Is replacing coal with renewables too expensive? No, itâs the opposite, explain Tobias Adrian at the International Monetary Fund, Patrick Bolton at Imperial College London and Alissa Kleinnijenhuis at the Oxford Martin School who summarise their paper. When the social benefits are added, the net gain globally is around $78tn under a conservative estimate. Thatâs equal to 1.2% of current world GDP every year until 2100 â these are real economic … [Read more...]
Will price caps on Russian oil work? Three experts debate
Whatever the G7 does, the objective is to cut revenues flowing into Russia, not oil flowing out. And whatever the sanctions, getting compliance from neutral and pro-Russian countries will need a strong positive incentive. Hence the idea of a price cap which would keep prices low. Here, three experts â Edward Fishman and Brian OâToole at the Atlantic Council, and Mark Mozur at S&P Global Commodity Insights (with background by Atlantic … [Read more...]
Rotterdamâs World Hydrogen 2022 Summit & Exhibition: 3,000+ attendees, 120+ businesses, 9-11 May
The World Hydrogen 2022 Summit & Exhibition will open its doors to over 3,500 industry professionals on 9-11 May in Rotterdam where more than 120 leading hydrogen companies will be showcasing their technologies, applications and solutions at the cityâs largest arena, the Rotterdam Ahoy. The anticipated meeting is the first large-scale hydrogen-focused event to take place following the pandemic in Rotterdam, a city recognised for its advances … [Read more...]
EU Taxonomy: labelling Gas âgreenâ is a gift to Putin
Many of todayâs clean energy technologies were given their first boost in the wake of the 1973 oil crisis, explains William Todts at T&E. He now hopes the current confrontation between NATO and Russia over Ukraine will shake up and deepen Europeâs commitment to the energy transition. But entirely the wrong signal was sent over the New Year, says Todts. He describes the European Commissionâs inclusion of gas in the EU Taxonomy for sustainable … [Read more...]
Imagine itâs 2030 and net-zero is on track. How did we do it?
Imagine itâs 2030. The energy transition is on track and net-zero goals are entrenched across the global economy. How did we get there? Tim Buckley at IEEFA imagines it for us and sends us a postcard from the future. Writing in the past tense, he flags actual events and policies happening today to ârememberâ the major changes that took place to achieve it. Weather-related disasters compelled governments to act, recognising â apart from the … [Read more...]
COP26 and the Glasgow Pact: a summary of achievements, and shortfalls
Experts from around the world summarise their reaction to the outcomes of this yearâs UN climate summit, COP26, including the Glasgow Climate Pact agreed by all 197 countries attending the talks. Each expert covers their area of interest: overall targets, greenhouse gas emissions, fossil fuel finance, nature conservation, transportation, cities and buildings, energy sector transitions, science and innovation, and gender equality. The overall … [Read more...]
Climate Finance: the loopholes that are causing greenwashing
How do you know when an investment is truly âgreenâ? Whether companies and fund managers monitor themselves or are externally policed, the correct rules need to be identified. And then it gets harder. Clearly defining and then measuring carbon footprints is a bigger challenge, explains Meredith Fowlie at UC Berkeleyâs Energy Institute at Haas. She draws parallels with food nutrition labelling rules. But whereas counting the calories in a food … [Read more...]
Next German governmentâs climate and energy plans: what will Olaf Scholz do?
Olaf Scholz led Germany's Social Democrats (SPD) to an unexpected win in the 2021 elections held in September. He now needs to finalise a coalition with the Green Party and the pro-business FDP before forming a government and becoming chancellor. Like his predecessor Angela Merkel, Scholz has said he wants to become a "climate chancellor". Kerstine Appunn and Benjamin Wehrmann at Clean Energy Wire try to understand what his climate and energy … [Read more...]
Green Finance standards: the EU Taxonomy and Chinaâs âCatalogueâ
The EU Taxonomy was published in June 2020. It is the first official document to define and classify what is a truly sustainable economic activity in Europe. Six months later Chinaâs regulators published their own version, a new edition of the China Green Bond Endorsed Project Catalogue (the Catalogue). Both documents will act as important standards for green finance institutions and investors in Europe and China. They are intended to improve … [Read more...]
EU-India cooperation: how to tap the large potential for climate action
India is the worldâs fifth largest economy, the second most populous, and over the next few decades is expected to see energy demand grow more than any other country. Ritu Ahuja and Mekhala Sastry at TERI, Abhishek Kaushik at the Centre for Global Environment Research, and Alexandra Deprez and Lola Vallejo at IDDRI look at Indiaâs challenges and which areas show the most potential for partnership with the EU. They focus on five themes: energy, … [Read more...]
“China and Europe – Energy Efficiency, the foundation of our net-zero future” [EVENT highlights and VIDEO]
We present the videos of the third of our three, 4-session workshops on the opportunities for European energy solutions providers to take part in Chinaâs energy transition, held on April 13th and 14th 2021. In this workshop the theme was efficiency, with special reference to finance, buildings, heating and cooling, and smart solutions. Both regions need to go beyond the efficiency "easy wins" so we take a close look at what Europe can offer as … [Read more...]
EU Taxonomy: 5 principles for avoiding unintended consequences
The EU Taxonomy is a classification system that defines a list of environmentally sustainable economic activities. If your activity is on the list you should see green finance flow your way. Hence the heated debate over what is âgreenâ. Itâs of vital interest to sectors like gas and nuclear (itâs green compared to the coal it replaces) as it will have a major effect on the cost of capital and therefore the future of the sector. Indeed, any … [Read more...]
Will Germanyâs âEEGâ energy law amendments make renewable targets harder to meet?
Germanyâs Renewable Energy Sources Act (Erneuerbare-Energien-Gesetz/EEG), now 20 years old, is under discussion as a new amendment is supposed to come into force on January 1st 2021. Simon Göss at Energy Brainpool takes a detailed look at the highlights, including the new and higher targets, the financial role of municipalities, clean electricity subsidies, and solar and wind tender volumes. He explains there has been serious criticism of the … [Read more...]
Will Saudi Arabia build the worldâs largest green hydrogen and ammonia plant?
The Gulf is already a major producer and consumer of hydrogen, mainly for fertilisers and specialty chemicals. Like most hydrogen produced globally, it is the âgreyâ kind made from hydrocarbons. But the regionâs low renewable power costs and abundance of land give it the key components for the industrial scale production of green hydrogen. So in July, the Saudi model city of Neom (Neom means ânew futureâ) and ACWA Power signed a joint venture … [Read more...]
UKâs COP26 Presidency will be the first big test of its post-Brexit diplomatic skills
Novemberâs COP26 will arguably be the most important since the Paris Climate Agreement of 2015. By then, all signatory nations are required to submit their new and improved nationally determined contributions (NDCs) that set a credible pathway towards reducing their emissions. So far only the Marshall Islands, Suriname, and Norway have done so. Lucien Chabason and Lola Vallejo at IDDRI ask whether the UK teams behind their new COP26 President, … [Read more...]
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