Hydro supports a global climate agreement to curb greenhouse gas emissions, including putting a price on carbon emissions, in connection with the upcoming UN Conference on Climate Change.
The COP21 (21st Conference of the Parties) gathering in Paris Nov. 30-Dec. 11 is expected to agree to a new international deal on climate change to keep global warming below 2°C.
“We regard sustainability both as part of our license to operate and as key to our future competitiveness,” says President & CEO Svein Richard Brandtzæg. “Doors will start to close on those who remain part of the problem, while new doors will open for those who are part of the solution.
“We have one of the most ambitious climate strategies in our industry, which is to become carbon-neutral from a life-cycle perspective already by 2020.”
Hydro is a long-standing supporter of a global pricing mechanism on carbon emissions, the European Union’s climate targets and the development of international frameworks on climate change and greenhouse gas emissions.
One challenge is that while aluminium prices are set globally, electricity is priced regionally, preventing the aluminium industry from passing on any cost increases resulting from EU climate and energy policies. A global agreement on CO2 emissions would connect competitiveness and the climate footprint, strengthening the competitive advantage of metal produced on renewable power over non-renewable power sources.