Category: net zero



  • Top banks in the United States and around the world have made a show of embracing net-zero emissions pledges, portraying themselves as allies in the fight against the global climate emergency.

    But a new analysis published Tuesday by a group of NGOs makes clear that the world’s leading financial institutions—including major Wall Street banks such as Citigroup, JPMorgan Chase, and Bank of America—are still pumping money into fossil fuel expansion, bolstering the industry that is primarily responsible for worsening climate chaos.

    According to the report, 56 of the largest banks in the Net-Zero Banking Alliance (NZBA)—a coalition convened by the United Nations—have provided nearly $270 billion in the form of loans and underwriting to more than 100 “major fossil fuel expanders,” from Saudi Aramco to ExxonMobil to Shell.

    Additionally, 58 of the biggest members of the Net-Zero Asset Managers (NZAM) initiative—including the investment behemoths BlackRock and Vanguard—held at least $847 billion worth of stocks and bonds in more than 200 large fossil fuel developers as of September.

    Both the NZBA and the NZAM are under the umbrella of the Glasgow Financial Alliance for Net-Zero (GFANZ), a campaign launched in 2021 with the goal of expanding “the number of net zero-committed financial institutions.” Climate advocates have long argued that net-zero pledges are fundamentally inadequate to the task of stopping runaway warming.

    “The science is very clear: we need to stop developing new coal, oil, and gas projects as soon as possible if we want to meet our climate goals and avoid a worst-case scenario,” said Lucie Pinson, the executive director and founder of the watchdog group Reclaim Finance. “Yet, it is business as usual for most banks and investors who continue to support fossil fuel developers without any restrictions, despite their high-profile commitments to carbon neutrality.”

    “Their greenwashing is all the more damaging as it casts doubt on the sincerity of all net-zero commitments and undermines the efforts of those who are truly acting for the climate,” Pinson added.

    The groups found that the U.S.-based Wall Street giants Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley, and Wells Fargo provided nearly $90 billion in total financing for fossil fuel expansion between the dates they joined the NZBA and August 2022.

    Citigroup, which touts its net-zero commitments on its website, led the pack with $30.5 billion in fossil fuel financing from April 2021 to August 2022.

    “The U.S. financial sector cannot be taken seriously on climate change until it stops investing in new fossil fuel projects,” said Adele Shraiman, a representative for the Sierra Club’s Fossil-Free Finance campaign. “We need an urgent transition to a green economy and the financial sector must help deliver that.”

    Overall, according to the new report, “229 of the world’s largest fossil fuel developers received finance from the 161 GFANZ members covered… which will support them to develop new coal power plants, mines, ports, and other infrastructure, as well as new oil and gas fields and pipelines and LNG terminals.”

    “These new fossil fuel projects are incompatible with the objective of limiting global warming to 1.5°C, as confirmed in the latest International Energy Agency’s World Energy Outlook published in October 2022,” the report states. “They will lock in greenhouse gas emissions for decades, despite the adoption of decarbonization targets by some GFANZ members.”

    Paddy McCully, a senior analyst at Reclaim Finance, said in a statement that “GFANZ members are acting as climate arsonists.”

    “They’ve pledged to achieve net-zero but are continuing to pour hundreds of billions of dollars into fossil fuel developers,” said McCully. “GFANZ and its member alliances will only be credible once they up their game and insist that their members help bring a rapid end to the era of coal, oil, and fossil gas expansion.”

    This post was originally published on Common Dreams.

  • A review of Australia’s national science and research priorities has been announced by Minister for Industry and Science Ed Husic to ensure they are “fit for purpose”. Australia’s chief scientist Dr Cathy Foley will lead the 12-month review, which will also renew the 2017 National Science Statement. Dr Foley will be supported by a taskforce…

    The post Husic launches national research and science priorities review appeared first on InnovationAus.com.

    This post was originally published on InnovationAus.com.

  • In a new paper, Sir Nicholas Stern, Nobel Laureate Joseph E. Stiglitz and Charlotte Taylor conclude that climate-energy-economy Integrated Assessment Models (IAMs), which are the key tool in producing emission-reduction scenarios, “have very limited value in answering the two critical questions” of the speed and nature of emissions reductions and “fail to provide much in the way of useful guidance, either for the intensity of action, or for the policies that deliver the desired outcomes”.  The research paper is The economics of immense risk, urgent action and radical change: towards new approaches to the economics of climate change.

    Now this is a big thing, because IAMs are at the center of the IPCC Working Group III report on mitigation, and “have played a major role in IPCC reports on policy, which, in turn, have played a prominent role in public discussion.

    The post Model-Based Net-Zero Scenarios Aren’t Worth The Paper They’re Written On appeared first on PopularResistance.Org.

    This post was originally published on PopularResistance.Org.

  • 4 Mins Read

    A new report by a group of Deloitte economists claim that the continued use of fossil fuels is driving the global economy into a downward trajectory and that instead of contributing to economic stability, the cost to support such industries, in terms of carbon offsetting and other environmental considerations, may become unbearable. The ultimate result will be lower standards of living throughout the world and a complete economic slump.

    Consultancy firm Deloitte recently unveiled a new report during the World Economic Forum held in Davos, Switzerland last week. It suggests that if the human population maintains its love affair with fossil fuels and continues on the same path as we are today, this will come at a cost $178 trillion over the next 50 years. That amount of money does not currently exist in real terms. The authors write that to bypass the economic disaster, a green Industrial Revolution could be the answer.

    Photo by Loïc Manegarium from Pexels.

    Net-zero for more profits

    Deloitte claims that reaching zero emissions by 2050 will allow $43 trillion to trickle back into the global economy. This, it states, will be enough to potentially provide a springboard for a green Industrial Revolution.

    “The passage of time frames history–but it is the choices we make that define progress, and our humanity,” Punit Renjen, global CEO of Deloitte, writes in his report foreword. “The Deloitte reports highlight that inaction or insufficient action on climate change will see global economic growth, productivity, trade, and competition deteriorate. This is the new baseline for our collective economic futures. But collective action to realize a low-emissions economy will generate growth and prosperity over the coming decades.”

