Countries addressing a climate summit during the U.N. General Assembly criticized big polluters for not doing more to tackle global warming, and the U.N. Secretary-General Antonio Guterres said time was running short thanks to the "naked greed" of fossil fuel interests

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illuminem summarizes for you the essential news of the day. Read the <a href="https://www.reuters.com/business/environment/un-climate-summit-asks-some-countries-detail-progress-others-face-pressure-2023-09-20/">full piece on Reuters</a> or enjoy below
🗞️ Driving the news: Leaders and UN Secretary-General Antonio Guterres at the U.N. Climate Summit levied strong criticism against major polluters &bull; He cited the "naked greed" of fossil fuel industries in advancing their profit-maximization interests over the planet as a significant hindrance in tackling climate change
🔭 The context: 34 nations with commendable climate actions were invited to share their insights, including Brazil and Canada &bull; The discussions unveiled the struggles and efforts of various countries in combating climate change, while the conspicuous absence of top polluters like the U.S. and China signaled concerns regarding commitment from major emitters
🌍 Why it matters for the planet: These criticisms and discussions are crucial as they not only highlight the severe impacts of inaction from major emitters but also emphasize the relentless disasters that climate-vulnerable nations are bracing for &bull; The discourse focused on the need for immediate reforms and substantial financial commitments to support developing nations in their climate actions
⏭️ What&rsquo;s next: As COP28 approaches, the call for a significant shift in political will and global collaboration intensifies &bull; The push for universal taxes on fossil fuels and transformative pledges from various countries indicate a trajectory towards more robust and immediate climate solutions
💬 One quote: &ldquo;This climate crisis is a fossil fuel crisis." (Gavin Newsom, California Governor)
📈 One stat: The International Monetary Fund noted fossil fuel subsidies had surged to a record $7 trillion last year, despite global pledges in 2021 to phase them out
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UN chief laments 'naked greed' of fossil fuel interests, countries criticize big polluters

Participants in The New York Times Climate Forward event sum up their views on the response to the crisis — and the challenges for young people

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.nytimes.com/2023/09/20/climate/experts-qna-obstacles-priorities-hope.html">full piece on The New York Times</a> or enjoy below
🗞️ Driving the news: A variety of leaders in industry, environment, and governance convened at The New York Times Climate Forward event to discourse on tangible solutions to the escalating climate crisis &bull; These dialogues underscored the urgent need for remedial actions and innovative solutions to lessen environmental impacts as the climate continues to change
🔭 The context: The discussion reflects how the pace at which clean energy transition is happening, the role of current political and economic institutions, and the disconnect between nature and humanity are global issues of growing concern to individuals across sectors
🌍 Why it matters for the planet: These conversations are pivotal as they shed light on the multifaceted challenges and the imperative of coherent and immediate actions to address climate change &bull; They emphasized ending the era of fossil fuels and focusing on innovative, sustainable solutions and equitable transitions to ensure the well-being of the planet and its inhabitants
⏭️ What&rsquo;s next: The need for immediate and unified action suggests that the trajectory towards clean and sustainable solutions will necessitate enhanced collaboration, innovative solutions, and relentless pursuit from all sectors of society
💬 One quote: &ldquo;If I could do one thing unilaterally to slow climate change, it would be to end the era of fossil fuels like coal, oil, and gas." (Ebony Twilley Martin, Executive Director of Greenpeace USA)
📈 One stat: The U.S. electric power industry has reduced emissions by 36 percent over the last 18 years
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Climate experts weigh in on obstacles, priorities and hope

Britain’s prime minister is expected to delay a ban on the sale of new gas- and diesel-only cars, among other measures

