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☆ Global shipping industry climate pledge slammed as a ‘wishy washy’ compromise
▼ + stars: | 2023-07-07 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

CNN —The shipping industry has agreed a climate pledge to reduce its planet-heating pollution to net zero “by or around” 2050. That changed on Friday, when the International Maritime Organization, the UN body that regulates global shipping, published a new climate strategy after days of negotiations between the organization’s 175 member states. IMO secretary-general Kitack Lim said in a statement that the new climate strategy provides a “clear direction, a common vision, and ambitious targets.”Industry groups welcomed the deal. John Maggs, the president of the Clean Shipping Coalition criticized the “vague and non-committal language” in the new climate strategy. Countries pledged in the Paris Climate Agreement to limit global warming to well below 2 degrees – and preferably to 1.5 degrees – compared to pre-industrial temperatures.

Persons: Kitack Lim, Simon Bennett, Albon, ” Ralph Regenvanu, John Maggs, Faïg, ”, IMO’s Lim, “ Organizations: CNN, International Maritime Organization, UN, ” Industry, International Chamber of Shipping, Clean Shipping Coalition, Environment Locations: Paris, Marshall, Vanuatu

☆ ‘Go to hell, Shell’: Climate protesters try to storm stage at oil giant’s annual shareholders meeting
▼ + stars: | 2023-05-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The protests come as Shell faces a shareholder vote on a measure to increase its climate ambitions following a year of record profits at the company. Bloomberg | Bloomberg | Getty ImagesLONDON — Shell Chief Executive Wael Sawan and the firm's board of directors on Tuesday were shielded by security staff as climate protesters unsuccessfully tried to storm the stage at the British oil giant's annual shareholders meeting. Follow This, a small Dutch activist investor and campaign group with stakes in several Big Oil companies, tabled a resolution at Shell's shareholders meeting. For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The company described Climate Resolution 26 as "unclear, generic and would create confusion as to Board and shareholder accountabilities."

☆ Lululemon’s Climate Goals Hinge on Replacing Oil With Plants
▼ + stars: | 2023-04-20 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Lululemon Athletica Inc.’s need for crude oil for its leggings and other stretchy clothes presents a hurdle to meeting its climate ambitions. Its first products out this month are two shirts containing at least 50% nylon made from plant-based sugars instead of oil. A new Lululemon shirt contains at least 50% nylon made from plant-based sugars instead of oil. Lululemon’s push into biomaterials is part of a goal to make all of its products with sustainable materials by the end of the decade. Biomaterials also can help Lululemon more swiftly reduce its climate impact because using recycled materials is challenging, Ms. Speck said.

☆ Canada's B.C. province sets high emissions bar for new LNG projects
▼ + stars: | 2023-03-17 | by ( Nia Williams | ) www.reuters.com time to read: +4 min

[1/2] The entrance to Shell's LNG Canada project site is shown in Kitimat in northwestern British Columbia on April 12, 2014. While the tougher regulation will not impact the huge Shell-led (SHEL.L) LNG Canada project already under construction, a proposed export terminal adjoining the small-scale Tilbury LNG facility and the early-stage Ksi Lisims LNG project in northern B.C will fall under the new rule. The province will start exporting 14 million tonnes per annum (MTPA) when LNG Canada enters service in 2025. "That (net-zero requirement) is a very high bar and a high hurdle to pass," said Mark Zacharias, executive director of think-tank Clean Energy Canada, adding the new framework rounds out B.C. 's new regulations also include an oil and gas emissions cap and plans to accelerate the electrification of the economy.

☆ Corporate Climate Targets Get Lift Under Rosier U.S. Government Emissions Outlook
▼ + stars: | 2023-03-17 | by ( Dieter Holger | ) www.wsj.com time to read: +3 min

A new government projection says the U.S. climate bill will speed up cuts to greenhouse-gas emissions this decade, helping ease the burden on corporate climate targets but still falling short of Paris Agreement ambitions. The EIA considers only energy-related emissions, not the entire economy, and uses 2005 as the baseline because the Paris Agreement also targets that year. The EIA attributed most of the improvement to the 2022 climate bill known as the Inflation Reduction Act. It also remains to be seen if the rosier outlook will spur companies to raise their climate ambitions. “I’m not sure it will lead to more ambitious corporate climate targets, many of which are already targeting net-zero emissions—a goal that will require policy and technology adoption well beyond that included in EIA’s new projections,” Mr. Newell said.

