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SOLVING THE CLIMATE CRISIS IS WITHIN REACH BUT A LACK OF FORTITUDE THREATENS TO STALL PROGRESS

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GENERATION INVESTMENT MANAGEMENT’S 8TH ANNUAL SUSTAINABILITY TRENDS REPORT HIGHLIGHTS THE WEAKENING OF CLIMATE COMMITMENTS AND BREAKING OF PROMISES

LONDON and SAN FRANCISCO, Sept. 18, 2024 /PRNewswire/ — Generation Investment Management, the sustainable investment manager, today published its eighth Sustainability Trends Report, which annually seeks to answer the question of where the world stands in the transition to a low-emissions economy. This year’s assessment analyses how climate promises are starting to resemble New Year’s resolutions: easy to make, hard to keep. It also covers the shifts needed across the global economy – spanning the power sector; transportation; buildings; industry; people, land & food; and climate finance.

Al Gore, Chairman and Founding Partner of Generation Investment Management, said: “Year after year, the world has increased the number and types of solutions available to solve the climate crisis. But leaders across government and business have all too frequently failed to match ingenuity with action. Despite the hype, hope and harmony generated by the agreement at last year’s international climate negotiations to “transition away” from the fossil fuels that are the root cause of the climate crisis, the reality today is that way too little has improved at the pace and scale needed. It is imperative that investors, business leaders and government officials understand that even though the collective ability to solve the climate crisis is within our reach, a lack of courage, fortitude and determination at a global scale threatens to allow the progress that is so urgently needed to slip through our fingers.”

TRANSITION FROM FOSSIL FUELS – WRITTEN INTO INTERNATIONAL LAW AT LONG LAST 

The great achievement of the United Nations Climate Change Conference (COP28) held in Dubai in December 2023 was that transitioning away from fossil fuels is now a formal goal of the countries of the world, written into international law. The biggest climate promise ever made is finally on the table and humans have it within their grasp to effect change at the scale and pace required.

The language of the COP28 agreement is fairly weak, however, with calls rejected for using the term ‘phase out’ in relation to fossil fuels, and no detail about how to achieve the transition. But countries did agree to set new goals relating to the energy transition, agreeing to triple the world’s installed base of renewable electricity by 2030. The potential impact of this cannot be overstated because the grid system will become the key to the future, enabling the shift to what is effectively an ‘electrify everything’ approach.

BROKEN PROMISES, FRESH HOPES

Climate commitments have been dealt a blow in recent times. Political pressure and ‘woke capital’ attacks over the past two years have contributed to reductions of capital allocated to sustainable investing and nowhere is this more disappointing than amongst the financial-services industry which has pulled back from commitments made only a couple of years ago. Oil and gas companies have been pulling back on their commitments to invest in alternative energy while maintaining or increasing their fossil investments, deepening a credibility gap between their rhetoric about net zero and their actions.

Against this negative backdrop, there remains plenty of hope because it is possible that we are on the precipice of a different momentous change. Renewable electricity is growing rapidly now, so much so that emissions from power production are falling sharply in some countries. Moreover, electricity demand is starting to grow in many developed economies where it had been stagnant for a decade. This is mostly good news, for it means that the exhortation to ‘electrify everything’ is working. Focus then shifts to the significant grid upgrades required to harness the wave of low-cost solar and wind, the answer of which lies in urgent improvements to planning and reductions in red tape. To achieve this, a step change is required from one specific set of actors: governments. They hold the keys to make the policy changes to unleash the expansion of electrification, at least in the major economies of China, the US, the EU, Latin America and India. 

IS THE GEOPOLITICS OF CLIMATE TRANSITION BROKEN?

Important, large-scale change requires the determination and courage of groups of people to make things happen. But geopolitics also poses a significant threat to any kind of progress in the transition. China was the biggest investor in clean energy in 2024, is the largest producer of solar panels, electric cars, electric buses, and the most important manufacturer of advanced batteries. But China’s return to an aggressive form of authoritarianism under Xi Jinping has put it at loggerheads with many of its trading partners. China’s military adventurism, its threats to invade Taiwan, its theft of technology from other countries, its repression of the Uyghur ethnic group and many other factors are leading to something like a Cold War between China and the West – which could lead to the energy transition getting caught up in the crossfire.