    The calculations that led to an assumed $43 trillion in economic growth stem from global warming. Deloitte estimates that if the world’s temperature increases by three degrees celsius, in comparison to pre-industrial times, growth would be stunted across every region of the planet. Individual countries would be responsible for paying for environmental repair initiatives instead of developing new climate-friendly innovations. This, in turn, would impact the quality of life for every member of individual societies. 

    “Translated into human terms, job opportunities would dry up. Crops would fail. Health care spending would rise,” the report reads.

    Deloitte sought to take more factors into account, looking at the impact of changing weather patterns, likelihood of disease, and rising sea levels.

    Image by Markus Spiske from Pexels.

    Accounting for previous discrepancies

    Accounting for climate change and preventing further consequences has previously been represented as prohibitively expensive. This is the result of emissions-heavy industries paying economists to present an expensive picture of environmental stewardship. The practice started in the 1990s with oil companies leading the charge. Such reports always sought to leave out the projected costs of rectifying climate change due to fossil fuels.

    “If the economic impacts of a changing climate are left out of economic baselines, the result is likely to be poor decision-making, ineffective risk management, and dangerously inadequate efforts to address the climate crisis,” the report iterates.

    Deloitte identifies that doing nothing does not come with a zero cost attached. Its report breaks down the future economic burdens of not accounting for climate change and failing to prevent it from getting worse. 

    Getting the message across

    The report underscores what many experts have been saying publicly since the latest IPCC report was released: climate action is too slow. In March, UN secretary-general Antonio Guterres launched a blistering attack on those he deems responsible for climate action lethargy. He referenced the notion of an ‘unliveable’ future if global leaders don’t stop posturing. Pointing the finger directly at fossil fuel companies, he stated that, “the world’s biggest polluters are guilty of arson of our only home”.

    The Bank of England (BoE) recently painted a similar warning as Deloitte, specifically related to the U.K. The financial institution warned that the country faces $340 billion in losses if nothing is done to tackle climate change in the immediate future. The figure was calculated through a number of climate stress tests’, which the BoE conducted.


    Lead photo by Tobias Rademacher at Unsplash.

    The post Achieving Net-Zero Emissions Could Add $43 Trillion To The Global Economy, New Report Suggests appeared first on Green Queen.

    This post was originally published on Green Queen.

  • The climate emergency is almost universally seen by nations of the world as a threat to future survival. But approaches to mitigate it that are promoted by policy makers in the Global North focus on so-called “net-zero” emissions based on dubious carbon trading schemes to maintain current lifestyles and business as usual.

    But, in the Global South, popular environmentalism relates to the struggle to achieve fair ecological distribution, to defend community access to natural resources, and to protect people’s livelihoods — all of which are threatened not only by climate change but unequal burdens placed on the Global South by so-called “nature-based solutions.” This has been seen quite dramatically in programs such as Reducing Emissions from Deforestation and Forest Degradation (REDD) that has led to displacement of Native cultures in order to convert or commodify ecosystems into assets to be traded as carbon offsets for carbon-emitting industries.

    Moreover, green policies that promote “renewable energy” technologies such as solar panels, wind turbines and electric batteries threaten to do even more harm to ecosystems in extraction areas by destroying biodiversity, contaminating water, and causing social and environmental damage to local Indigenous communities.

    As underscored in the latest United Nations Intergovernmental Panel on Climate Change report, a 1.5 degrees Celsius increase in global temperatures above preindustrial levels is imminent and temperature increases could even exceed this level. As the planet moves toward this daunting benchmark, renewable energy technology is being heralded as crucial in efforts to rapidly decarbonize global energy systems. Moreover, the concept of shifting to renewable energies with a full transition to wind, water and solar energy by 2050 is presented by technology companies as both technically and economically feasible with few downsides.

    The transition to a low-carbon world, however, threatens to replicate the ecological destruction of the fossil fuel extraction system on the ecosystems of the extractive areas. As such, climate change mitigation based on renewable energy transition has become complicit in condoning ecological degradation and perpetuating violent conflicts, as well as unjust patterns of colonialism, racism, patriarchy, militarization and structural violence. In this sense, climate mitigation consequences are not distributed equally, nor are they experienced by a uniform set of actors. In fact, they threaten to exacerbate the climate debt to the Global South.

    The most recent UN Climate Change conference in Glasgow, Scotland, COP26, delivered the Glasgow Climate Pact, in which 153 countries committed to securing near-global net zero emissions. The proposal includes a mitigation plan to accelerate the switch to electric vehicles, in which more than 30 countries, six major vehicle manufacturers and major cities set out their determination for all new car and van sales to reach zero emissions by 2040 globally, and by 2035 in leading markets.

    The electrification of cars for decarbonization and the Paris Agreement and Glasgow Climate Pact requirements are examples of the same colonialist-extractivist business as usual and involve many environmental consequences while failing to cut carbon emissions at their source.

    First, electric vehicles have a substantial carbon footprint because they require batteries made of lithium, a non-renewable resource stored in prehistoric water on Indigenous land. The process for mining lithium requires taking a large amount of water from vulnerable ecosystems, which disrupts their fragile natural balance.

    Second, reducing emissions also depends on how electric vehicles are used post-production, because charging electric vehicles relies upon local electrical grids. Where electrical grids run on coal, electric vehicles may increase carbon dioxide emissions, which adds another layer to energy demand. The electrification of cars, as proposed by European and American policies, also reproduces the current model of individual car use and does not relieve congestion in crowded cities.

    Lithium-ion batteries were launched in the 1990s and were gradually introduced in consumer electronics. The internal chemistry of lithium — light, conductive and energy-dense — allows it to recharge electricity quickly and efficiently. Lithium-ion batteries turn out to be many times more energy efficient than a nickel-metal hybrid equivalent, and these appealing properties have positioned lithium as a commodity that is central to the future decarbonization of the energy, electronics and automobile industries.

    Lithium demand for the manufacture of rechargeable batteries has doubled in less than 10 years, and it is projected to increase fivefold by 2025. These predictions were made before the COP26, a process that is directly related to carbon-mitigation policies.

