Low Carbon Pulse - Edition 9

Welcome to Edition 9 of Low Carbon Pulse - sharing significant news on the progress towards net-zero emissions globally. This Edition covers the period from January 26, 2021 to February 9, 2021.

During the next week or so, the second article in The Shift to Hydrogen (S2H2): Elemental Change will be published.

Monday morning good news story for the Crown Estate and UK Treasury: 

On February 8, 2021 the winners of the six off-shore wind farm 60 year leases (in the UK's Round 4 leasing program) were announced. By common consent the auction has been a great success, with leases for a little under 8 GW of new off-shore wind capacity awarded. As such, the development of the awarded lease areas will result in the UK having around 20 GW of off-shore wind capacity, and as such well on the way to 40 GW by 2030 (see Edition 1 of Low Carbon Pulse).

RWE was awarded two leases, each lease for 1.5 GW, and each being in the area of Dogger Bank. A joint venture of Green Investment Group and TOTAL, was awarded a lease for 1.5 GW in the nearshore area off the Humber Estuary and Lincolnshire Coast.

Three leases in the Irish Sea are said to have been of particular interest to bidders, with BP and Energie Baden-Wurttemberg AG (EnBW) being successful in respect of two of the leases (both in nearshore locations), each for 1.5 GW, permitting the development of 3 GW of installed capacity. Cobra Instalaciones y Servicios and Flotation Energy were successful in respect of the third lease in the Irish Sea for 0.48 GW.

Off-shore wind in the sails of South Korea:

On February 2, 2021, the Republic of Korea (South Korea) announced a plan to develop up to 8.2 GW of off-shore wind capacity by 2030. The plan is the subject of a Memorandum of Understanding (MOU) between the Government of South Korea and a number of major South Korean corporations (SKCs), KEPCO, SK E&S, Hanwa Engineering and Construction, Doosan Heavy Industries & Construction, CS Wind and SamKang M&T.

Under the MOU, the Government of South Korea will provide funding for around one fifth of development cost of USD 43.2 billion, with the SKCs funding the balance. This announcement is part of South Korea's Green Deal, and is consistent with the achievement of South Korea's commitment to achieving net-zero emissions by 2050 (see Edition 3 of Low Carbon Pulse).

This mega-project continues the global trend to develop off-shore wind capacity, in the case of South Korea to provide electrical energy to displace existing carbon intensive generating capacity, and in the case of in some parts of the world to allow the production of green hydrogen.

See: South Korea unveils US$43 billion plan for world's largest offshore wind farm

Green Lighted "Green Islands" in the Deep Blue:

Edition 5 of Low Carbon Pulse noted that the during Q1 of 2021 a final investment decision (FID) was expected in respect of a green (power) island in the Danish sector of the North Sea. On February 4, 2021, the Danish Energy Agency effectively made that FID announcing the choice of location for the first "green (power) island" (Jutland Project) approximately 80 kilometres off the coast of Jutland. 

The Jutland Project is to proceed in the form of a public private partnership (PPP). Under the PPP, the Danish State is to retain 51% majority ownership, with a framework to be developed for the ownership of the remaining 49%. The Jutland Project will be the location of sub-station, and other electrical, infrastructure that will consolidate electrical energy from wind-turbines and dispatch that electrical energy to the main-land. 

Phase 1 of the Jutland Project will comprise 200 off-shore wind turbines with a combined installed capacity of 3 GW. Future phases will install up to a further 7 GW. The fully developed Jutland Project would produce sufficient electrical energy for 10 million homes across northern Europe. The estimated development cost of the fully developed Jutland Project is USD 34 billion. 

As reported in Edition 8 of Low Carbon Pulse, another green (power) island is planned off-shore of Denmark- the 2 GW Bornholm Energy Island, in the Baltic Sea. A framework agreement between Energinet and 50Hertz providing for the connection to Danish and German grids, and the delivery of electrical energy into them has been concluded. The development of Bornholm Energy Island will give the Denmark two green (power) islands, one in the North Sea, one in the Baltic. 

In combination, and assuming completion by 2030, the two green (power) islands will allow Denmark to achieve its target of reducing its GHG emissions to 70% of 1990 levels by 2030. 