☆ BP CEO defends spending plans as climate protesters block entrance to London energy conference
▼ + stars: | 2023-02-28 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

Holding banners reading "Climate Criminals Enter Here" and "No New Oil," activists from climate action group Fossil Free London gathered outside the luxury hotel to protest BP's continued fossil fuel investment. "An energy system that works is one that provides energy that is secure and affordable as well as lower carbon — what's known as the energy trilemma," Looney said. "To solve it, action is clearly needed to accelerate the energy transition and at the same time, that transition has got to be orderly. We need to invest in the energy transition and — not or — we need to invest in today's energy system, which is predominantly an oil and gas system." The extraordinary scale of the oil and gas industry's earnings has renewed criticism and sparked calls for higher taxes.

☆ Big Oil doubles profits in blockbuster 2022
▼ + stars: | 2023-02-08 | by ( Ron Bousso | ) www.reuters.com time to read: +4 min

The profit surge gave the oil companies scope to increase spending on oil and gas projects, and a chance for some to rethink energy transition strategies to meet new demands for security of supply. The combined $219 billion in profits allowed BP (BP.L), Chevron (CVX.N), Equinor (EQNR.OL), Exxon Mobil (XOM.N), Shell (SHEL.L) and TotalEnergies (TTEF.PA) to shower shareholders with cash. Oil companies last year also pulled out of Russia, a major energy producer, leading to huge writedowns, including BP's $24 billion exit from its 19.75% stake in Kremlin-controlled oil giant Rosneft (ROSN.MM). Benchmark oil prices are currently near $85 a barrel. BP will lean more into oil & gas for the remainder of this decade," Clint said in a note.

☆ European Union reaches landmark agreement on a pollution tax for imports
▼ + stars: | 2022-12-13 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

The EU wants to cut greenhouse gas emissions by at least 55% by the year 2030, compared to 1990. Plans for the European Union's Carbon Border Adjustment Mechanism took a significant step forward Tuesday morning after a provisional deal between the Council of the EU and members of the European Parliament was reached. The European Parliament's statement described the new bill as being "the first of its kind." "CBAM will be a crucial pillar of European climate policies," Mohammed Chahim, a member of the European Parliament, said. In its own statement, the Council of the EU (government ministers from each EU country) said Tuesday's agreement still had to be confirmed by the European Parliament, EU member states' ambassadors, and then "adopted by both institutions before it is final."

☆ IEA: The world will gain enough renewable energy in 5 years to power China
▼ + stars: | 2022-12-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

In a report published Tuesday, the International Energy Agency forecast a sharp acceleration in installations of renewable power. Global renewable power capacity is now expected to grow by 2,400 gigawatts (GW) between 2022 and 2027, an amount equal to the entire power generating capacity of China today, according to the report. Policy and market reforms in China, the United States and India are also driving the growth in renewable power. China is expected to account for almost half of new global renewable power capacity added between 2022 and 2027, according to the IEA report. “Together, wind and solar will account for over 90% of the renewable power capacity that is added over the next five years,” the IEA said.

☆ What are people saying about the COP27 deal?
▼ + stars: | 2022-11-20 | by ( ) www.reuters.com time to read: +3 min

"I urge you to acknowledge when you walk out of this room, that we have all fallen short in actions to avoid and minimise loss and damage. "Too many parties are not ready to make more progress today in the fight against climate crisis." PAKISTAN CLIMATE CHANGE MINISTER SHERRY REHMAN"We have struggled for 30 year on this path and today in Sharm el-Sheikh this journey has achieved its first positive milestone ... MALDIVES CLIMATE CHANGE MINISTER AMINATH SHAUNA"I recognise the progress we made in COP 27 particularly on...the funding arrangements for loss and damage. And we were able to prevent a backslide behind the consensus of Glasgow and Paris (climate summits).

