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In 2023 for the first time, CO2 emissions produced from Canada’s fossilfuel exports surpassed a billion tonnes, at 1,030 million tonnes, significantly eclipsing the country’s domestic emissions estimate of 702 million tonnes for the same year.
A new dataset released by InfluenceMap provides information on heat-trapping emissions traced to the 122 largest investor and state-owned fossilfuel companies in the world. Fossilfuels are the main driver of climate change and the terrifying effects of it that we see happening across the world.
In the study, we found that political power dynamics shape international negotiations, that the ParisAgreement temperature goal doesn’t fully account for the dangers of sea level rise, and that climate justice requires fully considering diverse views and experiences of climate change.
Plans countries have submitted under the ParisAgreement would lead to an increase in overall emissions by 2030 and that trend desperately needs to be reversed. Global Energy Monitor’s tracking of corporate methane emissions found that 30 fossilfuel companies were responsible for 43% of the sectors’ emissions.
And fossilfuel power plants may not stick to their retirement schedules for a variety of reasons. The bottom line: There’s still a long way to go, and the clean energy transition must move quicker than it has been—despite the fossilfuel industry’s self-serving claims to the contrary. A bit more on those reasons later.
Canada’s big five banks are deservedly feeling more heat lately about their funding of fossilfuels. They are among the worst in the world, pumping $727 billion into fossilfuels since the ParisAgreement was signed, while scoring among the lowest on having policies to rectify this.
If policymakers can reduce short-term, high-impact heat-trapping gases such as methane we can limit warming and keep the ParisAgreement goals within reach. Methane emissions come from two main sources : fossilfuels and agriculture—primarily animal-based agriculture. We need to phase out fossilfuels.
Now the reports driven by these resolutions are beginning to roll in, and while they certainly provide some insight into the fossilfuel industry’s investment in political influence, a sleight of hand is preventing investors from seeing the companies’ full strategy. The organization received between $2.5
The key word here is “ intensity :” Fossilfuel companies often focus on emissions intensity, meaning emissions per barrel of oil, rather than absolute emissions, which is a set number measured in metric tons. Heat-trapping emissions must be cut in half by 2030 to reach the Parisagreement goal of keeping global warming to 1.5
Mexico’s climate commitment for 2030 under the ParisAgreement calls for cutting emissions 22%, cutting black carbon by half, and achieving net-zero deforestation. AMLO has come under criticism for his commitment to fossilfuel production and refining in Mexico.
Trading in disinformation In its climate lobbying report, ExxonMobil deemed 52 associations “aligned” for acknowledging the risks of climate change, publicly backing the ParisAgreement goal of limiting average global warming to well below 2 degrees Celsius and taking steps to reduce carbon emissions.
This change shall facilitate two long-term obligations: achieving a climate-neutral Europe by 2050 and improving Europe`s contribution to the ParisAgreement. The step is underpinned by an action plan that was prepared for months under the responsibility of Commissioner Frans Timmermans earlier this year.
Micronesia , Ghana , and Saint Lucia also emphasized that cessation and non-repetition would involve reducing greenhouse gas emissions, cutting fossilfuel subsidies, and phasing out fossilfuels. Therefore, according to Russia , a State cannot be held responsible for emissions that occurred before this period.
This is in total opposition to the US commitment under the ParisAgreement to achieve a 50-52 percent emissions reduction below 2005 levels by 2030, and net-zero by 2050. This year’s projections are a bit grim. EIA also recently reported that US coal exports increased 23% between 2020 and 2021.
Canada promised to cut its greenhouse gas emissions after the 2016 ParisAgreement. It was part of the global agreement where 195 countries all agreed to reduce their emissions, and Canada has set this promise into law. Why financial regulation? The government sets regulations to keep Canadians safe.
There’s a direct line of culpability between fossilfuel corporations and climate change – it’s why so many oil and gas CEOs have topped our list of Climate Villains. But they aren’t the only powerful players who shoulder responsibility for keeping us hooked on fossilfuels, the largest source of greenhouse gas emissions.
However, Canada is failing to address a key root of the climate crisis — the continued flow of capital by Canadian financial institutions into fossilfuel development and extraction. The desire for mandatory regulations is driven by skepticism that financial institutions would respect voluntary regulations.
The agency is the Canada Energy Regulator, and its mandate is “advising and reporting on energy matters.” In neither of these scenarios does Canada actually meet its 2030 emission reduction target under the ParisAgreement or achieve net zero emissions by 2050 – both of which are legal commitments.
Next year, the Canada Energy Regulator , is poised to release a net-zero modeling in their Energy Futures report. If the net-zero scenario is modelled correctly , in accordance with the ParisAgreement, it can also help Canadian businesses assess climate risk associated with their financial investments and plan for a just transition.
Last year, climate negotiators in Glasgow finalized the ParisAgreement rulebook for international cooperation through carbon markets, clearing the way for the expansion of emissions trading and carbon pricing worldwide. Implications for China. What are the implications of the California experience for China’s national carbon ETS?
The joint statement from the recent G7 environment and energy ministers’ conference in Japan suggests there is ambition for action in some areas – on climate-related finance and investments and on eliminating toxic chemicals, for example – but less on eliminating fossilfuel subsidies and very little on eliminating plastic pollution.
