Bloomberg reports that Formula One's race to go green has already started to pay off in a significant reduction in polluting exhaust.
Since 2018, the race car brand's carbon pollution has gone down 26%. In a July statement, F1 proclaimed it's halfway to the finish line of its minimum 50% emission reduction goal. Keeping up this pace can make its Net Zero by 2030 commitment feasible.
The company's carbon reduction goes beyond the racetrack, as it's part of a broad sustainability strategy. So far, the organization has reduced staff and freight travel with the expansion of remote operations. F1 has also adjusted freight containers for more efficient flight transport and transitioned to 100% renewable energy in offices.
Per Bloomberg, the league has reduced carbon output in factories and facilities by 59% since 2018.
Next year, F1 will make changes to cars by including hybrid engines that operate on advanced sustainable fuel.
"It's the culmination of a lot of work," Ellen Jones, head of environmental, social, and governance at F1, said.
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Formula One's electric races, concerts, and interactive fan zones entertain fans globally. It has managed to keep up its various operations while taking steps to help the planet. As F1 and NASCAR announce and support their cool-looking electric vehicles, it may encourage fans to make their next cars EVs.
Less carbon pollution means F1 fans, drivers, and staff have better conditions to navigate in. For example, working in an office powered by 100% green energy means improved air quality. Such air further translates to better health and reduced sick days.
As more companies transition toward cleaner energy, there is less need for diesel, gasoline, and other dirty fuels. Therefore, such investments are a financial liability, and the numbers already show that. A report by the International Energy Agency states that electricity sector investment should reach $1.5 trillion in 2025, which is 50% higher than the amount spent on dirty energy sources such as coal.
In addition to financial gain from clean energy investments, a focused transition to sustainable energy also creates more jobs. For example, Ferrari is building a solar energy plant that will also serve the local community.
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Greenwashing controversies have been among the ups and downs in the global renewable energy transition. It doesn't change the fact that a clean economy makes economic and health sense.
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