    Sustainable, contemporary, responsible, reflexive and adapted to the 21st century, lithium is frequently framed as an environmentally benign resource that differs significantly from more impactful extractive resources, such as ores and fossil fuels. However, many of the extractive concessions awarded to lithium companies overlap with ancestral Indigenous territories, communal lands and protected ecological areas. The extraction of lithium in these areas has also been associated with multiple ecological risks that involve waste generation, landscape change, contamination of surface salts and water bodies, and impacts on flora and fauna.

    Lithium extraction from mineral and brine deposits has been shown to deplete local water sources.

    In Chile, lithium is extracted from underground brine found in the Atacama Salt Flat, one of the driest places on Earth. Lithium mining in the Atacama Desert impacts biodiversity, depletes water and displaces Indigenous communities in the extraction areas — communities that have been marginalized and criminalized by the government for no reason other than their occupation of this resource-rich land.

    Chile has one of the most significant reservoirs of lithium in the world, and due to the characteristics of the reserves, lithium is relatively cheap to obtain. However, in contrast to what occurs with oil and coal, a small number of countries have the largest reserves and production of lithium, and these countries are concentrated in the southern hemisphere.

    In the Atacama Desert, lithium is obtained from salty water drawn from the depths of the land. Then extracted using a chemical process. For the first step, companies drain more than 63 billion liters (16.6 billion gallons) of salty water per year. For the second part of the process, companies use and contaminate freshwater. Although mining companies argue that the water pumped from the underground of the desert is not used for human consumption, a rich variety of microorganisms that grow there nourish local species. Furthermore, the amounts of water extracted from the Atacama Desert exceed what the groundwater can generate sustainably.

    A single electric vehicle battery requires 63 kilograms of lithium carbonate. Each ton of lithium carbonate, or the equivalent for 14 electric vehicles, requires the evaporation of 2 million liters of water — the equivalent of an Olympic-size swimming pool.

    The central impact of lithium extraction in Chile relates to water use because the process involves the extraction of significant volumes of water from below the salt flats that cannot be sustainably replenished at the same rate that the water is pumped out. Brine extraction from the underground of the salt flats reduces the availability of freshwater in other areas of the salt flat for plants, animals and human consumption.

    Due to the lack of water, Indigenous communities who inhabit the area have had to reduce their agricultural and pastoral activities — growing corn, quinoa and potatoes, and raising small-scale Andean livestock like guanacos, lamas and alpacas — while new generations have chosen to work in the mines or migrate to the cities to obtain a livelihood. Moreover, the increasing evaporation in the area and the higher land and lagoon temperatures have provoked “local climate change” that has directly affected the fragile biodiversity around the salt flats, reducing animal populations and plant survival. The pressure to extract lithium from the salt flats will continue if rudimentary evaporation technology remains one of the cheapest technologies.

    The populations of the Atacama salt flat are in areas distant from the most important urban centers, and they constitute mostly small towns, communities or ayllus of between 50 to 500 inhabitants (except along strategic commercial routes).

    This region has been home to human settlements for millennia, including for the Lickan Antay (Atacameños), Kolla, Quechua and Aymara peoples. These communities have traditionally relied on agriculture, livestock rearing and small-scale commerce.

    The presence of mining companies further impacts these local communities. These impacts include the loss of their livelihoods, the extinction of plants for medicinal use and internal conflicts regarding how to spend the royalties that the communities receive from the mining companies. Additional problems include theft, drug addiction and alcoholism among community members. Mining tempts young members to work in the mines for a salary and to abandon their farming traditions or to migrate to the cities for better opportunities. Mining companies also affect the local economy by providing jobs to people from other regions.

    Lithium consumption is expected to significantly increase in the years ahead, motivated by green electromobility policies and everything related to the storage of renewable energy needed for decarbonization. This increase in demand will have extreme repercussions in the extraction zones, such as in Chile, where the mining companies request increases in the daily limits of brine extraction. The same happens in Argentina and Bolivia because the three countries are located in the “Lithium Triangle.” Demand may also call for the appearance of new lithium extractive projects, such as in Nevada, the United States or Mexico.

    As long as the colonialist policies of resource extraction stay in place, countries in the Global South that pollute the least and do not have electric vehicles will suffer the most. With an increase in lithium demand, the negative impacts of lithium consumption will worsen: Their lands are destroyed, and their water is contaminated. It is essential to learn the lesson from all the colonialist mining projects that have taken place in non-industrialized countries to work for policies that promote solid local policies to protect their land.

    There is a need to rethink solutions that move us away from fossil fuels and address climate change. Radical approaches are required, including drastically divesting from capitalist, colonialist life. Changing the mobility matrix away from single occupant vehicles and challenging the paradigm of progress requires real transformation, not a mere shifting in focus within the colonialist-extractive model.

    This post was originally published on Latest – Truthout.

  • Flouting their public vows to put themselves and their clients on a path to net-zero greenhouse gas emissions, the world’s 60 largest private banks have provided a total of $4.6 trillion in financing for the fossil fuel industry since the Paris Agreement entered into force in 2016.

    That’s according to the latest edition of Banking on Climate Chaos, an annual report that tracks the banking industry’s funding of oil and gas initiatives that are threatening global hopes of reining in carbon pollution and averting climate disaster.

    Authored by Oil Change International, the Rainforest Action Network, the Indigenous Environmental Network, and other groups and endorsed by hundreds of organizations from around the world, the report published Wednesday spotlights the marked contrast between banks’ public commitments to net-zero emissions targets and their actions, which reflect a continued stake in fossil fuel development.

    In 2021 alone, the report finds, the world’s biggest private-sector banks financed oil and gas to the tune of $742 billion. That year, the 60 banks featured in the new analysis poured $185.5 billion into the 100 companies doing the most to expand the fossil-fuel sector worldwide through offshore drilling, fracking, coal mining, liquefied natural gas infrastructure, and more.

    The worst offenders in the banking industry, according to the report, are the U.S. financial behemoths JPMorgan Chase, Citi, Wells Fargo, and Bank of America, which together accounted for 25% of all fossil fuel financing identified over the past six years.

