BlackRock’s decision to divest from coal, as the world's largest asset manager with a long shareholder history of voting against climate action, sends a powerful signal. By mid-2020 BlackRock’s $1.8tn of actively managed funds will divest from any firm generating more than 25% of revenue from thermal coal. Further reviews of sectors heavily reliant on thermal coal will also take place. Tim Buckley, Tom Sanzillo and Melissa Brown at IEEFA welcome … [Read more...]
U.S. Presidential Election: for the first time, climate is a top priority
Another climate action “first” this year will be the 2020 U.S. Presidential election. Never before has climate change featured as a top priority for American politicians and voters, says Arnault Barichella writing for the IFRI Centre for Energy & Climate. It’s thanks to the growing evidence of human-caused global warming in collision with a current President who calls it all a hoax and has been rolling back the regulations of his predecessor. … [Read more...]
Can emissions trading work without Article 6 of the Paris Agreement?
Article 6 of the Paris Agreement creates the framework for mechanisms that will allow nations and sub-national actors to trade emissions. Executed correctly, it must raise ambitions and reduce total emissions. It must also ensure there is transparent and accurate accounting for emissions, with no double-counting. It made little progress at December’s COP25. This was partly due to some countries “insisting on accounting loopholes”, writes Isabella … [Read more...]
Gas infrastructure leaks methane: fix it, or accelerate to clean energy
Natural gas, because it’s low-carbon, is being used as a bridge fuel away from the old fossil fuel world. But there are two main problems. The infrastructure leaks methane (the main component of the gas) which is 25 times more potent than CO2 over a 100-year period (and 86 times over a 20-year period!). And, crucially, nobody is properly measuring those leaks. That means policy makers are growing the gas mix without knowing by how much it’s … [Read more...]
Is Germany’s emissions drop thanks to the EU ETS, not Berlin?
The good news is that 2019 saw a big decrease in Germany’s emissions, meaning a 35% reduction since 1990. It was only 30.8% by 2018, so the acceleration was thanks to a sharp drop in coal use. But emissions rose in transport and buildings, making the 2020 target of 40% more daunting. Add to that the slump in wind installations (permit problems) and the planned nuclear exit by 2022 (will more fossil fuels be needed to fill that big gap?), … [Read more...]
Don’t wait for international agreements. Sector-wide action can accelerate the Transition
December’s COP25 in Madrid showed how difficult it is proving to get agreement between nations on how to ramp up the deep decarbonisation the world needs. David Victor at the University of California, San Diego, writing for Rocky Mountain Institute, accepts that international consensus is never going to be easy. Instead, he recommends that individual sectors take control of their destiny. His co-authored report “Accelerating The Low Carbon … [Read more...]
Peak Energy by 2030: Efficiency gains will make the Transition affordable
We can’t afford the energy transition? Next time you hear that from someone, perhaps you can show them this. Sverre Alvik at DNV GL explains that, according to their latest Energy Transition Outlook, although annual global energy expenditure will have to increase from $4.6tn in 2017 to $5.5tn in 2050, its share of growing world GDP will almost halve from 3.6% to 1.9%. That’s because continuing energy efficiency gains are making sure that total … [Read more...]
Most “sector leader” German DAX firms will miss the Paris target
By how much would the earth warm up by 2050 if every company were to operate as emissions-intensively as yours does today? It’s a fascinating way to measure whether you are doing enough, or whether you are leaving the hard work to someone else. The fintech "right. based on science" has created a model that tries to answer these questions. They have used it on the 30 companies listed on the German DAX index by calculating the future emissions of … [Read more...]
How will we pay for the European Green Deal?
The European Green Deal (EGD), announced on December 11th, sets a 2050 target to make the continent become the first to achieve carbon neutrality. It’s a long-term plan – not yet law – to re-design all EU instruments and includes 50 specific policy initiatives. But nobody yet knows how much money is needed, who will pay (or lend) it, and who will get it. So tense discussions will now begin between the likely payers (such as Germany, the … [Read more...]
The coalition for an EU-ETS carbon price floor is reaching critical mass
The EU Emission Trading Scheme (EU-ETS) is bound to play a major role for ratcheting up climate policies in both the EU and its member states. After a prolonged period of low prices that questioned the ETS’s viability, the recent price run upwards in the wake of a major reform has sparked confidence that from now on “everything goes in the right direction”. But this confidence is misguided and ignores major risks for the scheme, argue Michael … [Read more...]
COP25: the “easy wins” are coming to an end. What now?
Lola Vallejo at IDDRI says the impressive wins we’ve seen so far in clean electrification are merely the easy “low hanging fruit”. Other big sectors like transport, buildings and industry have barely started to transition. As COP 25 convenes in Madrid this week, the world will want to know what promises will be made - via each country’s self-imposed enhanced Nationally Determined Contributions (NDCs) - to meet the Paris goals, because the current … [Read more...]
Fossil fuel politics is changing: Big Oil, automakers split on Trump lowering standards
Cara Daggett at Virginia Tech has noticed a positive change in corporate support for the Transition. In the past, Big Oil and automakers would have opposed any limits to business-as-usual. But today, major oil companies, including BP and Royal Dutch Shell, are opposing U.S. President Trump’s intention to further deregulate methane emissions. That’s because they’ve invested heavily in natural gas as a bridge fuel for a clean future, which would … [Read more...]
Grid switchgear uses SF6, the world’s most potent greenhouse gas. How do we regulate it?
Sulphur Hexafluoride (SF6) is described as the world’s worst greenhouse gas. It’s 23,500 times more potent than CO2. Global annual emissions are 8,100 tonnes, equivalent to the CO2 emissions of 100m cars. It has an atmospheric lifetime of over 1,000 years and its installed base is expected to grow by 75% by 2030. 80% of all SF6 is used in gas insulated switchgear, a vital component of the grid (isolating and protecting different sections), so … [Read more...]
Decarbonising industry: how much policy-driven adoption is needed to let the market take over
Decarbonising industry is one of the world’s greatest challenges. The costs, today, are huge and therefore the technology adoption required has hardly started. But several technologies already exist. Gbemi Oluleye at Imperial College (UK) explains the first step is to measure the market size for each sub-sector, then estimate how much policy-driven adoption is required to achieve the cost reductions that make the change viable. After that, no … [Read more...]
Behaviour Change: measuring complex mobility options to make cities smarter
How do you factor future behaviour change into transport, housing, workplace and energy infrastructure planning? Clearly, future plans based on past behaviour will end up being wrong. And metrics that tell us which behaviour is most efficient can point us in better directions. We won’t find the answer until we start measuring it. That’s why the National Renewable Energy Laboratory (NREL) is leading a collaboration of U.S. government and academia … [Read more...]
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