Announcing the new initiative at its 50th annual meeting here, the World Economic Forum said batteries will be a major driver in reducing the carbon footprint of the transport and power sectors through the use of electric vehicles and renewable energy.
Implementing commitments will be based on existing standards such as the Organisation for Economic Co-operation and Development (OECD)’s Due Diligence Guidance and economically viable considerations for a circular and low carbon economy.
At the Annual Meeting 2020, 42 organisations, including businesses from mining, chemicals, battery, automotive and energy industries, representing annual revenue of close to a trillion dollars, along with global NGOs, agreed on the 10 guiding principles.
They include maximising the productivity of batteries, enabling a safe second life use, ensuring progressive reduction of greenhouse gas emissions, prioritising energy efficiency measures and increasing the use of renewable energy.
Other principles are fostering battery-enabled renewable energy integration, high quality job creation and skills development, eliminating child and forced labour, protecting public health and environment and supporting responsible trade and anti-corruption practices, local value creation and economic diversification.
“We all need batteries to power the clean revolution. However, we must ensure violations of human rights do not occur anywhere in the value chain, that local communities benefit and that battery production is sustainable,” said Dominic Waughray, Managing Director, World Economic Forum.
Organisations supporting the realisation of a battery value chain that meets these principles include AB Volvo, African Development Bank, Amara Raja Batteries, Analog Devices, Audi, BASF, BMW, Groupe Renault, Honda, The World Bank Group, Trafigura, UNICEF and Vokswagen.
To realise the full ambition of these principles, the Global Battery Alliance is actively seeking the endorsement of additional organizations to ensure full participation throughout the battery value chain.
Amara Raja CEO Vijayanand Kumar Samudrala said his company is fully committed to support the transition to a carbon neutral energy footprint across the globe and recognises that advanced battery technologies have a critical role to play to enable and accelerate this transition.