Weekly Roundup September 30
Invert is focused on providing clients and subscribers up-to-date news on net-zero developments, carbon markets, and how many sectors are evolving to meet climate change goals and ESG requirements.
Norway’s sovereign wealth fund, the world's largest at $1.2 trillion in assets under management, announced that it aims to have every company in its portfolio reach net-zero by 2050, at the latest. The fund, which holds stakes in over 9,000 companies in 70 countries, aims to be a world leading investor in terms of how climate risk is managed, and will continually engage with its portfolio companies to help them set credible targets and create plans to reduce their emissions.
Invert Insights: Institutional investors are continuing to embrace net-zero target setting for their portfolios as a means to reduce their role in global warming and their exposure to climate risk. Expectations on climate change action are increasingly being set and having a transition plan in place may soon become a prerequisite for investment.
Over 20 countries, led by Japan and including the United States, Australia, and Germany, have agreed to boost their output of low-carbon hydrogen to at least 90 million tonnes a year by 2030, up from 1 million tonnes now. Increasing the sustainable production and use of low-carbon hydrogen were cited as key components by Japan to ensure their energy security and resilience and to meet their climate goals.
Invert Insights: Hydrogen’s versatility makes it an extremely sought after decarbonization solution due to its potential uses in energy storage, power generation, transportation, and as a substitute for heavy-industries which consume coal. Additionally, as the production of green hydrogen requires only electricity and water, it is a uniquely positioned solution to bring energy security to regions dependent on imports to serve their energy needs.
Uber has rolled out a new tool for allowing companies to track their emissions when employees take business-related rides. The new Uber for Business dashboard provides companies who rely on Uber to transport employees with sustainability insights, including total emissions across all rides and the average grams of carbon dioxide emitter per mile, so that they can track, report, and act on their ground transportation impacts.
Invert Insights: Companies are increasingly looking to address the various categories of their Scope 3 emissions and this new tool will provide the ability to measure this often overlooked contributor to their overall footprint.