Kering joins Powering Past Coal Alliance
Today Kering joined the Powering Past Coal Alliance, an coalition uniting governments, businesses and organisations to accelerate clean growth and climate protection through the rapid phase-out of traditional coal power.
The announcement was made during the One Planet Summit in Paris, which marks the two year anniversary of the Paris Agreement. Under the Alliance, Kering commits to powering its operations without coal and to supporting clean power through corporate policies, in order to restrict the financing of traditional coal power without carbon capture and storage.
Coal-fired power plants produce almost 40% of global electricity today, making carbon pollution from coal a leading contributor to climate change. As a result, phasing out traditional coal power is one of the most important steps governments can take to tackle climate change and meet our commitment to keep global temperature increase well below 2°C, and to pursue efforts to limit it to 1.5°C. To meet the Paris Agreement, analysis shows that coal phase-out is needed no later than by 2030 in the OECD and EU28, and no later than by 2050 in the rest of the world.
To support these goals, the partners in the Powering Past Coal Alliance will work together to share real-world examples and best practices to support the phase-out of coal, including through climate financing, and to adopt practical initiatives to support this transition, including developing clean energy plans and targets.
“AT KERING WE SUPPORT THE DRIVE TOWARDS A LOW-CARBON ECONOMY WHERE CLEAN AND RENEWABLE ENERGY IS PARAMOUNT. BUSINESS MUST ENSURE THAT THE TRADITIONAL PRACTICES, WHICH ARE DETRIMENTAL TO THE ENVIRONMENT AND TO HEALTH, ARE NO LONGER UTILIZED AND WE ARE PLEASED TO ADD OUR VOICE TO THE POWERING PAST COAL ALLIANCE FOR A RAPID PHASE OUT OF TRADITIONAL COAL POWER.”
Marie-Claire Daveu, Chief Sustainability Officer and Head of international affairs, Kering