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☆ EU produces record wind and solar energy as it shirks Russian gas
▼ + stars: | 2022-10-17 | by ( Christian Edwards | ) edition.cnn.com time to read: +4 min

The boost in renewables comes as Europe tries to wean itself off Russian gas, as Moscow reduces, even cuts off, European nations’ energy supplies to gain leverage in the conflict. Wind and solar energy accounted for a quarter of EU electricity since the start of the war. Chris Ratcliffe/Bloomberg/Getty ImagesNineteen of the EU’s 27 member states have achieved record wind and solar generation since March, the report found. Fossil gas still made up around 20% of the EU’s electricity in the same period, at a cost of around €82 billion ($80.7 billion). The report’s key message is simply: “More renewables, less inflation.”Nonetheless, European energy prices are still high.

☆ How West can mobilise trillions to help save Earth
▼ + stars: | 2022-10-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, Oct 10 (Reuters Breakingviews) - War, inflation, debt, hunger, energy security and fear of recession will dominate the discussions at the annual meetings of the World Bank and International Monetary Fund this week. America and a group of other countries have given the World Bank until December to come up with a plan. Register now for FREE unlimited access to Reuters.com RegisterThe West has self-interested reasons to mobilise trillions of dollars to help the poorer nations of the so-called Global South transition from fossil fuels. But getting this money to flow to the Global South is tough because investors don’t think the returns on offer justify the risks. It is therefore encouraging that America and other leading shareholders have given the World Bank its marching orders and that Malpass has responded positively.

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.

☆ EU plans to upgrade its Paris Agreement climate target - document
▼ + stars: | 2022-09-19 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

REUTERS/Miguel Vidal//File PhotoBRUSSELS, Sept 19 (Reuters) - The European Union plans to raise its target to tackle global warming under the Paris climate agreement, although the upgrade is unlikely to happen in time for this year's U.N. climate summit, according to a draft document seen by Reuters. That's because the bloc's package of climate policies was designed in July 2021 to deliver the 55% emissions target - and parts of it have since been made more ambitious. The draft could still change before EU countries approve it in October. Some experts said making clear that the EU is planning a higher target would still increase pressure on other emitters. "Taking this step would put the EU further ahead as a global climate leader," said Tom Evans from think-tank E3G.

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