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.nytimes.com/2023/09/20/world/europe/uk-sunak-climate-change.html">full piece on The New York Times</a> or enjoy below
🗞️ Driving the news: Rishi Sunak, Prime Minister of Britain has weakened key environmental pledges, promising lower costs for Britons, and delaying the ban on sales of gas and diesel cars by five years &bull; This change in policies has sparked criticism from business leaders, environmentalists, and some members of his own Conservative party 
🔭 The context: These policy changes are perceived as a strategic attempt by Prime Minister Sunak to separate his government from the opposition Labour Party, as a general election approaches &bull; Labour, led by Keir Starmer, has been leading in the polls and Sunak&rsquo;s ratings have taken a hit since he became Prime Minister 
🌍 Why it matters for the planet: The weakening of environmental pledges comes at a critical time when there is growing global awareness about climate change, following a series of devastating wildfires and floods across Europe &bull; The UK&rsquo;s policy shifts risk alienating voters and the international community, at a time when unified action on climate change is essential 
⏭️ What's next: The policy changes may influence the upcoming general election, with the Conservative Party emphasizing economic relief for citizens over stringent environmental regulations &bull; The international community and the electorate will be closely watching Britain&rsquo;s commitment to climate action in the coming months 
💬 One quote: &ldquo;We are not going to save the planet by bankrupting the British people&rdquo; (Suella Braverman, Home Secretary)
📈 One stat: The new, delayed target for the ban on sales of new gas and diesel cars is now 2035, aligning with the European Union&rsquo;s target, which several right-wing lawmakers and newspapers in Britain are praising
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Sunak poised to weaken U.K. climate targets as election approaches

Among the world’s ever-expanding array of board games, a small but growing number deal with climate change. But are these games any good?

illuminem summarizes for you the essential news of the day. Read the <a href="https://theconversation.com/what-can-board-games-teach-students-about-climate-change-213601">full piece on The Conversation</a> or enjoy below
🗞️ Driving the news: A professor specializing in environmental literature tested several of these games with climate activists and educators to assess their ability to effectively convey the challenges and scientific realities of climate change and global warming &bull; They aim to spark discussions about values, perspective, conflict, emotions, and decision-making related to climate challenges
🔭 The context: A growing assortment of climate change-themed board games is emerging in the gaming scene &bull; Most traditional board games are competitive, but given the collective impact of climate change, these thematic games emphasize collaboration and shared success or failure
🌍 Why it matters for the planet: The integration of these games can provide an engaging, interactive way for students and individuals to learn about climate change, the environment, and the urgent need for solutions &bull; They can potentially instill a sense of responsibility and awareness, encouraging informed conversations and actions to mitigate climate crisis impacts
⏭️ What&rsquo;s next: It&rsquo;s expected that such games will be further integrated into educational curriculums to facilitate learning and discussions about climate change and environmental conservation
💬 One quote: &ldquo;Since climate change affects the whole world, climate change board games emphasize teamwork and group success. Either all players win together, or no one survives.&rdquo; (Debra J. Rosenthal, Professor at John Carroll University)
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What can board games teach students about climate change?

Torrential downpours sent muddy water racing through streets in Libya, Greece, Spain and Hong Kong in early September 2023, with thousands of deaths in the city of Derna, Libya. Zagora, Greece, saw a record 30 inches of rain, the equivalent of a year and a half of rain falling in 24 hours

illuminem summarizes for you the essential news of the day. Read the <a href="https://theconversation.com/as-extreme-downpours-trigger-flooding-around-the-world-scientists-take-a-closer-look-at-global-warmings-role-213724">full piece on The Conversation</a> or enjoy below
🗞️ Driving the news: Heavy rains wreaked havoc in several countries including Libya, Greece, Spain, and Hong Kong this September, with thousands losing their lives, especially in the city of Derna, Libya &bull; This rise in extreme rain and flooding incidents globally is prompting urgent discussions about the impact of climate change on weather patterns
🔭 The context: There's a notable increase in severe weather events, including landslides and floods in varied regions like the Himalayas to California &bull; Experts in climate science and civil engineering are exploring how climate change is linked to these extreme events to develop strategies to manage their impacts
🌍 Why it matters for the planet: The increase in severe rainfall events due to global warming affects communities, environments, and essential water supplies &bull; It's crucial to adapt to these changes to protect the large populations living in regions prone to these extreme weather events, particularly in mountainous areas
⏭️ What's next: Ongoing research on the effects of climate change on extreme weather will inform future strategies, infrastructure plans, and global policies on climate change &bull; Immediate and cooperative action is crucial to mitigate risks and safeguard communities from the growing threats of severe weather
📈 One stat: The recent study in focus points to a potential 15% increase in the intensity of rainfall for every 1 C (1.8 F) of warming in high-latitude and mountain regions, indicating a faster-than-expected increase in regions like the Himalayas, Alps, and Rockies
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As extreme downpours trigger flooding around the world, scientists take a closer look at global warming’s role

