Following up on our latest article covering the passing of the Inflation Reduction Act (“IRA”), we wanted to dive deeper into a specific element of the climate bill that will be crucial for US emission reduction: Carbon Capture.
On August 16th, 2022, President Biden signed into law the Inflation Reduction Act (“IRA”), one of the most ambitious and potentially impactful climate policies in US history. This marks a shift in US climate action and, by putting emissions firmly on a downward trajectory, it sends a global signal that the world’s largest historical emitter is now beginning to meet its responsibilities.
Back in February 2022, EU lawmakers voted to allow Natural Gas to be labeled as a ‘green’ investment, assuming such gas projects replace coal and have plans to switch to renewables or “low carbon gasses” by 2035. On July 5th, that vote was made final. We take a closer look at this controversial decision.
It’s critical that humans conserve marine resources in a sustainable way, yet climate change and the economic exploitation of the oceans have become major threats to the oceans and our own livelihoods. It’s important that we work together to conserve and use the oceans, seas and marine resources for sustainable development.
A new McKinsey & Co study estimates that the global economy needs to invest $9.2 trillion dollars annually to curb emissions and reach net-zero by 2050. That’s at least $3.5 trillion more annually than is currently being invested in low-carbon and fossil fuel infrastructure. These findings suggest that nations and corporations will need to ramp up decarbonization efforts fast.
The COP26 summit is now concluded after two-weeks of negotiations among world leaders to curb climate change. The result of these talks is the introduction of the Glasgow Climate Pact, officially agreed to by nearly 200 national signatories. Some are calling this agreement a success, others a failure, and many say it’s somewhere in between. We outline the key takeaways from the Glasgow Climate Pact so you can decide for yourself.
For nearly three decades, the United Nations has brought together countries and world leaders at global climate summits called COP’s (“Conference of the Parties”) – in an effort to make the issue of climate change a global priority. As the 26th annual COP kicked off this week in Glasgow, countries are expected to update their plans for reducing emissions. Among the main topics to be discussed will be climate finance – local, national or transnational financing drawn from public, private and alternative sources that supports mitigation and adaptation actions to address climate change.
Sovereign credit ratings are independent assessments of the creditworthiness of a country or sovereign entity. The Big Three credit rating companies—Moody’s Investors Service, S&P Global Ratings, and Fitch Ratings — are largely responsible for interpreting the level of investment risk associated with the debt of a particular country. However, a growing number of investors, academics, policymakers, and regulators question whether credit ratings are accounting for the impact of growing climate risks. If these risks materialize, they threaten to trigger climate-induced sovereign downgrades as early as 2030.
The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – has become the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways. Climate change offers businesses an unprecedented chance to capitalize on new growth and investment opportunities that can protect the planet as well.
As part of the EU’s 10-step program titled “Fit for 55,” the commission introduced a controversial proposal for a carbon border adjustment mechanism (“CBAM”). If adopted, the commission will impose a levy on imports in carbon-intensive sectors with lower environmental standards than the EU. The proposal must now undergo the EU’s legislative process that requires the approval of both the European Parliament and the Council before it comes into effect.