Carbon Emissions

Wildfires caused the largest tropical forest losses in 2024 Global warming is expected to worsen destruction Communities put in the center of fire prevention at COP30 By Andre Cabette Fabio The government agencies responsible for the environment and forests in Ecuador, Peru Ghana and Kenya, along with more than 30 environmental and indigenous groups from around the world, signed an agreement that will secure $100 million by 2030. The pledge will initially focus on the Amazon Basin - the largest tropical forest in the world, which is located mostly in Brazil. Fires are raging in forests that were not likely...

German Finance Minister Lars Klingbeil spoke about overcapacity on China during his Tuesday visit to Beijing. He also stressed that if no solution is found, the European Union will act. Klingbeil stated: "I made it very clear that, in the event of a need, decisions would be taken at the European level, to better protect our market." "I would like to avoid this, but at the end of the day, Europeans - and we Germans - must not be left behind." Klingbeil's second day in China saw him attend the Party Dialogue, where he discussed the war in Ukraine, German-Chinese...

The demand from tech giants for high-quality credits to offset their AI emissions is fueling a shortage, which experts say is what's needed to stimulate investment in this nascent industry. Credits tied to forest preservation projects will be nearly four times as expensive in 2024 due to heavy purchases by companies such as Microsoft and Google over the past two years. Credit experts report that Big Tech collectively has spent hundreds of millions on carbon removals which capture and store CO2 for an extended time, a large portion of this in the past two years. According to CDR.fyi, the total...

Google's biggest deal to remove carbon emissions involves financing the restoration of Amazon rainforests with Brazilian startup Mombak. This comes as big tech searches for high-quality credits that can offset emissions from energy-hungry data centres. Companies said the deal would offset 200 metric tons carbon emissions. This is four times more than a pilot agreement signed in September 2024 between Google and Mombak, its sole supplier of forestry credits. Both companies declined comment on the deal's value. The agreement shows how big tech wants to mitigate the climate impact of its massive investment in data centers that use a lot...

The government revealed in its budget plan for the first budget of Prime Minister Mark Carney that Canada may scrap the cap on oil-and-gas emissions and replace it with other measures, such as industrial carbon pricing or the deployment of technology to capture and store carbon. In the climate plan that was part of the first budget of Prime Minister Mark Carney, it said the cap would be no longer needed because its value would be marginal. The Canada's emission cap is not being enforced by legislation, and it will not take effect before 2030. Canadian oil and natural gas...

The government revealed in its budget plan for the first budget of Prime Minister Mark Carney that Canada may scrap a cap on gas and oil emissions if other initiatives like carbon markets, stronger regulation, and carbon capture and storage technology prove successful. In the climate plan that was part of the first budget of Prime Minister Mark Carney, it said the cap would be no longer needed as its value would be marginal. The Canadian emissions cap is not legally enforced and will not take effect until 2030. However, Canadian oil and natural gas companies have condemned it because...

The U.S. Department of Energy announced on Friday that it will make $100 million available for refurbishing and modernizing existing coal-fired plants. This move is part the Trump administration’s efforts to reverse the decline in coal usage in the United States. Last month, the Energy Department announced that it would invest $625 million in expanding coal-fired power generation. In recent years, the number of coal-fired plants has decreased due to the concerns over the impact of fossil fuels on the environment and public health as well as the competition from natural gas. According to the administration of Donald Trump, coal...

A White House official confirmed that the U.S. would not be sending any high-level officials for the upcoming COP30 Climate Summit in Brazil. This will ease some concerns among world leaders who were worried Washington might send a team of negotiators to sabotage the talks. Brazil will host the high-level leaders summit in Belem, Amazonian City next week. The UN climate talks begin there two weeks later. Earlier this week, the U.S. warned that it would use visa restrictions and sanction to retaliate to nations who voted in favor of a UN shipping agency plan, the International Maritime Organization (IMO),...

