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.
Reaching climate neutrality in freight and industry
The port of Hamburg has taken a leading role in reaching climate neutrality by 2040. This chapter shows that Hamburg's strategic location can turn it into a major climate-neutral transport centre, building on its strong rail infrastructure. In this way Hamburg can deliver climate-neutral transport services client businesses need throughout Western and Central Europe quickly and at low cost. This includes harnessing its potential for a hydrogen hub. The transition to zero-emission fuels for international shipping therefore needs to be prepared now. This will raise costs by 2030 on account of initially higher fuel production cost and needed investment in zero-emission shipping, but an energy-saving fuel mix may help keep longer-term costs and trade flow impacts modest. Maximising the use of rail would deliver benefits beyond Hamburg. It requires addressing railway infrastructure bottlenecks and digitalization. Quick major steps towards electrified road transport are also needed, with electric charging infrastructure and continued efforts to improve logistics. Hamburg can play an important role in delivering imported green hydrogen and hydrogen-derived products, via pipelines or ships, to serve demand in local industry and shipping as well as in neighbouring industrial regions.
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