EU pledges €20mn to Brazil's Amazon fund
The EU has signed a letter of intent with Brazil's Bndes development bank to donate €20mn ($21.7mn) to the Amazon fund as part of broader efforts by Europe to support sustainable development in Brazil.
The fund is the world's largest to use the REDD+ framework, which aims to reduce emissions from deforestation and forest degradation and promote sustainable forest management. It has R3.9bn under management and has supported 114 projects to date.
The European Investment Bank also agreed to finance €300mn in Brazilian energy transition, green economy and digital transition projects under "very favorable" conditions, it said.
The Amazon fund resumed operations last year, after suspending operations for four years during the government of former President Jair Bolsonaro. It attracted R726mn ($130mn) in 2023.
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Trump vows to target 'green' spending, EV rules
Trump vows to target 'green' spending, EV rules
Washington, 19 July (Argus) — Former president Donald Trump promised to redirect US green energy spending to other projects, throw out electric vehicle (EV) rules and increase drilling, in a speech Thursday night formally accepting the Republican presidential nomination. Trump's acceptance speech, delivered at the Republican National Convention, offered the clearest hints yet at his potential plans for dismantling the Inflation Reduction Act and the 2021 bipartisan infrastructure law. Without explicitly naming the two laws, Trump said he would claw back unspent funds for the "Green New Scam," a shorthand he has used in the past to criticize spending on wind, solar, EVs, energy infrastructure and climate resilience. "All of the trillions of dollars that are sitting there not yet spent, we will redirect that money for important projects like roads, bridges, dams, and we will not allow it to be spent on the meaningless Green New Scam ideas," Trump said during the final night of the convention in Milwaukee, Wisconsin. Trump and his campaign have yet to clearly detail their plans for the two laws, which collectively provide hundreds of billions of dollars worth of federal tax credits and direct spending for renewable energy, EVs, clean hydrogen, carbon capture, sustainable aviation fuel, biofuels, nuclear and advanced manufacturing. Repealing those programs outright could be politically difficult because a majority of spending from the two laws have flowed to districts represented by Republican lawmakers. The speech was Trump's first public remarks since he was grazed by a bullet in an assassination attempt on 13 July. Trump used the shooting to call for the country to unite, but he repeatedly slipped back into the divisive rhetoric of his campaign and his grievances against President Joe Biden, who he claimed was the worst president in US history. Trump vowed to "end the electric vehicle mandate" on the first day of his administration, in an apparent reference to tailpipe rules that are expected to result in about 54pc of new cars and trucks sales being battery-only EVs by model year 2032. Trump also said that unless automakers put their manufacturing facilities in the US, he would put tariffs of 100-200pc on imported vehicles. To tackle inflation, Trump said he would bring down interest rates, which are controlled by the US Federal Reserve, an agency that historically acts independently from the White House. Trump also said he would bring down prices for energy through a policy of "drill, baby, drill" and cutting regulations. Trump also vowed to pursue tax cuts, tariffs and the "largest deportation in history," all of which independent economists say would add to inflation. The Republican convention unfolded as Biden, who is isolating after testing positive for Covid-19, faces a growing chorus of top Democratic lawmakers pressuring him to drop out of the presidential race. Democrats plan to select their presidential nominee during an early virtual roll-call vote or at the Democratic National Convention on 19-22 August. By Chris Knigh t Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Urgent action needed for UK to hit net zero goals: CCC
Urgent action needed for UK to hit net zero goals: CCC
