In a credibility-destroying move, the Science Based Targets initiative (SBTi) have decided to allow companies to count offsets towards reducing their scope 3 emissions.
"They found that banks in the Glasgow Financial Alliance for Net Zero ([#GFANZ)] did not increase interest rates on loans to companies with high carbon #emissions.
But a BloombergNEF research report showed that banks in the alliance deployed a much greater percentage of their finance into #CleanEnergy than banks that weren’t in the alliance."
“Our results cast doubt on the efficacy of voluntary climate commitments for reducing financed emissions," they wrote
"The extreme weather. The melting glaciers. The weirdly warm oceans. They’re all the product of global warming, which is being driven by the release of the three most important heat-trapping gases: carbon dioxide, methane and nitrous oxide.
And according to a new study from the National Oceanic and Atmospheric Administration, emissions of those three greenhouse gases continued to surge last year to historic highs."
I love @jimcarroll's newsletter... although the environmentalist in me cringed at the private-jet-eclipse-picnic he noted here. #emissions#climate#jets
Previously China expected that its energy #emissions would peak in 2030, but revised forecasts are now indicating that this could happen as early as 2024, 5-6 years ahead of target.” (2/2)
EU carbon market emissions fall record 15.5% as renewable power soars
"Carbon dioxide emissions regulated under the European Union's emissions trading system (#ETS) fell by a record 15.5% in 2023 as renewable power output soared, the European Commission said on Wednesday.
Around 45% of the European Union's output of greenhouse gases is regulated by the #EU ETS.
The power sector saw a 24% drop in #emissions compared with 2022 levels."
"The preliminary 2023 data shows that “ETS #emissions are now around 47% below 2005 levels and well on track to achieve the 2030 target of -62%,” the Commission said.
The #ETS regulated about 45 percent of the bloc's total greenhouse gas emissions in 2023, covering energy-intensive industries, power plants and some flights within #Europe. The scheme, which charges a price for licenses to pollute, expanded in 2024 to also cover #shipping emissions. "
"A mere 57 oil, gas, coal and #cement producers are directly linked to 80% of the world’s greenhouse gas #emissions since the 2016 Paris climate agreement, a study has shown.
This powerful cohort of state-controlled corporations and shareholder-owned multinationals are the leading drivers of the #climate crisis
The most striking trend, however, was the surging growth of emissions related to state and state-owned producers, particularly in the Asian #coal sector."
Nations Are Undercounting Emissions, Putting UN Goals at Risk
"Because of lax rules, national inventories reported to the United Nations grossly underestimate many countries’ greenhouse gas #emissions.
By one recent count, national emissions inventories total just 70 percent of the actual additions to the air, as calculated using remote sensing and model analysis. The remaining 30 percent are unaccounted for.
Instead of acknowledging the harmful effects of their products and committing to swift and deep reductions in global warming #emissions, many of the world's largest fossil fuel companies have knowingly deceived the public about the #ClimateScience and policy—and they continue to do so today.” https://bird.makeup/users/jvipondmd/statuses/1774816042906431579
Another big jump in atmospheric CO₂ at Mauna Loa!
Based on daily values, the March average was 425.3-425.4 ppm, that's 4.3-4.4 ppm higher than last year. Very unusual. Could still be partly due to El Niño. #CO2#emissions#climatechange
"Combined with separate Environmental Protection Agency rules restricting other pollutants from #HeavyTrucks, the slate of rules — for model years 2027 through 2032 — are meant to address both carbon #emissions that drive climate change and the soot and smog that directly harms human health.
The oil industry has vowed to challenge the rules in court."
"The new rules, which take effect for model years 2027 through 2032, will avoid up to 1 billion tons of greenhouse gas #emissions over the next three decades and provide $13 billion in net benefits in the form of fewer hospital visits, lost work days and deaths, the EPA said."
But upgrading to an e-truck will be hard for independent owner-operators.
There are big long-term savings, but Uncle Same needs to help with financing the upfront cost.
This report makes some business-as-usual assumptions. E.g.
"Growth".
And they forget that 40% of global shipping is of fossil fuels.
And that countries like the US are re-shoring industries (see CHIPS act).
Together, we still have choices.
Let's make the right choices: on our plates, what we buy, whom we vote for.