News

Climate Change

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At least 110 people have died in devastating floods across parts of western Germany and Belgium, officials said Friday, as rescue operations and the search for hundreds still unaccounted for continued.

German President Frank-Walter Steinmeier said he was “stunned” by the devastation caused by the flooding and pledged support to the families of those killed and to cities and towns facing significant damage.


Reuters | Equities.com |

The European Union is set to propose measures on Wednesday, as part of a broad climate package, that signal the end of petrol (gasoline) and diesel car sales within 20 years, and accelerate a switch to electric propulsion.

Many carmakers have already announced huge investments in electrification, partly in anticipation of tougher emissions targets, but want to know whether the EU will back them by building public charging stations, and how soon it wants hybrid electric/combustion vehicles to be phased out.


Reuters | Equities.com |

Global regulators published a blueprint on Wednesday to give a "sense of direction" to proliferating initiatives for tackling climate-related financial risks before they fragment markets.

The Financial Stability Board (FSB), which coordinates financial rules for the G20 group of nations, said its "roadmap" seeks to coordinate approaches to disclosures by companies and plug gaps in the data needed to spot financial stability "vulnerabilities" and develop tools to address them.


Reuters | Equities.com |

Investment in energy is on track to recover by nearly 10% in 2021 as the world emerges from the COVID-19 pandemic, the International Energy Agency (IEA) said on Wednesday, but spending will fall far short of meeting urgent climate goals.

More of the $1.9 trillion in investment is projected to shift toward electricity than ever, with more than $820 billion due to earmarked for power - the sixth year in a row it will outstrip investment in traditional oil and gas.


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U.S. regulators will "eventually" have to factor climate change risks into bank capital rules, but it is still too soon to say when that would become necessary, a top official told Reuters.

Acting Comptroller of the Currency Michael Hsu said in an interview that regulators were still exploring the best way to incorporate climate change risks such as extreme weather events or major policy shifts into bank supervision and oversight.


Reuters | Equities.com |

U.S. lawmakers plan to introduce a bill on Thursday that would create a tax credit for lower-carbon sustainable aviation fuel, which they hope will slash emissions of greenhouse gases from the aviation industry.

The legislation, seen by Reuters, would impose a tax incentive of up to $2.00 for every gallon produced of sustainable aviation fuel, which can be made from feedstocks such as grease, animal fats and plant oils. That price would make it one of the most expensive subsidies for clean fuel.


Kimberly Redmond | Equities.com |

Germany’s highest court ruled Thursday that the government’s climate protection plan was insufficient to protect future generations, ordering officials to set clear goals for reducing greenhouse gas emissions after 2030.

In its ruling, the Bundesverfassungsgericht, or Federal Constitutional Court, said Berlin’s reduction plan was “incompatible with fundamental rights” because it failed to cover the years beyond this decade and would “irreversibly offload major emission reduction burdens onto periods after 2030.”


AP News | Equities.com |

President Joe Biden will pledge to cut U.S. greenhouse gas emissions at least in half by 2030 as he convenes a virtual climate summit with 40 world leaders, according to three people with knowledge of the White House plans.

The 50% target would nearly double the nation’s previous commitment and help the Biden administration prod other countries for ambitious emissions cuts as well. The proposal would require dramatic changes in the power and transportation sectors, including significant increases in renewable energy such as wind and solar power and steep cuts in emissions from fossil fuels such as coal and oil.


Reuters | Equities.com |

Google’s Maps app will start directing drivers along routes estimated to generate the lowest carbon emissions based on traffic, slopes and other factors, the company announced on Tuesday.

Google, an Alphabet Inc unit, said the feature would launch later this year in the U.S. and eventually reach other countries as part of its commitment to help combat climate change through its services.


AP News | Equities.com |

President Joe Biden is including rivals Vladimir Putin of Russia and Xi Jinping of China among the invitees to the first big climate talks of his administration, an event the U.S. hopes will help shape, speed up and deepen global efforts to cut climate-wrecking fossil fuel pollution, administration officials told The Associated Press.

The president is seeking to revive a U.S.-convened forum of the world’s major economies on climate that George W. Bush and Barack Obama both used and Donald Trump let languish. Leaders of some of the world’s top climate-change sufferers, do-gooders and backsliders round out the rest of the 40 invitations being delivered Friday. It will be held virtually April 22 and 23.