    The report highlights a number of specific projects, including the Mountain Valley Pipeline (funded by JPMorgan Chase, Wells Fargo, and Bank of America), drilling in offshore Guyana (funded by JPMorgan Chase, Citi, and Bank of America), and the Line 3 Pipeline (funded by TD, Scotiabank, and the Bank of Montreal), efforts that have drawn fierce resistance from Indigenous communities.

    “Indigenous peoples have long been leading the fight for the sacredness of the land, water, and Earth,” Mea Johnson, divestment campaign coordinator with the Indigenous Environmental Network, said in a statement Wednesday. “Mother Earth has always given us what we need to thrive. We will not back down until our natural balance is restored and anyone helping fund the extractive destruction of our communities will be held accountable.”

    Alison Kirsch, research and policy manager at the Rainforest Action Network, added that “any further expansion of fossil fuels risks locking humanity into generations of climate catastrophe, yet the top fossil clients of the world’s largest banks are still being showered with tens of billions of dollars even as they actively expand drilling, mining, fracking, and other fossil fuel development unabated.”

    “With Wall Street banks leading the charge,” Kirsch added, “these financial institutions are directly complicit in undermining a climate-stable future for us all and must immediately end their support of any further fossil fuel infrastructure expansion.”

    The banks’ financing decisions fly in the face of their own pledges to bring their policies into line with critical climate goals, such as achieving net-zero greenhouse gas emissions by 2050, a benchmark that 44 of the 60 banks profiled in the new report have backed.

    According to the International Energy Agency, reaching net-zero emissions by 2050 would mean ensuring “no new oil and gas fields.”

    “But global banks have massively supported the companies doing the most to open new oil and gas fields,” notes the new report. “Banks with net-zero commitments last year… financed the top 20 upstream oil and gas expansion companies, potentially helping to lock the planet into decades of climate-warming emissions.”

    Adele Shraiman, a representative for the Sierra Club’s Fossil-Free Finance campaign, said Wednesday that the analysis “makes it clear that banks must clean up their act and stop funding the expansion of dirty fossil fuel projects like fracked gas exports, tar sands pipelines, and offshore drilling in order to align with what the science demands and what their own commitments require.”

    “Despite their splashy climate pledges, big banks have largely continued with business-as-usual and actually increased their overall fossil fuel financing since the Paris Agreement,” said Shraiman. “As we look ahead to shareholder season, we’ll be keeping up the pressure on the banks and their investors to take these critical reforms seriously and stop bankrolling the fossil fuel industry’s reckless expansion plans.”

    This post was originally published on Latest – Truthout.

  • The Industry department is spending five times as much on advertising the government’s net-zero emissions strategy as it did on experts to model the impact of the widely disputed plan. On Monday, Industry department secretaries fronted Senate Estimates and were asked to explain the difference in a $31 million “Positive Energy” advertising campaign spruiking Australia’s…

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  • German and Shell officials shovel sand at the start of construction of a CO2-neutral bio-liquid natural gas (bio-LNG) plant on the Shell refinery site on February 9, 2022, in Cologne, Germany.

    In the wake of COP26, a lot of ink has been spilled on how mega-corporations, under pressure from consumers and environmentally aware shareholders, are stepping up to the plate with promises to go entirely carbon neutral within a few years or decades.

    Yet, a shocking new study of 25 mega-corporations, released this month by the NewClimate Institute and Climate Market Watch, finds that much of this is smoke and mirrors. In fact, the researchers conclude, in reality, the emissions-reduction strategies for these companies, with a cumulative revenue of over $3 trillion and a greenhouse gas footprint equaling 5 percent of the world’s total, add up to only a 40 percent reduction rather than the 100 percent rollback implied by “net zero.” As worryingly, by 2030 the reductions would only amount to 23 percent as compared to 2019.

    Moreover, many of the pledges involve somewhat nebulous “offsets,” an accounting trick that allows a company to plant trees or implement other carbon-sequestration strategies in lieu of reducing emissions. Yet, as the authors of the report point out, to get anywhere near net zero, companies can’t play an either/or game: Instead, they have to both implement offsets and also, at the same time, reduce emissions.

    Behemoths like Amazon, Google, Ikea and Walmart all were rated in the report as showing “low integrity” when it came to their net-zero pledges. Others, including Nestlé, Unilever and the BMW Group, were awarded a “very low integrity” moniker for their publicly stated efforts.

    In some instances, these low grades were due to manifest failings; in others, the companies simply weren’t providing enough data to adequately analyze their goals. In the introduction to the report, the authors wrote that, “it is more difficult than ever to distinguish between real climate leadership and unsubstantiated greenwashing.”

    But what is clear from the report is that the unsubstantiated greenwashing side of the equation is, unfortunately, all too common. Companies seem far more concerned with appearing to be implementing major eco-efforts than with actually fundamentally, and urgently, working to roll back the climate change crisis.

    One of the practices companies use to make their efforts appear better than they in fact are is comparing current and future emissions levels to abnormally high baseline years, so that what in reality are regular annual emissions instead appear to be declining emissions. The GHG [Greenhouse Gas] Protocol defines three main kinds of emissions. Scope 1 emissions are direct emissions from a company’s property; scope 2 are indirect emissions from the purchase of electricity, heating, steam production and so on; and scope 3 are all the other emissions associated with a company’s activities, such as the distribution of a company’s product, the packaging of goods, business travel, the emissions associated with the garbage produced at the end of a product’s life, and so on.

    Scope 3, in particular, has proven to be an area that large companies can manipulate data on to make themselves look better on the environment than they in fact are. “For example,” the authors write on page 20 of their 127-page report, “CVS Health’s scope 3 emissions are 70-80% higher in 2019 than in 2017, 2018 and 2020, without a clear explanation, potentially undermining the meaningfulness of the company’s target for a 47% reduction in scope 3 emissions by 2030 compared to 2019.” It’s a similar strategy to the tax-dodge that the Trump Organization is accused of, whereby the company allegedly inflated the values of its properties when trying to get loans, and then deflated the values when paying property taxes.

    In that same section, the authors note that Unilever is claiming emissions reductions for its soaps and detergents operations based on taking credit for more energy-efficient water-heating systems for customers who wash hands with the company’s soap, and the use of more renewable electricity-generation sources for running the washing machines that use the company’s detergent.