Elsewhere in the world, observers will be closely watching the results of this year’s US election. The Inflation Reduction Act has created a positive framework for change but the wider signals in the US do not paint a wholly positive picture. The prospect of new tariffs, trade barriers, protectionism or tearing up international treaties altogether threatens to cast a large shadow over the world economy and its efforts to deliver on decarbonisation in this critical decade.

Accelerating trends outlined in the report include:

Power

Renewable electricity is now growing rapidly, with solar energy being the breakout star, with the installation of new panels up 74 percent in a single year. But power demand is starting to grow rapidly too: new data centres are gulping down electricity, and more cars and heat pumps are drawing power from the grid. It remains unclear when we will turn the corner and see electricity emissions finally begin to fall.

Transport

The transition to electric cars is hitting speed bumps in some markets, notably the United States, with carmakers like Ford scaling back their transition plans. But other countries are moving forward, especially China, where electric cars are now the economical choice and are taking half the new-car market. We have yet to see much progress in cutting emissions from planes, ships or lorries/trucks.

Buildings

The buildings sector is not remotely on track for the emissions cuts needed to meet global climate goals. The slow progress from tougher building codes in some countries is being swamped by breakneck urbanisation and weak or non-existent building codes in many countries. Heat pumps are a bright spot, their popularity rising in some parts of the world.

Industry

Progress is still halting in the industrial sector, but we are beginning to see movement. Plans were announced for new low-emissions steel plants using clean hydrogen, with the number of such factories on the drawing board rising from two to six. Green hydrogen is critical to the emissions-cutting plans of some other industries, and electrolyser additions in 2023 were more than quadruple 2022 additions. The world also needs to get control of plastic pollution – industry is responsible for the 34% of excess carbon dioxide entering the atmosphere, and plastic accounts for three percentage points of this.

People, land & food

The climate crisis seems to be contributing to high food prices that have driven the number of hungry people in the world up by 150 million in this decade. Global hunger worsened during the pandemic in 2020 and the problem has not abated. Far more work needs to be done by governments to secure the food supply in an overheating climate and to encourage the spread of better farming practices. The destruction of tropical forests has abated somewhat under a new government in Brazil, and Indonesia has had dramatic success in cutting deforestation through the actions of the central government, but the topic remains an urgent global problem.

Financing the transition

We have finally reached the point where nearly $2 is being spent on clean energy infrastructure for every $1 spent on fossil fuels, a ratio that was closer to 1-to-1 only five years ago. But clean investment needs to accelerate rapidly, to $4 trillion or $5 trillion a year by 2030, to meet the world’s climate goals. Big banks are still shovelling tens of billions into the development of new fossil fuels, despite their pledges to align their lending with the climate transition.

Looking ahead

A fundamental tension has developed in the energy transition: governments want to use it as a core element of their industrial policy, to create new jobs in domestic factories, even as they try to move rapidly to clean energy. The two goals are in conflict, given China’s nearly insurmountable head start in solar panels, electric cars, batteries and other green technologies. How this tension gets resolved will determine how fast the energy transition can proceed.

About Generation Investment Management

Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a US presence in San Francisco, with more than $44 billion of assets under management and supervision.1 For further information, please visit https://www.generationim.com/

1 Assets under management as at 30 June 2024 are $33.8 billion. Assets under supervision (AUS) are $10.5 billion as at 31 March 2024. AUS form part of our Private Equity strategy and include assets where Generation sourced, structured and/or negotiated the investment and in relation to which it provides certain ongoing advisory services for a fee.

