Countries that fear losing competitive edge could benefit from bolder climate policies, says Nigel Topping
In his role, he forged alliances among businesses to lead a “race to zero”, by which companies set targets to reach net zero emissions and laid out the measures they would take to achieve them. More than 8,300 businesses around the world are now members of the UN’s Race to Zero initiative, alongside more than 3,000 other organisations including cities and local governments.
In the UK, the Climate Change Committee produced a plausible scenario by which the UK could reach net zero by 2042, he said. “Given that we’ve now got California and Germany saying 2045 is their target, I think you can argue quite strongly that the whole world could get to net zero in the early 2040s, and in many sectors in the late 2030s,” he said., he added.
. “Once you’ve named an end date, it’s a really powerful signal. Not all markets have agreed, but once you’ve reached [a large proportion], you can go much faster,” he said. “Europe, and the US, and the rate that the Chinese and Indians are changing – it’s all over.” Topping said fossil fuel companies would do better to redirect their engineering skills towards renewable energy. “We’re maybe in theof oil and gas profits. Maybe there’ll be another one, but shareholders will demand that those who can’t invest in the transition [to clean energy] will just have to give their money back to shareholders to allocate it,” he said.
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