The post 1.2 The Anti-Human Environmentalist Who Nearly Exterminated Nuclear appeared first on Carbon Credits.
<img src="” title=”1.2 The Anti-Human Environmentalist Who Nearly Exterminated Nuclear” />
The post The True Story of Nixon’s Nucleargate appeared first on Carbon Credits.
<img src="” title=”The True Story of Nixon’s Nucleargate” />
The post 1.7 This Ain’t Your Grandpa’s Nuclear appeared first on Carbon Credits.
<img src="” title=”1.7 This Ain’t Your Grandpa’s Nuclear” />
The post 1.6 The World’s Shrinking Wasteline appeared first on Carbon Credits.
<img src="” title=”1.6 The World’s Shrinking Wasteline” />
The post 1.5 The Safest Deadly Poison in the World appeared first on Carbon Credits.
<img src="” title=”1.5 The Safest Deadly Poison in the World” />
India submitted its long-term climate strategy at the COP27 summit underway in Egypt, joining a selected list of countries that have clear pathways on how to achieve their net zero goals.
Under the Paris Agreement, all countries have to submit by 2020 a climate strategy to the UN Framework Convention on Climate Change (UNFCCC) detailing how they’ll help fight global warming. These plans are called the Long-Term Low Emissions and Development Strategies (LT-LEDS).
So far, only 57 nations have submitted their LT-LEDS and India is the last of the biggest emitters to do so.
Unlike Nationally Determined Contributions (NDCs), LT-LEDS focus on a longer time horizon. Countries don’t have to report progress on their long-term climate plans as the case with NDCs.
The world’s second-largest consumer of coal aims to prioritize a phased transition to cleaner fuels. It will also reduce household consumption to reach net zero emissions by 2070, according to its 100-page low-carbon strategy.
Minister for Environment, Forest and Climate Change Bhupender Yadav launched the country’s LT-LEDS, saying that:
“This is an important milestone. Once again, India has demonstrated that it walks the talk on climate change… India’s LT-LEDS articulates India’s vision and action plan for achieving its NDC goals and the target of net zero emissions by 2070. And we are placing before all, the key elements of India’s transition to a low-carbon development pathway.”
India updated its NDC last August with these two major climate goals:
Slash emissions intensity of its Gross Domestic Product (GDP) by 45% from 2005 levels by the year 2030
Achieve about 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030
The country’s updated climate plan said India is on track to meeting its NDC commitment. That involves 2.5 – 3 billion tonnes of carbon sequestration in forest and tree cover by 2030.
The document also noted that the update will help the nation achieve its long-term decarbonization. It further states that climate finance estimates needed to hit net zero vary. But for India, it’s “in the order of tens of billions of dollars by 2050 and around ₹85.6 trillion ($1B) by 2030”.
Noting this, the Indian delegate at COP27 summit raised the issue of climate finance once again. Yadav said that the provision of climate finance by developed countries will play a very significant role and that:
“needs to be considerably enhanced, in the form of grants and concessional loans, ensuring scale, scope, and speed, predominantly from public sources, in accordance with the principles of the UNFCCC.”
The 3rd largest emitter has been pledging to phase down coal use. It has also become a big consumer of renewable energy such as solar.
It achieved its goal of having 40% of its electricity capacity come from renewable energy in 2021.
But what’s new in India’s climate strategy is its focus on slashing consumption at the household level and the inclusion of carbon capture, use and storage (CCUS).
CCUS includes technology that can capture carbon from polluting industries so it never enters the atmosphere. The Indian government will focus on the economic, technical, and political feasibility of CCUS while advancing its technologies.
India’s long-term low-carbon strategy is based on four key considerations.
The country has contributed little to global warming, as shown in the chart.
It has significant energy needs for development.
It commits to pursuing low-carbon strategies for development.
India needs to build climate resilience.
The nation’s LT-LEDS zooms in on 6 key areas to reduce emissions: electricity, urbanization, transport, forests, finance, and industry.
For instance, the government plans to increase the use of biofuels, particularly ethanol blending in petrol. This will help boost the number of electric vehicles in the country. This aligns with India’s aim to expand public transport networks and use more green hydrogen fuel.
In particular, India seeks to maximize the use of EVs and ethanol blending to be at 20% by 2025. Its net zero strategy also aims to achieve a 3x increase in nuclear capacity by 2032 to boost the power sector.
