UtilityWire’s Post

Current NDCs are not just falling short on ambition, but also on the details of how governments plan to drive investment in clean technologies and actively replace the fossil fuel system and infrastructure. A new report from We Mean Business Coalition underlines how ambitious NDCs can drive accelerated private sector investment in the transition to a clean and nature-positive economy. The report calls on countries and businesses to work together to propose their NDCs and plans, which should reduce emissions in line with science. More importantly they should offer enough clarity for companies to invest confidently. To this end, the plans should include targets to phase out unabated fossil fuels and replace with more renewable energy and energy efficiency, and halt and reverse deforestation. María Mendiluce's latest article for Forbes explores what we need from the next set of country climate plans 👇 https://lnkd.in/eEusKXbe

Among highlights of #ClimateWeek one is particularly worth of attention for those interested in concrete actions: Global-To-Do List with seven climate actions across key sectors and systems. For example: No 6 Buy clean: already seen and further encouraged in governments, businesses and investors who set climate considerations as a pre-qualification criteria for their contracting, purchase and investment decisions. Or No 7 Taxes on oil and gas companies called for to fund the transition. There are however other ways to finance green transition and #sustainable development goals such as #greenfinance and investment in regions where there is a significant funding gap, moving subsidies now disbursed to fossil fuels industries to green energy, boosting human capital and education to make the investment make the change in practice. In the meantime, statistics show that green investment in 2023 actually decreased. Another year will soon close, and the global public will again scrutinize the advancement of ambitious climate goals. The Global To-Do List translated into specific regional and sectoral actions may help to get on track. https://lnkd.in/dvAkNKQf

🌍 The path to 2030 and beyond Tougher climate targets and socio-economic concerns. #EU #ClimateAction #Decarbonization This FT article resonates deeply with the themes of my latest blog post on the global energy transition. 🔴 The European Union is grappling with significant hurdles as it strives to meet its 2030 climate targets, with an eye on setting an even more ambitious goal for 2040. Current efforts are falling short, with member states grappling with socio-economic impacts and internal resistance against aggressive green policies. 🌱 Despite these challenges, there's an understanding that we need to push forward. As Spain’s deputy prime minister emphasized, "We need to work much more." This mirrors the global struggle, where economic and energy realities often collide with environmental ambitions. 💡 This situation brings to light the complex dynamics between maintaining socio-economic stability and pursuing aggressive climate goals — a balance that is crucial but hard to achieve. I definitely hear similar sentiments on U.S. sides in the recent months as well. 🔗 My recent blog discusses how similar challenges impact the global natural gas and LNG markets, emphasizing the role of transitional fuels in achieving our climate objectives. #EnergyTransition #NaturalGas #LNG #Sustainability 🌍🔥

Yesterday Future Matters launched their groundbreaking report on #EU climate policy priorities. The report identified 8 priority policies, with the first being support of results-based climate funds, like the Green Impact Funds For Transformation. This is a model that targets support for transformative change in #LMICs, using an economically impactful model. The basic idea is to maximize the value of climate finance by allocating subsidies through competitive auctions in discrete areas of technology: renewable energy, biochar, and enhanced rock weathering are the leading opportunities. I strongly commend the Future Matters report, available at https://lnkd.in/gpuMNfPW You can find more details about how to implement a results-based climate fund at https://greenimpactfund.de. Watch this space for updates.

Without substantial changes in investment and policy, we will never get to our climate goals 🎯 The climate agenda faces significant challenges that aren’t purely environmental. A report from the European Climate Neutrality Observatory (ECNO) urges a strong policy push to redirect financial flows and support the EU’s climate efforts. 🔺 In 2022, there was a climate investment gap of €406 billion, which meant that 50% of the funding to meet climate goals was missing. Without a turnaround in financing, the EU’s climate transition efforts will fail. 🔺 Natural carbon sinks are diminishing, worsening the situation. Europe urgently needs sustainable forest practices, including restoration and reforestation, to enhance CO2 removal. 🔺 Despite all the above, fossil fuel subsidies tripled from 2021 to 2022, reaching €190 billion. The money could have been used for clean technologies and the green-energy transition, but alas. Plus, most EU countries haven’t even yet set a deadline to phase out fossil fuel subsidies and lack definitive timelines for energy transition. ECNO indicates there is only one way to reach the EU’s climate goals by 2030. We can reduce net GHG emissions by accelerating investments in critical areas. These are energy-efficient building renovations, electric heat pumps, wind and solar power expansion, electricity grid enhancement, public transport, and zero-emissions vehicles and infrastructure. At Voltcore we are doing our best to contribute innovation in these areas and make the world greener. The European Climate Law has set an emissions reduction rate of at least 55% by 2030. EU countries must either buckle down now or face the unavoidable by burning the midnight oil later. #heating #greentech #energytech #sustainability #netzero #climatepolicy #esg

