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Your Climate Action Diary - 47

Year 2023 Week 37 Anushthatri Sharma
Hi,

Hope you are well !

News from both quarters of the climate conversation, this week.

Norway's "record time" arrangement of large-scale climate finance for renewable transformation in developing countries, particularly from private players (as part of the global pledge from developed nations) & India's go-ahead on expansion of Renewable Energy Storage System are promising signals of the transition we are on.

More renewables, less fossil-dependency & less emissions. 

However, we also need to ensure there is accountability of the pledges made - ensuring the transformation to a low-carbon-emitting future actually plays out.

Greenpeace's Report on EU Oil Companies (covered below) isn't particularly promising in that aspects. 

We need to call them out. Greenwashing isn't cool.

Stay Critical. 

Regards, 
Harish
Team - OnePointFive Tribe

Norway's Climate Finance Doubled 4 Years Ahead of Pledge

New Norway’s Press Release states its contribution towards Climate Finance totalled NOK 15.5 billion in 2022. Norfund, notably the Climate Investment Fund, drove a substantial increase mobilizing over NOK 5.6 billion in private capital for renewable energy investments in developing nations. (Context: Norway at COP26 (2021) had aimed to double annual climate funding by 2026 (against NOK 7 billion in 2020), contributing to the global $100 billion climate finance goal)

India Approves Funding for Renewable Energy Storage Expansion

The Union Cabinet has approved scheme for the development of a 4,000 MWh Battery Energy Storage System to store excess wind & solar power. The initial outlay is INR 9,400 crore. The scheme aims to minimize energy wastage, optimize transmission networks & benefit distribution companies by reducing supply gaps during peak hours, ultimately supporting India's renewable energy goals.

Report Shows EU Oil Companies Failing on Net Zero Pledges

A Greenpeace Report revealed only 0.3% of energy produced by the 12 largest oil & gas firms came from renewables, despite Net-Zero pledges. They continued to invest 92.7% in fossil fuels, with a 1/3rd increase in investment for green energy. The report accuses these companies of greenwashing & calls for stricter regulations/roadmap to phase out oil & gas in Europe. Their total profits & revenues surged by 75% & 70%, respectively, during the same time.