In this issue:
ISSB takes over TCFD
At a recent meeting in Frankfurt, the Financial Stability Board officially requested the ISSB (International Sustainability Standards Board) takes over the monitoring activities and responsibilities of the TCFD (Taskforce for Climate Related Financial Disclosures) with effect from next year. The ISSB launched its first two finalised frameworks last month and expects reporting against them to begin in 2025. There are around 3,800 organisations around the world reporting under the voluntary TCFD. New Zealand is one of the few countries that mandate climate related disclosures for larger organisations. Our standards are set by the XRB and closely reflect the TCFD framework.
Carbon capture accounting methodology under consultation
Verra has copped quite a bit of flack recently about the credibility of its offset programmes, as reported in these pages a few weeks ago. While it contests those allegations, it has agreed to reform its rainforest credit scheme. It is also introducing a scheme to account for carbon captured using man-made technologies. A lot of the initial work has already been undertaken but it is now inviting submissions in an open consultation process. The consultation closes on 29th July.
Mixed news from China
The growth in renewables in China is running ahead of expectations. Its 2030 green energy targets appear on track to be reached 5 years ahead of schedule according to the latest Global Energy Monitor report. Wind capacity has doubled since 2017 and utility-scale solar now exceeds the rest of the world combined. Wind is expected to grow another 50% and solar another 85% by 2025. The news is not all good, however, as coal use has also increased to meet growing demand.
Graphics of the week
Perhaps not a news story in itself but certainly some interesting graphics. NASA has published a series of simulation videos on emissions entering the atmosphere over 2021. Emissions from different sources are colour coded and absorption by land and sea likewise. There are separate simulations for the Americas, Africa, Asia/Australia and the world but for some reason Europe and the Middle East aren’t featured. The screen shot here doesn’t do the visualisations justice.
Perovskite’s other potential use
Perovskite has been hitting the headlines recently as material that can substantially increase the efficiency of solar panels. It turns out it has another, potentially significant, application. Scientists at the RIKEN Centre for Emergent Matter Science (CEMS) in Japan have discovered that perovskite is an excellent storage medium for ammonia. Currently, ammonia is normally stored at pressure at -33C. Other storage media (porous compounds) can be used but these require temperatures of 150C to release the ammonia gas. Perovskite can store the ammonia safely without any special equipment and the gas can be released at temperatures of only 50C. The discovery is a major step forward in a shift to a hydrogen economy.
New glass saves 50% of emissions
Scientists at Penn State University have developed a new type of glass that they claim carries half the carbon footprint of traditional glass. LionGlass is ten times stronger than traditional glass, eliminates the use of soda ash and limestone (both of which emit carbon in the production process) and can be made in furnaces running around 400C lower temperatures, saving around 30% of energy emissions.