Katowice Poland, 7 December 2018: Today at COP24 in Poland, the World Business Council for Sustainable Development (WBCSD) released “Going further, Faster,” its 2018 progress report on the Low-Carbon Technology Partnerships initiative (LCTPi). This report marks the next step in business’ continued drive to scale up climate action and impact.
LCTPi is a unique, action-oriented program that brings together 235 companies to accelerate the development and deployment of low-carbon solutions. The ultimate goal is sharply reduce emissions in line with the Paris Agreement while inspiring increased action through partnership.
The initiative prioritizes six key projects: REscale, New Energy Solutions, Climate Smart Agriculture, Natural Climate Solutions, Transforming Heavy Transport and E-mobility - all focused on addressing the climate challenge through innovation and collaboration.
Since 2016, LCTPi companies have been implementing their action plans, reporting on their progress and fulfilling their Paris promises. In 2017, LCTPi companies sharpened their efforts, focusing on actions in specific regions to overcome market barriers to scaling low-carbon solutions. This year, companies have focused on specific projects and tangible action.
“LCTPi offers proof that more and more businesses are moving beyond talk to implement real solutions by bringing different companies together to sharply reduce emissions. The 2018 report highlights their progress and underscores business’ increasing commitment to doing more,” said Peter Bakker, President and CEO of WBCSD.
Here are the main takeaways from LCTPi in 2018:
18 companies have come together under Natural Climate Solutions to, for the first time ever, provide the business case for mobilizing investment in natural carbon sinks. If implemented today, these solutions could capture over 30% of the emissions reductions needed for achieving the Paris Agreement.
Supported by the We Mean Business coalition, Transforming Heavy Transport brings together over 20 companies to reduce emissions from freight and logistics operations by identifying gaps and bringing forward new solutions. The potential for impact is massive: heavy transport accounts for 30% of transport-related CO2 emissions.
Our E-mobility work has developed REmobility as the leading platform to promote corporate uptake of electric vehicles (EVs) in India. More than 100 people from across the EV value chain are involved and are implementing EV infrastructure for corporate customers.
REscale has succeeded in establishing regional forums to promote corporate power purchase agreements (PPAs) for renewables. This has significantly catalyzed the PPA market in those countries, helping to accelerate the deployment of renewables.
New Energy Solutions is increasing uptake of low-carbon energy solutions through cross-sectoral collaboration. To scale markets and increase speed, the project specifically helps energy users to create and implement integrated energy strategies to decarbonize the energy-intense activities in power, heating, cooling and transport.
Companies involved in Climate Smart Agriculture have secured major investments to scale up sustainable rice initiatives in the ASEAN region and are set to deliver what would be one of the biggest agricultural emissions reduction projects in the world. In addition, the group announced a new one-billion-dollar facility to finance sustainable agriculture.
It is the tangible action throughout LCTPi projects that help will help catalyze the necessary transformations in energy, transport, industry and land-use to limit global warming and address the most devastating impacts of climate change.
WBCSD member companies look forward to building on this work in 2019 and beyond.