Lawyers, bar associations, and law societies have an important but not fully recognized role to play in achieving the net zero goal in the ParisAgreement. Other nongovernmental organizations have put forth even more ambitious proposals for aligning legal advice with the ParisAgreement goal of limiting warming to 1.5º
C) of the ParisAgreement has significant implications for how the global financial system works and will be a centrepiece of the coming years. The first priority following the 2015 ParisAgreement was to clean up public financing, so Article 2.1(C) C) of the ParisAgreement. Article 2.1(C)
In 2019 and again in 2020 , Shell found that CAPP was out of step with Shell’s principles because of lack of support for the ParisAgreement and climate policies such as carbon pricing. Shell “supports” the ParisAgreement on climate change , limiting warming to 1.5 and Canada achieving net-zero emissions by 2050.
The world is moving away from fossilfuels. With renewable energy, like solar and wind, becoming cheaper and easier to scale up, there has never been a better moment for governments to transition away from the fossilfuel industry and its destructive impacts on the environment, the climate and communities.
Canada finally has an all-star team ready to tackle the biggest gap in Canada’s climate plans: regulations that align Canada’s financial system with climate action. Canadian banks and pension funds rank in the bottom third globally on financing clean energy, yet are among the world’s largest investors in fossilfuels.
Although Canadian financial institutions have taken baby steps to advance climate-aligned finance, regulations still lag behind international best practices. Thus, Canadian legislators and regulators must raise the bar to ensure finance becomes truly sustainable – not just in name.
New financial rules are desperately needed, as Canada is already listed by the UN as a “low regulation jurisdiction” on sustainable finance, while being home to financial institutions who have the highest levels of financing for oil, gas, and coal. It’s about creating a systemic pathway for fully replacing fossilfuels in our energy system.
Japan’s dependency on fossilfuel s had been slightly declining until 2010. But the country changed course as a result of the 2011 Tohoku Earthquake and Tsunami, which led to the forced shutdown of nuclear power plants and greater reliance on fossilfuels. As a result, Japan’s CO 2 emissions increased, peaking in 2013.
These are worthwhile questions, but Legg’s answer is a call for more fossilfuels. It also shows how fossilfuel industry boosters are grasping at straws. The biggest obstacle standing in the way of Canada meeting its emissions reduction targets is the fossilfuel industry. This is misguided and dangerous.
degree C of warming by 2100 as opposed to the ParisAgreement aspiration of 1.5 Among those contradictions is the need to wean society off fossilfuels versus the desire for short-term economic gain. That draft called on “Parties to accelerate the phasing-out of coal and subsidies for fossilfuels.”
For instance, mortgages are connected to homes, while fossilfuel finance is tied to infrastructure like pipelines, oil wells, and the reserves still in the ground. Up to $4 trillion of fossilfuel assets are at risk of being stranded, with $100bn at risk in Canada by 2036. However, Canada is falling behind.
This includes developing and implementing a transition plan to phase out fossilfuels, designed by and for workers and communities whose livelihoods will be disrupted by the transition. – A commitment to ensure that the transition to a decarbonized economy is just and equitable. Alternatives to Line 5 exist.
The recent announcement from GFANZ that strips a requirement for financial institutions to commit to UN-backed criteria clearly illustrates that the current system of self-regulation is failing. New regulations are required to protect our climate and our financial system. Empower regulators to tackle greenwashing.
The 2023 United Nations Conference of the Parties (COP28) marked the first Global Stock take to assess progress toward the ParisAgreement since its ratification in 2015 at COP21. COP28 is the first time that a final COP agreement has called upon countries to reduce their fossilfuel usage in some way.
Fossilfuels currently account for around 60% of electricity generation , a share that it aims to reduce to 35% by 2030 through the expansion of renewables, including hydropower, and in particular wind and solar. The transition away from fossilfuels has, however, been an elusive goal for Argentina to date.
Climate catastrophes are happening throughout our planet, and are only projected to get more intense and more frequent, unless we get a handle on addressing the leading cause of this crisis: FossilFuels. What is the role of an emissions cap policy?
Oil refiners need to reduce the pollution they make by investing in clean fuels Let’s back up. New federal regulations, the Clean FuelRegulations, have come into force that require oil refiners to reduce their greenhouse gas (GHG) emissions. So why are costs being passed on to the New Brunswick public?
The CPP doesn’t fully disclose our holdings, it’s still investing billions of dollars in fossilfuels, and it doesn’t seem to have a credible climate plan. Pension funds are facing increasing pressure to create and implement investment strategies aligned with the goals of the ParisAgreement. billion AUM. Andrea Reimer.
C carbon budget set forth in the 2015 ParisAgreement, countries must reduce CO2 emissions in the entire [existing] built environment by 50-65% by 2030 and reach zero carbon by 2040. If it can be done here – in a city that is lacking in regulations but strong in public will – it can be done everywhere.
This blog post discusses these plans by (i) looking at the underlying challenges, (ii) reviewing the scope of the strategy, (iii) analyzing the current regulations, and (iv) assessing the proposed measures to spur the development of carbon management infrastructure within the EU.
As per the World Investment Report 2023, much of the growth in international investment in renewable energy, which has nearly tripled since the adoption of the ParisAgreement in 2015, was concentrated in developed countries. Transparent country-specific regulations need to be put in place.
Coal is the dirtiest fossilfuel. degree goal of the ParisAgreement. For Canada to truly be a world leader on thermal coal, we must move quickly to stop exporting the dirtiest fossilfuel. Metallurgical coal, on the other hand, is still being used in steel-making. ] . And we must be ambitious. .
At COP28 , on 9 December, India’s environment and climate change minister Bhupender Yadav affirmed the country’s “trust and confidence” in the ParisAgreement , whilst highlighting the country’s achievements in emissions reduction. Fossilfuels remain necessary”, Jairaj says.
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