Latest news with #carbonneutrality
Yahoo
2 days ago
- Business
- Yahoo
The Big Question: Do companies need to re-evaluate how they set climate goals?
By now, we're all used to seeing corporate sustainability pledges, promising things like carbon neutrality or net zero by 2050. However, can we truly trust that these pledges are credible and mean what we believe they do? 'We have a big issue in the broad environmental and sustainability space, where organisations are really trying to have their cake and eat it too,' Chris Hocknell, director at Eight Versa, said. 'They want to have these ambitious grand strategies to meet net zero or even carbon neutral. But they, in many respects, don't actually have the solutions within their control or they don't have the plans to get there.' And whilst an unrealistic roadmap is a problem, Chris thinks the entire way we look at sustainability is bad for business. 'I want to change how we evaluate carbon performance. It's kind of anti-innovation, it's anti-growth.' In this episode of The Big Question, Euronews' Business editor Angela Barnes is joined by sustainability consultant Chris Hocknell, to discuss where companies are going wrong with their climate targets. 'An honesty deficit' 'One of the problems is that it's not properly audited and verified, so we have companies that will use it incorrectly and say things that are technically untrue, but they can't actually be verified unless you have the data to dig into, so there's a lack of policing effectively,' Chris explained. He also suggested that both Apple and BP have been criticised for being unclear with their terminology. BP in particular, he noted, has set itself a target of achieving 'net zero operations' by 2050. However, this only applies to their Scope 1 and 2 emissions. 'It really means that they exclude the use of their product, the oil and gas itself, which is technically not correct. 'If your product is liquid carbon effectively, then oil is ultimately used to be combusted and turned into other products or even as a fuel. So your main product is not a net zero product,' Chris told The Big Question. In case you're unfamiliar with the scope system, here's a basic explainer. Scope 1: Direct emissions from sources owned and controlled by the organisation. Scope 2: Indirect emissions from purchased energy. Scope 3: Indirect emissions in the value chain. E.g From suppliers or from product use. Whilst Chris criticised BP's use of terminology, he acknowledged that oil and gas 'are the lifeblood of the whole economy and industrialised society' and suggested that focusing on making their direct emissions more efficient and being clearer with that messaging is the best foot forward. Related Concrete just got a makeover and could slash the cost of housing in Europe Banks backtracked on climate pledges last year, handing €750bn to fossil fuel firms Should we be suspicious of all climate pledges? Chris' outlook wasn't all doom and gloom. He highlighted how climate messaging does match the actions of many companies. 'Orsted is one where they've transitioned into obviously making green tech and are very large. They've got a very self-evident business model which is pivoting towards the technology of the future, in theory,' Chris explained. 'There are other companies like Patagonia [which] is a classic case study, they've internalised this sustainable and pro-environment philosophy into their business model but they're tailoring their message, their product to a slither of the market and I think the problem is that the companies that can actually reinvent or target their products to that kind of very pro-green element of the market is a minority.' For some industries, striving for 'net zero' or 'climate neutral' just isn't possible. 'We call them kind of hard to abate industries. You know, there's steel, glass, any of the big, heavy industry. There's not an option for them. 'They've got to keep doing what they're doing and we depend on it. So they don't have any easy options. And I think that's the big elephant in the room, these hard to abate industries. 'How do we transition them? Because there isn't the technology at hand. And that's another kind of myth is that we think we have these technologies just at our fingertips and we actually don't.' Related 'That would be a huge mistake', fashion alliance fears 'watering down' of environmental legislation Is there a better way for companies to approach their climate goals? Instead of setting unrealistic goals that the business leaders of the future will not be able to achieve, Chris suggested companies begin discussing their climate goals in terms of efficiency. 'Probably all the people on the board at this point in time, won't be on the board in 2040, 2045, 2050. So we have this real challenge where it's much easier to keep pretending you're on track.' Each year, they should aim to achieve more whilst reducing their current impact - doing more with less. He believes regulation could help with that too. 'I think we need an efficiency philosophy rather than a rationing and a budgetary perspective on things. 'We need to innovate and grow our way out of this problem and that current runs through almost all of our regulation and I think we need a more entrepreneurial and innovation-minded approach to all of our policy making rather than bureaucratic boxing in and limits and hurdles.' The Big Question is a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda. Watch the video above to see the full discussion with Chris Hocknell.
Yahoo
2 days ago
- Business
- Yahoo
The Big Question: Do companies need to re-evaluate how they set climate goals?