See: Denmark wants to build a renewable energy island in the north sea

French off-shore plans:

France is to run procurement processes for up to 8.75 GW of off-shore wind capacity from 2020 to 2028 (this will increase the installed off-shore wind capacity to between 5.2 GW and 6.2 GW, and likely more):  as currently planned, by 2028 France will have around 12.4 GW of off-shore wind capacity installed  or in development (this includes the six existing projects approved for development and the most recently awarded 0.6 GW Dunkirk project). 

The first procurement for the award of the eighth off-shore development (to install 1 GW of capacity has opened). The first phase of the procurement process involves lodging application submissions by March 12, 2021, with those selected going forward into a competitive dialogue phase, and ultimately the preferred proponent will be selected. This 1 GW off-shore wind farm is to be located around 32 kilometres off the Normandy coast. 

See: French offshore wind tender enters competitive dialogue stage

More off-shore wind forecast … 43.7 by the end of 21:

It is forecast that during 2021 installed off-shore wind capacity will increase by 11.8 GW, having increased by 2.2 GW in 2020. If this forecast proves to be correct, by the end of 2021 globally there will be 43.7 GW of installed off-shore capacity. While newsfeeds report on the hot spots of the North and Baltic Seas, and off-shore wind development in Japan and South Korea, the People's Republic of China (PRC) continues to lead the way with the installation of nearly 7.5 GW of off-shore wind capacity anticipated during 2021. 

See: Rystad energy global installed offshore wind capacity to grow by 37% in 2021

The European Union is targeting off-shore wind capacity of 60 GW by 2030 (60 by 30) and 300 GW by 2050 (300 by 50). The UK wants to achieve 40 by 30 (see Edition 1 of Low Carbon Pulse). 

In 2020 it is reported that the off-shore wind sector in Europe attracted around USD 31.7 billion of investment. Already, within the first month of 2021, this figure has been "blown away" by the Jutland Project. 

See: Europe’s offshore wind sector saw a record $31 billion of investment in 2020

Hyosung Heavily into H2 as Linde Hops into South Korea:

On February 4, 2021, one of the world's largest industrial gas producers, Linde, announced that it is to develop a world scale hydrogen liquefaction facility in Ulsan, South Korea, using Linde's hydrogen liquefaction technology: the facility will take hydrogen arising from the Hyosung Chemical plant, and process and liquefy it.

The hydrogen liquefaction facility will produce around 30 tonnes (30,000 kg) of hydrogen a day (and between 11,000 and 13,000 tonnes annually). This is sufficient to fuel 100,000 passenger vehicles.

The development is part of a broader joint venture between Linde and Hyosung Corporation, with Hyosung Corporation to develop hydrogen refuelling infrastructure (HRI) at 120 locations across South Korea (to be located at 50 new and 70 existing locations). This represents the continued roll-out of the Hyosung business model: it has already developed HRI at 15 locations in South Korea.

This in turn is consistent with the Hydrogen Roadmap for South Korea and subsequent "Roadmap for the activation of the hydrogen economy" under which the South Korean government is targeting 6.2 million passenger vehicles and the development of HRI at 1,200 locations across South Korea. In addition, South Korea's Ministry of Trade, Industry and Energy, has "roll-out targets" for buses (40,000), taxis (80,000), and trucks (30,000) by 2040.

See: Linde unveils plans for Asia's largest liquid hydrogen facility

South Korean Hydrogen Law comes into force:

On Friday February 5, 2021, the Economic Promotion and Safety Control of Hydrogen Act (Hydrogen Law) came into force in South Korea: in broad terms the Hydrogen Law deals with fuel cells, hydrogen vehicles and HRI. 

As is the case in most jurisdictions, existing laws do not cover and regulate all activities to be undertaken in the "hydrogen economy". This is a key issue for both development, and for business as usual, activities. The Hydrogen Law provides this regulation, effectively "plugging gaps" and in so doing regulating activities. It should be expected that most other countries will develop hydrogen laws.

In addition to plugging gaps, the Hydrogen Law provides consumer protection and fuel cell use initiatives, so as to achieve the "roll-out" targets. 

Also, as is the case in most jurisdictions, the policy settings, existing and emerging, in South Korea, are playing to the economic strength of South Korea as a world leading producer of road vehicles of all kinds. 

See: World’s first ‘hydrogen law’ takes effect. What's in it?

Green Hydrogen momentum continues to build:

Edition 4 of Low Carbon Pulse quoted Jochen Eickholt, executive board member of Siemens Energy AG:

"It won't take decades for the hydrogen industry to develop, like it took LNG, but it won't happen overnight".

