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Corporates in Europe spent €124 billion in low carbon infrastructure in 2019, according to a new report published by CDP and Oliver Wyman.

The report suggests firms in the bloc double their investments in low carbon infrastructure to reach the region’s 2050 net-zero target.

The 882 stock listed firms invested €59 billion in climate-friendly solutions and €65 billion in new research and development projects.

The majority of investments made in R&D were in electric vehicles (€43 billion), renewable energy (€16 billion), energy and grid infrastructure (€15 billion) and demand response (€8 billion).

Other key study findings include:

  • By doubling investments, EU companies can avoid 2.4 gigatons of carbon emissions – more than the annual emissions of the UK, Germany, France, Italy and Portugal combined.
  • There is €1.22 trillion in business opportunities for the low carbon industry.
  • Over €9 out of every €10 reported spending on low carbon was by transport, energy and materials companies.

Steven Tebbe, managing director of CDP Europe, said: “For industries where decarbonisation is more challenging, there is a serious need for financial markets and policymakers to create better conditions for low carbon investment and deliver stronger incentives to drive investment into breakthrough technologies, where capital expenditure is often high and returns long-term.”

The full Doubling Down report is available for download here.

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