Global Climate News

The Regional Greenhouse Gas Initiative (RGGI) has conducted 66 auctions, generating a total of $8,616,386,174.45 in proceeds. Auction 66, held on 2024-12-04, saw 15,943,608 allowances sold at a clearing price of $20.05, generating $319,669,340.40.

Egypt's El Alamein Petroleum Company allocated $25 million to drill three development wells in East Abu Sinnan in FY2026/2025. The company also plans to use solar energy to power one well, reducing solar consumption and carbon emissions.

The US Environmental Protection Agency’s finalized power plant greenhouse gas standards will deliver significantly more emissions reductions by 2040 than predicted, at relatively small costs to industry. The standards ensure coal use continues to decline and cut carbon dioxide emissions by an additional 68-390 million tons annually in 2040.

\"Six of the largest US banks (JP Morgan, Morgan Stanley, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs) have withdrawn from the UN-backed Net Zero Banking Alliance (NZBA). The withdrawal, following years of speculation, may be linked to the incoming Trump administration's anti-ESG stance. These banks cited a focus on the NZBA's partner organization, GFANZ, and maintained their individual net-zero commitments by 2050. Three smaller US banks remain in the NZBA.\"

China has implemented its first energy law, promoting green and low-carbon transition and including hydrogen energy. The government set 10 key energy priorities for 2025, including accelerating renewable energy and implementing the energy law. Over 300GW of renewable energy capacity was installed in 2024. A 3tn yuan ($411bn) stimulus package is planned, largely for EVs and green energy. China approved the world’s largest hydropower dam in Tibet, with an annual output of 300 terawatt hours. EV sales surged in 2024, exceeding 4.3m vehicles for BYD alone. A trade-in subsidy for EVs was renewed.

The Pew Charitable Trusts, in collaboration with 32 international scientists, conducted a horizon scan identifying 15 significant issues shaping environmental conservation. Four key issues highlighted include: macroalgae as a sustainable source of rare earth elements; record low Antarctic sea ice impacting marine ecosystems; human impact on seabed carbon stores; and offshore wind farms altering ocean processes. The study was published in Trends in Ecology & Evolution and partially funded by The Pew Charitable Trusts.

China's energy and climate actions in 2025 will focus on balancing economic growth with decarbonization. Renewables will be scaled up, while coal power will undergo transformation. The national carbon market will expand to include more sectors. China's climate plan for the next 10 years will be released, and its ambition will be tested against geopolitical challenges.

Denmark plans to introduce a phased agricultural CO2e tax from 2027 to reduce greenhouse gas emissions by 70% by 2030. This follows a similar tax for the industrial sector. The IMF highlights the need for a 25-50% reduction in greenhouse gas emissions by 2030 to meet climate goals, requiring massive increases in low-carbon investments.

Global companies are increasingly incorporating Scope 3 emissions into decarbonisation strategies. According to the Net Zero Tracker, nearly 70% of the global economy is now covered by net-zero pledges. The SBTi’s net-zero corporate standard requires inclusion of Scope 3 emissions in long-term targets. CDP data shows supply chain emissions are approximately 11.4 times higher than operational emissions.

Johan Trocmé and Viktor Sonebäck from Nordea Thematics discussed underinvestment in limiting global warming since 2016 and how ESG could be a solution. The Paris Agreement's commitment to investing in limiting global warming was also mentioned.

\"India and the Middle East-based sentra.world, a sustainability integration company, has partnered with over 30 steel companies to help them decarbonize. They offer digital solutions for CO2 emissions measurement, reporting aligned with standards like CBAM and ISO, and net-zero target achievement. They also facilitate carbon credit monetization and ESG metric management.\"

Egypt-based Orascom Construction has completed the first phase of the Ras Ghareb wind farm, generating 306 MW of clean energy. The project, funded by several international banks including the Japan Bank for International Cooperation, is expected to reach 650 MW capacity by Q3 2025, reducing carbon emissions by 1.3 million tons annually.

Poland-based RBB Steel Service Centre and ArcelorMittal Europe – Flat Products signed a Memorandum of Understanding focused on reducing CO2 emissions in the supply chain and using XCarb® solutions. RBB placed its first order of hot dip galvanized steel produced via the XCarb® recycled and renewably produced route.

Egypt saved $1 billion in fuel consumption for electricity generation last year. The country aims to increase renewable energy to 42% by 2030 and 60% by 2040, including 65 GW from wind and solar. Orascom Construction finished the first phase of a wind farm. Asia-Potash plans to invest $10 billion in Egypt for phosphate fertilizer production.

PostNord, a Nordic parcel and logistics services provider, has committed to a sustainable business with fossil-free transport by 2030. Their Green by PostNord program aims to reduce the total carbon footprint by 40 percent by 2025 and achieve emission-free last-mile transports by 2027. This plan is endorsed by the Science Based Targets initiative and aligns with the Paris Agreement.

The European Central Bank (ECB) analyzed the short-term effects of the EU Emissions Trading System (EU ETS) on European investment. The study found that while carbon price increases temporarily dampened domestic investment and shifted global FDI away from Europe, long-term benefits outweigh these short-term effects. High-carbon sectors, particularly construction, transportation, and manufacturing, were most affected. The analysis covered 2003-2019, excluding the pandemic.

The US Department of Energy (DOE) and the Environmental Protection Agency (EPA) announced $6 million in funding for three projects to advance biofuel development. The projects will improve biofuel production, scale up production, and support the US bioeconomy. Funded projects include Air Company Holdings, Erg Bio Inc., and Terragia Biofuels.

Germany's 2023 fluorinated greenhouse gas emissions reached 7.2 million tonnes of CO2 equivalent, with 8,096 tonnes of fluorinated greenhouse gases used. The most used fluorinated greenhouse gas was R 1234yf (2,007 tonnes). Fluorinated greenhouse gases accounted for 1.4% of all greenhouse gas emissions in 2023.

Taiwan's Environmental Protection Administration (EPA) has announced plans to expand greenhouse gas emission monitoring and registration to approximately 500 more companies, including those in service, transport, medical, and manufacturing sectors. The EPA aims to improve emission data accuracy for future emission reduction strategies. This expansion will not require additional fees or external consultants; the EPA will provide support through a new online platform and training.

Japan-based ENECHANGE Corporation installed 20 EV chargers at 5 Royal Home Centers across Japan. The government aims for 100% electric vehicle sales by 2035 and 20-30% EV/PHEV sales by 2030. ENECHANGE offers a free app for charging and payment, and a monthly plan for frequent users.