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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India 2024-25 budget waives duties on critical minerals
India 2024-25 budget waives duties on critical minerals
Mumbai, 23 July (Argus) — India will reduce or remove custom duties for 25 critical minerals and blister copper but the government is maintaining its tax on copper scrap. A full list of the 25 critical minerals was not announced but India's finance minister Nirmala Sitharaman said in her 2024-25 fiscal year budget speech today that lithium, copper, cobalt and rare earths are crucial for sectors like nuclear energy, renewable energy, space, defence, telecommunications and high-tech electronics. Out of the 25 critical minerals to be exempt from the custom duties, 23 will be fully exempt and two will have their duty cut. The Indian government is also launching a critical mineral mission aimed at strengthening the supply chain for essential minerals. This is to encourage the private and public sectors to boost their long-term competitiveness. Customs duties on precious metals like gold and silver have been reduced to 6pc, while platinum is cut to 6.4pc. India has waived the 2.5pc basic customs duty on ferro-nickel to enhance the domestic production cost efficiency of stainless steel, with it currently import dependent to meet domestic demand. The concessional customs duty on copper scrap remains at 2.5pc, while the duty on blister copper has been reduced to zero from its previous 2.5pc. This adjustment aims to support the copper industry by reducing imports. The government has continued the zero custom duty on ferrous scrap and nickel cathode in a bid to support to achieving net-zero carbon emissions. A carbon market will be set up for India's hard-to-abate steel and cement sector, Sitharaman said. The government is working towards launching a domestic compliance carbon market by the end of this year to ensure firms keep to their greenhouse emissions intensity targets, the Carbon Markets Association of India told Argus in May. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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.
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