Ticket prices have already soared as airlines make the most of demand for travel

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/5d272c2a-da0e-41d6-a395-165aed7a154f?segmentId=776b81d7-dd92-c731-e669-99cdd37d3a96#myft:my-news:rss">full piece on Financial Times</a> or enjoy below
🗞️ Driving the news: A surge in oil prices to $95 per barrel prompts concern over potential hikes in airline ticket prices in Europe &bull; The uptick in oil prices results from production and export cuts by Saudi Arabia and Russia, affecting airlines' profits and leading to increased fare prices due to high travel demand and limited aircraft supply
🔭 The context: Airfares have already escalated this year with carriers capitalizing on high demand amidst constrained supply &bull; European airlines, experiencing very high fuel costs, anticipate a further rise in ticket prices, with airlines adjusting flying schedules in response to rising costs
🌍 Why it matters for the planet: The potential rise in airfares and the decrease in flight schedules can affect global travel and the interconnectedness of economies &bull; With airlines striving to maintain profits amidst rising fuel costs, the accessibility and affordability of air travel may be impacted, influencing global tourism and business activities
⏭️ What&rsquo;s next: Airlines are grappling with passing the increased costs to customers. If the demand for travel persists, customers may have to bear the brunt of increased airfares &bull; While European carriers have a significant advantage due to their hedging practices, US airlines, which typically do not hedge, are more exposed to fuel price fluctuations
💬 One quote: &ldquo;In a high fuel environment fares obviously would need to reflect that&hellip; short-term volatility points towards increasing fares.&rdquo; (Topi Manner, CEO of Finnair)
📈 One stat: The MSCI World Airlines Index has fallen 16 percent over the past three months, reflecting the challenging conditions the airline industry is currently facing
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Will oil price rally mean even higher air fares?

The brainchild of French entrepreneur Adrien Lelièvre, the Pi-Pop e-bike uses a supercapacitor to store energy rather than rely on batteries

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.euronews.com/next/2023/09/20/this-french-company-has-designed-the-first-e-bike-that-doesnt-need-a-battery">full piece on EuroNews</a> or enjoy below
🗞️ Driving the news: French innovator, Adrien Leli&egrave;vre, developed the Pi-Pop e-bike, a ground-breaking solution that uses supercapacitors, not lithium batteries, addressing the eco-concerns related to battery production &bull; It&rsquo;s a huge step for eco-friendly commuting, avoiding the environmental damage caused by mining lithium and other rare-earth elements
🔭 The context: A supercapacitor quickly stores and releases energy through electrostatic means, unlike lithium batteries that use chemical reactions, enabling the bike to save energy during pedaling or braking and use it for challenging tasks like uphill riding
🌍 Why it matters for the planet: This new discovery provides a greener way to travel that doesn&rsquo;t rely on hard-to-get materials and avoids long charging waits, promoting a more sustainable way to get around &bull; With its recyclable materials, this e-bike is a solid step toward cleaner, greener transit solutions in the growing e-bike sector
⏭️ What's next: Pi-Pop plans to increase production from 100 to a thousand bikes a month by 2024, with intentions to enter the booming European e-bike market by 2025, offering a sustainable alternative in the changing transit landscape
💬 One quote: &ldquo;Pi-Pop is all about being eco-wise...keeping control of production is key when talking about sustainable and energy transition. We also need to create jobs in the process&rdquo; (Adrien Leli&egrave;vre, Pi-Pop)
📈 One stat: The EU&rsquo;s import of 1.2 million e-bikes, as per Eurostat, underscores a significant shift and growing preference for electric-powered transit options
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This French company has designed the first e-bike that doesn’t need a battery

