For our clients in markets from transport to mining, agriculture to power generation, and for the world, COP26 was the most important climate change conference not only this year but possibly so far. With many years in the business of emissions reduction, we have long placed sustainability high on our agenda. COP26 puts that mission high on the global agenda too.
Summarising what we believe are the key points of change, Bowman CEO, Paul Dowman-Tucker, reflects on the impact of COP26 and shares his view on what it might mean for the path to our global net zero future...
It’s been just over a month since COP26 closed out, and I have been reflecting on what grabbed my attention during the highly anticipated summit. It is overwhelmingly clear that climate change mitigation really needs to make tangible progress quickly if the global temperature growth target of 1.5°C is to remain in reach. Whether COP26 will make an impact on this remains to be seen – did it or will it achieve a shift in the rate of progress or not? Of course, I am also thinking about how it might affect Bowman, or the opportunity we have to make a contribution to the energy transition, which will be such an important part of managing emissions of greenhouse gases (GHGs).
The commitment by over 100 countries to cut methane emissions by 30% is a key outcome relating to our contribution in the near term. The impact of this is enormously welcome, and very important, as methane, whilst it does not last so long in the atmosphere compared with CO2, has over 80 times the warming effect. Some reports state that over 30% of global warming since the Industrial Revolution has been caused by methane. Reducing methane emissions is the proverbial low-hanging fruit, and a key pathway to a massive positive step forward.
Why’s this relevant to Bowman? Well, we have shown in real-world trials that the application of Bowman’s waste-heat recovery technology, either in eTurbine or eTurbocharger guise, can reduce the methane emissions of gas-fuelled gensets dramatically. We can reduce the overall GHG emissions in CO2-equivalent terms by over 20%, and the methane itself is reduced by anywhere between 30 - 40%. For sure, there are bigger sources of methane emissions (animals and humans for example!), but Bowman can certainly help the tens of thousands of gas generators operating globally to fulfil their part in this important mission. We will be making sure we raise our voice on this point in the coming months.
Taking a step back from Bowman, another aspect that struck me most about COP26 is the emphasis on making the finance available to fund climate change mitigation (over $100 trillion in discussion), on setting and/or reinforcing the structures for carbon and emissions trading, and of moving forward to legislate for companies and financial institutions to commit themselves to net zero. As it stands, rightly or wrongly, initiatives perform best if they’re tradable/commercial. It’s no secret that the ballistic growth of the tech industry over the last two decades is predicated based on its profitability. For the climate change mitigation agenda to really gain ground and accelerate, it needs to benefit trade, and be of commercial necessity to move it forward.
Key amongst this is an initiative that actually precedes COP26 – the Glasgow Finance for Net Zero initiative or, GFANZ. GFANZ talks of the ‘economy transition’, and when you think of the mission ahead for the climate as an economic challenge, it becomes clear that the struggle with progress to date might, at least in part, be because we have a global economic system today that is not set up to drive the actions which are necessary for climate change mitigation. With initiatives such as GFANZ, and leading economies legislating for their biggest companies and finance houses to commit to and report on their net zero journey, we can reasonably expect economic factors to advance the climate change agenda. The requirements, central to these initiatives, that demand clear alignment to International Panel for Climate Change (IPCC) pathways for different sectors, industries and geographies, will provide confidence that the commitments being made are science-led and not just greenwash. Furthermore, because the IPCC pathways allow for transition, and don’t demand impracticable leaps forward that are financially and morally unsustainable (for example the demands to simply stop using fossil fuels now), we can be more confident in the realism of the journey ahead.
COP26 achieved much more than just these two things – just look at the fantastic pledges made about cessation of deforestation – but these stood out for me. Will the event have the right impact? I hope so, and perhaps one final reflection: in this attention-hungry world we live in today, perhaps a more important point than methane and the economy is just that – keeping our attention. COP26 certainly did grab the headlines, but we need more headlines and more focus. Roll on COP27!