The government also announced a push on industrial development, aiming for energy efficiency improvements. These are especially in the sectors of steel, cement, and aluminum.
More importantly, the net zero strategies of India will center on the rational use of national resources with regard to energy security.
While its LT-LEDS outlines an ambitious plan, the COP27 delegate said the nation could not “have a situation where the energy security of developing countries is ignored in the name of urgent mitigation.”
On top of it all, the transition from fossil fuels will be done in a just, smooth, sustainable, and all-inclusive manner, India’s long-term plan said.
The post India Unveils Long-Term Strategy to Reach Net Zero at COP27 appeared first on Carbon Credits.
London-based climate tech startup BeZero Carbon secured $50 million (about €48M) in a Series B round to scale its carbon rating platform and expand into the US and Asia.
BeZero Carbon is a ratings agency founded in 2020 for the voluntary carbon market (VCM). Its ratings are determined by scientists, earth observation specialists, and financial analysts.
BerZero’s users include major energy institutions, commodities, and the financial sector. The firm’s platform also supports credit buyers, investors, project developers, brokers, carbon marketplaces, and top exchanges.
BeZero’s latest $50 million funding round is the largest Series B raise in UK climate tech this year. The company raised a total capital of over $70 million.
The firm’s CEO Tommy Ricketts said:
“… Starting with carbon, effective ecosystem markets have huge potential to accelerate the Net Zero transition and generate economic prosperity. Developing the information infrastructure that allows these markets to take off is fundamental to their growth. The raise will ensure we can continue to invest in our ratings, risk and analytics tools to make this vision a reality.”
US-based investment firm Quantum Energy Partners led the round, with more investments from old and new partners:
Molten Ventures
Norrsken VC
Illuminate Financial
Qima
Contrarian Ventures
EDF Pulse Ventures
Hitachi Ventures
Intercontinental Exchange (ICE).
The startup said it would use the funds to drive innovation in the VCM. And that’s through developing ratings, risk and analytics tools, and opening offices in New York and Singapore.
The funding will also be for investing in creating risk-based products for other markets. BeZero will further use it to develop its proprietary toolkit, deepen its earth observation capabilities, and expand the team.
The BeZero Carbon Rating (BCR) gives users a risk based assessment for understanding and evaluating carbon credit of any type, in any sector and country.
The BCR of carbon credits represents the firm’s opinion on the likelihood that a given credit achieves a tonne of CO2e avoided or removed. It uses a 7 point scale across 3 categories: A, AA, AAA.
Projects must meet these 3 key criteria to be eligible for a BeZero Carbon Rating.
Applied an additionality test or provide enough information on how it is additional
Audited by a recognized independent auditor to ensure the credibility of data and information
Information on project design and ongoing monitoring must be available in the public domain at all times
The BCR follows a robust analytical framework with detailed assessment of the following 6 critical risk factors. They significantly affect the quality of carbon credits issued by the project.
BeZero rates a project’s carbon credits in a 4-stage process.
#1. Macro factor assessment: making top-down assessment of the credits based on country-specific risks, sector, and accreditation methodology.
#2. Project specific assessment: assessing project-specific risks based on all publicly available information on project’s credits.
#3. Risk factor weighting: summing up all the specific weighting for each risk factor, according to these percentage.
#4. BCR committee review: The Rating Committee reviews all ratings and must approve them before assigning final BCR to the carbon credits.
All BeZero Carbon Ratings are valid at all times and are tracked on an ongoing basis. The monitoring process involves reviewing all new information about the project, sector, and methodology.
That’s to ensure that the VCM grows in a transparent way, delivering a real impact on the planet.
Jeffrey Harris from Quantum Energy Partners noted that:
“Set to reach $50bn by 2030, the Voluntary Carbon Market will play a central role in the transition to Net Zero. BeZero Carbon has built the biggest ratings agency in the market, with an incredible team of experts that are leaders in their fields. We are excited to be supporting them with their next stage of growth to help build a new climate economy.”
All headline ratings are available on the firm’s website, making it the only carbon ratings agency to do so.
With more information readily available to assess a carbon credit’s quality, the more confidence investors and buyers can have that it’s achieving its claim towards a net zero emissions.
Paying clients can access full project assessments, research insights and risk tools via its platform. And by integrating its API, carbon credit marketplaces and exchanges can also host the BeZero Carbon ratings.
