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Reaching Climate Neutrality for the Hamburg Economy by 2040

image of Reaching Climate Neutrality for the Hamburg Economy by 2040

Reaching climate neutrality requires economic transformations of unprecedented scale and speed. Immediate action from the business community can avoid unnecessary costs, create wellbeing co-benefits and prepare local businesses with a better competitive position in the future climate neutral economy. This report shows what reaching climate neutrality by 2040 means for Hamburg businesses and identifies key actions they need to undertake. It provides insights where the Hamburg economy and its businesses stand on the way to climate neutrality and on their needs to advance, drawing on a business survey. The study also shares insights from action plans of selected comparison cities. It points to cross-sector as well as to sector-specific challenges and opportunities for Hamburg businesses. This includes making better use of low-cost renewables, addressing energy efficiency in buildings as well as challenges and opportunities in activities in and around the port and in industry. It highlights Hamburg's potential as a hydrogen hub as well as the need to adopt circular economy practices. It illustrates that a regional and business perspective are necessary to achieve climate neutrality in prosperity, requiring individual and collective business action.

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The circular economy as a driver for climate neutrality

Chapter 4 first argues that moving towards a circular economy can effectively contribute to achieving climate neutrality in the business sector and shows the role of the business sector in the transition. The chapter then analyses current and planned circular economy initiatives led by the Department of Environment, Climate, Energy and Agriculture of the City of Hamburg (BUKEA). It provides an international literature review on the role of the business sector in promoting the circular economy, highlighting the main barriers to implementation. The chapter concludes by illustrating how the City of Hamburg and the Hamburg Chamber of Commerce can promote the circular economy through new business models.

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