Regulatory and supply gridlocks are holding back corporate progress in the transition away from fossil fuels to a greener economy, the chief executive of U.S. based industrial and chemical manufacturer Milliken and Company said on Wednesday.
Milliken is among more than 1,300 companies worldwide that have committed to reach net-zero carbon emissions by 2050, using targets approved by the U.N.-backed Science Based Targets initiative .
“What we see is a gridlock of regulation, and technology selection and supply chains. So if you look into just the available switch gear and cabling and panels to do either offshore wind and solar there’s years of backlogs in a number of these industries,” Milliken CEO Halsey Cook said at the Reuters IMPACT climate conference in London.
Halsey said Milliken is looking at small nuclear, hydrogen and carbon capture projects, but the uncertainties made it difficult to factor these into long-term planning. “Those ventures look really promising but they are big bets and scaling them is going to be really difficult,” he said. “A lot of what we’ve heard is this higher level system thinking is really slow and the solutions beyond 2030 are not obvious to us as we sit here today.”
The materials maker stopped using coal as a fuel source in 2018 as it began its journey to net zero, investing $25 million in a cogeneration facility.Reporting by Jane Wardell; Editing by Sharon Singleton
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla CEO Elon Musk Mocks Lucid CEO Over PayLucid CEO Peter Rawlinson topped a survey of the most highly paid auto maker CEOs. Tesla CEO Elon Musk has an opinion about that.
Read more »
Small businesses struggle to keep up with Washington regulatory edictsIs the Biden administration anti-business? That’s certainly something to be debated over dinner.
Read more »
Opinion: Bill allows California regulatory boards to meet out of public viewState Sen. John Laird’s legislation would enable powerful commissioners to make deals without transparency.
Read more »
Leading The Way: How Bonduelle Became The First Fresh Produce Company In The U.S. To Become A Certified B CorpAndrea Montagna, CEO of Bonduelle Fresh Americas, part of the 170 year-old French family-owned company with 14,000 employees on the company's path to being a B Corp.
Read more »
Apple, Google, Nvidia, and other tech giants are considering buying Arm sharesA year after regulatory pushback prompted Nvidia to drop its planned Arm acquisition, now Nvidia CEO Jensen Huang is talking up Arm’s potential.
Read more »
New company launched to include Ann Taylor, Loft and TalbotsAll three retailers have a presence in central Pennsylvania.
Read more »