But our growth calculations, adjusted to take into account the likely impact of COVID-19, show that the industry is set to overshoot its target by almost twofold, with emissions of 2.1 billion metric tons of CO 2 equivalent in 2030, unless it adopts additional abatement actions (Exhibit 1). To reach this pathway, fashion would need to cut its GHG emissions to 1.1 billion metric tons of CO 2 equivalent by 2030. To set that in context, the fashion industry emits about the same quantity of GHGs per year as the entire economies of France, Germany, and the United Kingdom combined.ĭespite efforts to reduce emissions, the industry is on a trajectory that will exceed the 1.5-degree pathway to mitigate climate change set out by the Intergovernmental Panel on Climate Change (IPCC) and ratified in the 2015 Paris agreement. McKinsey research shows that the sector was responsible for some 2.1 billion metric tons of greenhouse-gas (GHG) emissions in 2018, about 4 percent of the global total. Fashion makes a sizeable contribution to climate change. In addition, a recent survey of aviation experts has shown that the majority are not convinced that the sector will become carbon-neutral by the stated 2050 goal.Special Report Fashion on climate: How the fashion industry can urgently act to reduce its greenhouse-gas emissions (57 pages)Īs the need to address climate change becomes more urgent, industry sectors are working to reduce their carbon emissions. Last week, trade body UK Steel warned that EU carbon costs could ‘crush’ the UK steel market and almost 23 million tonnes of non-EU steel could flood the UK market without government action. Instead, aviation businesses will be required to buy allowances for every tonne of carbon emitted under the scheme. Moreover, the government also revealed its plans to phase out free allocations for aviation in 2026. The scheme will be applicable to large maritime vessels only, of 5000 gross tonnage and above, and will expand to cover the domestic maritime transport sector from 2026, as well as the waste incineration and energy from waste sectors from 2028. “The decisions taken here will not only put us on the path to net zero but will also support crucial industries on their path to long-term sustainability.”Īs part of the announcement, the UK ETS Authority revealed that domestic maritime transport, waste incineration and energy from waste will be added to the scheme for the first time in the coming years. “Our UK Emissions Trading Scheme, along with other interventions, forms part of a wider strategy to provide a long-term framework to incentivise UK industries to decarbonise – seizing the huge opportunities that are arising from a rapidly expanding clean energy sector, and providing the certainty that industries need to invest in new green technologies. “With the recent rises in energy prices, it is more important than ever that we accelerate the transition away from costly fossil fuels, towards greener and more secure energy," the UK ETS Authority said in a statement. In addition, e xtra allowances will also be made available to the market between 20, while the current levels of free allocation of allowances for industry has been guaranteed until 2026. To help smooth the transition, the UK ETS Authority said the cap will be set at the highest level of the range consulted on, allowing maximum flexibility for industries. Its goal is to incentivise industries to move away from costly fossil fuels and invest in energy efficiency and cleaner, or renewable technologies, which can boost energy security and help the UK reach its net zero targets. The programme incentivises decarbonisation through a process of buying and selling emissions allowances, which companies must obtain for every tonne of emissions they produce each year. However, from next year, the limits will be tightened to ensure industries bring their emissions down at the rate needed to reach net zero goals. It puts a limit on the total amount of greenhouse gases aviation, power and other energy-intensive industries can emit. The scheme has been in place since 2021 to replace the UK's participation in the European Union's ETS. The new limits have been announced in a package of reforms presented by the UK Emissions Trading Scheme Authority (UK ETS), the joint body comprising the UK Government, Scottish Government, Welsh Government and the Department of Agriculture, Environment and Rural Affairs in Northern Ireland.
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