore clean ammonia usage
Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050.
How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.
Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:
- The supply of clean ammonia by Yara to Trafigura Group companies
- Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
- Development of new clean ammonia assets including marine fuel infrastructure and market opportunities
Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.
There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.
Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.
Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.
Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.
It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.