8.3 – Corporate Commitments FAQ
August 29, 2022 | Category: No categories
EVs achieve price and performance parity with new combustion-engine vehicles in the U.S. by 2024, and in India and China by 2030.
$64,507 (average EV) vs. $44,761 (average full-size car)
Data: Kelley Blue Book
Date: Dec. 2022
One of two new personal vehicles purchased worldwide are EVs by 2030, 95% by 2040.
EV share of global auto sales was 14% in 2022
(BEVs, FCVs, and PHEVs)
Date: March 2023
All new buses are electric by 2025; 30% of medium and heavy trucks purchased are zero-emissions vehicles by 2030; 95% of trucks by 2045.
Over the past decade, e-bus share has grown from 1% to 44%
50% of miles driven globally (two- and three-wheelers, cars, buses, and trucks) are electric by 2040, 95% by 2050.
EV global share of miles driven: 7.3%
Low-carbon fuel powers 20% of miles flown by 2025; carbon-neutral fuel powers 40% of miles flown by 2040.
<0.1% of flights use sustainable aviation fuel (SAF)
Shift all new construction to “zero-ready” ships by 2030.
Projected launch of first carbon-neutral ships: 2023
50% of electricity worldwide comes from zero-emissions sources by 2025, 90% by 2035.
Global market share of zero-emissions electricity: 38%
Solar and wind are cheaper to build and operate than emitting sources in all countries by 2025
96% of the world’s population lives in nations where renewable sources are cheaper than fossil fuels
Electricity storage drops below $50 per kWh for short duration (4–24 hours) by 2025, $10 per kWh for long duration (14–30 days) by 2030.
Short-term storage: $324/kWh
No new coal or gas plants from 2023 on; existing plants to retire or zero out emissions by 2025 for coal and by 2035 for gas.*
Now under construction globally: 374 coal-fired units and 505 gas-plant units
Data: Global Energy Monitor
Date: January 2023
Eliminate leaks, venting, and most flaring from coal, oil, and gas sites by 2025.
Methane emissions were approximately 3 gigatons in 2022
Cut gas and oil for heating and cooking in half by 2040.*
Fossil fuels power 41% of cooking stoves and heat 58% of U.S. homes
Data: U.S. Census Bureau
To more than triple the energy productivity rate by 2035, we must phase out fossil fuels while also boosting energy efficiency.
World average: $240 in GDP per $1 of fuel consumption
Data: BP Statistical Review and World Bank
Improve soil health through practices that increase carbon content in topsoils to a minimum of 3%.
1.4%: Average carbon content of farm soils in the U.S.
Data: U.S. Dept. of Agriculture
Date: 2013; published 2017
Stop the overuse of nitrogen-based fertilizers and develop greener alternatives to cut emissions in half by 2050.
69.8 kilograms per hectare: global average for nitrogen-based fertilizers
Promote lower-emissions proteins, cutting annual consumption of beef and dairy 25% by 2030, 50% by 2050.
U.S. per capita weekly consumption: 1.1 lbs. of beef and 3.8 lbs. of dairy
Reduce methane and nitrous oxide from rice farming by 50% by 2050.
1 gigaton of CO2e resulting from rice production
Data: WRI and the Sustainable Rice Platform
Date: 2014 and 2021
Lower the food waste ratio from 40% of all food produced to 10%.
40%: estimated global portion of food that is wasted
Data: WWF and Tesco
Achieve net zero deforestation by 2030; end destructive practices and logging in primary forests.
3.75 million hectares of primary forest lost annually
Data: Global Forest Watch
Eliminate deep-sea bottom trawling and protect at least 30% of oceans by 2030, 50% by 2050.
8% of coastal oceans are protected
Data: Protected Planet
Date: June 2022
Expand protected lands from 17% today to 30% by 2030, 50% by 2050.
17% of global lands are protected
Data: Protected Planet
Date: June 2022
Reduce total carbon intensity of steel production 50% by 2030, 90% by 2040.
1.9 tons of CO2 emitted per 1 ton of steel produced
Reduce total carbon intensity of cement production 25% by 2030, 90% by 2040.
0.6 tons of CO2 emitted per 1 ton of cement produced
Reduce emissions from other industrial sources (primarily plastics, chemicals, paper, aluminum, glass, and apparel) 80% by 2050.
5 gigatons emitted by other industries
Remove at least 1 gigaton per year by 2025, 3 gigatons by 2030, and 5 gigatons by 2040.
0.28 gigatons of nature-based carbon removal being tracked
Data: Climate Focus
Remove at least 1 gigaton per year by 2030, 3 gigatons by 2040, and 5 gigatons by 2050.
Currently, 43 metric tons are being removed annually
Each country enacts a national commitment to reach net-zero emissions by 2050 and gets at least halfway there by 2030.
EU and UK: cut emissions in half by 2030; net zero by 2050
U.S.: Congress passed climate laws that target a 40% cut by 2030.
China: net zero by 2060
India: net zero by 2070
Russia announced net zero 2060, though no formal adoption
End direct and indirect subsidies for fossil fuel companies and for harmful agricultural practices.
The top five emitters still pay a total of nearly $4 trillion in fossil fuel subsidies. Globally, nations are paying $5.9 trillion, including healthcare spending due to air pollution and other indirect costs.
Set national prices on CO2 emissions at a minimum of $55 per ton, rising 5% annually.*
EU: $100/ton; member states implement their own price schedules
U.S.: No national price. 12 states set prices
India: No national price
Russia: No national price
Prohibit HFCs as refrigerants and ban single-use plastics for all non-medical purposes.
U.S. aims to reduce HFCs 85% by 2036.