For our clients in markets from transport to mining, agriculture to power generation, and for the world, COP26 was the most important climate change conference not only this year but possibly so far. With many years in the business of emissions reduction, we have long placed sustainability high on our agenda. COP26 puts that mission high on the global agenda too.
Summarising what we believe are the key points of change, Bowman CEO, Paul Dowman-Tucker, reflects on the impact of COP26 and shares his view on what it might mean for the path to our global net zero future...
It’s been just over a month since COP26 closed out, and I have been reflecting on what grabbed my attention during the highly anticipated summit. It is overwhelmingly clear that climate change mitigation really needs to make tangible progress quickly if the global temperature growth target of 1.5°C is to remain in reach. Whether COP26 will make an impact on this remains to be seen – did it or will it achieve a shift in the rate of progress or not? Of course, I am also thinking about how it might affect Bowman, or the opportunity we have to make a contribution to the energy transition, which will be such an important part of managing emissions of greenhouse gases (GHGs).
The commitment by over 100 countries to cut methane emissions by 30% is a key outcome relating to our contribution in the near term. The impact of this is enormously welcome, and very important, as methane, whilst it does not last so long in the atmosphere compared with CO2, has over 80 times the warming effect. Some reports state that over 30% of global warming since the Industrial Revolution has been caused by methane. Reducing methane emissions is the proverbial low-hanging fruit, and a key pathway to a massive positive step forward.
Why’s this relevant to Bowman? Well, we have shown in real-world trials that the application of Bowman’s waste-heat recovery technology, either in eTurbine or eTurbocharger guise, can reduce the methane emissions of gas-fuelled gensets dramatically. We can reduce the overall GHG emissions in CO2-equivalent terms by over 20%, and the methane itself is reduced by anywhere between 30 - 40%. For sure, there are bigger sources of methane emissions (animals and humans for example!), but Bowman can certainly help the tens of thousands of gas generators operating globally to fulfil their part in this important mission. We will be making sure we raise our voice on this point in the coming months.
Taking a step back from Bowman, another aspect that struck me most about COP26 is the emphasis on making the finance available to fund climate change mitigation (over $100 trillion in discussion), on setting and/or reinforcing the structures for carbon and emissions trading, and of moving forward to legislate for companies and financial institutions to commit themselves to net zero. As it stands, rightly or wrongly, initiatives perform best if they’re tradable/commercial. It’s no secret that the ballistic growth of the tech industry over the last two decades is predicated based on its profitability. For the climate change mitigation agenda to really gain ground and accelerate, it needs to benefit trade, and be of commercial necessity to move it forward.
Key amongst this is an initiative that actually precedes COP26 – the Glasgow Finance for Net Zero initiative or, GFANZ. GFANZ talks of the ‘economy transition’, and when you think of the mission ahead for the climate as an economic challenge, it becomes clear that the struggle with progress to date might, at least in part, be because we have a global economic system today that is not set up to drive the actions which are necessary for climate change mitigation. With initiatives such as GFANZ, and leading economies legislating for their biggest companies and finance houses to commit to and report on their net zero journey, we can reasonably expect economic factors to advance the climate change agenda. The requirements, central to these initiatives, that demand clear alignment to International Panel for Climate Change (IPCC) pathways for different sectors, industries and geographies, will provide confidence that the commitments being made are science-led and not just greenwash. Furthermore, because the IPCC pathways allow for transition, and don’t demand impracticable leaps forward that are financially and morally unsustainable (for example the demands to simply stop using fossil fuels now), we can be more confident in the realism of the journey ahead.
COP26 achieved much more than just these two things – just look at the fantastic pledges made about cessation of deforestation – but these stood out for me. Will the event have the right impact? I hope so, and perhaps one final reflection: in this attention-hungry world we live in today, perhaps a more important point than methane and the economy is just that – keeping our attention. COP26 certainly did grab the headlines, but we need more headlines and more focus. Roll on COP27!