In a report entitled 2050: The Hydrogen Possibility, Wood Mackenzie quantifies the momentum around green hydrogen: since Q4 of 2019 the pipeline of projects has grown to 26 GW of installed electrolysers. This is consistent with the plans, roadmaps and strategies released by various countries that contemplate the development of installed electrolysers. (See the second article in The Shift to Hydrogen (S2H2): Elemental Change series.)

This momentum seems to be matched by the speed at which some electrolyser technology providers are anticipating that the unit cost of producing 1 kg of hydrogen using electrolyser technology will fall. For example, NEL considers that a unit cost of USD 1.50 is achievable by 2025. If this is achieved, green hydrogen would be price competitive with fossil fuels derived energy carriers by the middle of this decade.

See: WoodMac on Green Hydrogen: It’s Going To Happen Faster Than Anyone Expects

BMW buys aluminium produced using solar ("low emission metal"):

Edition 8 of LCP reported on the supply of electrical energy by the Mohammed bin Rashid Al Maktoum Solar Park in the UAE to Emirates Global Aluminium (EGA) – a world first. On 2 February, 2021, BMW announced that it had contracted with EGA for the supply of "lower emission metal" during 2021.

CEO of EGA, Mr Abdulnasser Bin Kalban stated:

"We are delighted to have the BMW Group as our first customer for low carbon CelestiAL aluminium from EGA … Solar aluminium is a step in the right direction – it uses a natural and abundant source of energy in our desert environment to produce a metal that is vital to the future of our planet".

BMW stated that the use of "lower emission metal" would allow it to reduce its GHG emissions by 2 million tonnes over 10 years, or approximately 3% of the reductions in GHG emissions that BMW is going to require of its supplier network, to allow BMW to achieve its GHG emissions targets, being both direct and indirect GHG emission reductions. This is part of a broader GHG emission reduction commitment of BMW to allow it to achieve its target of reducing its GHG emissions to 80% of 2019 levels by 2030.

See: Harnessing the power of the desert sun: BMW Group sources aluminium produced using solar energy

South Australia – that increasingly well-known place in the sun:

On January 29, 2021 it was reported that South Australia achieved a world first in 2020: for the first time the entire load of a grid (being the grid in South Australia) was powered by solar energy. As well as this world first, South Australia has the lowest cost electrical energy in Australia. 

As noted in Editions 3, 4 and 6 of Low Carbon Pulse, South Australia is not going to resting on its laurels, it is energising the State to develop green hydrogen projects.

See: “World first”: South Australia achieves 100pct solar, and lowest prices in Australia

Andhra Pradesh closes renewable energy auction process:

On February 4, 2021 it was announced that the Indian State of Andhra Pradesh had closed its renewable energy auction process for the development of 6.4 GW solar power projects to connect to the grid. It is understood that bids were submitted for 14.9 GW, and as such the auction was over-bid by 8.5 GW.

While the level of over-bidding indicates the interest in the development of this tranche of renewable capacity, the level of interest did not result in the anticipated record low bids (or come particularly close to the record low bids outlined in Edition 6 of Low Carbon Pulse.)

See: India's 64GW solar auction concludes with final price of 0-034-kwh

Hammer falls on Spain's reverse auction round:

In late January 2021, it was announced that Spain had brought down the hammer on the first of its new renewable energy auctions (see Edition 5 of Low Carbon Pulse (Zero-Hero-Spain) outlining Spain's initiatives and plans).

The Ministry of Ecological Transition awarded rights in respect of over 3 GW of solar and wind (over 2 GW of solar PV and 1 GW of wind, with European low pricing of €2.00 kWh). This award further goes to fulfilment of Spain's commitment to develop on-shore solar and wind capacity, with the expectation being the Spain will auction at least 1.5 GW annually in each of the five years, 2021 to 2025. 

See: Spain renewable energy auction achieves record low wind price

Even Climate Change Litigation is gaining momentum:

In January 26, 2021 the United Nations Environmental Programme (UNEP) released its Global Climate Change Litigation Report. The report is worth reading, providing a real insight into the many bases on which cases may be brought, and as such the ways in which governments and corporations can be pursued, not always successfully it has to be said.