☆ G20 agrees to pursue efforts to limit temperature rise to 1.5C
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +3 min

Delegates at the U.N. climate summit in Sharm el-Sheikh, Egypt, where progress towards an agreement by the end of the week has been slow, have been watching the G20 summit closely for signs that developed nations are willing to make new commitments on climate. "We resolve to pursue efforts to limit the temperature increase to 1.5°C. This will require meaningful and effective actions and commitment by all countries," the G20 statement said. It also made reference to the need to accelerate "efforts towards the phasedown of unabated coal power, in line with national circumstances and recognising the need for support towards just transitions." "We will play our part fully in implementing the (COP26) Glasgow Climate Pact," the G20 leaders said.

☆ Some countries have resisted 1.5°C goal in COP27 text, US says
▼ + stars: | 2022-11-12 | by ( Valerie Volcovici | ) www.reuters.com time to read: +2 min

SHARM EL-SHEIKH, Egypt, Nov 12 (Reuters) - A few countries have resisted mentioning a global goal of limiting warming to 1.5 degrees Celsius in the official text of the COP27 summit in Egypt, U.S. Special Climate Envoy John Kerry said at the conference on Saturday. There are very few countries, but a few, that have raised the issue of not mentioning this word or that word," Kerry said when asked about opposition by some governments to mentioning the 1.5C target. Breaching the 1.5C threshold risks unleashing the worst consequences of global warming. Many developing countries have demanded the establishment of a "loss and damage" fund that could disperse cash to countries struggling to recover from disasters. Kerry said the United States would not support establishing such a fund, and instead believed existing platforms should be used.

☆ Some countries have resisted 1.5°C goal in COP27 text, U.S. says
▼ + stars: | 2022-11-12 | by ( Valerie Volcovici | ) www.reuters.com time to read: +2 min

[1/2] John Kerry, U.S. Special Envoy for Climate speaks as he attends the opening of the American Pavilion in the COP27 climate summit in Egypt's Red Sea resort of Sharm el-Sheikh, Egypt November 8, 2022. REUTERS/Mohammed SalemSHARM EL-SHEIKH, Egypt, Nov 12 (Reuters) - A few countries have resisted mentioning a global goal of limiting warming to 1.5 degrees Celsius in the official text of the COP27 summit in Egypt, U.S. Special Climate Envoy John Kerry said at the conference on Saturday. There are very few countries, but a few, that have raised the issue of not mentioning this word or that word," Kerry said when asked about opposition by some governments to mentioning the 1.5C target. Many developing countries have demanded the establishment of a "loss and damage" fund that could disperse cash to countries struggling to recover from disasters. Kerry said the United States would not support establishing such a fund, and instead believed existing platforms should be used.

SHARM EL-SHEIKH, Egypt, Nov 11 (Reuters) - U.S. President Joe Biden told the COP27 climate conference in Egypt on Friday that global warming posed an existential threat to the planet and promised the United States would meet its targets for fighting it. "The climate crisis is about human security, economic security, environmental security, national security, and the very life of the planet," Biden told a crowded room of delegates at the U.N. summit in the seaside resort town of Sharm el-Sheikh. Biden said global crises, including the Russian invasion of Ukraine, were not an excuse to lower climate ambition. U.S. President Joe Biden delivers a speech at COP27 climate summit, in Sharm el-Sheikh, Egypt, November 11, 2022. "It's radio silence on loss and damage finance," Singh said, calling Biden "out of touch with the reality of the climate crisis."

☆ Biden says 'everyone has to act' to help the world deal with the climate crisis. But the US isn't meeting its own promises.
▼ + stars: | 2022-11-11 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

President Joe Biden touted the new US climate law and methane restrictions at a UN climate summit. Biden urged rich countries pay up on climate, but the US hasn't been meeting its own promises. Developing nations share comparatively little responsibility for the buildup of heat-trapping gasses in the atmosphere. "If countries can finance coal in developing countries, there is no reason we can't finance clean energy in developing countries," Biden said to loud applause from the audience. Looming over COP27 is the global energy crisis sparked by Russia's war in Ukraine.