    At least 7 of the 25 companies the research focused on were so selective in what emissions they considered that the report concluded they could be hiding up to 98 percent of their actual emissions footprint, making their public promises little more than nonsense. Other companies camouflaged “upstream” and “downstream” emissions — upstream emissions being connected with the production of goods, and downstream emissions being associated with the consumption of those goods — including energy sales and the daily operations of their stores, from easy identification. In some instances, they only mentioned them in their report footnotes — and this despite the fact that the vast majority of their carbon emissions come from these sources. Still others sold off carbon-intensive branches of their operations to subsidiaries, and then reported declining emissions, even though, in reality, they had simply shuffled the emissions from one set of operations to another.

    The malfeasance continues from one realm to the next. In many instances, apparently, the pledge to reach net zero is accompanied by no specific emissions reduction targets on a year-on-year basis, rendering the pledge little more than feel-good waffling. “12 of the companies with (net-)zero emission targets have made no specific commitment for the reduction of their own emissions in the net zero target year,” the authors write. These included Amazon, which the authors lambasted for pledging to get to net zero but not actually putting forward “any specific [greenhouse gas] emission reduction target.” A similar lack of specificity accompanied BMW’s net-zero pledge.

    Pledging to get to net zero is the easy part. Actually getting there, and reshaping supply chains to ensure that at all points of the production and distribution process greenhouse gasses are actually significantly reduced, is the difficult part. The world’s largest corporations are perfecting the art of green spin. But, as this report shows, with catastrophic climate change now a looming reality, it’s past time for them to go beyond the spin and actually ensure that their public commitments are met over the coming years.

    This post was originally published on Latest – Truthout.

  • Just seven consultants were responsible for modelling the employment impacts of the Coalition’s net zero “plan”, under a $1.2 million contract handed to global giant McKinsey. The company has been paid at least $6 million so far for the 2050 net zero modelling, which has been widely criticised since its delayed release this month. On…

    The post Just seven McKinsey staff used on $1.2m, six week report appeared first on InnovationAus.

    This post was originally published on InnovationAus.

  • 3 Mins Read Do you think you could be a successful leader of a sustainable business? How do you plan to navigate challenges imposed by climate change? These are questions you’ll have to think about when you play Net Zero Game 2050, a new board game that gets players thinking about how to combat the biggest threat to […]

    The post This Climate Board Game Tests Whether You Can Run A Sustainable Business appeared first on Green Queen.

    This post was originally published on Green Queen.

  • The federal government’s decision to bypass its own science agency and pay $6 million to a multinational consulting firm for key modelling work on its net-zero plan “doesn’t make much sense” and will be more costly and less effective, according to the CSIRO Staff Association. It was revealed last week that CSIRO had applied to…

    The post ‘Doesn’t make sense’: CSIRO staff slam outsourced net-zero modelling appeared first on InnovationAus.

    This post was originally published on InnovationAus.

  • Net zero emissions by 2050 is the minimum target Australia needs to improve its economy, according to Andrew Liveris, who has urged the federal government to commit to the long-term target and a 2030 mark as soon as possible. Mr Liveris, a former chief executive of Dow Jones, helped architect the $1.5 billion Modern Manufacturing…

    The post ‘Don’t stop’ at 2050 net zero: Andrew Liveris appeared first on InnovationAus.

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  • Nature charity WWF has called on the government to ensure that UK banks and other financiers aren’t funding deforestation in Brazil, Indonesia and elsewhere around the world.

    The charity said that 300 UK-based financiers are directly providing £40bn in funding to companies that threaten Brazilian and Indonesian rainforests.

    The funding is provided through both investments and loans, WWF said.

    ‘One of the biggest threats to our climate’

    Many of the companies are involved in the production of beef, palm oil, soy and cocoa, agricultural commodities whose farming threaten rainforests.

    Other common crops include timber, paper and rubber, all of which are helping to drive the destruction of nature in some of the world’s most diverse habitats.

    Karen Ellis, director of sustainable economy at WWF-UK, said:

    Deforestation is one of the biggest threats to our climate, to wildlife and to the local people who rely on forests for their livelihoods…

    Every hectare of rainforest that is destroyed makes it harder to limit global warming to below the 1.5C target set out in the 2015 Paris Climate Agreement. Alarmingly, UK investments in forest-risk commodities have not significantly reduced since then.

    Voluntary commitments are not enough

    The UK currently has no laws that require products to come from sustainable sources.

    Any such efforts are made voluntarily. WWF says this leaves the UK’s supply chains exposed to deforestation.

    As the countrt tries to reach net zero by 2050, WWF called on the government to develop a system for ensuring that UK financiers check they aren’t causing deforestation elsewhere.

    Voluntary commitments are not enough, the charity said.

    Ellis went on to say:

    The UK Government committed to protect forests and address nature loss impacts from financial decision-making – we won’t forget if they fail us on this promise…

    The Environment Bill will require companies trading in palm oil, soy, and other forest-risk commodities to undertake due diligence checks.

    This must equally apply to firms that finance forest-risk commodities, as voluntary measures clearly aren’t giving forests the protection they urgently need.

    Government response

    The Treasury claimed to be “committed to the UK being the best place in the world for green and sustainable investment”. It added that the UK was:

    the first country in the world to commit to fully mandatory reporting by businesses across the economy on the financial risks posed by climate change.

    Our new integrated sustainability disclosure requirements go further by requiring companies, pension schemes, financial services firms and their investment products to report on the impact they are having on the climate and environment, helping to ensure investors have the information they need to drive positive environmental impact.

    By The Canary

    This post was originally published on The Canary.

  • 4 Mins Read The European Union has just announced a slate of climate proposals to help it reach net-zero by 2050. The plan, which includes a dozen draft policies, mainly takes aim at transport and home heating emissions. Some of the proposals include banning the sale of petrol cars and a tax on jet fuel.  On Wednesday (July […]

    The post EU Unveils Broad Climate Plan To Reach Net-Zero By 2050 appeared first on Green Queen.

    This post was originally published on Green Queen.

