The 5th of June is World Environment Day, it is time to make it count

Since 1974 the UN has held a World Environment Day on the 5^th of June. A day to remind us that this planet of ours needs a careful hand. Tomorrow, let us take a moment to reflect on what we can do to realise positive change. To realise that environmental concerns and business are not diametrical opposite but intertwined partners. To embrace the fact that in the modern world the most viable businesses hold the environment sacred.

This year’s focus is on ecosystem restoration. It is a sad fact that the world is losing forests at alarming rates. That vast tracts of unexplored rainforest with potential medical and scientific significance have already been destroyed. 50% of the world’s coral reefs have gone. This is the start of the UN Decade on Ecosystem Restoration, a global mission to revive some of the lost biodiversity. For all our sakes, lets hope it succeeds.

But not everything is doom and gloom. Great strides are being made all across the globe. In the offshore and wind industries, governments, businesses and individuals are pushing for a sustainable future. In the UK, wind energy generated almost 50% of electricity during the early May bank holiday. That was over 17.6GW of clean, sustainable electricity. A new wind generation record.

In the last twenty years, the UK has gone from 320MW to 24GW of installed wind capacity. The government sees wind as a crucial pillar in its bid to be carbon neutral by 2050. Boris Johnson, the UK prime minister, recently stated that the UK’s goal is to become the Saudi Arabia of wind energy. The government plans to continue increasing wind capacity, and the goal is that offshore wind alone shall reach 40GW by 2030.

Worldwide, 2020 saw a 45% increase in renewable energy capacity. This was driven by a 90% increase in global wind capacity and a 23% increase in solar. China’s drive for renewable energy sources continued as they were once again the standout country with 80% of the installations. This included 3GW of offshore wind, half of last year’s total global capacity. A global capacity that had its second biggest ever increase.

In other offshore environmental news, a recent Scottish oil and gas industry survey found that half of all companies responded they would definitely be more involved in renewable energy by 2026 and 75% would probably be so.

The International Energy Agency (IEA) recently stated that no new oil and gas fields must be developed if the world is to stay on track for its Paris Climate Accord targets. In a strongly worded warning, the IEA set out the necessary requirements for the world to meet the 1.5-degree global warming target and net zero emissions by 2050. It called for a stop to the building of coal power stations, oil and gas exploration, and the end of fossil fuel cars by 2035.

However, contrary to previous beliefs, the IEA stated that with the right energy investment the switch to a carbon neutral future does not have to be a burden on the global economy but that it could provide a much needed post pandemic boost. It is the latest, and perhaps most significant indicator that for forward looking companies the green future could also be a bright one.