Discussions at COP26 are indicative of the tentative broader framework, which global economies will be treading in future and the directions which business will be charting for strategizing the growth whilst moving towards decarbonised environment.
Addressing event related to Accelerating Clean Technology Innovation and Deployment at Scottish Event Campus, President Biden shared his view for decarbonising economy. His views will be deciphered to provide a direction how the American Corporations and business will be working on breakthrough innovations for navigating sustainability and advancing clean energy solution globally.
Current technologies are not capable of achieving the ambitious goal of net-zero emission by 2050. This makes it imperative that the new breakthrough technologies need to be developed and commercialized within this decade, so that widespread deployment of these technologies can be made for achieving the goal of net-zero by 2050. These technologies can be in the form of advancement of carbon capture technologies, development and promotion of clean hydrogen-based fuel, nuclear fuel, development of next generation renewable solutions etc.
United States, have a goal of deploying 30 gigawatts of offshore wind by 2030 which means lot of innovation in wind energy space is bound to happen. According to International Energy Agency, moving towards net-zero economy would create a lot of jobs globally in the areas of energy, construction, and automotive sectors and this figure could be near around 30 million jobs by 2030, out of which 65% of the jobs which will be highly-skilled jobs.
First Movers Coalition announced by President Biden will be one of its kind global alliance of most influential global corporation, which will be launched by United States and the World Economic Forum (WEF). In order to develop green supply chains and meet the climate goals, more than two dozen of the World’s most innovative companies will come together and will commit to buying low-carbon products.
Steel, Shipping, Aluminum, Concrete, Trucking, Aviation, Chemicals, and Direct Air Capture are the eight major sectors that comprise 30% of the global emission and the First Movers Coalition will be representing these eight sectors. Clean technologies will be supported by $650 billion of annual procurement by the United States. Procurement will be dependent on the fact whether the production is linked to the innovative clean technologies. Focus will also be on the sustainable agriculture. Climate crises will emerge as a biggest economic opportunity of our time. President Biden has clearly indicated the direction in which First Movers Coalition will be working for redefining the global Industrial progress and its goal towards achieving the goal of sustainability. More and More money will be moving towards ESG Funds. Carbon Neutral projects will attract enhanced interest from lenders and liquidity will be available at reduced rate of interest. Indian Capital Markets will be impacted by the global developments. New winners will emerge in the process and the companies which are reducing its carbon intensity will create wealth for stakeholders.
Bureau Galactik Views