Media Contact
Richard Campbell
Kekst CNC
richard.campbell@kekstcnc.com
+44 (0) 7775 784 933

 

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WorldSkills Lyon 2024: Talented Winners, Long-lasting Legacy

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September 19, 2024

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LYON, France, Sept. 19, 2024 /PRNewswire/ — After an intense week of competition, the 47th WorldSkills Competition has officially wrapped up, marking the end of a thrilling journey for 1,400 young professionals from around the globe. For four days, participants representing nearly 70 countries and regions competed fiercely in 59 diverse skill areas, transforming Lyon’s Eurexpo into a vibrant hub of craftsmanship and international talent.

From day one, the atmosphere was charged with energy as competitors showcased their expertise in sectors ranging from Manufacturing and Engineering to Fashion, Digital Technology, and Healthcare. The level of dedication and precision demonstrated throughout the week was a testament to the profound commitment these young professionals have to their trades, as well as their determination to showcase their nation’s worth on the global stage.

Last night, the closing ceremony of WorldSkills Lyon 2024, held at Groupama Stadium, brought the event to an emotional close with the announcement of medalists in each skill category. Four medals were awarded in each skill: Gold Medal, Silver Medal, Bronze Medal, and the Medallion for Excellence. This ceremony underscored the core belief of the WorldSkills movement: excellence is found in diversity – diversity of profiles, backgrounds, expertise, and techniques.

The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!

What’s next?

The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.

Media Contacts: 
Alice Nahon
PR Officer
alice.nahon@publicis.com 

Anne-Laure TRONC
Press Relation Manager
media@worldskillslyon2024.com 

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LG NOVA EXPANDS EFFORTS TO DRIVE INNOVATION GROWTH THROUGH NEW PARTNER ALLIANCE PROGRAM

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September 19, 2024

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New Program Connects LG, Strategic Partners and Startups to Ignite Collaboration and Development of Innovative Ideas for a Better Future

SANTA CLARA, Calif., Sept. 19, 2024 /PRNewswire/ — LG Electronics today announced the launch of the LG NOVA Partner Alliance Program – a platform that brings together corporate partners and startups for cross-industry collaborations, technology and business development, and commercial partnerships to catalyze the growth of innovations for the future.

Spearheaded by LG NOVA, LG Electronics’ North America Innovation Center, the Program extends the success of LG NOVA’s mission to co-create new ventures with startups to its corporate partners with the goal to encourage exponential growth of new innovations in the market by creating more pathways for innovative ideas to flourish at a greater rate.

Joining the Partner Alliance Program at launch are Fujitsu Research of America, Hyundai CRADLE, IBM, Mayo Clinic Innovation Exchange, Niantic and the West Virginia Department of Economic Development. These organizations have all signed on to work with LG NOVA and its extensive startup ecosystem to generate and explore new concepts; develop, test, and validate those concepts; and collaborate on innovative product solutions or even co-create new businesses. Additional partners will be added to the Partner Alliance Program in the coming months.

“The new Partner Alliance Program aligns with our core mission to collaborate and create an ecosystem for startups to thrive and ensure that the innovations today become the market-leading solutions of tomorrow,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation, LG Electronics and head of LG NOVA.

Kevin Chong, LG NOVA’s head of corporate and business development, said, “This program is a win-win for all parties, including LG, as we continue to explore new ideas for business co-creation. The growth of new ideas and cross-industry collaboration will help the markets move forward faster towards a better future that benefits all of us, businesses, people and the planet.”

In bringing on corporate partners to its Program, LG NOVA is helping to create more opportunities for startups to find quintessential industry partners that will help it reach commercial success at a larger level, Chong explained. For the corporate partners, finding innovative startups to work with will help them address new market opportunities, extend their businesses into new areas and better address the changing needs of their customers. 

The Partner Alliance Program will leverage the resources of LG Electronics existing business units while also tapping into the pipeline of startups and resources available through the LG NOVA’s Mission for the Future initiative – a broad umbrella of programs designed around engaging with the entire innovation ecosystem to explore ideas on creating a better future through collaboration and tech innovations.

LG NOVA and the newly announced partners in the Partner Alliance Program plan to share more about their goals and vision for this program at the 2024 LG NOVA InnoFest, Sept. 25-26, at the Palace of Fine Arts in San Francisco, Calif.

