CO ₂ emissions fell last year by 2.2%

A constant and progressive reduction of emissions between 2021 and 2030 will be the key to the decarbonisation of cities. Renewable energies do not emit _CO2 or other polluting emissions, therefore, it will have to be the model to be followed by all actors.

Spain should emit less than 88 MteqCO2 (net removals of carbon dioxide_{) by 2050, which represents an average reduction of at least 4% of GHG emissions compared to 2015 emissions (336 MteqCO2).} This means matching the pace of emission reduction that we have had in the last 10 years, but in an environment of economic development very different from that experienced in the previous period.

Air quality

The poor quality of the air we breathe causes the appearance of serious health problems and chronic diseases and is a direct cause of premature deaths. It is estimated that about 16,000 people die annually in Spain due to air pollution, a figure that rises to 400,000 in Europe. Cities generate at least 70% of global greenhouse gas (GHG) emissions. The Intergovernmental Panel on Climate Change (IPCC) notes, for example, that to limit warming to 1.5°C above pre-industrial levels, emissions from buildings should have been reduced by 80% to 90% by 2050. The United in Science report indicates that the average global temperature for 2015-2019 is on track to be the warmest of any equivalent period on record. It is currently estimated at an increase of 1.1° C; one degree above the pre-industrial period (1850-1900).

Reducing emissions is in the hands of all the agents involved. The Buildings and Infrastructure Consumption Emissions study, carried out by C40 Cities, Arup and the University of Leeds, highlights that emissions from buildings and infrastructure could be reduced by 44% by 2050. The six key areas include implementing efficiency in material design, improving the use of existing buildings, switching from high-emission materials to sustainable wood where appropriate, using low-carbon cement, reusing building materials and components, and employing low- or zero-emission construction machinery.

The Ministry for the Ecological Transition (Miteco) in its Advance of the Inventory of Greenhouse Gas Emissions, linked to climate change, corresponding to the year 2018, reveals an estimate of gross emissions of 332.8 million tons of CO₂ equivalent, which represents a decrease of 2.2% compared to 2017. Last year, transport was the sector that contributed the most to the Inventory. Road traffic alone accounts for 25% of total GHG emissions, of which a third are concentrated in urban agglomerations.

According to European data, it should also be noted that in 2018, carbon dioxide emissions fell in 20 of the 28 member states of the Union, with Portugal leading the declines (-9%), followed by Bulgaria (-8.1%), Ireland (-6.8%) and Germany (-5.4%).

The decrease in emissions in 2018 in Spain is mainly due to the strong increase in hydropower production, which grew by 84.9% compared to 2017 thanks to the fact that it was a hydrologically humid year, as well as the increase in wind energy production by 3.5%.

However, Spain occupies the fourth position, ahead of Italy, in a ranking prepared by consultancy PwC, the Low Carbon Economy Index 2019. The first position is for Germany, followed by Mexico and France. This report suggests that a global decarbonisation rate of 7.5% per year will be necessary to have a two-thirds chance of limiting warming to 2°C.

On the other hand, agriculture and land-use changes, such as forest clearing, are responsible for a third of all greenhouse gas emissions. That means reducing agricultural emissions and land needed for agriculture is vital to limiting global warming.

Also, cars are the main polluter, accounting for 60.7% of Europe’s total road transport emissions. Currently, the majority (52%) of cars in Old Contienente use gasoline, but electricity is becoming increasingly popular.

The greats of the Ibex 35

The IV Study of the State of Sustainability Reporting of the Ibex 35, prepared by the consultancy EcoAct, shows which are the 10 Spanish companies of the Ibex 35 that have stood out the most for their efforts in climate action. Ibedrola (85%), Acciona (84%) and Telefónica (84%) are the companies that are best at acting and reporting on how they address the impacts of climate change. They are followed by Ferrovial (82%), Endesa (80%), Naturgy (77%), Red Eléctrica de España (76%), Arcelormittal (74%) Enagás (66%) and International Airlines Group IAG (65%). One more year, the energy sector is the most represented in the leaderboard, with an average of 70%, counting among its ranks with the two energy companies with the best score in the global index. The report analyzes 61 indicators from four thematic areas – measurement and reporting, strategy and governance, targets and reduction, and collaboration and innovation – of companies listed on the CAC 40, the Dow 30, the FTSE 100 and the Ibex 35, from public sources. The Spanish selective is in second position, after the French CAC 40, whose members conform to stricter environmental standards. If it is served globally, the companies that play best are Unilever (86.6%), Danone (86.2%), Microsoft (85.5%), BNP Paribas (84.9%), Iberdrola (84.9%), Acciona (84.2%), Telefónica (84.2%), Marks & Spencer (83.6%), Schneider Electric (83.6%) and BT Group (82.9%).

Likewise, in this report by the consultancy EcoAct, it is revealed that 71% of the Ibex 35 establishes carbon reduction objectives, mostly based on energy efficiency actions and a greater consumption of renewable energy. In fact, through the implementation of eco-efficient technology, 54% of Ibex companies have avoided emissions. This shows that innovation is being the lever of change in environmental sustainability.

In addition, many follow the recommendations made at the time by the Financial Stability Board (2017), the Task Force on Climate-related Financial Disclosures (TCFD), with the aim of guiding the disclosure of risks and opportunities and making it accessible to investors and other stakeholders. There are already 50% of Spanish financial institutions, which apply the recommendations to their strategies, being the energy sector, with 89%, the one that has put them into practice the most. Among the companies that do not yet make use of these recommendations, 83% are already carrying out a climate risk assessment to some degree, and 49% mention climate risks in the risks section of their annual reports along with other financial risks, as suggested by the TCFD.

Source: The Economist