Edition for 04 March 2020

Top Stories

The latest climate commitment from an oil company calls for more drilling (Quartz)

  • The important stories of innovation across the continent’s wide-ranging economies Covering the future of the UK and the global economy Management news, advice, and ideas for business leaders The latest climate commitment from a major oil and gas company was released on Feb. 28.
  • Eni, a $40 billion Italian company that’s among the world’s largest oil and gas producers, announced an ambition to slash its carbon footprint 80% by 2050.
  • The plan is unique among the slate of recent climate commitments from oil and gas companies in its level of near-term specificity—BP’s recent announcement, for example, was sparse on details and mostly aimed at the distant future in 2050.

Exxon Mobil calls for tighter methane regulations (Reuters)

  • The largest U.S. oil company laid out the guidelines it follows - some of which have been rolled back by the Trump administration - at a time when the industry faces growing pressure from investors to reduce its environmental footprint.
  • The move is a “clear rebuke” of the Trump administration said Ben Ratner, senior director at the Environmental Defense Fund.
  • “This is one more reminder that methane emission controls are cost effective, and increasingly, voices in the private sector recognize the essential need for government regulation of emissions.” The world’s top oil and gas companies are under heavy pressure from investors and climate activists to meet the 2015 Paris climate goal of limiting global warming to below 2 degrees Celsius from pre-industrial levels.

Standard Bank issues Africa’s biggest-ever green bond. Here’s what this could mean for SA. (Ventures Africa)

  • One of the eligible assets it would finance in South Africa is renewable energy, which hopes to drastically reduce the greenhouse emissions and combat climate change in the country.
  • The IFC has estimated that the country has a climate-smart investment potential worth $588 billion between 2020 to 2030.
  • However, the activities of climate activists, who have been clamouring for green energy, have made it difficult for the coal energy sector to rebound.

Telstra aims up at 50% emissions reduction by 2030 (ZDNet)

  • To reach its 2020 neutrality target, Telstra will be purchasing carbon offsets, and by 2025, wants to own or have contracted enough renewable energy to power its operations.
  • "I recently said climate change would be the defining challenge of the 2020's.
  • Events including Australia's Black Summer of bushfires have raised urgent questions in the community about what climate change means and, more importantly, what must be done.

Spend £8bn to kickstart plan to decarbonise economy, chancellor told (Guardian)

  • The author of a groundbreaking report on the economic impact of climate change has called on Rishi Sunak to spend more than £8bn in his first budget next week to kickstart a “massive and long-term” boost to “zero-carbon infrastructure, new skills and sustainable innovation”.
  • Stern, who runs the London School of Economics’ Grantham Research Institute on Climate Change, told Sunak to focus his efforts on sectors that are “difficult to decarbonise”, such as transport, property and industry.
  • But he is expected to signal extra spending in the regions over the life of the parliament to 2024, to support Britain reaching net-zero carbon emissions by 2050.

Is Russia Finally Waking Up to Climate Change? (The Moscow Times)

  • Even skeptics can no longer ignore the effects of climate change in Russia.
  • In the past year, Russia’s government has finally admitted that climate change is a serious threat to Russia’s future and has drawn up plans for action.
  • However, under its nationally determined contributions, Russia is not required to reduce emissions from current levels nor adopt a long-term carbon reduction strategy.

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