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Your Climate Action Diary - 71

Year 2024 • Week 38 • Anushthatri Sharma
Hello,
 
"We hope this bi-weekly effort is helping you stay on top of the climate-action movement as it progresses, fails and accelerates ! 

More importantly, we hope this climate-journal is giving you the context you need to the broader spectrum of whats going on around the world in this respect." 
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The past two weeks have been buzzing with major updates from across the climate action landscape, and we’ve got a lot to share with you. Bear with us!
We’ve seen notable progress on two key fronts: renewable energy (to reduce our reliance on fossil fuels) and carbon capture (to lower atmospheric carbon concentrations).

Some of the most prominent renewable energy developments include:

- Poland earmarks $1.2 billion to kickstart its first nuclear plant.

- South Korea approves two new nuclear reactors as part of its nuclear power expansion.

- Switzerland plans to allow the construction of new nuclear plants.

- Shanghai announces offshore solar projects alongside wind farms at sea.

- Singapore increases its 2035 clean energy import target by 50%.

On the carbon-capture side, major fossil fuel players are making moves:

- Exxon anticipates starting its first Gulf Coast carbon capture project next year, pending final regulatory approval.

- TotalEnergies invests $100 million in U.S. forests for CO2 credits.

It’s worth noting that these developments come from traditional fossil giants, who often prioritize carbon capture over reducing emissions directly.

The financial sector also saw significant shifts:

- Australian pension funds are ramping up climate-related investments.

- Colombia’s government proposes tax increases on wealthy individuals, gambling platforms, and carbon emissions to manage its fiscal deficit without cutting social programs.

- Meanwhile, German authorities rejected 215,000 carbon credits in a deepening carbon market scandal.

Other notable developments included:

- Reliance wins the bid for a battery storage gigafactory in India.

- Coal generates less than half of Australia’s power for the first time.


Thank You for staying on this journey with us ! 
Regards,
Harish 

(Team OnePointFive) 

India's Liquefied Natural Gas (LNG) Shift to Cut Heavy Duty Vehicles Emissions

India plans to cut trucking industry pollution by converting one-third of long-haul trucks from diesel to liquefied natural gas (LNG) over the next 5-7 years. This initiative aligns with India's 2030 goal of increasing natural gas’s share in the energy mix to 15%. LNG is preferred over diesel due to its lower emissions and better range for long-haul trucks. The government will establish 49 LNG dispensing stations and aim for a uniform LNG pricing to support this transition.

Asian Development Bank to Boost Climate Finance

ADB has set a goal to allocate 50% of its annual lending to climate finance by 2030, up from the current 35%. This ambitious target includes mobilizing $100 billion in climate finance from 2019 to 2030, with $30 billion already contributed. ADB will also focus on increasing private sector financing to $13 billion and enhancing direct private capital mobilization to $4.5 billion. The strategy aims to address climate change and other critical regional challenges.

China Expands Carbon-Market to Cement, Steel, Aluminium Industries

China will expand its national carbon trading market by adding the steel, aluminum, and cement industries by the end of 2024. This expansion aims to drive emission reductions in these high-polluting sectors. The announcement was made by Environment Minister Huang Runqiu at a recent industry conference. Beijing plans to integrate seven more sectors into the carbon market by the end of the decade, signaling a broader push towards comprehensive emission control.

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