5th anniversary of the Paris Climate Conference (COP 21)
- - supporting financial players in identifying the drivers of environmentally friendly growth
- - 2020 results publication to include the group’s turnover eligible for the European taxonomy benchmark
Adopted on December 12th, 2015, the Paris Agreement is the very first legally binding world treaty on climate change. For five years, its 195 signatories have committed to reducing their greenhouse gas emissions and keeping global warming to below “2°C” by 2100. SUEZ fully supported the accord and committed to ambitious measures to achieve this goal. Five years later, while the urgent priority is now to limit global warming to below 1.5°C by the end of the century, the Group is reinforcing its commitments to align its own activities with this trajectory as well as enabling its municipal and industrial clients to scale up their own ambitions in terms of mitigating or adapting to climate change.
For SUEZ, success in combating climate change or adapting to its already recognized consequences relies on both innovation and an ability to build alliances between local players, companies, and financial institutions in order to accelerate the rollout of concrete solutions on the field. In particular, this is achieved by earmarking financing for new climate-responsible business models.
SUEZ is convinced that non-financial performance with regards to climate action is a robust tool for competitiveness for companies, since it corresponds to a joint request from investors, but also from all stakeholders including consumers and employees. In this context, upon the publication of its 2020 financial results, the Group will publish the share of its revenue eligible for the European taxonomy benchmark1. The Group will also be in a position to complete its non-financial communication by aligning it with the Anglo-American SASB-TCFD benchmarks to better meet the expectations expressed by the financial community. These changes are absolutely vital if the financial sector is to play its full part in transitioning to a low carbon economy.
Lastly, this requirement for transparency contributes to accelerating the direction of investment flows towards companies committed to virtuous dynamic for the planet.
➢ A few concrete examples:
✓ SUEZ complies with the “1.5°C” carbon trajectory by developing growth models that emit less CO2
SUEZ commits to reducing the carbon footprint of its activities by 45% in all of the Group’s locations by 2030 and making its development compliant with the “1.5°C” trajectory, recommended by the IPCC (Intergovernmental Panel on Climate Change). As a corollary, in August 2019, the Group became one of the first to sign the United Nations’ Global Compact’s “1.5°C – Our only future” pledge. Lastly, thanks to its low carbon solutions, SUEZ is also committed to doubling the volume of emissions avoided for the benefit of its clients, increasing this figure from 10 to 20 million estimated tons of CO₂ per year by 2030.
✓ SUEZ and bp sign a Memorandum of Understanding to explore “Net Zero Teesside,” the UK’s first decarbonized industrial hub
In the United Kingdom, SUEZ and bp have signed a Memorandum of Understanding to explore the feasibility of the UK’s first carbon capture and storage project from energy-from-waste. The Net Zero Teesside Carbon Capture, Utilization and Storage (CCUS) project plans to capture up to 10 million tons of carbon dioxide (CO₂) emissions, the equivalent to the annual energy use of over 3 million UK homes. The agreement paves the way for SUEZ to develop a solution to capture the carbon dioxide (CO₂) emissions from one of four energy-from-waste facilities it operates in the Teesside area. Once captured, the CO₂ will be supplied to the bp-led Net Zero Teesside CCUS project, to be transported and permanently stored in a geological storage site beneath the North Sea.