António Guterres opened United Nations climate ambition summit with attack on wealthy countries and the fossil fuel industry

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.theguardian.com/world/2023/sep/20/antonio-guterres-un-climate-summit-gates-hell">full piece on The Guardian</a> or enjoy below
🗞️ Driving the news: UN Secretary-General Ant&oacute;nio Guterres lambasts wealthy nations and the fossil fuel industry for their sluggish response to the climate crisis at a UN climate ambition summit &bull; Guterres states humanity has "opened the gates of hell" with escalating climate catastrophes, urging nations to expedite the shift to clean energy and achieve net-zero emissions by 2040
🔭 The context: Several leaders of major carbon-emitting countries like the US, China, France, and India were absent from the summit &bull; Their absence and the dilution of climate policies underscore the global shortfall in efforts to combat climate change
🌍 Why it matters for the planet: The slow progress and insufficient measures by wealthy nations are hampering the fight against climate change, impacting vulnerable nations and global ecosystems &bull; The failure to deliver promised climate aid and the difficulties in securing financing are putting at risk the infrastructure needed to adapt to a world facing fiercer climatic events
⏭️ What&rsquo;s next: Despite the stark warnings and some measures announced, a significant gap remains in the actions required to avert catastrophic climate change &bull; The upcoming COP28 climate summit in Dubai this November holds little optimism for bridging this gap, emphasizing the urgent need for transformative shifts to address the climate crisis
💬 One quote: &ldquo;The longer we remain addicted to fossil fuels, the longer we commit ourselves to mutual decline.&rdquo; (Kausea Natano, Prime Minister of Tuvalu)
📈 One stat: Despite the commitments, the world is heading towards a &ldquo;dangerous and unstable&rdquo; future of 2.8C global heating compared to the pre-industrial era, signaling the immense disparity between necessary actions and the efforts being made
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Humanity has ‘opened gates to hell’ by letting climate crisis worsen, UN secretary warns

Rishi Sunak has delayed a ban on new petrol and diesel cars in a major change to the government's approach to achieving net zero by 2050

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.bbc.com/news/uk-politics-66871457">full piece on BBC</a> or enjoy below
🗞️ Driving the News: UK Prime Minister Rishi Sunak announces significant delays to pivotal green policies, including a ban on new petrol and diesel cars, citing concerns over "unacceptable costs" on British families &bull; The changes spark both intense criticism and support, illustrating a divided stance on environmental policies within the nation
🔭 The Context: These policy revisions are interpreted as Sunak's attempt to delineate his policies from opposition parties, potentially in anticipation of a forthcoming general election &bull; Labelled as "pragmatic and proportionate," they signify a notable deviation from prior government commitments to net zero by 2050
🌍 Why It Matters for the Planet: The postponement in enforcing stringent environmental policies underscores concerns regarding the UK's devotion to ecological objectives and represents the ongoing global dialogue on reconciling environmental progress with economic practicalities
⏭️ What's Next: The ensuing phase sees Sunak amidst a maelstrom of varying opinions and tasked with justifying these policy alterations &bull; The unfolding developments and subsequent announcements this autumn could critically influence the UK's environmental path and its position in the international climate accord arena
💬 One Quote: &ldquo;The UK prime minister is rolling back on [the UK's] commitments" (Humza Yousaf, Scottish First Minister)
📈 One Stat: The divergent responses from different quarters and the global community emphasize the intricate equilibrium between maintaining ecological pledges and addressing the immediate apprehensions and aspirations of the populace
Click for more news covering the latest on <a href="https://illuminem.com/category/net-zero">net zero</a>

