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This could be met from a variety of sources—including pollution fees on fossilfuel companies, the elimination of fossilfuel subsidies, and wealth taxes on the richest people. Since then, the World Bank has taken on the role of hosting the fund and serving as its trustee on an interim basis for four years.
The federal government’s proposed regulations to reduce emissions in electricity generation are achievable without breaking the bank. In fact, studies show that clean energy is a more affordable option than continuing to rely on fossilfuels.
Finance is the top priority for this COP and is the linchpin to help lower income nations transition from fossilfuels to clean energy, close the energy poverty gap, adapt to climate impacts, and address mounting loss and damage. The major presence and influence of fossilfuel lobbyists at COP29 continues to be alarming.
Delivering for fossilfuel donors On March 28, the US Securities and Exchange Commission (SEC) an independent federal agency that protects investors by watching Wall Street abandoned a rule it passed just last year requiring companies to examine how climate change impacts their operations and disclose their findings.
The investment banks report measures the levelized cost of energy for various forms of electricity generation. The report is closely watched, and often criticized, in the energy industry, where it helps guide investment decisions. Thats a key takeaway in Lazards annual report on electricity generation costs.
Developing countries are falling prey to fears of losing investments in renewableenergy projects and wealthier countries are worried that higher electricity and gasoline prices due in part to decarbonization policy will lead to citizen backlash. In fact, the only major emitting country that is doubling down on climate action is China.
The fossilfuel age is flailing and failing,” UN Chief António Guterres said in a speech last week, accusing coal, oil and gas of being “the greatest threat to energy security today.” Energy Star is an energy accreditation program run by EPA that saves the US money and is popular with appliance makers.
Of Agriculture Now Accepting Agricultural Research Grant Applications, July 25 Deadline -- Gov. Million Water Main, Lead Service Line Replacement Projects -- Pittsburgh Business Times: Pittsburgh Water Authority Launches $75.4
Shapiro -- Inquirer: Shapiros Office Responds After USDA Accuses Governor Of Playing Games With Federal Food Bank Funding Cuts That Hurt Farmers -- Inquirer: PA Wants To Hire Federal Workers; But Now Has A Partial Hiring Freeze -- Gov. Because In Politics Everything Is Connected To Everything Else-- -- Gov.
This newest massive loan will only benefit CEOs from the oil and banking industry, while Canadians – already struggling with an affordability crisis will be left on the hook to cover the costs. More fossilfuel infrastructure is not a winning strategy for Canadians or the planet.
By Anders Lorenzen Mark Carney, the former Governor of the Bank of England and the United Nations (UN) Special Envoy for Climate Action and Finance, has become the next Prime Minister of Canada. While at the Bank of England, he supercharged climate change as a key concern and focus area. Photo credit: World Economic Forum via Flickr.
When Donald Trump returns to the Oval Office in January 2025, his second presidency will have widespread implications for the energy industry, especially new investments, but not necessarily in the ways his supporters might expect. RenewableEnergy Vs. FossilFuelsRenewables or fossilfuels?
Subscribe Top Posts & Pages Using the pollution load index to evaluate rooftop harvested rainwater metal(loid) contamination in environmental justice communities If Energy Star goes away, finding energy efficient appliances will be harder.
Last week, I participated in the Scientists Speakout Day during the Summer of Heat on Wall Street , to protest and disrupt the financial institutions that are enabling the fossilfuel industry (and, as a result, our current climate crisis).
In order to achieve the greenhouse gas reductions needed to sustain a livable climate, we must scale up renewableenergy capacity at a rapid pace. The resource bank contains peer-reviewed scientific articles and reports published by governmental agencies and trade organizations, and was compiled by Sabin Center intern Naomi Zimmermann.
Since the summer of 2021, five Republican-controlled state legislatures have passed bills banning their state governments from doing business with financial institutions that they allege have divested from fossilfuel companies as a result of ESG investment policies. Another six statehouses are considering similar bills.
In 2022, UCS, COPAL , and our other project partners published the report On the Road to 100 Percent Renewables , along with a state-specific fact sheet outlining how Minnesota could meet its electricity needs completely and equitably with renewableenergy by 2035, while dramatically reducing fossilfuel use in vehicles and buildings.
Glasgow — Today at COP26, Canada, US, Mali, UK, and 20 other countries and institutions from both developed and developing countries launched a joint statement committing to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance. This was 2.5
What we really care about is making people better off, not growing their bank accounts. Another is that the costs of renewableenergy and electric vehicles have declined so greatly in the past ten years, making them more or less competitive with their fossil-fuel alternatives.
It is overwhelmingly produced by a process known as steam methane reforming (SMR), which is heavily carbon-polluting, and the resulting hydrogen is primarily consumed as a feedstock for industrial purposes, such as oil refining and fertilizer production, not as a way to displace fossilfuels. And this isn’t just hypothetical.
A 2022 Rainforest Action Network repor t found that “fossilfuel financing from the world’s 60 largest banks has reached USD $4.6 trillion in the six years since the adoption of the Paris Agreement, with $742 billion in fossilfuel financing in 2021 alone.” The biggest US bank investors in fossilfuels? “At
Barclays and HSBC are two of the major banks which continue to fund fossilfuel investments. A report by ShareAction has delivered a damning verdict on European banks connection to fossilfuel investments. Major European banks at the heart of continued fossilfuel support.
And despite the mounting warnings from experts, India’s big banks appear to be turning a blind eye to climate risk. . Climate scorecard for India’s banks . A recent analysis offers a rare glimpse into how India’s largest commercial banks think about climate change. You’re talking about extremely large banks,” Fernandes says.