In a Big Battery Country, a Battery of Batteries Green Lighted:

Edition 5 of Low Carbon Pulse touched on the Australian phenomenon of "The Big", anticipating that sooner, rather than later, one town in Australia would claim the name "The Big Battery". On February 5, 2021, CEP announced a plan to develop a 1.2 GW battery energy storage system (BESS) in Kurri, Kurri, in the coal heartland of New South Wales, the Hunter Valley.

This announcement expands on CEP's stated plans to develop a network of industrial scale roof-top solar and BESS installations around Australia with up to 1.5 GW of capacity. If the Kurri, Kurri BESS is developed, CEP will have 2.7 GW of BESS capacity. This would give Australia two mega BESS owners, with Neoen (headquartered in France) building or planning to build 1.7 GW of BESS capacity (Hornsdale, The Big Battery at Geelong, Goyder South, and a further facility near Sydney).

As an aside, Kurri, Kurri is the preferred site of Australia's Federal Government for a gas-fired power station.

See: CEP plans worlds biggest battery at Kurri Kurri, There's yet another contender in the rise of the mega batteries

On February 5, 2021 it was announced that pace setter, Meridian Energy, had gained approval for the development of a BESS near the border town of Albury, in the south of New South Wales, Australia. The BESS will be co-located at the run-of-river Hume hydroelectric facility. The BESS will be able to draw electrical energy direct from the Hume hydroelectric facility, i.e., avoiding any line loss arising from drawing power from the grid. Meridian Energy is well-known for innovation in battery storage across networks.

See: Hydro-powered big battery approved for Southern New South Wales

Green Hydrogen round up:

On January 29, 2021 it was reported that Masdar City, in the UAE, intends to develop an electrolyser using electrical energy from solar sources to produce green hydrogen. The solar-powered electrolyser is to be built in Masdar City, involving the Abu Dhabi Department of Energy, Etihad Airways, Khalifa University of Science and Technology, Marubeni, Siemens and the Lufthansa Group.

See: Solar powered hydrogen for Masdar City

On January 29, 2021, Shell, Mitsubishi Heavy Industries and the municipal heat provider Warme Hamburg, were reported to have joined forces with Swedish utility company, Vattenfall, for the purposes of the redevelopment of Vattenfall's Moorburg coal-fired power station on the River Elbe. The intention is to develop a 100 megawatt green hydrogen facility using electrical energy from both solar and wind sources. The Moorburg coal-fired power station is to cease to dispatch electrical energy derived from fossil fuel under Germany's reverse auction process for decommissioning of fossil fuel plants (see Edition 5 of Low Carbon Pulse). (RWE, Uniper and Vattenfall may be regarded as achieving good outcomes from the decommissioning reverse auction process.)

See: Coal to green hydrogen

On February 2, 2021, an article (appearing in Resource Magazine) entitled "The Potential for Hydrogen for Decarbonisation" considered renewable energy and nuclear energy for the purposes of the production of green hydrogen. Amongst other things, the article provides a succinct statement of the advantages of green hydrogen: 1.  it is cheap long term storage of energy; 2 it can be used to derive heat (in industrial process) and in heating (including of Buildings); and 3. it is a zero carbon feedstock and fuel for industrial processes. 

The article notes that efficiency issues arise at each stage of production to use of green hydrogen - the production, transportation, delivery and use (if used to derive electrical energy that is then transmitted over a grid): it takes more electrical energy to derive 1 kg of green hydrogen than energy contained in the 1 kg of produced (each 1 kg contains 33.3 KWh of energy), it takes further electrical energy to cool and to compress or to liquify green hydrogen for transportation, further energy to transport it and it takes electrical energy to store green hydrogen until its use. The efficiency (or energy) loss factor is a key consideration for all developers, equity investors, financiers (including development banks) and customers. The efficiency factor will inform the uses to which to put green hydrogen, in particular whether it is appropriate to use green hydrogen as a fuel for larger scale electrical energy generation.

See: The potential for decarbonisation

Green Ammonia round-up:

On February 8, 2021 it was announced that Jera (Japan's largest electrical energy generation company) and Natsional Bhd (Petronas, Malaysian's NOC) have entered into a Memorandum of Understanding (MoU) in relation of a range of low carbon, to no carbon, initiatives, including ammonia (and hydrogen and LNG for bunkering of vessels). Petronas stated that the signing of the MoU was the result of the shared vision of Jera and Petronas to achieving net-zero carbon emissions. 