Rishi Sunak delays petrol car ban in major shift on green policies

The comments come less than a year after Hurricane Ian left more than 100 people dead in Florida

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.politico.com/news/2023/09/20/desantis-2024-climate-change-00117078">full piece on Politico</a> or enjoy below
🗞️ Driving the news: Florida Governor Ron DeSantis, during an energy policy discussion in Midland, Texas, stated that humans are &ldquo;safer than ever&rdquo; from the impacts of climate change, attributing increased resilience to climate disasters to access to reliable electricity &bull; Meanwhile, the WHO has termed climate change &ldquo;the biggest health threat facing humanity&rdquo;&nbsp;
🔭 The context: DeSantis&rsquo; remark come amidst recent severe weather events impacting Florida, including Hurricane Idalia, which left more than 245,000 individuals without power and caused four fatalities last month
🌍 Why it matters for the planet: While the advancements in forecasting and infrastructure have indeed reduced the death rate from climate-related disasters, the frequency and intensity of these disasters are on a rising trend due to climate change &bull; Governor DeSantis' statements underplay the ongoing and future threats posed by climate change, potentially slowing the imperative actions needed to mitigate these risks
⏭️ What&rsquo;s next: With climate change creating escalating global challenges, actions and policies are necessary that are reflective of the scientific consensus on climate impacts, rather than downplaying the risks involved
💬 One quote: &ldquo;In reality, human beings are safer than ever from climate disasters. The death rate for climate disasters has declined by 98 percent over the last hundred years, and the No. 1 reason for that is people that have had access to reliable electricity, have power.&rdquo; (Ron DeSantis, Governor of Florida)
📈 One stat: The WHO projects that climate change could result in approximately 250,000 additional deaths per year between 2030 and 2050 due to malnutrition, malaria, diarrhea, and heat stress
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DeSantis: humans are ‘safer than ever’ from effects of climate change

The mental health of Afghan women, who have suffered under harsh measures imposed by the Taliban since taking power two years ago, has deteriorated across the country, according to a joint report from three U.N. agencies released Tuesday

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.pbs.org/newshour/world/mental-health-among-women-in-afghanistan-is-deteriorating-un-report-finds">full piece on PBS News Hour</a> or enjoy below
🗞️ Driving the news: A disturbing report from U.N. Women, the International Organization for Migration, and the United Nations Assistance Mission in Afghanistan has revealed a sharp decline in the mental health of Afghan women since the Taliban assumed power resilience to climate disasters to access to reliable electricity &bull; It cited a significant rise in anxiety, isolation, and depression amongst the surveyed women
🔭 The context: This survey interviewed 592 Afghan women across 22 of Afghanistan&rsquo;s 34 provinces, amidst an environment of stringent and oppressive policies of the Taliban against women's resilience to climate disasters to access to reliable electricity &bull; In particular, restrictions on education, work, and public life have contributed to the women's sense of isolation and hopelessness
🌍 Why it matters for the planet: The extreme restrictions on female education and rights have propelled Afghanistan into international scrutiny, with the plight of Afghan women and children being a focal point at the United Nations General Assembly
⏭️ What&rsquo;s next: The international community, balancing between recognizing the Taliban government and advocating for women's rights, has a crucial role to play in the future of Afghanistan's resilience to climate disasters to access to reliable electricity &bull; Afghan women are seeking international support for mental health initiatives, access to scholarships, and safe migration options
📈 One stat: The survey found that 81% of women had not engaged at all with local Taliban authorities on issues important to them between April and June 2023, signaling a widespread disengagement and lack of trust in the current regime
Click for more news covering the latest on <a href="https://illuminem.com/category/diversity-and-inclusion">diversity &amp; inclusion</a>