The post BeZero Carbon Closes $50M for Expanding Carbon Rating Platform appeared first on Carbon Credits.
Ghana and Switzerland, along with Vanuatu, have approved at COP27 the first-ever voluntary cooperation under Article 6.2 of the Paris Agreement called the Internationally Transferred Mitigation Outcome (ITMO).
ITMO is a carbon emissions trading system where countries can purchase or trade carbon credits from other countries. This can open the door to creating new carbon markets and larger reductions in global GHG emissions.
The countries showed during the summit how the pioneering ITMO transaction will enable the reduction of greenhouse gas (GHG) emissions while promoting the Sustainable Development Goals (SDGs) in developing nations.
According to the United Nations Development ProgrammeCommenting on this collaboration, UNDP Administrator said that:
“This initiative is an example of UNDP’s ‘future-smart’ approach to development, which aims to use innovative financial mechanisms and partnerships with governments and the private sector to empower countries to follow a sustainable development pathway, leaving no one behind…”
Article 6 of the Paris Agreement replaces previous forms of international carbon credits.
It recognizes that some countries may enter voluntary cooperation in implementing their Nationally Determined Contributions (NDCs) to allow for higher climate mitigation ambition and actions and promote sustainable development.
Apart from cutting emissions, climate mitigation projects can also deliver many development benefits. These include gender empowerment, food security, access to energy, livelihood support, job creation, and more.
At COP27, Ghana presented the landmark bilateral authorized project under ITMO deal with Switzerland. Meanwhile, Vanuatu also did the same for the first-ever unilateral ITMO projects.
By entering into bilateral agreements with Ghana and Vanuatu, Switzerland will reduce its GHG emissions by using ITMOs. Doing so will help the implementation of projects with development benefits.
The project in Ghana will help thousands of rice farmers practice sustainable agriculture to cut methane emissions. These farmers cover about 80% of Ghana’s rice production.
Via the ITMO deal, those farmers will also get extra income with carbon revenues for increased resilience and more efficient water use.
A representative from Ghana, Dr. Kwaku Afriyie, remarked that:
“Ghana’s leadership in Africa on carbon finance with the landmark bilateral agreement with Switzerland is something we are proud of. We want to leverage this collaborative approach to crowd in more carbon revenue to accelerate the implementation of our national climate plan for the benefits of many communities…”
While the deal with Vanuatu will provide access to electricity to those who don’t have it through renewable energy sources. Vanuatu is a small Island Developing State (SIDS).
The UN Development Programme (UNDP) is among the first to create strong demand for ITMOs via its Carbon Payment for Development facility. Through this initiative, the UNDP will help design and implement mitigation projects.
The goal is to leverage carbon markets to enable private investments to support SDGs. New projects can help reduce up to 2.3 million tCO2 equivalents. To amplify the impact of these projects, UNDP will focus on the ones supported by the private sector.
It will channel payments for ITMOs to project proponents who invest in low-carbon solutions that create additional revenue for investors.
Under this payment-for-result scheme, investments from the private sector will be up to 4x the carbon payments from the ITMOs.
UNDP launched at COP27 a new digital platform called Carbon Cooperation to help developing countries build capacity, enhance ITMO workflows, and improve their carbon market readiness. It will also make their ITMO projects become more efficient and transparent.
In partnership with UNFCCC, UNDP also introduced its Article 6.2 capacity development online course.
The course seeks to equip participants in making decisions related to cooperative approaches such as the first-ever ITMO agreement between Ghana and Switzerland. It will also help policymakers understand the vital components of executing this new carbon market mechanism in their country.
The post Nations Strike First-Ever “ITMO” Emissions Trading appeared first on Carbon Credits.
The COPs are the most important annual climate conferences but this year’s 27th annual summit or COP27 is different from the previous ones.
It’s all about moving from mere negotiations and planning for the net zero pledges to implementing promises to protect forests and provide climate finance.
During the first three days, talks center on carbon credits and compensating developing nations for ‘losses and damages’ caused by climate change. The UN had also made clear its zero tolerance for greenwashing.
But there’s a lot more to expect and learn from COP27 and here are the four key takeaways.
Climate TRACE, an NGO tracking emissions, released a report at COP27 that analyzed 72,612 individual sources of CO2.
