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Ahead of COP26, a new IEA report urges rapid action to achieve net zero carbon emissions and identifies a key role for modern bioenergy in this transition
BETHESDA, Md., October 19, 2021--(BUSINESS WIRE)--Enviva Partners, LP (NYSE: EVA) ("Enviva") welcomes a new report from the International Energy Agency (IEA) for a more rapid transition to net-zero carbon emissions, a tripling of public investments in clean energy technology, and a growing role for modern bioenergy. The IEA World Energy Outlook (WEO) report, released last week, is designed to provide independent, objective scientific assistance to global decision-makers gathering at next month’s UN Climate Change Conference (COP26) in Glasgow.
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Sustainably sourced wood pellets produced by Enviva (Photo: Business Wire)
The IEA warns that current progress on clean energy remains "far too slow to put global emissions into sustained decline towards net zero" and calls for urgent action from governments around the world. In laying out a more rapid energy transition plan, the report states: "Modern bioenergy plays a key role in meeting net zero pledges."
"While there is no silver bullet to achieve net zero, sustainable wood bioenergy is a proven technology that can be expanded at scale – today – to accelerate the energy transition," said John Keppler, Chairman and Chief Executive Officer at Enviva. "The IEA is a prominent member of the growing chorus of respected climate and energy authorities and policymakers that recognize the role modern bioenergy plays as a part of the global solution to climate change."
To achieve net-zero carbon emissions by 2050, the report calls for coal to be phased out of the global power sector at a more rapid pace and replaced with low emissions energy sources that complement each other, such as wind, solar, nuclear, hydropower, and bioenergy. Displacing coal is a core mission for Enviva as a company. The report further states: "There is a growing role for alternative, low emissions fuels such as modern bioenergy and hydrogen-based fuels in all scenarios … These play a key role in the achievement of net zero targets …"
The IEA report echoes the sentiment of a UN Intergovernmental Panel on Climate Change report issued just a few months ago that time is running out to put in place the measures needed to prevent further irreversible damage from climate change to our planet.
Enviva agrees with the IEA on the need to dramatically increase levels of investment in new clean energy projects and infrastructure. Additionally, we must re-engineer the way capital is deployed globally to identify and support promising low emissions energy technologies faster.
Enviva supports the push for governments to take an active role in reducing carbon emissions and achieving global climate targets – but it is also imperative for industrialists to join in, if not lead, the fight. The private sector must develop a strategic plan to become low-carbon and/or net zero, both in production processes and supply chains. As the world’s largest producer of sustainable wood biomass, Enviva plays a critical role in the clean energy transition by providing a low-carbon alternative to fossil fuels that is reliable and dispatchable. Sustainable wood biomass from Enviva is currently being deployed to meet global demand for electricity and heat and can provide a low emission energy alternative for industrial applications such as the production of steel, cement, and lime.
Enviva (NYSE: EVA) is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source that is produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva sells a significant majority of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan. Enviva owns and operates 10 plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi. In addition, Enviva exports wood pellets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
To learn more about Enviva please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.
Cautionary Note Concerning Forward-Looking Statements
The information included herein and in any oral statements made in connection herewith may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may present expectations regarding future regulatory developments and the evolution of the renewable energy industry and bioenergy’s role within it. Forward-looking statements involve significant risks and uncertainties that could cause such expectations to be materially inaccurate. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein.
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