LG NOVA’s annual InnoFest conference unites business leaders, innovators and investors to collaborate on solutions for a better future, this year, under the theme of “Lighting the Halo of Innovation,” inspiring attendees to focus on impactful co-creation and bold ideas. For more information about this year’s event visit https://innofest.lgnova.com/. 

About LG NOVA
LG NOVA, the North America Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center’s mission is to fuel innovation for LG and its partners by establishing a community to create, nurture and grow businesses. Learn more about LG NOVA at www.lgnova.com.

About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $60-billion-plus global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. www.LG.com.

Media Contact:

LG Electronics USA

Linda Quach
+1 408 903 3045
linda.quach@lge.com

Partners & Quotes

Fujitsu Research of America

“We are excited to join LG NOVA in the Partner Alliance Program to explore new collaboration opportunities with them. LG NOVA approach to innovation and the Partner Alliance Program is a meaningful way for organizations from across different market sectors to come together and innovate,” said Takuto Komatsuki, Senior Director at Fujitsu Research of America.

About Fujitsu Research of America

Fujitsu Research of America is focused on developing cutting-edge technologies to solve digital transformation (DX) challenges faced by its customers. Its vision is to build a sustainable world through innovation and trusted partnerships. At Fujitsu Research of America (FRA), we have a myriad of very talented people working in a variety of areas – AI with transparency and ethics, social digital twin, web 3.0 technologies, quantum algorithms, and much more.

About Hyundai CRADLE

Hyundai CRADLE for Human-centered Mobility Innovation

Hyundai CRADLE is Hyundai Motor’s corporate venturing and open innovation business, which partners and invests extensively in prominent global startups to accelerate the development of advanced future automotive technologies. CRADLE identifies newly established startups that focus, amongst others, on ‘Disruptive Innovations.’

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.

Visit www.ibm.com for more information.

Mayo Clinic Innovation Exchange

“We look forward to collaborating with the LG NOVA team to share our expertise in healthcare innovation and to explore new opportunities with startups seeking to improve patient care and health outcomes.” said Jennie Kung, Vice Chair of the Mayo Clinic Innovation Exchange.

About The Mayo Clinic Innovation Exchange

The Mayo Clinic Innovation Exchange is a dynamic platform designed to accelerate healthcare innovation and foster collaboration among the global healthcare community. Leveraging Mayo Clinic’s world-class expertise and resources, the Innovation Exchange bridges the gap between emerging technologies and clinical practice, research, and education to bring breakthrough innovations to market, all for one shared mission—to benefit patients.

Niantic

“We see a great opportunity for entirely new spatial experiences leveraging AI and our 3D map
technology, tools and services to come to the forefront in the near future. We’re glad to see the
LG NOVA Partner Alliance program launch, as it has the potential to lead us to greater
collaboration across the growing ecosystem,” said Maryam Sabour, Director of Business
Development and Strategic Partnerships Lead at Niantic. 

About Niantic

Niantic’s global-scale augmented reality platform and digital map power spatial computing experiences in the real world. Incubated out of the Maps team at Google, Niantic first created Ingress and then Pokémon GO, a collaboration with The Pokémon Company, which has become a cultural phenomenon and hit game played by tens of millions of people each month. Niantic’s maps platform, which powers Pokémon GO, also supports the company’s other games and applications including Pikmin Bloom, Peridot, Monster Hunter Now and Niantic Scaniverse. Niantic’s mapping, AR and mixed reality platforms, tools and services are used by thousands of developers around the world. 

West Virginia Department of Economic Development

“West Virginia’s Department of Economic Development is eager to collaborate with LG NOVA through the new Partner Alliance program,” said West Virginia Department of Economic Development Executive Director, Mike Graney. “We look forward to strengthening our relationship with LG and engaging with the businesses throughout West Virginia.”

About the West Virginia Department of Economic Development

There is no better place to build and grow a business in the Eastern United States than West Virginia. The West Virginia Department of Economic Development’s mission is to improve the quality of life for all West Virginians by strengthening our communities and expanding the state’s economy to create more and better jobs.