London, 18 July (Argus) — The UK increased the rate at which it reduced greenhouse gas (GHG) emissions last year, but "urgent action" is needed for the country to meet its targets in 2030 and beyond, independent advisory body Climate Change Committee (CCC) said in its progress report published today. The report assesses the UK's progress towards its net zero goals against policy set out by the previous Conservative government. The new Labour government, which has been in power since 5 July, has already set the scene for a stronger decarbonisation agenda , but it "will have to act fast to hit the country's commitments", the report says. The committee tracked progress on 28 key indicators. Of the 22 that have a benchmark or target, only five are assessed as being "on track". The UK's GHG emissions last year stood at 393mn t/CO2 equivalent (CO2e), down on the year by 5.4pc, or 22mn t/CO2e, provisional data show. This estimate excludes contributions from international aviation and shipping, as these are not included in the UK's 2030 target of a 68pc cut in GHG emissions from a 1990 baseline. And last year's reduced emissions resulted primarily from a drop in gas demand, the CCC says. Combined gas demand in 2023 averaged 156mn m³/d, down from nearly 175mn m³/d a year earlier. While progress has been made, the previous administration "signalled a slowing of pace and reversed or delayed key policies", the report says. The reduction in emissions last year is "roughly in line with the annual pace of change needed" to reach the 2030 target, but the average annual rate over the previous seven years is "insufficient", the committee says. The new government has placed strong focus on decarbonising electricity in its first days in office, but this is "not enough on its own", CCC acting chief executive James Richardson said. The average annual rate of GHG reduction outside the electricity supply sector over the previous seven years was 6.3mn t/CO2e, but this will need to more than double until 2030 if the UK is to meet its targets, the CCC says. In order to reach targets, "annual offshore wind installations must increase by at least three times, onshore wind installations will need to double and solar installations must increase by five times" by 2030. By comparison, oil and gas use should be "rapidly" reduced and the expansion of the production of fossil fuels should be limited, according to the report. The CCC also recommended that about 10pc of UK homes will need to be heated by a heat pump by 2030, in comparison with about 1pc today. The committee criticised the exemption of 20pc of properties from the 2035 phase-out gas boiler plan, saying it is "unclear" how the exemption would reduce costs as fewer consumers would have to pay to maintain the distribution grid. Gas-fired power generation in recent months has dropped on the back of high wind output and brisk power imports. Power-sector gas burn was 25mn m³/d in March-June, roughly half of the three-year average for the period. But if UK power demand increases with electrification, gas-fired power generation could maintain its role in the country's power mix, particularly if it is combined with carbon capture, use and storage technology, for which fast development and scale-up will need to happen this decade, the CCC says. "Biases" towards the use of natural gas or hydrogen must be removed where electrification is the most economical decarbonisation solution in an industry sector. Power prices need to be reduced "to a level that incentivises industrial electrification". Oil, gas industry to meet climate goals The UK's oil and gas sector "is on track to meet its own climate goals and is not slowing down", offshore industries association OEUK said today in reaction to the CCC's report. The UK needs a plan for reducing oil and gas demand and cutting its reliance on imports, according to OEUK chief executive David Whitehouse. "We should be prioritising our homegrown energy production," he said. The sector reduced its emissions by 24pc in 2022 from 2018, meaning it met its target to reduce emissions by 10pc by 2025 early. The industry halved its flaring and venting and cut methane emissions by 45pc in 2022 compared with 2018, Whitehouse said. OEUK plans to reduce emissions by a quarter by 2027 and by half by 2030 against 2018 levels. And it aims to achieve net zero by 2050. By Georgia Gratton and Jana Cervinkova Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Urgent action needed for UK to hit net zero goals: CCC
Urgent action needed for UK to hit net zero goals: CCC
London, 17 July (Argus) — The UK increased the rate of reduction in its greenhouse gas (GHG) emissions in 2023, but "urgent action" is needed if the country is to hit its targets in 2030 and beyond, the independent advisory Climate Change Committee (CCC) found today. The report assessed the UK's progress towards its net zero goals against policy set out by the previous Conservative government. The new Labour government, which has been in power since 5 July, has already set the scene for a stronger decarbonisation agenda . But it "will have to act fast to hit the country's commitments", the CCC said. The committee tracked progress on 28 key indicators. Of the 22 that have a benchmark or target, just five are assessed as "on track". The UK's GHG emissions stood at 393mn t/CO2 equivalent (CO2e) in 2023, down by 5.4pc, or 22mn t/CO2e, on the year, provisional data show. This estimate excludes contributions from international aviation and shipping, as these are not included in the UK's 2030 target of a 68pc cut in GHG emissions, from a 1990 baseline. The UK's GHG emissions