‘I guarantee: Reaching Net Zero by 2050 with investment in clean energy solutions and green infrastructure to reduce carbon emissions and pollution’
Boris Johnson, UK Prime Minister, Conservative Manifesto 2019
Press and Media Releases April 2021 –
Prime Minister Boris Johnson said Britain would cut carbon emissions by 78% by 2035 in what he hailed as the world’s most ambitious climate change target that would put the country on track to become a net zero producer. The new timetable, nearly 15 years ahead of the previous target, will require a fundamental restructuring in the way Britain powers its homes, cars and factories, how it feeds its people and what it does to dispose of carbon dioxide.
It comes days after China and the United States agreed that stronger pledges were required to tackle climate change, and ahead of a U.S. climate summit this week and the U.N. Climate Change Conference, known as COP26, in November in Britain.
‘We want to continue to raise the bar on tackling climate change, and that’s why we’re setting the most ambitious target to cut emissions in the world’ the PM said, adding that it would attract pioneering businesses and innovation to the UK.
Britain in 2019 set a greenhouse gas emission target of net zero by 2050, in line with the 2015 Paris climate agreement which called on countries to take steps to keep the global temperature rise as close to 1.5 degrees Celsius as possible. The new target, which will require the United Kingdom to cut emissions by 78% by 2035 compared with 1990 levels, will mean the UK is more than three-quarters of the way there, according to the government.
For 2050, the goal is for renewables, meaning wind and solar power, to be the primary suppliers of power to homes and industry. More immediate measures include the introduction of E10 petrol which contains up to 10% renewable ethanol, to be followed by reducing diesel pollution in the form of biodiesel alternatives, particularly in freight and commercial transportation.
The biodiesel market is driven by legislation designed to reduce emissions and improve air quality. The EU Renewable Energy Directives (RED I & II) set out the targets and a timetable that all European states must achieve, mandating that all EU member states, and the UK, source 32% of their energy from renewables by 2030. Specifically the mandate requires that all transport fuels must reach 10% by 2020 and 14% by 2030. Within this mandate individual member states have also set additional targets that exceed these levels.
The EU is the world’s largest producer of alternative biodiesel production capacity and consumption. Current European Biodiesel production only meets 50% of demand. This gives ample room for new entrants to the market.
‘The Paris agreement is humanity’s life insurance. At the COP26 in Glasgow in November 2021, we must show that we have all understood this and that we are ready for more climate action because we are getting dangerously close to 1.5 degrees of warming. Science tells us that it’s not too late yet but we must hurry’
– Ursula von der Leyen, President of the European Commission
Griffin Energy is currently involved in advanced negotiations on becoming an active participant in this burgeoning energy sector, and is conducting feasibility studies on entering the marketplace both in the UK and EU. Griffin’s core commercial imperatives will have to be met, which are:-
- gaining an equity stake in the freehold ownership of the site, in order to ensure the venture is asset backed
- gaining an equity stake in the biodiesel company
- ensuring the exit strategy meets or exceeds the profit levels delivered to the company and its Investors through our property developments
Early indications are encouraging and more information is expected to be made available in Q3 2021.
‘As a global community, it is imperative that we act quickly and together to confront this crisis. And this will require innovation and collaboration around the world. It will require the use of renewable energy and new technologies. And it will give each of our nations the opportunity to build healthier communities and stronger economies. The countries and companies that take decisive action now to create the industries of the future will be the ones that reap the economic benefits of the clean energy boom that’s coming’
– Joe Biden, US President, & Kamala Harris, US Vice President
As stated on the Homepage, climate change was a primary catalyst in the formation of Griffin. We take our responsibility to the environment seriously, and will dedicate an annual pledge to causes such as one earth’s project marketplace. Our pledge will be published here at the end of every year.