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US climate policy is lacking: Government report

  • : Biofuels, Coal, Crude oil, Electricity, Emissions, Hydrogen, Metals, Natural gas, Oil products, Petrochemicals
  • 23/11/14

Every region of the US is already feeling the effects of climate change but policymakers are still not doing enough to reduce greenhouse gas (GHG) emissions, according to a new report from US government scientists.

The fifth National Climate Assessment, a congressionally mandated report released around every five years, is the product of 14 federal agencies and hundreds of authors. It offers largely similar conclusions as prior iterations, namely that fossil fuel use is the primary driver of global warming, though the authors note that recent scientific advances allow for more certainty around future projections.

"This assessment shows us in clear scientific terms that climate change is impacting all regions, all sectors of the United States," US president Joe Biden said today. "Not just some, all."

The US now experiences a $1bn weather disaster about every three weeks, compared with once every four months during the 1980s, and is set to warm more on average than the rest of the world as global temperatures continue rising, the report says.

Regional impacts vary. Heightened drought risks in the western US endanger hydropower generation for instance, while sea level rise is projected to be greatest along the US Gulf Coast, threatening much of the country's crude oil production and refining capacity.

US GHG emissions fell by 12pc from 2005-2019, largely because of declining coal-fired generation, but meeting the country's Paris climate agreement commitments and achieving net-zero emissions by 2050 will require emissions to decline by more than 6pc/yr on average. Recent policies like the federal Inflation Reduction Act's clean energy tax credits and new state-level mitigation efforts have helped, but much more action is needed, according to the report.

Existing policies "remain woefully insufficient and incremental," said Kristina Dahl, a report contributor and principal climate scientist at the Union of Concerned Scientists.

Some solutions are already cost-effective, such as building more wind and solar capacity and electrifying more vehicles and heating systems. Less proven technologies like carbon capture may help, according to the report, which also expresses cautious optimism about the voluntary carbon offset market's potential role helping companies meet their climate targets.

The country's exact path to net-zero is still hazy, however, given uncertainty around the role of natural gas-fired generation in a renewables-dominant grid and the extent to which biofuels and hydrogen will help decarbonize sectors that are difficult to electrify. The report notes that most available modeling of a net-zero US involves "substantial" reliance on carbon removals, although it is unclear what strategies, which range from reforestation to industrial direct air capture, will be available at scale.

Though the researchers make clear that the risks of climate change are far greater, the energy transition creates its own risks too. The report notes the high likelihood of rising power demand as more sectors electrify, requiring more investments in energy infrastructure, and the threat of "near-term shortages" of metals and minerals crucial for zero-carbon technologies.


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24/11/15

Cop: Climate summits need reform, former UN chief says

Cop: Climate summits need reform, former UN chief says

Singapore, 15 November (Argus) — Climate advocates including former UN secretary general Ban Ki Moon today submitted an open letter to the UN calling for a reform of the Cop climate change summit as it has failed to deliver change at the speed and scale required. Signatories also include former executive secretary of the UN climate body the UNFCCC Christiana Figueres, and former president of Ireland Mary Robinson. They suggested excluding countries that do not support the "phase-out/transition away" from fossil fuel energy. The president of Cop 29 host country Azerbaijan Ilham Aliyev drew criticism after stating earlier this week that oil and gas is a "gift of god" . Several media organisations reported earlier today that the letter mentioned the Cop system was not "fit for purpose". The phrase is not included the latest version. "It has become clear that constructive, supportive ideas developed some time ago on the international climate negotiations have been misinterpreted in today's context," Figueres said. She added that the Cop process was an essential and irreplaceable vehicle for supporting the change that is urgently needed. Other suggestions from the signatories include streamlining Cop summits for speed and scale. "We need a shift from negotiation to implementation, enabling the Cop to deliver on agreed commitments and ensure the urgent energy transition and phase-out of fossil energy," stated the letter, whose signatories also The Cop process should also be strengthened with mechanisms to enforce accountability, such as enhanced reporting and benchmarking, independent scientific oversight and transparent tracking of pledges and action. The letter also pointed out that a record number of 2,456 fossil fuel lobbyists were allowed to attend Cop 28, almost four times more than Cop 27. "The fact that there were far more fossil fuel lobbyists than official representatives from scientific institutions, indigenous communities and vulnerable nations reflects a systemic imbalance in Cop representation." Other concerns include the necessity for more robust tracking of climate financing as well as climate Cops not sufficiently integrating latest scientific evidence. There is no permanent scientific advisory body that is a formal part of the Cop structure. This year's Cop has been plagued by diplomatic issues and poorer attendance by heads of state, including from G7 countries, compared with previous years. Papua New Guinea prime minister James Marape pulled out of Cop 29 just before the summit and has sent a streamlined delegation this year, complaining about the lack of global commitment, especially from "large industrial countries" to rainforest conservation. French energy minister Agnes Pannier-Rauncher on 13 November cancelled her planned visit to the summit, because of what she called host Azerbaijan's "unacceptable remarks" on France and Europe. French negotiating teams will work as usual at the conference, but this week marked the first time that the French president was not represented in high-level meetings since the Cop 21 conference in Paris in 2015. Argentina also on 13 November withdrew its delegation from the summit, with the country's foreign affairs ministry confirming that the delegation had been told to leave the event. No reason was given for this, but it was in line with the general policies of president Javier Milei, who has expressed skepticism about climate change. Cop 29 lead negotiator Yalchin Rafiyev on 15 November acknowledged that "the multilateral process is under pressure" and faces "challenges and external complexities" but said the presidency considers Cop 29 a "litmus test for the global climate architecture". "Parties have to come together," he said. By Prethika Nair and Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Adv Fame marine blend premiums to fossil hit year lows


