Climate scientists joined the chat
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Remember our net-zero conversation with Åsa and Sverker? This time, Business & Sustainability Analyst Michael brought up the topic of how different terminologies such as net zero and green transition can be quite misleading at times. It turned into a discussion around the three different scopes, hard-to-abate sectors such as agriculture, and Åsa suggesting to use "Paris-aligned". Why? "I know it’s not perfect, but it sends the signal that we know the path that companies need to take in order to move towards zero emissions according to the scientific targets", says Åsa.
Find the full conversation on LinkedIn & our blog and reach out to us with topics to discuss.
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Fossil fuel subsidies on the rise amid global energy crisis
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In November 2021 at COP26, 197 countries signed the Glasgow Climate Pact to put the world onto a pathway to safe levels of global warming. Governments agreed to accelerate the “phase-out of inefficient fossil fuel subsidies” meaning to stop pouring high amounts of money into financial aid for fossil fuels that keep prices artificially low.
It was described as unprecedented and had the potential to make a big difference in fighting the climate crisis.
Despite this, a recent report by the International Energy Agency (IEA) showed that global fossil fuel subsidies rose to $1.1 trillion in 2022 which is more than double the amount than in 2021. This was mainly caused by the Russian invasion of Ukraine which resulted in economic sanctions on Russia who in turn shut off its gas pipelines to Europe, causing rising prices and finally, a global energy crisis. The governmental subsidies likely helped to protect individuals and households from the financial impacts of the crisis.
“But even the IEA noted that this emergency reaction was only necessary because of the world’s poor response to another emergency: the climate crisis. If governments had been doing what they’d promised in earlier climate pacts—that is, transitioning to renewables while correcting artificially low fossil fuel pricing—the energy crisis wouldn’t have necessitated so much additional spending on fossil fuel subsidies”, say Emily Atkins and Arielle Samuelson from HEATED, “a newsletter for people who are pissed off about the climate crisis”.
They argue that while subsidies may protect consumers in the short-term, the long-term effects are only going to get worse, bringing more supply chain issues, as well as future health and energy crises.
Read the full article here and make sure to subscribe to HEATED | |
Volts — Leaving fossil fuels behind
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Carbon permits are getting pricey | |
For the first time since the EU Emissions Trading System was introduced in 2005, the price of emissions allowances rose to over 100€ per tonne of carbon. According to Tomas Kåberger, professor in industrial energy policy at Chalmers University, it accelerates the development even further. He also adds that Europe needs to now focus on building capacity within the renewable energy production chain.
Learn more on Aktuell HĂĄllbarhet ( | | |
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Stay safe and stay curious!
/ Linnéa & Team Another Tomorrow
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