  • There are an increasing number of companies and countries that are pledging to reach Net Zero carbon emissions–or carbon neutrality–by 2050. That was the timeline laid down by the most prestigious body of climate scientists for limiting warming to 1.5 degrees, the “safe” threshold for global warming.

    But it’s clear that many big polluters are only using it as greenwash. After all, if you make a product that is the cause of climate change in the first place–fossil fuels like coal, oil, and gas–your approach to tackling climate change better be to fundamentally change your business model, and stop producing this dangerous product.

    Don’t just trust me on that. The world’s foremost authority on energy, the International Energy Agency IEA), concluded the same thing in a recent report. (A previous blog of mine explained that report here.)

    What the IEA found was that the world should not invest in or approve new fossil fuel projects. None. And that fossil fuel production should shrink by 75 per cent by 2050 in order to limit warming to 1.5 degrees and achieve net-zero by 2050.

    So let’s look at a very recent initiative, the Oil Sands Pathways to Net Zero alliance, made up of five companies that represent 90 per cent of Canadian oil sands production. Its tagline is “Helping Canada achieve its climate goals.”

    Sounds good, right? It must’ve seen the IEA report and concluded that it needs to stop investing in oil, and shrink its production to achieve Canada’s net-zero goals? Nope. All the companies plan to increase production.

    Already feels like a giant greenwashing exercise. But let’s dive deeper. To assess how serious net zero pledges are from corporations, there are three fundamental questions one should ask:

      1. Are they including all greenhouse gas emissions?
        That includes both carbon dioxide and methane, since methane is a very potent greenhouse gas that all oil and gas facilities emit. It also includes the carbon emissions created when consumers burn that oil.

        The oil sands alliance makes no mention of methane, despite the fact that oil sands are an important source of methane, and that recent science shows that emissions are much higher than previously thought.

        Also, the alliance plans on counting emissions from producing oil but not from burning that oil. It’s kinda like a tobacco company being worried about cancer from making cigarettes but not smoking cigarettes. Like cigarettes, the majority of the harm comes from using the oil.

      2. Have they set both a long-term net-zero target and interim targets?
        After all, if a company is serious about eliminating carbon emissions from their operations, clearly they have to start now and make progress all along the timeline, right?

        Any yet, the oil sands companies make no shorter-term pledges. I guess they expect us to just trust them that they’ll eliminate emissions from one of the world’s dirtiest forms of oil, and just check in again in 30 years? Not a chance we’re falling for that one.

      3. Do they have a strategy to achieve the net-zero goal? A goal is much more believable and achievable when it has a detailed, credible strategy that lays out how to get there.

        In this case, the “anchor” of the oil sands strategy is carbon capture, utilization, and storage (CCUS), a very expensive technology that has not been proven to be viable at a large scale, and one that is considered a “wild card” by Canada’s climate institute. The rest of the strategy is a bulleted list of technologies that will either reduce emissions marginally (electrification, fuel switching, and efficiency) or are also long shots (hydrogen, direct air capture of CO2, and small modular nuclear reactors.)

        It should be noted that the IEA includes all of these technologies in its net zero scenario…BUT nonetheless finds that oil investment and production should drop dramatically. So even if these technology unicorns all prove to be viable, this is literally a recipe for Canada to fail on its climate goals.

      4. Meanwhile, all the technologies that are more viable, less expensive, and truly sustainable (wind, solar, battery storage, electric vehicles) are nowhere to be found in the oil sands alliance’s strategy. I guess when you have a hammer everything looks like a nail, and in this case the hammer is access to massive oil reserves.

        You know who these oil sand companies want to pay for their very expensive plans? You…through government subsidies. This is what they mean when they say that their strategy needs “significant collaboration between industry and government.” Governments need to hand over billions to these companies to make their sure-to-fail but expensive plans happen.

    To illustrate the emptiness of this net zero pledge, let’s look at Canada’s largest oil sands company, Suncor. It has promised to reduce emissions from its own operation by 10 million tonnes over the next decade. Looking at Figure 1 below, you can make two pretty big conclusions from that pledge: 1. It completely ignores the vast majority of the emissions, those from actually burning the oil. 2. Increasing oil production (and the carbon emissions that result from that expansion) virtually wipes away the progress made on operational carbon emissions.

    This is the path to oil sands companies “helping Canada achieve its climate goals”? I don’t think so. As clearly shown by the IEA, every net zero pledge from fossil fuel companies needs to be rejected if it doesn’t include sharp declines in the products that cause climate change: coal, oil, and natural gas.

    Figure 1: Evaluating Suncor’s 2030 emission reduction pledge

    Source: Oil Change International

    Until these petroleum companies completely change their business model and plan a phase out of oil and natural gas production, governments, consumers, and citizens need to reject what they’re selling: fossil fuels and catastrophic climate change. Their plans are nothing but greenwashing.

    The post Big Oil can’t increase production and pretend it’s part of the climate solution appeared first on Environmental Defence.

    This post was originally published on Environmental Defence.

  • 3 Mins Read The city of Lahti in Finland is “giving nature a seat at the table” by inviting scenes of wilderness to their video meetings during the pandemic. After being named the European Green Capital of 2021 by the E.U. commission, the city has come up with a new service to allow its employees to bring nature […]

    The post Eco Zoom? Finnish ‘Green Capital’ City Lahti Is Inviting Nature To Their Video Meetings appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 3 Mins Read The city of Lahti in Finland is “giving nature a seat at the table” by inviting scenes of wilderness to their video meetings during the pandemic. After being named the European Green Capital of 2021 by the E.U. commission, the city has come up with a new service to allow its employees to bring nature […]

    The post Eco Zoom? Finnish ‘Green Capital’ City Lahti Is Inviting Nature To Their Video Meetings appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Travel by air is increasingly frowned upon as awareness of the climate crisis continues to grow. But soon, conscious travellers might be able to board an alternative flight on a hybrid aircraft that releases 90% less emissions than conventional planes and offers incredible views with floor-to-ceiling windows.  British firm Hybrid Air Vehicles (HAV) recently revealed […]