By now, we're all used to seeing corporate sustainability pledges, promising things like carbon neutrality or net zero by 2050. However, can we truly trust that these pledges are credible and mean what we believe they do? 'We have a big issue in the broad environmental and sustainability space, where organisations are really trying to have their cake and eat it too,' Chris Hocknell, director at Eight Versa, said. 'They want to have these ambitious grand strategies to meet net zero or even carbon neutral. But they, in many respects, don't actually have the solutions within their control or they don't have the plans to get there.' And whilst an unrealistic roadmap is a problem, Chris thinks the entire way we look at sustainability is bad for business. 'I want to change how we evaluate carbon performance. It's kind of anti-innovation, it's anti-growth.' In this episode of The Big Question, Euronews' Business editor Angela Barnes is joined by sustainability consultant Chris Hocknell, to discuss where companies are going wrong with their climate targets. 'An honesty deficit' 'One of the problems is that it's not properly audited and verified, so we have companies that will use it incorrectly and say things that are technically untrue, but they can't actually be verified unless you have the data to dig into, so there's a lack of policing effectively,' Chris explained. He also suggested that both Apple and BP have been criticised for being unclear with their terminology. BP in particular, he noted, has set itself a target of achieving 'net zero operations' by 2050. However, this only applies to their Scope 1 and 2 emissions. 'It really means that they exclude the use of their product, the oil and gas itself, which is technically not correct. 'If your product is liquid carbon effectively, then oil is ultimately used to be combusted and turned into other products or even as a fuel. So your main product is not a net zero product,' Chris told The Big Question. In case you're unfamiliar with the scope system, here's a basic explainer. Scope 1: Direct emissions from sources owned and controlled by the organisation. Scope 2: Indirect emissions from purchased energy. Scope 3: Indirect emissions in the value chain. E.g From suppliers or from product use. Whilst Chris criticised BP's use of terminology, he acknowledged that oil and gas 'are the lifeblood of the whole economy and industrialised society' and suggested that focusing on making their direct emissions more efficient and being clearer with that messaging is the best foot forward. Related Concrete just got a makeover and could slash the cost of housing in Europe Banks backtracked on climate pledges last year, handing €750bn to fossil fuel firms Should we be suspicious of all climate pledges? Chris' outlook wasn't all doom and gloom. He highlighted how climate messaging does match the actions of many companies. 'Orsted is one where they've transitioned into obviously making green tech and are very large. They've got a very self-evident business model which is pivoting towards the technology of the future, in theory,' Chris explained. 'There are other companies like Patagonia [which] is a classic case study, they've internalised this sustainable and pro-environment philosophy into their business model but they're tailoring their message, their product to a slither of the market and I think the problem is that the companies that can actually reinvent or target their products to that kind of very pro-green element of the market is a minority.' For some industries, striving for 'net zero' or 'climate neutral' just isn't possible. 'We call them kind of hard to abate industries. You know, there's steel, glass, any of the big, heavy industry. There's not an option for them. 'They've got to keep doing what they're doing and we depend on it. So they don't have any easy options. And I think that's the big elephant in the room, these hard to abate industries. 'How do we transition them? Because there isn't the technology at hand. And that's another kind of myth is that we think we have these technologies just at our fingertips and we actually don't.' Related 'That would be a huge mistake', fashion alliance fears 'watering down' of environmental legislation Is there a better way for companies to approach their climate goals? Instead of setting unrealistic goals that the business leaders of the future will not be able to achieve, Chris suggested companies begin discussing their climate goals in terms of efficiency. 'Probably all the people on the board at this point in time, won't be on the board in 2040, 2045, 2050. So we have this real challenge where it's much easier to keep pretending you're on track.' Each year, they should aim to achieve more whilst reducing their current impact - doing more with less. He believes regulation could help with that too. 'I think we need an efficiency philosophy rather than a rationing and a budgetary perspective on things. 'We need to innovate and grow our way out of this problem and that current runs through almost all of our regulation and I think we need a more entrepreneurial and innovation-minded approach to all of our policy making rather than bureaucratic boxing in and limits and hurdles.' The Big Question is a series from Euronews Business where we sit down with industry leaders and experts to discuss some of the most important topics on today's agenda. Watch the video above to see the full discussion with Chris Hocknell. 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Zawya
6 days ago
- Politics
- Zawya
Bahrain, US sign agreement on peaceful nuclear energy
WASHINGTON: The Kingdom of Bahrain and the United States signed an agreement on cooperation in the field of peaceful nuclear energy, as part of the official visit of Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain, to Washington. The agreement was signed by Bahrain's Minister of Foreign Affairs, Abdullatif bin Rashid Al Zayani, and US Secretary of State Marco Rubio, with the aim of supporting Bahrain's efforts to achieve energy security and its commitment to reaching carbon neutrality by 2060, while contributing to global efforts to address climate change challenges. Al Zayani described the agreement as a 'significant qualitative leap' in the strategic partnership between the two countries. He noted that the step is a direct outcome of the Comprehensive Security Integration and Prosperity Agreement (C-SIPA), signed in 2023, which strengthened cooperation in defence, security and emerging technologies. He added that the two nations are seeking, through this agreement, to deploy advanced technologies that provide safe, secure and reliable civil nuclear energy. He emphasised the importance of nuclear power as a low-carbon energy source that supports the shared interests of both friendly countries.