 

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SOURCE LG Electronics USA

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Behr Paint Company Hosts First Student Design Competition

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September 19, 2024

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Design students encouraged to enter for a chance to win $3,000, plus $1,000 for their design school

SANTA ANA, Calif., Sept. 19, 2024 /PRNewswire/ — Today, Behr Paint Company announces its first-ever BEHR® Student Design Competition in partnership with MattoBoard, a 3D virtual sampling platform for designers. The competition is open starting today, September 19, through November 10, 2024, for full-time or part-time emerging professional design students.* 

Behr Paint invites design students to submit an original design plan for any commercial space such as hospitality, workplace, healthcare, multifamily and more. The design theme, “No Clear Boundaries,” draws inspiration from the BEHR 2025 Commercial Color Forecast, which celebrates the fluidity between designed environments that reflect the intersection of the past and future, digital and physical, and timeless and modern. Entrants must incorporate colors from the BEHR 2025 Commercial Color Forecast in their design along with BEHR’s 2025 Color of the Year, Rumors, a deep and timeless shade of ruby red. 

The competition was created to champion emerging designers by providing specialized resources and opportunities to showcase and celebrate their talents. “As a judge of the BEHR Student Design Competition, I am excited to see how each student embraces color and design,” said Erika Woelfel, Vice President of Color & Creative Services at Behr Paint Company. “At Behr, we are committed to supporting the careers of the next generation of designers, and I look forward to seeing the students’ creativity shine through.”  

The judging panel will also include Guy Adam Ailion, Architect and CEO / Co-Founder of MattoBoard; Kayla Kratz, Director of Color & Designer Segment at Behr Paint Company; and Amber Jones, Director of Architect & Designer Strategic Initiatives at Behr Paint Company.

The winner of the 2024 BEHR Student Design Competition will be awarded a $3,000 cash prize and $1,000 for their design school. The runner-up will receive a $1,500 cash prize, and the second runner-up will receive a $500 cash prize. All winners will also receive a 1-year MattoBoard Pro Subscription to continue using the platform for their design needs. Winners will be announced in December 2024 and will be featured on BEHR’s and MattoBoard’s social channels, blog, and email.

To learn more about the 2024 BEHR Student Design Competition and how to enter, visit www.behr.com/designcompetition.

*NO PURCHASE NECESSARY. PURCHASE WILL NOT IMPROVE OPPORTUNITY TO WIN.
INTERNET AND MATTOBOARD ACCOUNT REQUIRED. Trade contest offered in the 50 U.S. & U.S. Territories (“U.S.”) to full/part-time emerging Design students at U.S. eligible Institution (see Rules) who are legal U.S. res., 18+. Ends 11:59 P.M. PT 11/10/24. See Official Rules at: www.behr.com/designcompetition for entry, judging criteria and limitations. Void where prohibited. Sponsor: Behr Process LLC.

About Behr Paint Company
Founded in 1947, Behr Paint Company is one of the largest manufacturers of paints, primers, decorative finishes, stains, surface preparation and application products for do-it-yourselfers and professionals in the United States, Canada, and Mexico. The Santa Ana, Calif.-based company, and maker of BEHR®, KILZ® and WHIZZ® brands, are dedicated to meeting the project needs of DIYers, designers and professional paint contractors with an unwavering commitment to quality, innovation, and value. For more information, visit Behr.com. Professional paint contractors and designers can visit Behr.com/Pro to learn about products, color tools and services. Behr Paint Company is a subsidiary of Masco Corporation (NYSE: MAS).

Behr and the Behr logo are registered trademarks of Behr Process LLC.

About MattoBoard
MattoBoard is the first virtual sample library (VSamples©) and 3D moodboarding tool for interior designers. Designers can search, discover, curate and specify interior materials and products in real-time using light and shadow to examine texture and detail. Designers can download and share beautiful, photo-realistic boards and material spec sheets. MattoBoard’s mission is to bring a ‘touch and feel’ industry into the future by pioneering virtual sampling for designers and brands.

Media Contact: behrpro@mbooth.com 

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SOURCE Behr Paint Company

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