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GENEVA, Jan. 21, 2021 /PRNewswire/ — The commitment to tackling climate change is accelerating in all sectors of society, with net-zero pledges from companies, cities, states, and regions doubling in the past year. Decarbonizing supply chains is a major opportunity for companies to put these commitments into practice.

New research published today by the World Economic Forum and Boston Consulting Group (BCG) shows how tackling supply chain emissions can be a game changer in the global fight against climate change. Net-Zero Challenge: The Supply Chain Opportunity analyzes the top eight global supply chains that account for more than 50% of global greenhouse gas emissions and finds that end-to-end decarbonization of these supply chains would add as little as 1% to 4% to end-consumer costs in the medium term.

The report breaks down the major sources of emissions along each of the eight major supply chains—food, construction, fashion, fast-moving consumer goods, electronics, automotive, professional services, and freight. It assesses the key levers to reduce emissions in each supply chain and shows that many can be easily deployed today and cost very little to implement. The report also points to the global nature of many supply chains, enabling companies to support decarbonization across borders and in countries where governments do not yet prioritize climate action.

The opportunity for impact is especially high for consumer-facing companies, whose supply chain emissions far outweigh their direct emissions from manufacturing. These companies can use their buying power to push for rapid decarbonization and help fund the transition by co-investing with upstream raw-material producers, which struggle to finance the transition alone.

For example, while it costs a steel producer significantly more to make zero-carbon steel, raw input materials like steel account for such a low proportion of end-consumer prices that a zero-carbon car is only about 2% more expensive for the buyer in the medium term.

The report points to nine major actions that CEOs should take today to address supply chain emissions, including:

• Building a robust view of emissions with supplier-specific data and setting ambitious targets for emissions reductions
• Redesigning products and reconsidering geographical sourcing strategies to optimize for CO2
• Cofunding abatement measures and educating suppliers on how to implement low-carbon solutions
• Engaging in industry ecosystems to share best practices and create a demand signal for green products
• Aligning incentives internally to ensure that decision makers focus on lowering emissions

Quotes

Nigel Topping, the UNFCCC’s high-level climate action champion, said: «Supply-chain decarbonization will be a ‘game changer’ for the impact of corporate climate action. Addressing Scope 3 emissions is fundamental for companies to realize credible climate change commitments.»

Dominic Waughray, managing director, World Economic Forum, said: «This important report shows how companies have the opportunity to make a hug impact in the fight against climate change by also decarbonizing their supply chains. The interaction between governments and companies to seize this opportunity is an important one. We welcome more leaders to join and help build momentum on this important agenda.»

Patrick Herhold, a report coauthor and managing director and partner at BCG’s Centre for Climate Action, said: «The argument that costs are a major barrier to reducing emissions is increasingly flawed—around 40% of the emissions across the eight major supply chains we analyzed can be eliminated with measures that bring cost savings or are at costs of less than €10 per ton of CO₂ equivalent. Increasing process efficiency and the use of recycled materials, as well as buying more renewable power, provides companies with major climate gains at very low costs.»

A copy of the report can be downloaded here.

To arrange an interview with one of the authors, please contact Eric Gregoire at +1 617 850 3783 or gregoire.eric@bcg.com.

About the Davos Agenda and the World Economic Forum
The Davos Agenda is a pioneering mobilization of global leaders aimed at rebuilding trust to shape the principles, policies and partnerships needed in 2021. It features a full week of global programming dedicated to helping leaders choose innovative and bold solutions to stem the pandemic and drive a robust recovery over the next year. Heads of state, CEOs, civil society leaders, and global media will actively participate in almost 100 sessions across five themes. Media can register here.

The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.

To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.

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SOURCE Boston Consulting Group (BCG)

SHANGHAI, Jan. 21, 2021 /PRNewswire/ — Shanghai Electric Group («Shanghai Electric» or «the Company») has strengthened its environmental, social, and corporate governance for the Phase 5 project for Dubai’s 900MW Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park), winning praise from Shuaa Energy, the venture leading the project.

Since construction began in August 2020, Shanghai Electric has dedicated itself to boosting anti-pandemic measures and ensuring employee safety, as well as engaging workers in environmental protection activities. To commend the staff for their hard work, Shuaa Energy CEO Omar Hassan awarded the 2020 Excellent Performance Award to the project department, expressing his gratitude for the past six months of hard work and his confidence in what lies ahead.

The world’s largest solar park

The MBR Solar Park is set to become the world’s largest single-site solar park based on the Independent Power Producer (IPP) model, with a planned total capacity of 5GW and a total investment value of $US136 billion upon completion. It is expected to reduce Dubai’s carbon emissions by 6.5 million tons per year once implemented.

The Phase 5 900MW project will boost MBR Solar Park’s production capacity to 2,863MW, capable of providing electricity to an expected 270,000 households and offsetting up to 1.18 million tons of carbon emissions each year. Thus far, 85% of Phase 5’s design work has been completed, while construction of the high-voltage electricity transmission lines has reached 40%.

As a new global benchmark in the solar industry, the MBR Solar Park deploys some of the world’s most cost-effective solar panels. Leveraging the latest bifacial photovoltaic solar panels, sunlight is captured on both sides of the panel, while an advanced solar tracking system boosts generation efficiency. As the Middle East’s most advanced solar project to date, its realization is due to the robust and fruitful partnership between Shanghai Electric and ACWA Power, established during the park’s Phase 4 solar thermal project and which seeks to drive Dubai’s low-carbon, sustainable development forward.

Anti-pandemic measures for employee safety

As the pandemic persists, Shanghai Electric is adopting extra measures to ensure that their overseas employees are cared for. In fact, those stationed abroad will possess priority to obtain the COVID-19 vaccine. Meanwhile, the company also ensures regular disinfection of the office and accommodation areas, while the project department always has on-hand a comprehensive range of pandemic prevention supplies, including masks, personal protective clothing, goggles, disinfectant, vitamins, medication, and isolation rooms.

To strengthen the connection between Chinese and local employees, birthday parties are organized to bring people together. Games such as table tennis, chess, and cards are held to enhance cohesion and strengthen a sense of belonging. During Chinese New Year, not only will annual benefits be provided to the families of workers overseas, but a special activity that engages Chinese and local employees in writing Spring Festival couplets will be organized in honor of the special cultural celebration.

Environmental and CSR action

Not only is Shanghai Electric dedicated to constructing new energy infrastructure around the world, but it is also committed to engaging its employees in corporate social responsibility and environmental awareness. In August 2020, the company’s Dubai Solar Thermal Project Department heeded the call of the United Arab Emirates (UAE) environmental protection organization and participated in its «My Community, Everybody’s Community» waste recycling activities. During the event, the project department amassed nearly 245 kilograms of recyclables.

Through such initiatives, Shanghai Electric seeks to further its contribution to the UAE’s sustainable development and promote a brighter future for all.

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SOURCE Shanghai Electric