With just weeks to go until COP26 takes place in the Scottish city of Glasgow, discussions about sustainability, the environment and net-zero goals are at the forefront of many people’s minds.
The stakes are high for the climate change summit, which will be hosted by the U.K. In a speech at the U.N. General Assembly last month, Prime Minister Boris Johnson described COP26 as “the turning point for humanity.”
“We must limit the rise in temperatures — whose appalling effects were visible even this summer — to 1.5 degrees,” Johnson said. “We must come together in a collective coming of age,” he added. “We must show we have the maturity and wisdom to act.”
Breaking things down, a broad range of topics will be addressed at COP26.
This image shows onshore wind turbines in the Netherlands.
Daniel Bosma | Moment | Getty Images
Discussions about adaptation to climate change and the mobilization of finance to achieve climate-related goals will take place, while a document outlining the summit’s aims says countries have been “asked to come forward with ambitious 2030 emissions reductions targets … that align with reaching net zero by the middle of the century.”
The ambitions of COP26 are lofty and getting all parties to agree on a common set of goals that will have a positive outcome for the planet represents a huge challenge.
Collaboration will be key in Glasgow, and the importance of working together was touched upon in some detail during a recent debate moderated by CNBC’s Steve Sedgwick.
“Right now, I think the climate crisis is one thing that really unites us around a common issue and a common issue that we must bring together,” Sanda Ojiambo, CEO and executive director of the United Nations Global Compact, said.
Consisting of over 14,000 businesses, the U.N. Global Compact describes itself as the planet’s “largest corporate sustainability initiative.” A voluntary scheme, it’s centered around 10 principles focused on human rights, labor, anti-corruption and the environment.
In addition, the Global Compact says it supports firms in taking “strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals, with an emphasis on collaboration and innovation.”
For her part, Ojiambo articulated how fostering a sense of unity was so important when it came to tackling the tough challenges related to the climate.
She said: “What excites me most … above and beyond the membership of the Global Compact, is the clarity of the fact that to address the climate crisis you do need partnership between government, between the private sector, civil society. And it really does have to be a multi-stakeholder, multilateral response.”
It was put to Ojiambo that getting companies to come to an accord on such a wide range of issues must be a difficult task.
“We don’t really ask for alignment across a whole host of issues,” she said. “What we do say at the Global Compact is embrace the 10 principles as being fundamental for responsible business.”
“But in terms of the Sustainable Development Goals, it’s really a question of materiality,” she said, going on to stress the importance of having a laser focus on specific challenges.
“If you’re sitting in an extractive industry, what is more material to you is certainly very different from if you’re in the banking industry, or in the hospitality industry,” she said.
“So it then becomes a matter of materiality, and where you need to prioritize and have the most impact.”
“But if I go to the fundamentals … we believe that embracing the principles that we have on human rights, labor, the environment and anti-corruption just make for better business.”
Businesses taking action is one thing but, as noted above, a variety of stakeholders will need to work together when it comes to ensuring efforts to tackle climate change are effective and long-term.
For Adair Turner, who is chairman of the Energy Transitions Commission, a shift does seem to be taking place.
“The good news is that, really, over the last two years, there has been a positive ambition loop … a self-reinforcing cycle between what governments are saying and what the private sector is saying,” he said.
“You’ve had private sector companies increasingly realizing that with the technologies available, they can commit to get to net zero emissions by mid-century,” he added.
“That [is] giving governments confidence that they can set that target and that [is] making it non-negotiable for businesses to then come in line with that target.”
If you haven’t noticed, Genesis is quickly making a name for itself in the US. The luxury automaker now has 60 sales outlets as it expands into new US states. With new EVs launching, Genesis is eyeing a bigger share of the US luxury market.
Hyundai Motor Group’s Genesis brand is quietly emerging as a powerhouse in the US luxury market. Genesis marked its entry into the luxury segment in 2008 as a Hyundai-branded model.
In 2015, Hyundai announced Genesis would become an independent luxury brand. Since launching its first vehicle in the US, the luxury brand’s sales have surged from 7,000 in 2016 to over 69,000 last year. It even outsold Nissan’s Infiniti.
According to Genesis, this is just the start. The Korean luxury brand wants an even bigger slice of the market as it eyes rivals like Porsche.
A big reason behind the brand’s confidence is its new lineup of stylishly electric models. Genesis sells three EVs in the US: The GV60, Electrified G80, and Electrified GV70.
After introducing the Electrified GV70 just last year, the electric SUV is already Genesis’ top-selling EV in the US. According to Kelley Blue Book, Genesis sold 2,343 electric GV70 models in the US through September.
