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Your Climate Action Diary - 68

Year 2024 • Week 30 • Anushthatri Sharma
Hello,
 
Hope you are well. We have had a very busy two-week cycle.

Besides our headliners (see below) that we feel captures the mood of the climate movement the last few days, we also had saw some other breakthroughs.

The Indian Budget (that was announced this week) set the stage for the arrival of compulsory emission targets at the back of proposed India Carbon Market, China shared its plans to reduce emissions of its coal power plants and Italy’s power generation from renewables overtook fossils for the first time ! We also had Ex-Tory UK energy minister open an investment bank to help fund green-energy startups and South Africa’s new plan to raise $2.4 Billion from a climate finance pact with some of the world’s richest nations.

It is worth noting that the Indian Budget also announced support for 800 MW new coal-based power plants using 'Advanced Ultra Supercritical Technology'—to generate electricity from coal in the most efficient way with minimum pollution to the environment. We don’t quite know how to feel about this yet. Energy from Fossils but in the most efficient manner.

Could the fund have been used to invest in renewables instead? We will leave this one with you to think about.

Happy Staying Updated,

Harish 
(Team OnePointFive) 

COP29 Plans $1Billion Climate-Fund From 'Fossil-Fuel Producers'

Azerbaijan, host of the upcoming COP29 climate summit, proposes a new fund to aid developing countries in combating climate change. The fund will be financed by voluntary contributions from fossil fuel-producing nations and companies. Critics argue this is insufficient and merely a distraction from the urgent need to phase out fossil fuels, while others see it as a first step towards holding the industry accountable. The fund aims to raise $1 billion and will invest in renewable energy projects in developing countries.

India's Green Energy Push, in Union-Budget 2024

India’s Budget 2024-25 declared this week sets the stage for a sustainable energy transformation while aiming to balancing growth & employment. Key initiatives included partnering with private firms to develop small and modular nuclear reactors, provide free electricity up to 300 units per month to 1 crore households through rooftop solar installations (PM Surya Ghar Muft Bijli Yojana) and a new 'pumped storage policy to enhance renewable energy storage and integration. The budget also supported critical mineral exploration, and sustainable agriculture initiatives as key components.

UK Launches Publicly Owned 'Green Energy' Company

The UK government has launched Great British Energy, a publicly-owned company aiming to boost clean energy production and reduce reliance on fossil fuels. By partnering with private firms and investing £8.3 billion, the government hopes to drive down energy bills and create jobs. While challenges remain, including securing private investment and the time it takes to impact consumer bills, the initiative could potentially supercharge the economy and enhance energy security.

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