Their study revealed that fossil fuel emissions could be up to 3x higher than what oil and gas companies claim.
The authors found that half of the biggest polluters are oil and gas fields. They used satellite technology to detect unreported emissions such as methane leakage.
The top sources of global emissions represent less than 1% of total facilities reported in Climate TRACE’s dataset. But they account for 14% of total emissions in 2021.
The Permian Basin, an oil and gas field in the USA, is the most polluting project in the world as per the report. It has emitted 471 million MT of CO2e in the last 20 years. A Russian oil and gas field, Urengoyskoye, came second, emitting 317 million MT of CO2e for the same period.
Understating emissions from fossil fuels by oil and gas firms is “greenwashing and cheating”, according to UN Secretary General António Guterres. He further remarked that:
“The climate crisis is in front of our eyes – but also hidden in plain sight. We have huge emissions gaps, finance gaps, adaptation gaps… But those gaps cannot be effectively addressed without plugging the data gaps. After all, it is impossible to effectively manage and control what we cannot measure.”
Al Gore, former US vice president and a founding member of Climate TRACE, also said at COP27 that:
“The climate crisis can, at times, feel like an intractable challenge – in large part because we’ve had a limited understanding of precisely where emissions are coming from.”
Gore further noted that accurate and detailed data on emissions sources help us prioritize efforts to reduce planet warming gasses significantly.
The COP27 summit has been dubbed as the “African COP”. What the African countries have to say takes center stage at the talks.
Africa is so vulnerable to climate change. NGOs in the continent said that staple crops and fish harvests will decline in the coming years. Plus, the 116 million people in Africa will experience issues with rising sea levels.
Investment opportunities are very important for the continent, especially when it comes to water, cooling, and coast protection, according to the International Finance Corporation analysis.
In fact, the Minister of Environment for Egypt Yasmine Fouad told COP27 that Africa needs up to $41.6 trillion (€41.4 trillion) by 2030 to deal with the damaging effects of climate change.
She also added that funding was a key challenge but is a must to “bridge the gaps between the needs and climate funding” for African nations.
Unfortunately, the world’s richest nations failed to deliver their $100 billion funding per year pledge for developing countries. And while there have been hunches of support, African nations have yet to see if COP27 can help them find the right investors.
Large banks and financiers form the Glasgow Financial Alliance for Net Zero (GFANZ). They pledged to hit net zero by 2050 before COP26 last year, knowing that protecting forests is vital to achieving it.
To date, the alliance members achieved only a 3% cut in investments associated with deforestation.
But a report launched at COP27 summit by Global Witness found that the finance giants still invest around $8.5 billion in firms at risk of causing deforestation. The NGO stated that:
“A year on from COP26, GFANZ membership is at risk of becoming little more than a badge to be worn by banks and financiers, who continue to plough money into practices that are destroying our forests.”
The report found that GFANZ members have investments in agricultural businesses accused of deforestation. Examples include the Brazilian firm JBS where members of the group have acquired shares since COP26. Their investments in similar firms have also gone up.
So key leaders of the alliance such as Mark Carney, the former Bank of England Governor, urged members to end financing deforestation. They warned that “the world will not reach net zero by 2050 unless we halt and reverse deforestation within a decade”.
And in October GFANZ announced it was dropping out of the ‘Race to Net Zero’. That came after the UN-backed campaign upped its standards and threatened to kick out non-performers.
Coral reefs have long drawn tourists to the Red Sea peninsula and the COP27 venue in Sharm El Sheikh. But these diverse marine ecosystems are more than just a backdrop to the climate summit. They are home to over a thousand various species of fish and corals.
Yet more importantly, Egypt’s coral reefs act as ‘coral refugia’ that can withstand the increasing impacts of climate change.
As such, they offer the global community the chance to protect marine ecosystems. And they also act as seed banks that can help restore degraded reefs.
Mindful of their global importance, the United States Agency for International Development (USAID) announced a major new fund to support this local ecosystem. At COP27 summit, USAID pledged $15 million to the Global Fund for Coral Reefs (GFCR).
This funding from USAID makes the total money raised by the GFCR to protect reefs to $187 million.
There will be more ‘blue carbon financing’ announcements in the coming days at COP27 summit. They include financing mangroves and seagrass.
The post Fossil Fuels and Coral Reefs: 4 Key Takeaways From COP27 Summit appeared first on Carbon Credits.