A federal judge dismissed an attempted class action lawsuit that accused Mondelez International, of misleading consumers into paying more for Clif bars labeled as "climate-neutral certified." U.S. district judge Manish Shah found that the labels of Clif Kid Zbar products and Zbar Protein that showed a certification by Change Climate Project (a nonprofit that assists companies in reducing emissions) were not wrong. Shah dismissed the case with prejudice, which means it cannot be brought back. Cynthia Salguero, a plaintiff from Chicago, accused Mondelez, a Chicago-based company, of "greenwashing," or exaggerating a product's environmental impact, by labeling Zbars "climate neutral." She...

Bill Gates, philanthropist and billionaire investor, called on world leaders to focus on improving health outcomes and not temperature reduction targets in advance of the COP30 Climate talks in Brazil. COP30 is scheduled to take place in Belem, a port city in Brazil's Lower Amazon Region from November 10-21. The countries are expected to update their national climate commitments, and evaluate progress made on the renewable energy targets set at previous summits. In the last decade, the world has been working to achieve the Paris Agreement goals. This includes limiting global warming below 2 degrees Celsius over the pre-industrial level...

Automakers formed alliances with electric vehicle companies to avoid heavy fines from the European Union for carbon emissions. Several legacy automakers could face fines, as the transition from ICEs to EVs has been slower than expected. As of Monday, here are the details on the regulations and alliances that will be in place for 2025. Initial EU fines were based on carbon emissions levels in 2025. The European Commission, under pressure from the automakers, allowed compliance in March based on average emissions between 2025 and 2027. All alliance agreements currently in existence, as identified by their pool managers, will expire...

General Motors announced on Tuesday that it will take a $1.6billion charge in the third-quarter as it reshapes the electric vehicle strategy after the federal incentive was scrapped, which is expected to reduce demand. GM's disclosure was one of the most clear indications that U.S. carmakers are scrambling in order to adjust their production plans to respond to a slowing EV market. Auto executives have warned of a sudden drop in battery car sales, which will eventually rebound, after the Trump Administration scrapped a federal tax credit of $7,500 for electric vehicles. The adoption rate of EVs is expected to...

It was not clear what the 190+ countries attending the COP30 would be discussing during the two week U.N. Summit in Brazil's Amazonian city of Belem. It's also unclear how they will handle controversial issues such as the 2023 pledge to stop using polluting sources of energy and their demand for funding to achieve this. The biggest question was whether or not countries would want to reach a final deal, which is difficult to do in an era of global politics that has been fractious and the U.S.'s efforts to block a move away from fossil-fuels. After years of COP...

HSBC released a new set of climate targets on Thursday that are softer and more flexible for near-term sectors like oil and gas. This is in response to the slow rate of change in real economy. The targets for the end of the decade follow a review that was announced by British bank earlier this year, when it dropped its goal to reach net-zero emissions in all of its operations by 2030. HSBC is still aiming for its operations, funded by the loan book, to produce zero emissions by 2050. It and other banks who have set similar climate goals...

China's car industry has been a major disruptor of the global automaker industry for the last decade. Its electric vehicle producers have replaced combustion engine cars at home, and have also flooded the global market with record exports. The country may have to reverse its electric vehicle exports and output following a major policy shift that will reduce EV subsidies in the upcoming five-year plans. China's top industrial policymakers have omitted electric cars from the list of strategic industries in their 2026-2030 Development Agenda, China's main industrial strategy blueprint. Industry analysts interpret the omission as Beijing's willingness to let the...

BHP, world's largest miner, and South Korean Steelmaker POSCO announced on Thursday they had signed an agreement for the advancement of the production "near-zero emissions" iron. This is a major step towards manufacturing green steel. Iron will be produced in a demonstration facility at POSCO’s steelworks, located on the port side of South Korea’s city of Pohang. The process is based on hydrogen and uses an electric smelting oven. Construction will begin shortly, with the commissioning scheduled for 2028. The plant is expected to be able to produce 300,000 tons of molten metal per year. According to the International Energy...

