World must invest $131 trillion in clean energy to hit Paris targets March 16, 2021 The world must invest $131 trillion (£94 trillion) in clean energy resources over the next 30 years in order to hit the climate targets set out in 2015’s Paris accords. A new report from the International Renewable Energy Agency (IRENA) found that investment must increase $33 trillion from current plans over the coming decades if [...]
Central banks must play ‘clear role’ in greening financial system, argues think tank March 15, 2021 Central Banks, including the Bank of England, must have a strategy for helping countries achieve net zero emissions, according to a report published today. The report, funded by the European Climate Foundation, argues that achieving a net zero economy is the best way of minimising the risks of climate change. It calls for central banks [...]
HSBC concedes to investor pressure over climate change March 11, 2021 HSBC has given in to investor pressure by tabling plans to phase out its financing of coal power by 2040, staving off backlash over the bank not being aligned with its climate ‘ambitions’. The bankin giant said today it will retire from funding both coal-fired power and thermal coal mining across the EU by 2030, and [...]
CBI calls for ‘fundamental change’ to UK tax system to achieve climate change goals March 11, 2021 One of the UK’s most influential business groups has called for the government to deliver wholesale changes to the country’s tax regime in order to hit its 2050 net zero target. The CBI said that instead of making changes to individual taxes, ministers should instead pursue “fundamental change with a holistic, coherent tax plan”. It [...]
Greenpeace paragliders land on ECB roof in climate finance protest March 10, 2021 Climate activists flew on top of the European Central Bank on Wednesday to hang a banner which accused the bank of funding polluters. Two Greenpeace activists flew over Frankfurt’s Main river to display a banner that demanded the ECB “stop funding climate killers”. The protest followed a think tank report which argued that the ECB’s [...]
Two-thirds of world’s original rainforest now destroyed or damaged March 8, 2021 An estimated two-thirds of the world’s original tropical rainforest has been degraded or destroyed by people, new data has revealed, sparking concern that a vital natural buffer against the climate crisis is disappearing quickly. As well as providing protection against the impacts of climate change, the loss of forest has also majorly contributed to climate-warming [...]
Government slammed over lack of climate change plan March 5, 2021 Two government committees have hit out at the government over a lack of detail in its climate change plans ahead of this year’s COP26 conference. In a new report released today, the influential Public Accounts Committee (PAC) said that two years on from fixing its net zero target in law, the government had “no plan” [...]
Global emissions surge back in December despite record annual fall March 2, 2021 Global carbon emissions have already returned to pre-Covid levels due to surge in energy usage driven by the global economic recovery to the crisis. According to data from the International Energy Agency (IEA), emissions were 2 per cent, or 60m tonnes, higher in December than they were in the same month a year earlier. That [...]
Barclays faces fresh shareholder showdown over fossil fuels ahead of COP26 March 2, 2021 Barclays faces a second consecutive year of shareholder pressure on its position as Europe’s largest fossil fuel financier, after a shareholder resolution has been filed for the bank’s upcoming AGM on 5 May. The resolution calls for financing and exposure to coal, oil and gas to fall in line with the Paris Agreement’s climate goals. [...]
Carbon capture: Here’s what you need to know about the Elon Musk-backed tech February 27, 2021 Elon Musk is nothing if not divisive. But if there’s one thing about the world’s richest man that people tend to agree on, it’s that he’s good at picking winners. So when the Tesla and SpaceX founder announced – via tweet, naturally – that he would contribute $100m to the best carbon capture and storage [...]