EU rules, climate reports and a ban on natural gas in New York: all you need to know about the environment this week – The European Sting – Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology



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This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

Author: Kate Whiting, Senior Editor, Educational Content

  • This weekly roundup brings you some of the top environmental stories from the past seven days.
  • Headlines: New York votes to ban natural gas in new buildings; oil and gas reserves threatened by climate change; the $ 1.6 trillion labor cost of global warming to 3C and the EU is proposing methane, gas and building regulations.

1. Environmental stories from around the world

The New York City Council on Wednesday voted to ban the use of natural gas in new buildings, following in the footsteps of dozens of small American towns seeking to switch from fossil fuels to cleaner forms of energy. New buildings in the largest city in the United States with 8.8 million people will need to use electricity for heating and cooking, according to the council vote posted on its website.

Rising consumption in China, India and the United States could push global demand for coal-fired electricity to a new all-time high this year, undermining efforts to reduce greenhouse gas emissions, a said Friday the International Energy Agency (IEA). The IEA said global electricity production from coal is expected to reach 10,350 terawatt-hours in 2021, up 9%, driven by a rapid economic recovery that has “pushed demand for electricity much faster than electricity. low carbon supplies cannot keep up ”.

Denmark will allocate 16 billion Danish kroner ($ 2.43 billion) in subsidies for carbon capture and storage over the next decade with the aim of achieving one of the world’s most ambitious climate goals, his government announced on Tuesday.

The Singapore Stock Exchange (SGX) will begin requiring companies to provide climate reports as well as information on diversity on board from next year, the exchange said on Wednesday. All issuers must provide climate reporting on a “comply or explain” basis in their sustainability reports from the fiscal year beginning in 2022.

What is the World Economic Forum doing about natural climate solutions?

The world is facing converging environmental crises: the accelerated destruction of nature and climate change.

Research conducted for the Forum’s Nature and Net Zero report confirms estimates that NCS can deliver one-third of climate mitigation to achieve a 1.5 ° and 2 ° trajectory by 2030, and at a lower cost to that of other forms of carbon dioxide removal. This report builds on the recommendations of the Scaling Voluntary Carbon Markets Task Force and identifies six actions to accelerate the scale-up of high-quality NCS and unlock markets through the combined efforts of business leaders, policy makers and civil society.

To foster collaboration, in 2019 the Forum and the World Business Council for Sustainable Development came together to create the Natural Climate Solutions Alliance to bring together public and private stakeholders to identify opportunities and obstacles. to investment in NCS.

NCS Alliance member organizations have contributed their expertise to develop Natural Climate Solutions for Business, a high-level guide to the credible use of NCS credits by businesses.

Contact us to join our mission to unleash the power of nature.

Insured losses from the swarm of tornadoes and severe convection storms that wreaked havoc in parts of the United States this month could be as high as $ 5 billion, experts from the U.S. said on Tuesday. industry.

China’s Guangdong Province, a major tech hub on the southeast coast, plans to move some of its large data centers to new underwater locations in a bid to reduce power consumption, according to a plan released on Tuesday. . Data centers have become one of the largest industrial consumers of energy. Building them underwater will reduce the need for cooling technology, which can account for about a third of a facility’s total electricity consumption.

Germany’s new government on Monday adopted a supplementary budget to fuel its climate and transformation fund with a debt-financed injection of 60 billion euros ($ 68 billion) to allow more investment in the transition to a green economy.

Argentina’s weather outlook poses a “big challenge” for soybean and corn production, with below-normal rainfall due to the La Niña climate pattern expected during the region’s summer, the exchange said. cereals from Buenos Aires. Argentina is the world’s largest exporter of processed soybeans and the second largest exporter of corn. Farmers are currently planting soybeans and corn for the 2021/22 season.

La Niña causes the jet stream to shift northward and weaken over the eastern Pacific.  During La Niña winters, the South experiences warmer and drier conditions than usual.  The north and Canada tend to be wetter and cooler.
La Niña causes the jet stream to shift northward and weaken over the eastern Pacific. Image: NOAA

A new global standard for business climate information disclosures will be chaired by Emmanuel Faber, the former director of French yogurt maker Danone and longtime advocate for sustainable businesses. G20 leaders at the UN climate change conference COP26 last month backed the creation of a new International Sustainability Standards Council, or ISSB, which plans to launch its first global information disclosure standards on the climate for companies in the second half of 2022.

Much of the world’s oil and gas reserves are threatened by rising tides, storms, flooding and extreme temperatures caused by climate change, risk consultancy Verisk Maplecroft said Thursday. Access to the equivalent of 600 billion barrels or 40% of the world’s recoverable oil and gas reserves could be affected by wild weather, with major producers in Saudi Arabia, Iraq and Nigeria among the most vulnerable, the British company wrote in a study. Remark.

Leading companies in the marine insurance industry have joined an initiative to link their underwriting activities to reducing carbon emissions from global shipping as pressure intensifies on the industry to go green. Companies that adhere to the “Poseidon Principles” for marine insurance commit to assess and disclose the climate alignment of their hull and machinery portfolios and benchmark them against the goals of the International Maritime Organization.

The number of companies sharing climate data with CDP, the world’s leading disclosure platform, has jumped nearly 40% over the past year as investors and policymakers pressured boards, according to data viewed by Reuters.

2. 3C Global Warming Could Cost $ 1.6 Trillion Per Year In Lost Labor

Global warming of 3 degrees Celsius could cost up to $ 1.6 trillion every year in lost labor productivity, as even the coolest hours of the day begin to pose major health risks for the world’s workers whole, researchers said Tuesday.

Most at risk will be outside workers in already hot countries where temperatures and humidity are rising rapidly, perhaps threatening the economic lifeline of South Asian migrants seeking employment in Gulf countries.

A study published in Nature Communication found that the global economy is already losing up to $ 311 billion a year as workers struggle in hot and humid weather.

He warned the sum would increase by more than five times if the planet got 2C (3.6 degrees Fahrenheit) warmer than today, in addition to the 1.1C warming already seen since pre-industrial times.

3. EU proposes regulations on methane, natural gas and buildings

European Union policymakers on Wednesday presented a second set of proposals to cut emissions from its economy this decade and put it on track for net greenhouse gas production by 2050.

In July, the bloc of 27 countries became the first of the world’s leading emitters to draw up a comprehensive plan to meet its climate targets with legislative proposals that included larger carbon markets and a phase-out of sales of combustion-engine cars.

The European Commission on Wednesday proposed a second, smaller set of regulations, focusing on buildings, methane emissions and natural gas.

European Union countries would be required to renovate their least energy efficient buildings by the end of the decade to cut emissions and save fuel. Buildings account for around 40% of the EU’s energy consumption and most are heated by fossil fuels.

The proposed legislation included forcing oil and gas companies to report their domestic methane emissions and fix leaks of the powerful greenhouse gas, but overseas companies that supply most of Europe’s fossil fuels will be largely spared. .

The rules would also allow EU countries to jointly purchase strategic gas reserves, under plans that would also boost gas storage and aim to add more low-carbon gas to the grid.



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