As a result of the partnership outlined in the MoU, Jera (and Chubu Electric Power) will procure "ammonia free of CO₂" (the electrical energy used to produce the ammonia will be from renewable sources), with the green ammonia procured to be used for electrical energy generation.

See: Japan's Jera to produce ammonia for power with Malaysia's Petronas

Nuclear Hydrogen (Pink Hydrogen):

It was reported on January 26, 2021 (in world nuclear news) that speakers at the fifth annual Atlantic Council Global Energy Forum discussed  the use of steam arising from the generation of nuclear energy as feedstock for to produce hydrogen and to produce potable water. The use of light-water-cooled and high-temperature gas cooled reactor designs were considered for these purposes.

"Large-scale, low cost hydrogen is the key ingredient … to enable decarbonisation of tough to abate sectors … we estimate the target price [for the production of hydrogen to be [US] 90 cents per kg. Current projections for renewables-generate hydrogen don’t expect to see those costs [of production] until 2050".

It is clear that the use of nuclear energy, and steam arising from it for the production of pink hydrogen, would assist greatly in achieving the goals of the Paris Agreement. This is a theme that is emerging in a number of countries, critically, in Japan.

See: Non-grid nuclear applications hold key to decarbonisation

Negative GHG Emissions … not new, but higher profile likely:

A number of jurisdictions around the world are considering, at a more granular level, how to achieve their net-zero emission targets, and some are concluding that negative GHG emissions initiatives are needed if net-zero emissions targets are to be achieved. Just as the use of blue and green hydrogen has gathered momentum over the last two years or so, it should be expected that negative GHG emission outcomes will gather momentum over the next three to five years, possibly sooner. 

In the carbon budget of each jurisdiction, as a practical matter, there is a limit as to rate, and level, of reduction in GHG emissions that is achievable by transitioning to renewable energy and, in due course, shifting to hydrogen use. More than this, certain human activities are less susceptible to GHG emission reductions, including Agriculture, Forestry and Land Use, and Aviation. As such, while most GHG reduction policy settings go to achieving net-zero GHG emission targets, they do not remove existing and future GHGs from the atmosphere, only negative GHG emission initiative policy settings can achieve this. 

California is committed to achieving net-zero GHG emissions by 2045. As California considers the policy settings required to achieve this, it has looked at is carbon budget and realised that it is necessary to develop and to implement policy settings to achieve 125 million tonnes of negative GHG emissions by 2045. 

The Lawrence Livermore National Report outlines the most cost effective and plausible means of achieving 125 million tonnes of negative GHG emissions while at the same time balancing California's carbon budget. 

In table form, the conclusion is as follows: 

The second and third negative GHG emission initiatives assume that CCS / CCUS will be available permanently to capture and store, or to provide a use (including methanation) for CO2 and CO arising on the derivation of hydrogen and biogas, and the GHG sourced from the atmosphere using DAC. The report notes that California has sufficient natural geological formations to allow up to 100 years of CCS / CCUS at the required rate for these negative GHG emissions outcomes.

And finally … balancing the carbon budget and the Californian State budget: it is estimated that these negative GHG emission initiatives would cost California US 8 billion a year. It is increasingly apparent that governments will have to make policy decisions around the true cost of achieving GHG emission reduction targets, including to frame thinking and the explanation of that thinking to the constituencies: the value of the broader economic, environmental and social benefits arising from negative GHG emissions initiatives is considerably greater than their monetary cost. The challenge is that constituencies can see the benefit of infrastructure and services paid for by the state budgets, carbon capture, not so much.

See: Here’s what it could cost for California to hit zero-emissions goal

For those wanting to find out more about the production of hydrogen from waste, Hydrogen Production from Biomass and Organic Waste provides a good read. Also towards the end of February 2021 in the first Hydrogen for Industry publication, the Ashurst Global Towards Zero Emission team will publish a summary paper on Hydrogen from Waste. A subsequent Hydrogen for Industry publication will provide a summary paper on Negative GHG Emissions: What they are? And why they are needed.

PRC Carbon Emissions Trading Scheme goes live:

Edition 6 the Low Carbon Pulse noted that the PRC's national Carbon Emissions Trading Scheme (ETS) would go live on February 1, 2021. 

