February 10, 2023
Less than 1% of Companies Have Presented Credible Climate Transition Plans: CDP; The First Geothermal Power Plant in Canada is Now Under Construction; New French Law Will Blanket Parking Lots With Solar Panels
Less than 1% of Companies Have Presented Credible Climate Transition Plans: CDP
Only 0.4% of companies have disclosed credible transition plans, according to a new report released by the environmental disclosure platform CDP, assessing the state of climate-related reporting from more than 18,600 organizations in 13 industries and across 135 countries. Despite an increase in the reporting companies, a smaller number were found to have presented credible transition plans. CDP stated that the decline was due to its stronger criteria this year which now enforces that a plan must be aligned to the 1.5°C pathway and have a rigorous target.
Rigorous emissions disclosure requirements have been recently implemented, making organizations run against the clock to accomplish reporting demands. The negative correlation between the number of companies reporting and the number of credible transition plans indicates the need for guidance to support organizations on their climate disclosures.
The First Geothermal Power Plant in Canada is Now Under Construction
Canada’s first-ever large-scale geothermal power plant is now under construction; Saskatchewan company DEEP Earth Energy Production has begun initial engineering work. Tapping into geothermal reserves requires drilling techniques similar to those used for fossil fuel extraction; meaning projects will utilize the oil and gas sector’s human talent.
Canada’s geothermal industry is still in its early stages; developing these resources will help reduce greenhouse gas emissions and will help to diversify Canada’s energy mix to meet its climate commitments. However, the industry needs to assess the advantages and disadvantages to mitigate potential risks, such as high costs, location restrictions and environmental side effects.
New French Law Will Blanket Parking Lots With Solar Panels
French parking lots could soon generate as much electricity as ten nuclear power plants after a law is expected to win final passage on February 7, 2023, requiring canopies of solar panels to be built atop all substantial lots in the country. The plan makes France a world leader in efforts to cover as many exposed surfaces as possible with solar panels, a crucial step in the transition towards renewable energy.
A key concern about solar panels is the high upfront costs; however, it has been demonstrated that they save money in the long run and as their prices continue to decrease, solar energy becomes a more competitive energy source. Likewise, land decisions on where to locate solar panels often raise cultural and ecological concerns, but parking lots would take little additional land and instead would drive improvements.