In this issue:
Making nature markets work
The Taskforce on Nature Markets has just published its report on making nature markets work with a seven point set of recommendations. It argues, unlike clean energy, nature lacks technological fixes and so must rely on governments, regulations and markets and calls for a mechanism to price nature on a global scale.
High level support for nature funding
A group of former Presidents, Prime Ministers and senior Ministers, under the banner of the Campaign for Nature’s Global Steering Committee has called for US$20bn a year funding into biodiversity solutions. According to the group, the funding is needed to achieve the 30 by 30 ambitions of the Kunming-Montreal Global Biodiversity Framework agreed at COP15 in Montreal last December. Signatories include former Presidents of Ireland, Colombia, Liberia, Sierra Leone and Iceland and former Prime Ministers of Ethiopia and Uganda.
Strong uptake for science based targets
Japan leads the way in adopting science based targets, followed by the UK, according to the latest monitoring report from the Science Based Targets initiative. The report shows an 87% increase in the number of companies setting science based targets in 2022, when the total reached 1,097, more than the previous seven years combined (1,082). Across Oceania there were 48 companies with validated science based targets.
Europe doesn’t need to import hydrogen
We recently reported on Germany’s drive to create a competitive, international market for hydrogen as it forms a cornerstone of its emissions reduction strategy. The strategy even includes a pipeline from Morocco. However, a report out this week from the EU (prepared by the Fraunhofer ISI), while acknowledging green hydrogen production in Germany will not be economic, claims Europe could comfortably become self sufficient in green hydrogen and wider sourcing will not be necessary. France and Spain, it suggests, will be in the strongest positions to fulfil market demands.