    The post Low-Carbon Hybrid Plane With Floor-To-Ceiling Window View To Take Off By 2025 appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Germany has proposed a more ambitious climate goal, cutting the original deadline five years short to reach net-zero emissions by 2045. It comes after the country’s top court decided the existing plan continues to place huge burdens on young people and future generations to grapple with the climate crisis.  German officials have set a new […]

    The post Germany Raises Bar With Net-Zero By 2045 Target After Court Ruling Underlines ‘Huge Burden On Young People’ appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Renewable energy sources have the potential to supply the entire world’s energy demand 100-times over, according to a new report. As the cost of wind and solar power continues to fall, Carbon Tracker analysts say that we are now “entering a new epoch” where fossil fuels can be replaced entirely, making way for a net-zero […]

    The post Solar & Wind Power Can Supply Global Energy Demand 100-Times Over, New Report Finds appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Global energy-related carbon emissions are set to jump by 1.5 billion tonnes in 2021, the second biggest increase in history, predicts a new International Energy Agency (IEA) report. The sharp rise is primarily driven by coal demand, which will mean a reverse in almost all of the decline observed last year amid the Covid-19 pandemic.  […]

    The post Global Carbon Emissions Set For Largest Rise In A Decade As Coal Rebounds In 2021 appeared first on Green Queen.

    This post was originally published on Green Queen.

  • World leaders are under pressure to take action on climate change – but what exactly is it they are talking about? Here are some of the commonly used climate terms and what they mean.

    – Greenhouse gases

    These are gases that trap some of the heat from the sun in the atmosphere and keep the the planet warm enough for life to thrive.

    Concentrations of these gases, which include carbon dioxide, methane and nitrous oxide, have increased at a rapid rate in recent years.

    – Greenhouse gas or carbon emissions

    This is the release of greenhouse gases, particularly carbon dioxide, into the atmosphere, mainly from burning fossil fuels – coal, gas and oil – in things such as power stations, vehicle engines and boilers for heating buildings.

    Livestock and changes to how we use land, including cutting down or burning forests and draining peatland, industrial processes such as cement making and refrigerants are among other sources of greenhouse gas emissions caused by human activity.

    Cows
    (Andrew Matthews/PA)

    – Global warming

    Because of emissions from human activity, the overall level or concentration of carbon dioxide and other greenhouse gases in the atmosphere has increased.

    The higher the concentrations in the atmosphere, the more they trap heat and warm the Earth, pushing up temperatures across the land and oceans, which is known as global warming.

    In 2020 global temperatures were around 1.2C above what they were in the 19th century, before most of the industrial activity driving emissions got going.

    – Climate change

    This encompasses the rapid changes we are seeing to weather conditions and the natural world, driven by global warming and the human activities that cause it.

    Impacts we are already seeing include more frequent and extreme heatwaves and wildfires, increased rainfall and storms which can cause floods, melting ice and rising sea levels, changes to crop yields and loss of wildlife.

    As temperatures continue to rise, the impacts of climate change are projected to worsen, and the situation is increasingly being referred to as a climate crisis or emergency.

    South Africa Cape Town Fire
    (AP)

    – Net zero

    Cutting greenhouse gas emissions from human activity to zero overall, which is needed to halt the global temperature rises driven by the increase in levels of gases in the atmosphere.

    Just as you need to turn off a tap completely to stop the level of water in a bath from continuing to rise, we need to cut emissions to zero to stop the greenhouse gas levels – and therefore temperatures – rising.

    Completely stopping emissions is extremely difficult, but there are some measures, such as planting trees, which can absorb greenhouse gases from the atmosphere – the equivalent of bailing some water out of the bath to keep the water level steady even if the tap is still running slightly.

    So emissions have to be cut as much as possible, and any remaining pollution, from hard-to-tackle sectors such as aviation, needs to be “offset” by action that absorbs carbon to have the net effect of cutting emissions to zero.

    – Decarbonisation

    The process of removing the emissions associated with activities or sectors, for example decarbonising electricity generation by phasing out coal and gas plants that put out pollution, and building renewables such as offshore wind farms.

    Wind farm
    (Owen Humphreys/PA)

    – Paris Agreement

    The world’s first comprehensive treaty on climate change, agreed under the United Nations in the French capital in December 2015.

    Under the deal, all countries commit to action to limit temperature rises to “well below” 2C above pre-industrial levels and pursue efforts to keep them to 1.5C, to reduce the risks and impacts of climate change.

    – Nationally determined contributions (NDCs)

    National plans for climate action submitted by countries under the Paris Agreement.

    They outline post-2020 action to tackle climate change, with many plans running to 2030. Countries are under pressure to bring out new or updated plans because current action leaves the world way off track to meet the 2C or 1.5C goals.

    – Cop26

    This is a global climate summit held under the UN’s climate change convention, which is being hosted by the UK and is set to take place in Glasgow in the first two weeks of November.

    Cop26, delayed from last year by the pandemic, is seen as the most important international climate meeting since Paris 2015, as it aims to drive urgent and significant action to halt rising temperatures.

    There will also be negotiations to agree the final parts of the “rulebook” for implementing the Paris Agreement.

    Cop stands for “conference of the parties” and it is the 26th meeting.

    By The Canary

    This post was originally published on The Canary.

  • 4 Mins Read Want to pocket a few extra bucks while making a positive impact on the planet? There’s a platform that does exactly that, helping its users earn solar-powered dollars through its unique financing scheme. Called Sun Exchange, the digital marketplace has already facilitated the construction of dozens of renewable energy projects across Southern Africa, all the […]

    The post Sun Exchange Wants You To Earn Solar-Powered Dollars On Their Clean Energy Marketplace appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Advancing Net Zero, a new competition for ideas on how to move Hong Kong’s building industry towards carbon neutrality, has been launched by the Hong Kong Green Building Council (HKGBC) and Swire Properties. Open to designers, academics, tech experts and industry stakeholders, the competition is offering up to HK$1.2 million (US$154,000) in prize money for […]

    The post New ‘Advancing Net Zero’ Competition Launches In Hong Kong To Drive Carbon Neutral Building Innovation appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Imperfect Foods, one of the first startups to slash food waste with “ugly” produce boxes, has pledged to double down on its sustainability efforts by slashing its carbon footprint. Pledging to reach net-zero emissions by the end of the decade, the company says it will convert to 100% renewable energy, improve regional sourcing and eliminate […]

    The post ‘Ugly’ Produce Pioneer Imperfect Foods Pledges To Reach Net-Zero By 2030 appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read Imperfect Foods, one of the first startups to slash food waste with “ugly” produce boxes, has pledged to double down on its sustainability efforts by slashing its carbon footprint. Pledging to reach net-zero emissions by the end of the decade, the company says it will convert to 100% renewable energy, improve regional sourcing and eliminate […]

    The post ‘Ugly’ Produce Pioneer Imperfect Foods Pledges To Reach Net-Zero By 2030 appeared first on Green Queen.