Automakers formed alliances with electric vehicle companies to avoid heavy fines from the European Union for carbon emissions. Several legacy automakers could face fines, as the transition from ICEs to EVs has been slower than expected. As of Tuesday, here are the details on the regulations and alliances that will be in place by 2025. Initial EU fines were based on carbon emissions levels in 2025. The European Commission, under pressure from the automakers, allowed compliance in March based on average emissions between 2025 and 2027. All alliance agreements currently in existence, as identified by their pool managers, will expire...

Nicola Willis, New Zealand's Finance Minister, said that regional and bilateral trade relationships would continue to grow in the face of the U.S.-China Trade War. Small countries such as hers will have to adjust to a different reality and maintain their priorities. Willis stated in an interview with The New Zealand Herald on Thursday that New Zealand is acutely aware of geopolitical risks and economic challenges. However, her discussions this week at the World Bank and International Monetary Fund annual meetings showed the strength of international institutions as well as trade agreements among other countries. She said that New Zealand...

Ferrari unveiled the technology behind the first electric car it has produced, but announced on Thursday that hybrid and petrol vehicles will continue to be at the core of its line-up until 2030. Elettrica will be the name of the electric car that goes on sale in 2019. Ferrari unveiled the production-ready chassis of the Elettrica at an event held in its Maranello headquarters, located in northern Italy. The car base is equipped with a battery pack, electric motors and outer shell, but no wheels or exterior shell. The reveal of Ferrari's first electric car is a major milestone in...

China's Foreign Ministry said that the EU's climate chief's criticisms of China's climate pledges show "double standards" and "selective blindness", accusing them of slow action on their own climate targets. China pledged earlier this week to reduce greenhouse gas emissions between 7% and a 10% reduction by 2035 compared to their peak levels as part of the new targets for its nationally determined contributions. Wopke hoekstra, the European Union's climate commissioner, called the goal "clearly disappointed". The Chinese Foreign Ministry appeared to make a reference to this statement without directly addressing it. A day earlier Donald Trump, the U.S. president,...

Three sources have confirmed that China's veteran climate envoy who secured two important climate agreements with the United States will meet the EU's top official for green transition on Tuesday in order to revive the floundering international climate talks ahead of the COP30 Summit in Brazil. Xie zhenhua, a former climate envoy who retired after the COP28 talks in Dubai, in late 2023, is scheduled to visit Brussels on 16 September and meet Teresa Ribera, the executive vice-president for the European Commission for a Clean, Just, and Competive Transition. He will encourage the EU to announce ambitious climate goals, and...

A spokesperson for the European Commission said that measures will be proposed this year to stop countries from avoiding its border carbon tariff. Some in Brussels are concerned that Chinese companies could restructure their trade to avoid paying the tax. Carbon Border Adjustment Mechanism, the first carbon border tax in the world, will begin to charge fees for CO2 emissions from imported goods, including steel, aluminum, cement, and fertilisers, starting in January. The system is designed to bring foreign producers up to par with European manufacturers who pay for their carbon emissions through the European Carbon Market. Brussels officials are...

The cabinet announced on Monday night that China would tighten the market for carbon trading by introducing absolute emission caps in certain industries starting 2027. According to a joint statement from the State Council of China and the Central Committee of the Communist Party, the caps will first be implemented in industries that have relatively stable carbon emission levels by 2027. China's national carbon market, or emissions trading system (ETS), will be largely established by 2030. "Policymakers have tightened the system", said Xuewan Chen senior research analyst at LSEG. In a statement, it was stated that the national carbon market...

Japan's land and industry ministers designated Matsumae, and Hiyama areas, off the northern island Hokkaido as promotion zones for offshore wind auctions. The goal is to boost the country's goals of renewable energy. In a joint announcement, the Ministry of Land, Infrastructure, Transport and Tourism and the Ministry of Economy, Trade and Industry announced that the government would develop guidelines for using the zones and hold a public auction to select operators for energy project. The next auction date was not provided. By 2040, Japan wants to reach 45 gigawatts in offshore wind power, which will help reduce the country's...