Germany's 2030 Climate Goals: A Beacon of Hope and Determination Germany's progress towards its ambitious 2030 climate targets brings a wave of optimism and a clear demonstration of effective climate action. The Federal Government, with Economics and Climate Action Minister Robert Habeck at the helm, has confirmed that Germany is on track to meet its goal of reducing greenhouse gas emissions by 65% compared to 1990 levels, according to the latest projections from the German Environment Agency (UBA). This milestone is not just a number but a testament to Germany's steadfast commitment to a sustainable future. With plans to achieve climate neutrality by 2045 and to source at least 80% of electricity from renewable energies by 2030, Germany is setting a global standard for environmental stewardship and the energy transition. As professionals in sustainability, renewable energy, and environmental policy, let's take inspiration from Germany's progress and engage in collaborative, innovative solutions to overcome obstacles in our respective sectors and communities. https://lnkd.in/dSD4AhUf #ClimateAction #Sustainability #RenewableEnergy #Germany2030 #EnvironmentalPolicy

🌊The ocean is full of climate solutions, but investing in carbon capture and sequestration (CCS) in connection with enhanced oil recovery is *not* how we will tackle the climate crisis. A new Oil Change International report shows that’s just what’s happening. Consider this: 🚩An IPCC 2022 report ranked CCS among the costliest and least effective options for reducing emissions. 🚩Capturing and storing CO2 from air is 50 times more expensive than planting trees per ton of CO2 taken up. 🚩CCS funding often ends up subsidizing more fossil fuel extraction. The Congressional Budget Office noted that 13 of the 15 existing CCS projects in the US are used to assist in extracting more oil, a trend that is likely to continue. 🚩The buildout of CCS infrastructure presents serious health, safety, and environmental risks, particularly to communities that are already overburdened by industrial hazards. 🚩Over 70% of carbon capture projects worldwide are used for a process known as “Enhanced Oil Recovery”–essentially using the pressure of injected CO2 to increase oil yield of existing wells. US leaders must recognize that offshore CCS can be costly, risky, and potentially deadly to communities that are already burdened by the environmental and health impacts of fossil fuel infrastructure. Federal climate investments must be directed towards rapid decarbonization and should not be used to increase fossil fuel extraction or increase risk and environmental burden to frontline communities. #OceanClimateAction https://lnkd.in/e2RcUPGf

Two Sessions: What it means for China’s climate policy in 2024 China’s most important political meetings show balancing act between economic growth and emissions control. 🔎 Learn more: https://loom.ly/H_aP34s #TwoSessions #Climate #Policy #china #TwinSessions #Energy #Renewables #Climate #ClimateAction

Important research from Hannah Grant and Bill Hare at Climate Analytics with UNSW Australian Human Rights Institute, highlighting the true contribution of Australia to climate change as the world's third largest exporter of fossil fuels. I say 'true contribution' because under the UNFCCC's accounting methods, Australia only accounts for its domestic emissions and on this basis casts itself as one of the world's smaller greenhouse gas emitters. This report shows that Australia's fossil fuels have a very large global impact. Australia, as a developed state, is obliged under article 4.4 of the Paris Agreement to 'take the lead' by undertaking economy-wide absolute emission reduction targets. In my view, Australia can only fulfil this leadership position if it phases down fossil fuel extraction and consumption. #climatechange #fossilfuels

The recent elections' results signal a challenging time ahead for global climate initiatives. With Trump's victory, the US will likely withdraw from the Paris Agreement and make climate action less of a priority at the federal level. The onus now lies heavily on corporations to step up. Businesses can make a difference by focusing on innovation, sustainability initiatives, and ambitious net-zero goals. As governments lag behind, corporate leaders need to step-up to commit to reducing emissions, using renewable energy, and promoting environmental efforts. #ClimateChange #Sustainability #CorporateResponsibility #NetZero #ParisAgreement #EnvironmentalLeadership #GreenBusiness