including the country's share of international aviation and shipping were 423.3mn t/CO2e in 2023, preliminary data show, 49.5pc lower than in 1990. The drop in GHGs has largely been driven by the decrease in coal-fired power generation over that time span. Although progress has been made, the previous administration "signalled a slowing of pace and reversed or delayed key policies", the CCC noted. The reduction in GHG emissions in 2023 is "roughly in line with the annual pace of change needed" to hit the 2030 target, but the average annual rate over the previous seven years is "insufficient", the committee added. The UK's 2030 emissions reduction goal is the first in line with reaching net zero by 2050. The new government has placed strong focus on decarbonising electricity in its first days in office, but this is "not enough on its own", CCC acting chief executive James Richardson said. The average annual rate of GHG reduction outside the electricity supply sector over the previous seven years was 6.3mn t/CO2e, but this will need to more than double to 2030 if the UK is to meet its targets, the CCC found. The committee found that in order to reach targets, "annual offshore wind installations must increase by at least three times, onshore wind installations will need to double and solar installations must increase by five times" by 2030, while oil and gas use should be "rapidly" reduced. The CCC also recommended that around 10pc of UK homes will need to be heated by a heat pump by 2030, in comparison to approximately 1pc today. And the market share of new electric cars needs to increase to "nearly 100pc" by 2030, from a current share of 16.5pc. Labour pledged in its manifesto to restore the 2030 phase-out date for sales of new gasoline or diesel-fuelled cars, while it has set ambitious targets for renewable energy installations and pledged zero-carbon power by 2030. It has also committed to no new oil, gas or coal licences. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Climate finance goal is top priority: Cop 29 president
Climate finance goal is top priority: Cop 29 president
London, 17 July (Argus) — Addressing and aiming to finalise a new climate finance goal will be the "centrepiece" of the UN Cop 29 climate summit, the event's president, Mukhtar Babayev said today. Cop 29 is scheduled to take place in Baku, Azerbaijan, on 11-22 November. Babayev — officially Cop president-designate until the summit begins — is the country's ecology and natural resources minister. The Cop 29 presidency's "top negotiating priority is agreeing a fair and ambitious" new climate finance goal — known as the new collective quantified goal (NCQG) — Babayev wrote in a letter to countries and other stakeholders. He had previously been clear that finance will be a key topic at Cop 29. The NCQG represents the next stage of the $100bn/yr of climate finance that developed countries agreed to deliver to developing countries over 2020-25. But much is still up for discussion and must be finalised at Cop 29, including the amounts involved and timeframe. Babayev noted "disagreements", flagging that "the politically complex issues will not be solved by negotiators alone". The Cop 29 presidency has appointed Egyptian environment minister Yasmine Fouad and Danish climate minister Dan Jorgensen to lead consultations on the NCQG, Babayev said today. Announcements on ministerial pairs for other issues are expected in September, he said. "Adopting the NCQG will be a pivotal moment for whether parties can make progress on the means of implementation and support, and the Paris Agreement more broadly", Babayev said. Climate finance needs a "substantial increase", and the presidency "will spare no efforts to act as a bridge between the developed and developing nations", he added. Babayev also called for more financial pledges to the loss and damage fund , which countries agreed at Cop 27 to establish, to address the unavoidable effects of climate change in vulnerable countries. He encouraged all countries to submit national climate plans — known as nationally determined contributions (NDCs) — aligned with the Paris agreement, which seeks to limit the rise in global temperature to "well below" 2°C above pre-industrial levels, and preferably to 1.5°C. "The Cop 29 presidency will lead by example", Babayev said. Azerbaijan and its "Troika" partners, Cop 28 host the UAE and Cop 30 host Brazil, are working on 1.5°C-aligned NDCs, he said. The Article 6 mechanism of the Paris agreement, which relates to international carbon trading, will also be a priority at Cop 29, Babayev said. The presidency "is committed to finalising the operationalisation of Article 6 this year", he added. Cop 28 ended without a deal on Article 6, but "in recent months… there was clear will to advance work" on the topic, Babayev said. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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