Bloomberg
15-07-2025
- Automotive
- Bloomberg
Ford's CSO on Automaker's Climate Goals
Bob Holycross, Vice President, Chief Sustainability, Environment & Safety Officer, Ford discusses the automaker's goals for carbon neutrality and sustainable manufacturing with Bloomberg's Aaron Rutkoff at Bloomberg Green Seattle 2025. (Source: Bloomberg)
Forbes
15-07-2025
- Business
- Forbes
AI Can Potentially Stem Refinery Closures In Europe, Says Startup Boss
Illustration courtesy Getty Creatives The situation in Europe's refining and petrochemical sector is nothing short of dire. On average one refinery a month has shutdown over the course of 2025, based on data from across the wider European Economic Area and U.K. Many others are staring at closures or conversions due to a combination of factors including high energy costs, increased competition from new refineries in Asia and the Middle East, and wider deindustrialization driven by continent-wide carbon neutrality regulations and policy. Artificial Intelligence can stem the tide and potentially even reverse it, according to a London, U.K.-based energy AI startup boss. 'The prevailing political and cultural narrative of carbon neutrality in Europe is going to see the continent reduce its industrial output by about 35% in the next 15 years, while the demand grows by 60% in the that time frame,' said Callum Adamson, co-founder and CEO of Applied Computing. 'If we don't change things, all that's going to happen is Europe continuing to have higher energy prices, and then – as a second order effect – place the continent at the mercy of nations that are continuing to industrialize. AI premised efficiencies can stop and potentially even reverse this decline before it is too late.' Fresh from a £9 million ($11.1 billion) seed funding round for his startup in June, Adamson admitted: 'People may label me as politically incorrect and level the charge that I am bigging up energy and industrial AI because it's where our startup's business aspirations lie. For starters, being politically correct rarely protects the future. "Secondly, the situation in Europe is visibly bleak to the point that very soon we would be left at the mercy of international markets, and are part of the way there already. Thirdly, and unashamedly, I believe the future of the energy business, whether in Europe or beyond, will be both built and secured by AI tools.' AI Can Change Things The tool Adamson and his team are actively promoting is Orbital, the startup's flagship product built using multi-foundation AI. Applied Computing claims it is powered by a 'new class of models built to optimise the physical world'. That's not just language models but also time series, physics and chemical engineering models delivering explainable AI that can be trusted in real-world applications. Orbital utilizes 100% of available data from downstream energy facilities – compared to 8% captured by traditional methods – and is outperforming previously benchmarked software by 90% in key metrics, according to Adamson. Applied Computing CEO and Co-founder Callum Anderson (center) at the startup's demo day in London, ... More U.K. on June 10, 2025. It could potentially reduce energy consumption by 10% across refineries and petrochemical sites resulting in billions saved, he added. Applied Computing demonstrated Orbital's capabilities last month, using an ABB constructed demo plant in London, U.K., to a select group of industry analysts and sector executives. 'Orbital is one of the few products, and Applied Computing probably the only company in this space that's almost entirely product led. We are completely transparent on benchmarking and product capability. 'What we are seeking to deliver is an understandable, referenceable, retainable lens through which to view AI in an energy industry specific context.' The startup was formally founded by Adamson and co-founder Sam Tukra, following a year of self-funded independent research, before even a penny of investment flowed in. 'The energy industry doesn't move fast, and we wanted to give it reasons to move fast. Orbital is now referenceable. It works and we remain open to third-party scrutiny.' The company's raise, led by and was among the largest ever for a UK-based AI firm at seed stage. For Applied Computing, this signals growing investor appetite for energy technology that goes beyond renewables to address the traditional energy legacy infrastructure that still powers the world. 'Our ambition is to become category dominant intelligence provider in the energy industry and that means upstream and downstream oil and gas, petrochemicals and liquefied natural gas as well as renewables. 'Of course, our first objective is to scale-up our refinery market penetration because that would be one of our first use cases, and then we move to upstream, LNG and renewables. The plan is to move into a good customer base in refining over the next 12 months. We're currently deployed in two refineries and look to expanding that to ten over the near-term,' Adamson said. 'Refining is where complexity, scale, and impact converge. It's not just hard – it's the apex of validation. If you can build intelligence that works here, it will work anywhere.' The Journey Ahead Bearing the challenge in mind, Applied Computing has doubled in size since January with strategic hires from Shell, Palantir, BP Launchpad and Imperial College. It is currently preparing for a Series A funding round later this year. Adamson said as much as he'd like Orbital and Applied Computing to be part of some profound shift in Europe, bulk of the interest is coming from markets far beyond the continent. 'Europe is walking around in circles because they don't know which way the wind is going to blow next. On the other hand, in Asia, Middle East and pockets of the U.S. we see clear appetite for AI solutions from refinery operators that can deliver significant financial and environmental improvements. For us, whether its a greenfield or brownfield site - we're up for it, as we embark on journey and seek partners along the way.'