24/11/15
24/11/15

Adv Fame marine blend premiums to fossil hit year lows

London, 15 November (Argus) — The premiums of advanced fatty acid methyl ester (Fame) 0 ARA marine biodiesel blends to fossil fuel counterparts were marked at 2024 lows on 14 November, according to Argus assessments. Calculated B30 Advanced Fame 0 dob ARA prices fell by $31.54/t to $623.25/t, the lowest since March 2023. Calculated B100 Advanced Fame 0 dob ARA values tumbled by $102.77/t to just over $820/t, their lowest since 22 November last year. Consequently, the outright premium held by the B30 blend against very-low sulphur fuel oil (VLSFO) dob ARA narrowed by $30.54/t on the day to $123.25/t on 14 November — its narrowest since 29 December 2023. B100 held a $158.52/t premium to marine gasoil (MGO) dob ARA, down by $106.77/t on the day and its lowest premium this year. EU emissions trading system (ETS) prices were assessed at $71.79/t on 14 November. Accounting for EU ETS costs on the same day, ETS-inclusive premiums held by Advanced Fame blends against their fossil counterparts hit their lowest since the introduction of EU ETS into maritime at the turn of the year. B30 Advanced Fame 0's ETS-incorporated premium against VLSFO narrowed by $31.27/t to $96.11/t on the day to 14 November. B100 Advanced Fame 0's premium against MGO dropped by $109.28/t to $66.45/t when ETS costs were accounted for. Advanced Fame marine biodiesel blend values declined with thin spot demand owing to a shift in voluntary demand east of Suez. As a result, containerships seeking to deliver proof of sustainability (PoS) documentation to their customers, to offset the latter's scope 3 emissions, shifted their marine biodiesel demand to Singapore when feasible. PoS can be obtained on a mass-balance system, allowing shipowners flexibility with regards to the port at which a blend can be bunkered. Lacklustre demand for the blends was complimented by soaring values for Dutch renewable tickets. The calculated Advanced Fame dob ARA range prices incorporate a deduction for HBE-Gs. These are a class of Dutch renewable fuels units, or HBEs, used by companies that bring liquid or gaseous fossil fuels into general circulation and are obligated to pay excise duty/energy tax on fuels. Dutch renewable HBE-G tickets were marked at €22/GJ on 14 November, their highest since Argus assessments began. Soaring HBE-G values were attributed](https://direct.argusmedia.com/newsandanalysis/article/2628738) to gains in European hydrotreated vegetable oil (HVO) prices, tight supply because of a decline in tickets from biofuels used in shipping and less overall biofuel blending in the fourth quarter. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Parties back battery storage, grids and H2 pledges


