Land-based absorption at zero, frequent flyer taxes and CEP hits the right notes
In this issue:
2023 land-based absorption at zero
A team of international scientists has released a paper indicating there was almost zero net carbon absorption by earth’s land-based sinks, such as forests, wetlands, grasslands and soil, in 2023. The startling revelation is attributed to extensive droughts and wildfires last year. If this collapse of land-based sinks turns out not to be a blip, it will put yet more pressure on the oceans and accelerate their warming and acidification. A collapse of land sinks, along with resulting increased impact on the oceans, is not ordinarily factored into warming projections, meaning the prospect missing warming control targets is even more likely.
CEOs demand higher carbon prices and energy efficiency subsidies
The Alliance of CEO Climate Leaders, a group of executives from over 130 companies, across 26 countries and 12 industries, employing around 12 million people has written an open letter calling for higher, mandatory carbon pricing, time-bound energy efficiency targets supported by regulations and incentives and a reduced cost of capital for sustainability projects, among several other actions. The letter has been issued to coincide with COP29 and is targeted at the many regulators and policy makers who will attend.
Climate change tops risk list
That’s the conclusion of AXA’s 2024 Future Risk Report. The globally active, French insurer surveyed 3,000 risk experts across 50 countries and 20,000 members of the public across 15 countries for its annual survey. Climate change emerged as the biggest perceived risk, followed by geopolitical instability and cyber security. 77% of the public who included climate change in their top 5 indicated they feel vulnerable to the risk every day.
Greenwashing’s repeat offenders
RepRisk is calling out repeat greenwashing offenders in a report just published which shows 30% of companies called out for greenwashing in 2023 are up to the same, dubious tricks in 2024. The report goes on to say the severity of greenwashing increased by 30% with 70% of the culprits being private companies. However, it did also report an overall decrease in greenwashing cases, lead by a marked fall in Europe. The US saw a 6% increase in cases. Perhaps not surprisingly, the oil and gas sector saw the most cases of greenwashing.
IPCC authors holding mixed views
A survey of 211 authors of the IPCC reports has revealed mixed views on our trajectory and possible landing place for warming. While a few still believed staying below a 2C increase above pre-industrial levels by 2100 was likely, 86% expect that level to be exceeded. Some talked of increases as high as 6C. The median estimate was 2.7C of increase and the distribution of estimates is shown below.
2024 is year of peak emissions
That’s the conclusion of DNV’s recently published Energy Transition Outlook. The modelling predicts the rapid increase in renewables deployment will see emissions declining from a 2024 peak. It goes on to predict 50% of all new vehicles will be electric as early as 2031. It’s prediction for temperature increase by 2100 is 2.2C.
Optimism bias jeopardising net zero attainment
A UK survey by Equity Energies reveals positive expectations of the outcomes of climate action aren’t necessarily aligned with organisations’ capabilities to achieve those outcomes. While the survey found high levels of optimism around outcomes, for example, 92% indicated they were confident in their ability to implement and roll-out their Net Zero pathways and 89% said they were confident in the ability of their organisation to be Net Zero, 98% admitted they lacked knowledge in some fundamental processes such as monitoring and measurement, target setting, benchmarking, data insights, pathway design and the execution of efficiency measures and technologies. Interesting, because these are all areas covered by modules in CEP’s new training programmes and competence badges. Looks like we’re hitting the right notes.
Earthquake resistant offshore wind
Of huge interest to New Zealand developers is the release of a new design of offshore turbine base that provides much improved resistance to earthquake damage. Japanese company J-Power has published sketches based on a flexible, tripile design using steel pipes and plates to provide flexibility in the base and seismic isolation from the seabed.
Frequent Flyer Tax
Lobby group Stay Grounded is advocating for the imposition of a frequent flyer tax for Europe. The escalating tax would scale up from €50 (NZ$89) for medium haul flights and €100 (NZ$179) on long haul flights for business and first class passengers, rising to €400 (NZ$715) for any flights beyond eight. The group predicts the levy would induce emissions reductions of 20% and deliver €51bn a year (NZ$91bn) across the EU, which is around 20% of the annual public investment needed to hit climate targets.