There’s a direct line of culpability between fossilfuel corporations and climate change – it’s why so many oil and gas CEOs have topped our list of Climate Villains. But they aren’t the only powerful players who shoulder responsibility for keeping us hooked on fossilfuels, the largest source of greenhouse gas emissions.
Nearly all of these plastics are made from fossilfuels including crude oil, natural gas liquids and coal. Ocean plastics, such as those collected by our International Coastal Cleanup partners last week on beaches and waterways around the world, are a product of the fossilfuel industry that is driving climate change.
What do the CEO of Imperial Oil, the head of RBC bank and the head of Big Oil’s biggest lobby association, the Canadian Association of Petroleum Producers, all have in common? And they’re preventing efforts to build a healthy, equitable world beyond fossilfuels. That makes them three of Canada’s top ‘climate villains’.
This council suggested labeling fossilfuel activities like CCUS (carbon capture, utilization, and storage) as sustainable, as well as some types of oil and gas expansion. Labeling fossilfuel activities as sustainable is like including a harpooned whale under Ocean Wise, or describing a peanut butter and jelly sandwich as nut-free.
Federal government releases new policy aimed at ending international public financing for fossilfuels, next step is ending domestic financing . This new policy will end a significant portion of EDC’s support for fossilfuels and redirect those funds to support the clean energy transition.
Graph credit: Norges Bank Investment Management (NBIM). trillion, and has targeted large investments in renewableenergy. billion (€900 million) to the renewableenergy investment firm, Copenhagen Infrastructure Partners (CIP). The Fund was established in 1990 and built on Norway ’s oil and gas revenues.
Financial institutions such as banks, pension managers, asset managers and insurance companies are the primary players in the finance game. Climate change is driven by the release of greenhouse gas emissions from the burning of fossilfuels. Banks are not the only culprits funding the fossilfuel industry.
The joint appeal, which can be viewed here , calls upon financial service providers to take urgent and effective action to transition out of fossilfuel financing and to invest in renewableenergies and research for climate solutions. ” Stop all new fossilfuels projects.
– Today, Canada’s export bank, Export Development Canada (EDC), released new climate targets. The agency is the largest fossilfuel financier out of G20 country export credit agencies, with an average of CAD 12.9 Ending all support for fossilfuels, without any loopholes, is a critical step that EDC must take now.
Due to the vast amounts of hydrogen that will be needed in Germany in the coming years, the governmnet is not only banking on German domestic production. This step is quite controversial due to the impossibility to ensure that the hydrogen there is really produced from renewables and not from fossilfuels.
But Canada’s largest financial institutions still fund fossilfuel expansion projects and are too slow to invest in climate solutions. Although Canada’s big banks and pension funds are signing onto commitments to align with the net-zero transition, these voluntary measures set the bar very low. Why is this? .
trillion USD) in fossilfuel companies in 2022, making the sector the fifth largest climate polluter in the world, only after China, United States, India and Russia, Stand.earth and Environmental Defence are calling for urgent policy action. trillion CAD into fossilfuel companies, resulting in 1.44 trillion CAD ($1.1
For years, grid parity – the time when solar and wind would be cost-competitive with fossilfuels and nuclear – was the holy grail of renewablesenergy, a target to reach in a distant future. an increased interest in energy efficiency solutions and of course, 3. the renewableenergy revolution.
This is a signal not only of the country’s unhealthy reliance on fossilfuels but also a failure to move away from gas in a way that other countries have done successfully. In addition, they should rapidly phase out gas for electricity, but of course only if the electricity is produced by nuclear or renewableenergy.
Canadians will demand that financial institutions invest in a climate-safe future It is hard to create a zero-carbon economy if banks and pension funds are still investing in expanding oil and gas extraction. There are also financial risks to investments in fossilfuel projects that must be shut down soon in order to address climate change.
Photo credit: Asian Development Bank / Flickr / CC BY-NC-ND 2.0. Bhutan plans to harness 300 MW of solar energy within the next two years as it seeks to diversify its grid. In the next two years, Bhutan plans to harness 300 megawatts of solar energy, Minister for Economic Affairs Lokhnath Sharma has told The Third Pole.
With most energy investments still in fossilfuels, significant reform is needed to modernise the sector and meet Kazakhstan’s pledge to become net-zero by 2060. Social unrest related to fossilfuels is not a new phenomenon in Kazakhstan. An oil pump in a dust storm on the road to Aktau, Kazakhstan.
With more than 300,000 panels deployed over an area of 214 hectares, it is the largest of its kind in the country, with a production capacity of 100 megawatts (MW) – a sizeable output, but not enough on its own to turn Bolivia’s energy mix away from fossilfuels and towards renewables. Advantageous and encouraging.
It followed Musk’s announcement earlier this month that his company would no longer accept Bitcoin in payment for its electric cars, due to the fossilfuels needed to create the digital currency. These computers use a lot of electricity , which is often generated by fossilfuels. First published in The Conversation.
The 2024 current environmental issue focused on-- RenewableEnergy for a Sustainable Future. Throughout the week-long competition, students demonstrated their knowledge of soils and land use, aquatic ecology, forestry, wildlife management, and the current issue through written tests and prepared oral presentations.
The current global shift towards renewableenergy is already set to cause demand for fossilfuels to peak and decline this decade; however, this is just the beginning. Of course, the oil and gas industry is banking on countries to miss their targets. degree climate-safe threshold. aligned world.
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