Energy in Demand News, June 2, 2024

Remember that the elections for the European Parliament are this coming week, June 6-9th. To help citizens to make informed choices on which political parties to lend their vote next week, CAN Europe cooperated with a number of climate and environmental organisations to create the EU Parliament Scoreboard – a tool which analyses European Parliament … Continue reading Energy in Demand News, June 2, 2024 →

Reports found many offsetting schemes do nothing to mitigate the climate crisis and biodiversity loss

Negative scientific and press reports on the efficacy of carbon credit projects has led to a ‘direct pullback in buyer investment’ in 2023. Patrick Greenfield discusses the issues in an article on the Guardian website. Market value of carbon offsets drops 61%, report finds The market for carbon offsets shrank dramatically last year, falling … Continue reading Reports found many offsetting schemes do nothing to mitigate the climate crisis and biodiversity loss →

Shell sold millions of ‘phantom’ carbon credits

Subsidy scheme in Alberta allowed oil major to register carbon credits equivalent to twice the volume of CO₂ captured. Greenpeace describes the deal with Alberta as a 'hidden subsidy' that awarded money for 'phantom' credits. Benjamin Shingler discusses the new report in an article on the CBC News website. Shell sold millions of carbon … Continue reading Shell sold millions of ‘phantom’ carbon credits →

Too little, too late: G7 climate commitments fall short

Climate and energy ministers from G7 nations agreed a coal exit deadline – with a caveat, but made little progress on other fossil fuels and finance. Matteo Civillini discusses the results of the meeting in an article on the Climate Home News website. G7 offers tepid response to appeal for “bolder” climate action When … Continue reading Too little, too late: G7 climate commitments fall short →

Energy in Demand News, April 28, 2024

Economic damage from natural catastrophes is raising concern that some areas could be rendered uninsurable, according to Petra Hielkema, head of the European Insurance and Occupational Pensions Authority (Eiopa), quoted in the Financial Times (behind a paywall). “The EU suffered more than €50bn in economic losses from natural catastrophes in both 2021 and 2022, according … Continue reading Energy in Demand News, April 28, 2024 →

Did the World Bank and IMF Spring Meetings build momentum for transformative change in Africa?

In an article on the African Arguments website, an expert panel gives their verdict on whether the Spring Meetings offered Africa hope that climate finance will be expanded and reformed. Climate finance: Did the IMF/World Bank spring meetings move the dial? In a year in which climate finance will take centre stage in climate … Continue reading Did the World Bank and IMF Spring Meetings build momentum for transformative change in Africa? →

Energy in Demand News, April 14, 2024

This week Politico reported about a leaked draft report outlining the EU’s priorities for the next five years. It hardly mentions climate and shockingly only mentions “environment” as a promise to create a “business-friendly environment.” The report says that green groups are incensed. “This plan expects 20th-century military strategy to protect people from 21st-century security … Continue reading Energy in Demand News, April 14, 2024 →

Banks made big climate promises but a new study doubts they work

Using European Central Bank lending data, researchers said there was not evidence that voluntary commitments were effective in reducing emissions. Hundreds of banks, insurers and asset managers vowed to plow $130 trillion in capital into reducing carbon emissions and financing the energy transition as they introduced the Glasgow Financial Alliance for Net Zero. But a … Continue reading Banks made big climate promises but a new study doubts they work →

Energy in Demand News, April 7, 2024

The Financial Times (behind a paywall) anticipates that the AI revolution will be a boon for natural gas, according to fossil fuel bosses. “AI’s soaring energy needs will rise well beyond what renewable energy and batteries can deliver, executives argue, making more planet-warming fossil fuel supplies crucial even as governments vow to slash their use.” … Continue reading Energy in Demand News, April 7, 2024 →

UN’s new “loss and damage” fund off to slow start

Demand for finance to pay for the aftermath of climate impacts is rocketing – but progress on getting a new UN loss and damage fund up and running is slow. Laurie Goering discusses latest developments in an article on the Climate Change News website. Expectations mount as loss and damage fund staggers to its … Continue reading UN’s new “loss and damage” fund off to slow start →