Mental health among women in Afghanistan is deteriorating, UN report finds

Brussels to crack down on greenwashing of consumer products

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/53f84f03-1f1c-4240-977f-9de0e4893377">full piece on the Financial Times</a> or enjoy below
🗞️ Driving the news: The EU plans to implement stringent regulations by 2026 to curtail greenwashing, prohibiting companies from using broad environmental claims like &ldquo;climate neutral&rdquo; or &ldquo;eco&rdquo; unless they can substantiate these claims accurately
🔭 The context: The enactment of these rules still mandates the approval of the EU parliament and member states, although such approval is typically a formality &bull; If approved, they would ban claims related to emissions offsetting and unapproved green labels, marking the EU as the strictest region globally concerning green claims to the public
🌍 Why it matters for the planet: This development is crucial in combating misleading green claims, ensuring transparency and helping consumers make informed choices, thereby fostering genuine sustainability practices
⏭️ What&rsquo;s next: Ongoing political debates and pushback could potentially impact the final outcomes of the proposed rules &bull; Conservative politicians, in particular, are campaigning against climate regulation, posing potential hindrances to upcoming climate legislation in Brussels
💬 One quote: &ldquo;Carbon neutral claims are greenwashing&hellip; The truth is that these claims are scientifically incorrect and should never be used.&rdquo; (Ursula Pachl, deputy director of The European Consumer Organization)
📈 One stat: The 2026 regulations are part of the EU&rsquo;s broader ambitions to achieve net zero emissions by 2050
Click for more news covering the latest on <a href="https://illuminem.com/category/net-zero">net zero</a>

EU to ban ‘climate neutral’ claims by 2026

Rishi Sunak was on Tuesday accused of presiding over a “slow-motion car crash” as the prime minister prepared to delay crucial measures intended to turn the UK into a net zero carbon economy

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/a566298b-c78b-4751-9c6b-68780fcd4d0b">full piece on Financial Times</a> or enjoy below
🗞️ Driving the news: According to media reports, Prime Minister of the UK Rishi Sunak is contemplating stepping back from key environmental commitments &bull; Reports suggest a potential delay in the proposed ban on new petrol and diesel cars from 2030 to 2035 and relaxing the plan to prohibit new household gas boilers from 2035
🔭 The context: Sunak has already faced criticism for delaying environmental action, casting doubt on the UK&rsquo;s ambition to reach net-zero carbon by 2050 &bull; These reports highlight tensions within the UK government on balancing economic concerns with environmental imperatives
🌍 Why it matters for the planet: These potential rollbacks could hinder the UK's progress in combating climate change &bull; Although the reforms are aimed toward ensuring that hard-working families aren't burdened, critics argue that this could set the green agenda back by a decade
⏭️ What's next: Sunak believes challenging the Labour Party on green policies might give the Conservatives an edge in the next elections &bull; However, such a strategy risks alienating voters who prioritize climate action
💬 One quote: &ldquo;We will look back on this moment as Sunak&rsquo;s slow motion car crash&rdquo; (Chris Skidmore, a Conservative MP)
📈 One stat: The car industry seeks clarity as Sunak deliberates, with BMW recently committing &pound;600 million to produce electric Minis in the UK
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Rishi Sunak prepares to water down UK green measures

Electric vehicles, you might have heard, have a mineral problem. Beneath the floor of an EV sits a 900-pound battery filled with minerals extracted from around the world