The EU aims to reduce HFCs 67% from 2010 by 2030.
China aims to reduce HFCs 68% by 2025.
Double (at minimum) global public investment into research and development; quadruple it in the United States.
China: $7.9 billion
U.S.: $9.4 billion
EU + UK: $8.7 billion
India: $110 million
Russia: little to no allocation
The climate crisis is a top-two voting issue in the twenty top-emitting countries by 2025.
Climate’s rank as top issue: #9 in the U.S., #8 globally, #2 (tied) in Europe
Data: Gallup (May 2022), Ipsos (June 2022), and Eurobarometer (Jan. 2022)
*different surveys can only be roughly compared to each other
A majority of government officials—elected or appointed—will support the drive to net zero.
47% of heads of state (7 of 15 top-emitting nations)
27% of national legislatures (4 of 15 top-emitting nations)
100% of Fortune Global 500 companies commit immediately to reach net zero by 2040.
3.4% of Global 500 companies committed to net zero by 2040 across Scope 1-2-3 emissions
6.2% of Global 500 companies committed to net zero by 2050 across Scope 1-2-3 emissions
Data: Speed & Scale
Date: November 2022
The world achieves universal primary and secondary education by 2040.
129 million girls out of school
Eliminate the gaps among racial and socioeconomic groups in mortality rates from air pollution by 2040.
2.2 years (global average loss of life due to air pollution)
5 years (lost lifespan in S. Asia, Niger Delta, other low-income regions)
Data: Air Quality Life Index (AQLI)
The global clean energy transition creates 65 million new jobs, equitably distributed and outpacing the loss of fossil fuel jobs.
13 million people employed directly and indirectly
Produce 10,000 GWh of batteries yearly at less than $80 per kWh by 2035.
Price: $132 per kWh
Cost of zero-emission baseload power reaches $0.02 per kWh by 2030, with peak-demand power reaching $0.08 per kWh.
5 cents/kWh cost for utility-scale solar
Cost of producing hydrogen from zero-emissions sources drops to $2 per kg by 2030, $1 per kg by 2040.
$2-$12 per kg, not currently produced at scale
Cost of engineered carbon dioxide removal falls to $100 per ton by 2030, $50 per ton by 2040.
$600 to $1,200 per ton of carbon removed, not at scale
Source: Bloomberg and Climeworks
Cost of synthetic fuel drops to $2.50 per gallon for jet fuel and $3.50 for gasoline by 2035.
Jet Fuel: $4.22 (Traditional) vs. $22.13 (Sustainable) ~ 5.3X
Vehicle Fuel: $5.72 (Diesel) vs. $6.26 (Biodiesel) ~ 1.1X
U.S. prices when available. No pricing or availability for carbon-neutral fuels. Limited availability and price transparency for sustainable aviation fuels.
Data: IATA, BloombergNEF, GlobalPetrolPrices.com, AFDC
Date: June 2022
Increase global government incentives and support for clean energy from $128 billion to $600 billion per year.
$128 billion in global government incentives for renewable power generation, which is 20% to 35% of total direct fossil fuel subsidies
Increase public-sector funding of energy R&D from $9.2 billion to $40 billion a year in the U.S.; other countries should aim to triple funding.
U.S. energy R&D budget: $9.2 billion
Expand investment of capital into U.S. startup companies to $50 billion per year.
$59 billion invested in U.S. climate tech startups, up from $17 billion in 2020
More than double zero-emissions project financing by 2025, from $431 billion to $1 trillion per year.
Clean energy financing reached an all-time high last year, hitting $583 billion
Increase philanthropic dollars from $10 billion to $30 billion per year.
Less than 2% (between $7.5 billion and $12.5 billion) of philanthropic giving is dedicated to climate change mitigation
Source: ClimateWorks Foundation
August 29, 2022 | Category: No categories
Speed & Scale is an initiative to move leaders to act on the climate crisis. It is based on the eponymous action plan to cut emissions to net zero by 2050 and get halfway there by 2030. The Speed & Scale tracker measures progress against the plan across its 10 objectives and 55 key results. You can find the tracker here.
OKRs stand for Objectives and Key Results. They address the critical facets of any goal worth achieving: the “what” and the “how.” Objectives are what you aim to accomplish. Key Results (KRs) tell us how we’ll get the objectives done.
A well-formed objective is significant, action-oriented, durable, and inspirational. Each objective is supported by carefully chosen and crafted key results. Strong key results are specific, timebound, aggressive (yet realistic) and most of all, measurable and verifiable.
OKRs are not the sum of all tasks. They focus on what’s most important, the handful of essential action steps for a given pursuit. They enable us to track our progress as we go.
To learn more about OKRs, and learn how to set your own, visit whatmatters.com.
The UN defines net zero emissions as the point when “anthropogenic emissions of greenhouse gases to the atmosphere are balanced by anthropogenic removals over a specified period.” For companies, this generally means that setting a net zero target involves ensuring that they emit as few emissions as possible, with any emissions left over balanced by carbon removals by the time their commitment comes into effect. Carbon can be removed through either natural or technological carbon sequestration. You can read more about carbon removal here.
We source data from publicly available sources such as company websites, SEC filings, ESG reports, and press releases.
This data will be published publicly under Key Result 8.3 on the Speed & Scale website in Q4 2022. Speed & Scale is a platform for action so the data may show up in other venues as well.
The current SBTi standard pushes companies to, in the long-term, reduce 90%-95% of their scope 3 emissions and purchase removal offsets for the remaining 5-10%. However, older versions of SBTi targets and their near-term standards do not meet the IPCC criteria for net zero.
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