A new study carried out by consultancy firm Oliver Wyman on behalf of the Carbon Disclosure Project (CDP) has written businesses must double their current investment levels in low-carbon technologies in order to reach net zero targets.
The report states that 2020 must be our super decade of climate action. In order to achieve this it stresses the need for businesses to invest in areas such as electrical vehicle fleet, renewable energy and demand-side response.
The study showed that companies in Europe had invested £104 billion in new low carbon technologies in 2019, equal to around 12% of total capex. The report however, said that this figure must double to c. 25% in order to achieve net zero carbon by 2050.
In a call to arms to businesses across Europe, Steven Tebbe, Managing Director of CDP Europe, stated “we cannot afford to delay genuine action across the board [on climate change] any longer.”
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