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AfrElec POLICY AfrElec

By 2030, bp aims to have developed around hydrogen to have a 10% share of core markets
50GW of net renewable generating capacity – a by 2030, while green generation will rise from
20-fold increase from 2019 – and to have dou- 2.5GW today to 50GW by 2030..
bled its consumer interactions to 20 million a The second area is downstream, where bp
day. says it will accelerate the global revolution in
“We are not starting from scratch in this new mobility, especially electric. It aims to raise the
world. From our Lightsource bp joint venture number of electric vehicle charging points from
– now in 13 countries – to our electric vehicle 7,500 today to over 70,000 by 2030.
charging partnership with DiDi in China, and Finally, in oil and gas production, the com-
our industry-leading convenience partnerships pany aims to drive capital and cost productivity
with M&S in the UK and REWE in Germany – up and emissions down. Production is to fall
we are already building scale and capability,” said from 2.6 mboepd in 2019 to 1.5 mboepd in 2030.
Bernard Looney, chief executive officer. Refining throughput is to fall from 1.7mn bpd in
The company’s new strategy has three main 2019 to around 1.2mn bpd in 2030.
areas. The first, local carbon electricity and It aims to do this by keeping annual capex
energy, concentrates on renewables, CCUS, level at $14-16bn per year to 2025 .™
hydrogen and gas-fired generation. It wants

Global investors to take heed of Net

Zero Investment guidance

GLOBAL THE IIGCC, which unites investors with consultation, seeking input from a wide range of
EUR33 trillion ($37 trillion) of portfolio assets stakeholders to help strengthen the work to date
under management, has published its Net Zero by investors.
Investment Framework, which aims to guide Five investors will also be putting the frame-
the investment community towards meeting the work to the test, by modelling its impact across
Paris Agreement temperature reduction goals. performance of their real-word portfolios collec-
The document acts as practical blueprint tively valued at $1.3 trillion. The results of this
for investors to maximise the contribution they analysis will be launched with the final frame-
make in tackling climate change and achieving work, expected before the end of 2020.
net zero emissions globally by 2050. “The transition to net zero is fundamen-
The framework has been developed with over tally an investment transition: shifting capital
70 global investors, representing more than $16 from high carbon to low carbon alternatives,”
trillion in assets. adds Keith Skeoch, CEO, Standard Life Aber-
Its primary objective is to ensure investors can deen. “This innovative framework provides
decarbonise investment portfolios and increase investors with a roadmap to help accelerate this
investment in climate solutions, in a way that is capital shift and support the goals of the Paris
consistent with a 1.5°C net zero emissions future. Agreement.”
“Countries, cities and companies around the The framework is a key output of IIGCC’s
globe are committing to achieve the goal of net overarching Paris Aligned Investing Initiative
zero emissions and investors need to show simi- (PAII). Established at the request of European
lar leadership,” said Stephanie Pfeifer, CEO, Insti- asset owners, it includes an asset owner steer-
tutional Investors Group on Climate Change. ing committee and four issue specific working
“The willingness is there, but until now the groups, each with their own dedicated investor
investment sector has lacked a framework ena- leads4. PAII looks to establish key definitions
bling it to deliver on this ambition. As we work and concepts relating to the alignment of invest-
towards investors adopting the framework ment strategies to the Paris Agreement, includ-
before the end of the year, the race is now on in ing the key goal of reducing emissions in line
the run-up to COP26 for asset owners and man- with pathways consistent with global net zero
agers to show they will be net zero investors.” emissions by 2050.™
The initial framework has been put out for

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