It is reported that on February 1, 2021 this happened, and the world's largest (cap and trade) ETS opened for business. Under the ETS, 2,200 enterprises emitting more than 26,000 tonnes of GHGs a year are permitted to trade their emissions quotas. Enterprises with this level of annual GHG emissions naturally means that the ETS will apply to coal and gas-fired power plants, and manufacturing facilities with captive power plants. As might be expected, refineries and petrochemical facilities also come within the ETS, including those of SOEs Sinopec (including Shanghai and Maoming), PetroChina (Wepec and Jinzhou) and Sino-chem (Hongrun), and privately owned enterprise, Hengli. 

Hydrogen Buses and Train News:

On January 27, 2021, the PRC rolled out its first fuel cell, lithium battery, hybrid powered and propelled locomotive, which has a design speed of 80 km an hour, and at this speed is able to run for 24.5 hours on a full-load of hydrogen.

See: China rolled out its first self-developed hydrogen fuel cell hybrid locomotive, Fuel cell-battery hybrid locomotive unveiled

On January 29, it was announced that Spain's first hydrogen-powered and propelled passenger train is to be completed in prototype form by 2023. The train is being developed by Talgo, using Hexagon Purus technology, and is called Vittal-One.

See: First hydrogen train to feature hexagon purus technology

On February 3, 2021 it was reported that the first of 15 Solaris Urbino 12 hydrogen-powered fuel cell hybrid buses had been delivered by Solaris Bus & Coach (Solaris) to RVK, with the balance of 14 buses to be delivered from July to December 2021. This continues the deployment of hydrogen-powered fuel cell buses across RVK locations (starting in 2020).

See: First solaris fuel cell bus delivered to RVK

On February 9, 2021 it was reported that Solaris is to supply OBB Postbus with the 40 fuel cell powered buses to be used throughout Austria.

See: Solaris to supply obb postbus with 40 hydrogen fuel cell buses

While buses hydrogen powered and propelled buses are becoming the norm, in the PRC it is clear that electric busses have become the norm. For example, in Shenzen has 16,000 electric buses, with the buses recharged at charging depots.

See: China offers a great electric transport example to Australia

Corporate PPAs … boom to continue:

On January 26, 2020 Bloomberg New Energy Finance released its Corporate Energy Outlook. The Outlook reports on activity in 2020, and prospects for 2021. During 2020 more than 130 corporations globally signed clean energy contracts (Corporate PPAs), with an estimated 23.7 GW of renewable energy contracted under those Corporate PPAs. The US leading the way with 11.9 GW of renewable energy contracted under Corporate PPAs.

Corporate PPAs are being entered into by corporations for economic, environmental and social, reputational and sustainability reasons. Often in the absence of policy settings that encourage or require Corporate PPAs, the supply side of the market is responding to the clear demand.

The Ashurst Global Towards Zero Emissions team will publish an "out of cycle" article on Corporate PPAs (and the arrangements that underpin them) towards the end of February / start of March 2021.

See: Corporations purchased record 24GW of renewables in 2020

TOTAL continues to execute on its renewable strategy:

On February 5, 2021 it was announced that TOTAL has agreed to purchase four large-scale solar projects and battery electrical energy storage (BESS) assets located near Huston, Texas. TOTAL is purchasing 2.2 GW and 600 MW of BESS from SunChase Power and MAP RE/RS. TOTAL is going to commit to a 1 GW Corporate PPA / Clean Energy Contract for renewable power generated by these assets.

See: Oil Major Total Buys Texas Solar Projects

Corporations being urged to declare plans for net-zero by 2050 …

As has been noted in a number of Editions of the Low Carbon Pulse, corporations are committing to net-zero emissions even in the absence to policy settings requiring these commitments. This trend is gathering momentum. 

On January 26, 2021, the CEO of BlackRock, Mr Larry Fink, highlighted climate change as both a business and investment priority for BlackRock. The message from Mr Fink is clear and unmistakable:

"Given how central … energy transition will be to every company's growth prospects, we are asking companies to disclose a plan for how their business model will be compatible with a net-zero economy… We are asking how this plan is incorporated into your long-term strategy and reviewed by your board of directors".

Mr Fink has been clear and unmistakable on net-zero since early 2020, if not before.

"We know that climate risk is investment risk … But we also believe that climate transition presents [an] historic investment opportunity."

See: Blackrock CEO urges companies present plans

Net-Zero Roundup:

Corporations setting net-zero emissions: during this cycle of LCP (from January 26, 2021 to February 9, 2021), General Motors to be carbon neutral by 2040, MasterCard, Nissan.

Author: Michael Harrison, Partner.