Ecocem cements carbon cuts
Founded by Donal O’Riain, Ecocem has been making eco-friendly cement since 2003 with a by-product from the steel industry that releases 32kg of carbon dioxide per tonne compared with the 600kg-800kg created by traditional means.
Susan McGarry, managing director of Ecocem Ireland, says that in the past five years it has pivoted from making cement to providing the technology to big suppliers in the industry. It partnered with Vinci, a French construction giant, to launch its own low-carbon cement called Exegy, which will be used in the building of Société du Grand Paris, an extension of the city’s metro.
This year the company received a €22.5 million investment from Breakthrough Energy Ventures, founded by Bill Gates.
Electric aircraft are no flight of fancy for Avolon
Dublin-based aircraft lessor Avolon has pledged to bring the aviation industry closer to becoming carbon neutral, and taken the first step by signing a lease in June for 500 of Vertical Aerospace’s electric aircraft, worth $2 billion (€1.7 billion).
The VA-X4 is an electric VTOL aircraft with a top speed of 200mph that is used for short trips. Since signing the deal, Avolon has placed 250 aircraft in Brazil and up to 100 in Japan. Through the deal Avolon has become an equity investor in the company alongside Microsoft M12, Rolls-Royce and American Airlines. Vertical was founded in 2016 by Belfast man Stephen Fitzpatrick, who previously founded the UK energy supplier Ovo.
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This week, Domhnal Slattery, chief executive of Avolon, has been named as an adviser to publicly listed Vertical, in a move that the company says restates its commitment to zero-emissions aircraft.
Kerry Group takes bull by horns on emissions
Earlier this year Kerry Group laid out its ambition to become a net-zero emissions business before 2050. It aims to reduce emissions by 55 per cent by 2030, use 100 per cent renewable electricity by 2025 and cut water intensity during the production process by 15 per cent.
It has already made some positive movements towards its goals, with €282 million invested in research and development of sustainable food technology last year and a 17 per cent reduction in emissions it produces and indirectly purchases.
“Achieving [these aims] is not straightforward. It is driven by a deep desire to make a difference for people, for communities and for our planet and requires significant skills, expertise and technologies,” Edmond Scanlon, Kerry Group chief executive, says.
Smurfit Kappa has sustainability wrapped up
In a world where packaging is on the rise thanks to an increase in online deliveries, Smurfit Kappa is positioning itself as king.
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Its “smart packaging solutions” use six million tonnes of recycled material each year, according to Tony Smurfit. The company has also invested in improving energy efficiency within its factories moving from fossil fuels to bio-based energy. Its Nettingsdorf Paper Mill factory in Austria has undergone a €132 million investment, including a boiler that uses carbon dioxide-neutral biofuel and cuts emissions by two thirds.
Earlier this year, the company also raised €1 billion in green bonds to support its sustainable investment business.
AIB commits to green lending
When it comes to the world of banking, AIB has pledged that 70 per cent of all new lending will be “green” by 2030, according to its chief executive Colin Hunt. The bank has doubled its Climate Action fund to €10 billion to support the transition to a low-carbon economy.
Its green bonds — the first issued by an Irish bank — have raised €1.75 billion over the past year, with Hunt saying the bank is “creating a virtuous circle of green finance” benefiting its customers.
This week the European Investment Bank and Avant Money said they would support €75 million of green investment for Irish homeowners to help reduce energy bills and emissions.