Genesis eyes a bigger share of the US luxury market
Altogether, the luxury brand’s EV sales reached over 4,600 through the first nine months of 2024, topping Porsche (4,291) and Volvo (3,644).
Genesis made a statement at the LA Auto Show, unveiling the updated 2026 Electrified GV70. The luxury electric SUV now includes more range and an NACS port so drivers can charge at Tesla Superchargers. It will go on sale in the first half of 2025.
Meanwhile, Genesis showcased its new GV60 Magma Concept at the event, its first dedicated high-performance EV. The brand sees its Magma performance brand rivaling that of Geman luxury brands like Mercedes AMG, BMW M, and Audi RS.
The Genesis GV60 Magma EV will launch next year, spearheading the brand’s “expansion into the realm of high-performance vehicles.”
Genesis enhanced the battery and motor while fine-tuning the chassis, thermodynamics, and profile for more power and efficiency.
It also features an aggressive new design, sitting much lower and wider than the current GV60 model. Genesis added a Magma-exclusive sound system to give it a sports car-like feel in the cockpit.
In April, we got our first look at the G80 EV Magma concept, which could be a potential challenger to Tesla’s Model S Plaid and the Porsche Taycan GT Turbo.
The luxury brand is expected to launch its flagship electric three-row SUV next year, the GV90. Genesis previewed the ultra-luxury EV in March after unveiling the Neolun concept.
Genesis now has 60 sales bases in the US, with new stores in Washington, Minnesota, New York, and Florida. It’s also building 30 in Canada as it expands its presence in the North American luxury market.
The luxury brand is opening a new dedicated design center in California. The “Genesis Design California” will open in the first half of 2025 as it builds out its US network.
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A rumor spreading like wildfire on social media claims BYD will be taking over NIO (NYSE: NIO) as the EV giant gobbles up market share in China. The rumor was posted by a suspected BYD employee, but NIO is denying the claim.
BYD acquiring NIO would be a massive move as China’s leading EV maker continues to dominate the market. But that’s not going to happen.
According to CnEVPost, NIO’s assistant vice president for branding and communications, Ma Lin, denied the rumors that BYD is taking over the company on Friday.
Ma posted a screenshot on social media asking BYD’s general manager of branding and PR, Li Yunfei if the person who posted the fake rumor was an employee.
Earlier today, the suspected employee claimed BYD and NIO were setting up a joint venture. In a Weibo post, the suspect said BYD would have majority control of the partnership with a 51% share while NIO would get the remaining 49% ownership.
Ma told Li that if it was, in fact, a BYD employee, he needed to issue an official clarification and apologize. If not, they can get the police involved together. Li also denied the rumors, saying the claim was seriously untrue.
NIO denies rumors that BYD is taking over the company
This is not the first time rumors surfaced that BYD will be taking over NIO, but because it is a suspected employee, the post has garnered more attention.
BYD is on a major hiring spree as it ramps up production to meet the higher demand. The EV giant now has over 900,000 employees, making it by far the largest A-share listed company in China.
After selling over 500,000 vehicles for the first time in a single month in October, BYD’s surge is heating up as the EV giant expands overseas for growth.
October was BYD’s fifth consecutive record sales month as it closes in on auto leaders like Ford in global deliveries.
NIO is also gaining momentum, with sales topping the 20,000 mark for the sixth straight month in October. With output of its new lower-priced Onvo L60 electric SUV ramping up, NIO expects to continue seeing higher demand.
Ma said on Friday that NIO’s “recent situation is quite good.” The company’s head of PR added, “Cash flow turned positive in the third quarter, gross profit improved in October, earning an extra RMB 100 million, and Onvo (deliveries) will exceed 10,000 in December.”
NIO is launching its third brand, Firefly, with deliveries kicking off in the first half of 2025. The company expects sales to double next year as it works to become profitable by 2026.
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Hyundai Motors is recalling 145,235 EVs and other “electrified” vehicles in the US, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
The NHTSA announced this morning that the recall affects selected IONIQ 5 and IONIQ 6 EVs, as well as certain luxury Genesis models, including the GV60, GV70, and G80 electrified variants, from the 2022-2025 model years, Reuters reported.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
If you’re an owner of one of these Hyundai models dating 2022-2025, stay tuned. Hyundai has not yet provided a timeline as to when affected vehicles will be repaired.
To make that happen, the company’s dealers will inspect and replace the charging unit and its fuse if necessary, NHTSA said. Free of charge, of course.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US, Hyundai reported.
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