    This post was originally published on Green Queen.

  • The NSW government’s latest tilt at reducing the state’s emissions to net zero has the potential to become a grand scale nation building program. But without appropriate oversight, hundreds of millions of taxpayer dollars could simply “perpetuate business as usual”.

    Innovation system expert and UTS emeritus professor Roy Green said the state’s latest proposal – $750 million over 10 years to help high emitting industries transition to cleaner technologies – is comprehensive and credible.

    “I would even go so far as to call it nation leading as well as nation building,” Professor Green told InnovationAus. But he argues that success will depend on the effective management of grants and co-investments.

    Roy Green
    Opportunity: Roy Green says if handled right, the NSW net zero policy is a winner

    In the absence of a national emissions trading scheme, the states’ have been left with little option but to incentivise heavy emitters to clean up their operations, according to Professor Green.

    NSW in particular will need heavy industries like mining and manufacturing on board if it is to reach its 2050 net zero target. In those two industries, the top 55 emitting facilities account for more than 29 per cent of NSW emissions.

    Energy Minister Matt Kean this month unveiled a $750 million program to lower emissions, with most of the money going to subsidise heavy emitters’ transition to lower emission plant and equipment.

    “The advice to government here is that very strict enforcement provisions need to be provided around the provision of those resources so that those companies and industries truly do transform,” Professor Green said.

    “And the funding is not allowed to perpetuate business as usual.”

    The NSW government’s program received early support from industry, but details on exactly how the program is to be delivered are yet to be developed. The state government said it would consult widely on “detailed delivery plans” for the program.

    The NSW Net Zero Industry and Innovation Program has three key focus areas: developing new clean technologies in NSW; building infrastructure for low emission industries and strengthening their local supply chains; and deploying low emissions technologies and infrastructure to reduce the emissions associated with existing, high emitting industrial facilities in NSW.

    It is the latter that would get the lion’s share of taxpayer money – $380 million worth of grants and government co-investments. But there are millions more earmarked for the development of new technologies and low emission infrastructure, as well as support for low carbon industries like green hydrogen.

    “We have to hope the government can take as comprehensive a view as it seems to in the positioning that the paper provides,” said Professor Green.

    He says NSW’s approach could lead to lasting change, but it must avoid any “set and forget” mindset in the distribution of grants and conditions of co-investment.

    “You’ve got to have a very strong coordination principle operating around the disbursement of these grants,” Professor Green told InnovationAus.

    “Those grants have to be based on conditionality that those emitters, the high emitters, can commit to low and zero emissions within given timescales, and the resources available to them to do that are invested in those low emissions technologies or the capability building that enables that transformation.”

    The inclusion of stakeholders outside government and industry would be welcome, Prof Green said, adding that the NSW government should also leverage innovation hubs and partners like the CSIRO and universities as much as possible.

    The NSW approach also makes an important acknowledgement, he says: “Post COVID recovery is not consistent with tackling climate change.”

    “It’s for too long been seen as a binary choice, but it’s not a binary choice. The two are not just complimentary but increasingly integrated. If we want jobs and sustainable growth, we also have to invest in low emissions and zero emissions technologies.

    “And that’s what this [NSW government] paper proposes with some funding streams attached to promote new industries as well as transforming existing.”

    The NSW government plan lays a groundwork for Australia’s most populous state that many would have expected was in place years ago. And with countries around the world moving to scrutinise and even penalise the carbon footprint of any imports, Australia – the number 19 exporter in the world ¬– needs to get moving.

    “The rest of the world is going to move in the direction of non-tariff barriers to exports that are carbon intensive, and maybe even tariff barriers as well.

    “And so we can complain to the [World Trade Organisation] all we like. But the fact is, every other country in the world is going to do it. And so our complaint may well go unrecognised.

    “It’s much better, therefore, to position ourselves in advance to take advantage of the new trading regime and ensure that our exports from low emitting zero carbon industries. And that we can also develop new technologies that will drive the world’s attempt to tackle climate change and global warming.”

    The post NSW net zero plan can be a ‘nation building’ win appeared first on InnovationAus.

    This post was originally published on InnovationAus.

  • 4 Mins Read Carbon offsetting and capture is all the hype right now, especially in the plans outlined by corporate giants who are banking on these technologies to reach net-zero emissions. Experts are now warning that while a step in the right direction, these measures, known as carbon dioxide removal (CDR), are drawing attention away from the urgent […]

    The post Carbon Capture Is Distracting From The Critical Need To Cut Emissions, Experts Warn appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 4 Mins Read The U.K. has cut its greenhouse gas emissions at a faster rate than any other rich country since 1990, thanks to their enormous efforts in decarbonising its energy supply. But there will be bigger challenges on the way if Britain hopes to reach net-zero emissions. While emissions have been steadily plummeting, the country will have […]

    The post U.K. Cut Its Carbon Emissions Faster Than Any Other Rich Nation, But Net-Zero Still Far Off appeared first on Green Queen.

    This post was originally published on Green Queen.

  • 5 Mins Read Bill Gates, the Microsoft founder and billionaire, has hailed alternative proteins and other innovative technologies as critical to the fight against climate change. In a recent interview on CBS News’ 60 Minutes to promote his new book, How to Avoid a Climate Disaster, Gates outlines what he believes is the ultimate plan to tackle global […]

    The post Bill Gates On 60 Minutes: ‘Alternative Protein Crucial To Solve Climate Crisis’, Says Billionaire In New Book appeared first on Green Queen.

    This post was originally published on Green Queen.