For our clients in markets from transport to mining, agriculture to power generation, and for the world, COP26 was the most important climate change conference not only this year but possibly so far. With many years in the business of emissions reduction, we have long placed sustainability high on our agenda. COP26 puts that mission high on the global agenda too.
Summarising what we believe are the key points of change, Bowman CEO, Paul Dowman-Tucker, reflects on the impact of COP26 and shares his view on what it might mean for the path to our global net zero future...
It’s been just over a month since COP26 closed out, and I have been reflecting on what grabbed my attention during the highly anticipated summit. It is overwhelmingly clear that climate change mitigation really needs to make tangible progress quickly if the global temperature growth target of 1.5°C is to remain in reach. Whether COP26 will make an impact on this remains to be seen – did it or will it achieve a shift in the rate of progress or not? Of course, I am also thinking about how it might affect Bowman, or the opportunity we have to make a contribution to the energy transition, which will be such an important part of managing emissions of greenhouse gases (GHGs).
The commitment by over 100 countries to cut methane emissions by 30% is a key outcome relating to our contribution in the near term. The impact of this is enormously welcome, and very important, as methane, whilst it does not last so long in the atmosphere compared with CO2, has over 80 times the warming effect. Some reports state that over 30% of global warming since the Industrial Revolution has been caused by methane. Reducing methane emissions is the proverbial low-hanging fruit, and a key pathway to a massive positive step forward.
Why’s this relevant to Bowman? Well, we have shown in real-world trials that the application of Bowman’s waste-heat recovery technology, either in eTurbine or eTurbocharger guise, can reduce the methane emissions of gas-fuelled gensets dramatically. We can reduce the overall GHG emissions in CO2-equivalent terms by over 20%, and the methane itself is reduced by anywhere between 30 - 40%. For sure, there are bigger sources of methane emissions (animals and humans for example!), but Bowman can certainly help the tens of thousands of gas generators operating globally to fulfil their part in this important mission. We will be making sure we raise our voice on this point in the coming months.
Taking a step back from Bowman, another aspect that struck me most about COP26 is the emphasis on making the finance available to fund climate change mitigation (over $100 trillion in discussion), on setting and/or reinforcing the structures for carbon and emissions trading, and of moving forward to legislate for companies and financial institutions to commit themselves to Net Zero. As it stands, rightly or wrongly, initiatives perform best if they’re tradable/commercial. It’s no secret that the ballistic growth of the tech industry over the last two decades is predicated based on its profitability. For the climate change mitigation agenda to really gain ground and accelerate, it needs to benefit trade, and be of commercial necessity to move it forward.
Key amongst this is an initiative that actually precedes COP26 – the Glasgow Finance for Net Zero initiative or, GFANZ. GFANZ talks of the ‘economy transition’, and when you think of the mission ahead for the climate as an economic challenge, it becomes clear that the struggle with progress to date might, at least in part, be because we have a global economic system today that is not set up to drive the actions which are necessary for climate change mitigation. With initiatives such as GFANZ, and leading economies legislating for their biggest companies and finance houses to commit to and report on their Net Zero journey, we can reasonably expect economic factors to advance the climate change agenda. The requirements, central to these initiatives, that demand clear alignment to International Panel for Climate Change (IPCC) pathways for different sectors, industries and geographies, will provide confidence that the commitments being made are science-led and not just greenwash. Furthermore, because the IPCC pathways allow for transition, and don’t demand impracticable leaps forward that are financially and morally unsustainable (for example the demands to simply stop using fossil fuels now), we can be more confident in the realism of the journey ahead.
COP26 achieved much more than just these two things – just look at the fantastic pledges made about cessation of deforestation – but these stood out for me. Will the event have the right impact? I hope so, and perhaps one final reflection: in this attention-hungry world we live in today, perhaps a more important point than methane and the economy is just that – keeping our attention. COP26 certainly did grab the headlines, but we need more headlines and more focus. Roll on COP27!