24/11/15
24/11/15

Cop: Parties back battery storage, grids and H2 pledges

Baku, 15 November (Argus) — Parties including the US, the UK, Germany, Brazil, the UAE and Saudi Arabia on Friday endorsed pledges on energy storage and grids, and low-carbon hydrogen put forward earlier this year by the UN Cop 29 summit presidency. The pledges aim to increase battery storage capacity six-fold by 2030, from 2022 levels, and enhance energy grids, as well as unlock the potential for a global market for low-carbon hydrogen and its derivatives. It is unclear how many countries have endorsed the pledges so far. Some government representatives, international energy agencies and private sector firms showed their support today to the Cop pledge aiming to enhance grid capacity through a global deployment goal of adding or refurbishing 25mn km of grids by 2030. The commitment also recognises the need "to add or refurbish an additional 65mn km by 2040 to align with net-zero emissions by 2050". "Achieving the grid's target would require the build-up rate to increase by double," energy think-tank Ember said today, adding that the 1,500GW storage goal can be exceeded "significantly". The battery storage goal is in line with what the IEA said is needed to meet the goal of tripling renewable energy capacity by 2030, while maintaining energy security. The commitment was taken last year during Cop 28 in Dubai. The IEA expects that most projects will be located in China and developed economies. Delegates called for national targets for energy storage and power grids as well as for more energy connectivity and trade to be able to decarbonise countries faster and to support regional energy cooperation. "Cross-border energy in Asia Pacific remains mainly in bilateral contracts," said a representative from the region. Parties highlighted the urgency to accelerate energy investment, with the International Renewable Energy Agency (Irena) calling for a new finance goal for developing countries — currently under negotiations — that reflects the need of financing these nations need to accelerate their clean energy expansion. Clean energy investments in emerging and developing countries outside China have risen to $320bn in 2024, according to the IEA. But a representative from Egypt pointing out that over $1 trillion per year is needed for these countries' transition. Saudi Arabia supported both of the pledges, while reiterating that natural gas storage and carbon and capture storage was needed to be able to guarantee stable energy with less emissions. US energy secretary Jennifer Granholm said that the battery storage and grid pledges at the summit will set the tone at next week's G20 where she hopes countries set a similar target. By Jacqueline Echevarria Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Oil firms commit $500mn to energy access: Update


24/11/15
24/11/15

Cop: Oil firms commit $500mn to energy access: Update

Updates throughout Baku, 15 November (Argus) — European oil firms TotalEnergies, BP, Shell and Equinor today announced a $500mn joint investment commitment "over the coming years" for universal energy access in sub-Saharan Africa and south and southeast Asia. The firms will jointly invest in a broad range of solutions, including solar home systems, mini/metro grids, clean cooking solutions, and enabling technologies such as e-mobility, energy storage and management solutions, TotalEnergies said. The investment is in support of the UN sustainable development goal 7, which aims for universal access to sustainable, affordable and reliable energy by 2030. The timeline for the investment is unclear. "A global private equity firm with a strong track record in impact investing, has been selected to manage the joint investment," the firms said. Investments in clean energy need to rise to around $4.5 trillion/yr by 2030 to be in line with an IEA scenario compatible with a 1.5°C temperature rise above pre-industrial levels, the lower limit under the Paris Agreement. The Paris climate accord seeks to limit global warming to "well below" 2°C above the pre-industrial average and preferably to 1.5°C. Developing countries alone could require up to $1 trillion/yr by 2030 and $1.3 trillion/yr by 2035 . TotalEnergies reported a profit of $22bn in 2023, while Shell and BP posted profits of $20.3bn and $13.8bn, respectively. Equinor made a profit of $11.9bn in 2023 . The announcement was made as the UN Cop 29 climate summit is taking place in Baku, Azerbaijan. The Cop 29 presidency signalled earlier this year that it was working on a $1bn climate fund , capitalised by fossil fuel-producing countries and companies. The fund is due to be a public-private partnership, with "concessional and grant-based support to rapidly address the consequences of natural disasters" in developing countries, Cop 29 president and Azeri ecology and natural resources minister Mukhtar Babayev said earlier this year. But the presidency has yet to announce progress on the plans, although finance announcements are typically expected to land during the summit's 'Finance day', which was yesterday. Cop 29 lead negotiator Yalchin Rafiyev said today that the presidency "received interest in the fund" and that it has not been delayed. By Bachar Halabi and Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: Granholm calls for more efforts if US quits Paris


24/11/15
24/11/15

Cop: Granholm calls for more efforts if US quits Paris

New York, 15 November (Argus) — Countries at the UN Cop 29 climate summit in Baku, Azerbaijan, need to double down their efforts to fight climate change even if the US withdraws from the Paris Agreement, US energy secretary Jennifer Granholm said. Granholm pointed out that seven years ago, when the US government abandoned international cooperation on climate, the international stage stepped forward to lead climate efforts. US states and cities also stepped up to fill the void left by the absence of federal policy, she told delegates at a high-level meeting. "Climate has never been only about the US, it has been about all of us", adding that no other country should think about pulling out of the Paris accord. Granholm highlighted that the country's policies to support the clean energy economy will ensure that investment in clean energy technologies will continue in the US. Her comments were in line with US climate advisor John Podesta's earlier this week . "We are keeping the US climate movement alive by taking every action available thanks to a strategy that lays the foundation for decades of climate and clean energy progress that will continue to grow faster than ever before." she said. The US is projected to add more than 60GW of clean energy in 2024, more than twice the amount achieved in a previous year, according to Granholm. She added that the US has invested over $1.5 trillion in clean technologies and infrastructure as a result of this industrial strategy. With businesses and consumers investing $6 for every dollar of federal investment. By Jacqueline Echevarria Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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