Last month, climate scientists warned that temperatures continue to increase and global warming will exceed 2 degrees Celsius unless countries double down on limiting global warming. This follows from the IPCC report last year finding that absent immediate, rapid and large-scale reductions in greenhouse gas emissions, limiting global warming to 1.5 degrees Celsius or even 2 degrees Celsius will be beyond reach, and this would result in unprecedented consequences – so the stakes have never been higher. Since the Paris accord was signed in 2015, we have achieved a lot, but we are still falling short of where we need to be to avoid irreversible damages.
Climate change is a global issue and as a global company driving the adoption of more sustainable transportation, we feel propelled to lead by example and play our role in reducing global warming. That’s why we have committed to Net Zero emissions by 2030. Our plan is to not only account for all emissions emitted from our buildings and internal operations, but also take into account our footprint throughout the full value chain of our products. While this may seem like an ambitious target for a six year old company, sustainability is in our DNA and we want to lead by example to help the world limit the impacts of global warming in time.
According to the International Energy Agency (IEA) and the International Council on Clean Transportation (ICCT), transport accounts for about 23% of energy related global carbon emissions, 45% of which come from passenger vehicles. These emissions, in-line with the IPCC report, must be reduced by 45% by 2030 to limit the global temperature to 1.5°C.
We have witnessed years of increasing climate challenges. Last year, global greenhouse gas emissions bounced to their highest level in history. We are seeing the increased severity of natural disasters like Hurricane Ida in the US, the floods in Europe and major heat waves all around the world. It is clear that leaders and institutions can no longer stand by idle as these problems escalate.
At Wallbox we follow these challenges closely. We aspire to become a global leader in our sector, and we recognize and embrace the responsibility that comes with being part of the solution. That is why in 2021 we launched some of our most cutting-edge hardware and innovative energy management features to date, and partnered with companies like ride hailing giant, Uber, to help drive sustainability at scale. In 2021, we released our public charger, Supernova, which drastically reduces the total cost of ownership of public charging infrastructure, as well as Sirius, our proprietary smart energy management software to empower companies to maximize the use of renewable energy. We believe electrifying transportation is one of the most important levers to combat climate change, not only because it accounts for 23% of total energy related carbon dioxide emissions, but because it opens up more possibilities to use renewable energy in our daily lives. Beyond solving for the EV charging infrastructure, we are committed to transforming how energy is stored, shared, and consumed to facilitate the adoption of green sources at scale at homes and businesses worldwide.
In 2021, we also switched the packaging for all our chargers to fully recyclable materials, constructed our new buildings in Barcelona following circular economy and cradle-to-cradle principles, and continued assessing our product lifecycle to identify how we can eliminate negative impacts throughout the value chain.
We are now taking our commitment to making our value chain more sustainable even further with the introduction of a new ESG strategy that includes an aggressive goal of Net Zero GHG emissions by 2030, 20 years ahead of the Paris Agreement.
There has never been a more pertinent time to commit to Net Zero. An effective energy transition will help prevent further buildup of climate risks and reduce catastrophic climate change. For businesses, it would also bring new opportunities for growth. Decarbonization opens up possibilities for low-emission products and services and we are embracing them for growth opportunities. While our targets are ambitious we are confident we can achieve them and lead by example in the transition to a more sustainable future.
By Enric Asunción
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s goal to achieve Net Zero greenhouse gas emissions by 2030, its three phase plan to achieve that goal, its plan to offset residual emissions only where it cannot reduce greenhouse gas emissions any further through other means and its intentions regarding the Global Compact and US’s Sustainable Development Goals. . In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “goal,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “predict,” “potential,” “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; energy and fuel prices; technological innovations; legislative and regulatory changes; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control to perform; the compliance of various third parties with Wallbox’s policies and procedures and legal requirements; risks related to Wallbox’s technology, intellectual property and infrastructure; Wallbox’s ability to successfully implement various initiatives throughout our company and full value chain under expected time frames; Wallbox’s ability to gather and verify data regarding environmental impacts and emissions; risks related to the Russia-Ukraine War, and other important factors discussed under the caption “Risk Factors” in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.