☆ Mexico's Pemex had a plan to fix its flaring problem, but abandoned it
▼ + stars: | 2022-11-07 | by ( Stefanie Eschenbacher | ) www.reuters.com time to read: +10 min

The broken commitment, which has not previously been reported, highlights the struggles of Mexico's oil regulator to rein in Pemex, a powerful state monopoly that is always closely connected to the government. The oil company has in recent quarterly reports stressed it was making efforts to clean up its operations and bring down flaring and other waste. Earlier this year, under increasing international criticism, Lopez Obrador said Pemex would invest $2 billion to improve infrastructure to reduce flaring and methane emissions. The regulator said in 2020 the company wasted 37.7% of the gas from Ku alone through flaring, venting or otherwise. One source said the regulator fined Pemex again for recurrence in 2021 but the oil company started legal proceedings to annul the fine, which are still pending.

☆ Factbox: COP27: Major players at the U.N. climate talks in Egypt
▼ + stars: | 2022-11-04 | by ( Rachel Parsons | ) www.reuters.com time to read: +7 min

Here are some of the main stakeholders and negotiating blocs engaged in the U.N. climate conference (COP27) that starts on Nov. 6 in Sharm el-Sheikh, Egypt. A diplomatic row over Taiwan led Beijing to cancel bilateral climate talks with the United States. EUROPEAN UNIONGreenhouse gas emissions from the 27-country European Union comprise about 8% of the global total, and have been trending downward for years. Negotiating as a single group at the U.N. climate talks, the EU intends to push other major emitters to raise their targets. Meanwhile, long-time climate champion King Charles III said he will skip the COP27 conference in Egypt.

☆ How U.N. climate conferences have tackled global warming
▼ + stars: | 2022-11-02 | by ( Andrea Januta | Kim Harrisberg | ) www.reuters.com time to read: +6 min

REUTERS/Russell Cheyne/File PhotoNov 2 (Reuters) - This year’s U.N. climate conference in Sharm el-Sheikh, Egypt, marks the 27th time since 1995 that world leaders have gathered to confront global warming. Here are some key moments in the global climate conversation:1800s - Throughout the 1800s, several European scientists study how different gases and vapours can trap heat in the Earth’s atmosphere. 1990 - At the U.N.’s so-called Second World Climate Conference, scientists highlight the risks of global warming to nature and society. 2015 - Global warming passes 1 degree Celsius. Signatories promise to try to keep global warming within 1.5 degrees C of the preindustrial average.

☆ The Great Northeast Wind Bailout
▼ + stars: | 2022-10-17 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The five turbines of America's first offshore wind farm, owned by the Danish company, Orsted, stand off the coast of Block Island, R.I., Oct. 17, 2022. Photo: David Goldman/Associated PressIf only the hot air blowing at the United Nations’ Climate Ambition Summit this week could be used to generate electric power. That would be especially convenient since Governors in the Northeast are lobbying the White House to bail out their states’ offshore wind projects, which have hit a gale of ballooning costs.

Persons: David Goldman Organizations: Associated, United Nations Locations: Danish, Block

Register now for FREE unlimited access to Reuters.com RegisterThe president of the United States, the largest World Bank shareholder, traditionally appoints World Bank presidents. A coalition of civil society groups on Wednesday called for the World Bank to fire Malpass. "We have – and will continue – to make that expectation clear to World Bank leadership. Selwin Hart, special adviser to the UN secretary-general on climate action, had also criticized the World Bank at the COP26 climate summit in Glasgow last year. Large banks, especially the World Bank, "cannot continue to fiddle while the developing world burns," he said.

☆ Live Updates: Climate Week NYC 2022
▼ + stars: | 2022-09-19 | by ( Catherine Boudreau | Stephanie Osmanski | ) www.businessinsider.com time to read: +4 min

And it includes the massive public relations machine raking in billions to shield the fossil fuel industry from scrutiny. "Fossil fuel interests need to spend less time averting a PR disaster—and more time averting a planetary one. But it is high time to put fossil fuel producers, investors and enablers on notice." What followed was an appeal for fossil fuel companies to be taxed on windfall profits—that's a higher tax rate on sudden, unexpected spikes in earnings. "Today, I am calling on all developed economies to tax the windfall profits of fossil fuel companies.

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