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.washingtonpost.com/climate-environment/2023/09/19/electric-cars-better-environment-fossil-fuels/">full piece on The Washington Post</a> or enjoy below
🗞️ Driving the news: Electric vehicles (EVs) are being scrutinized for their environmental impact due to the minerals required in the production of their batteries &bull; The extraction process for the minerals often comes with human rights and environmental concerns, prompting debates about the true benefits of EVs
🔭 The context: Despite the demand for minerals like lithium, cobalt, and nickel in EV batteries, they require significantly less overall mineral extraction compared to ongoing fossil fuel consumption &bull; In 2020, clean-energy needs amounted to 7 million tons of minerals, whereas the fossil fuel industry extracted 15 billion metric tons in 2019
🌍 Why it matters for the planet: Despite the immediate environmental and social challenges associated with mineral extraction, EVs present a smaller environmental footprint than fossil fuels &bull; With the increasing efficiency of EV batteries and the potential to recycle them, EVs offer a more sustainable future
⏭️ What's next: Efforts are being made to create more transparent and ethical mineral supply chains &bull; Researchers and manufacturers aim to reduce dependence on critical minerals, with companies like Tesla already reducing or eliminating cobalt in their batteries &bull; Furthermore, recycling initiatives are gearing up to process a majority of EV batteries in the coming decades
💬 One quote: "The transition to low-carbon fuels is not a magic bullet with no negative outcome... But it&rsquo;s much less harmful than if we stay with fossil fuels. That&rsquo;s the conclusion.&rdquo; (Sergey Paltsev, senior research scientist at MIT)
📈 One stat: Currently, only about 5% of lithium-ion batteries across all products are recycled in the U.S., but projections hint that the vast majority will be recycled or repurposed in the future, potentially cutting EV mineral demand by about a third
Click for more news covering the latest on <a href="https://illuminem.com/category/green-tech">green tech</a>

Are electric cars really better for the environment?

Britain will provide guarantees of up to $300 million to a climate funding facility designed to help reduce greenhouse gas emissions and build infrastructure resilient to the impact of climate change in Asia and the Pacific

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.reuters.com/sustainability/sustainable-finance-reporting/uk-offers-300-mln-guarantee-asia-pacific-climate-fund-2023-09-18/">full piece on Reuters</a> or enjoy below
🗞️ Driving the news: Britain is set to provide guarantees of up to $300 million to the Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP) &bull; This commitment aims to reduce greenhouse gas emissions and bolster climate-resilient infrastructure in Asia and the Pacific
🔭 The context: Launched by the Asian Development Bank in May, the IFCAP is a leveraged guarantee mechanism for climate finance &bull; Britain's guarantee aligns with the United Nations Sustainable Development Goals established in 2015, specifically Goal 9 on promoting inclusive and sustainable industrialization
🌍 Why it matters for the planet: Such financial backing is pivotal in advancing efforts against climate change, particularly in regions vulnerable to its adverse effects &bull; By promoting sustainable infrastructure and reducing emissions, this guarantee could significantly influence positive environmental outcomes in Asia and the Pacific
⏭️ What's next: British Foreign Secretary James Cleverly is expected to make the guarantee announcement at the UN General Assembly in New York &bull; Alongside this, he will also reveal further funding and guarantees worth 180 million pounds to support global education via the International Finance Facility for Education
📈 One stat: Britain's backing of the IFCAP has the potential to unlock between $1.2 and $1.8 billion in climate financing
Click for more news covering the latest on <a href="https://illuminem.com/category/sustainable-finance">sustainable finance</a>

UK offers $300 mln guarantee for Asia and Pacific climate fund

Trump is losing favour among fossil fuel bosses, opening the field for his rivals

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/10233c54-e405-4775-852f-b6606884f948">full piece on the Financial Times</a> or enjoy below
🗞️ Driving the news: Republican presidential contenders are actively courting influential US oil donors, capitalizing on a drift in support away from ex-president Donald Trump within the industry &bull; Florida governor Ron DeSantis, particularly, visited the energy center of Midland, West Texas, promoting his support for US oil and gas while opposing President Joe Biden's environmental plans
🔭 The context: Current Republican candidates are trying to gain support from oil backers, highlighting the industry's concerns about potential regulations if Trump loses in 2024 &bull; Texas alone contributed more than $85 million to Trump's 2020 campaign, with the oil and gas sector giving $15 million
🌎 Why it matters for the planet: The strong connection between presidential hopefuls and the oil industry underscores the sector's enduring influence on US politics &bull; Their financial backing may shape the energy policies and environmental stances of future administrations
⏭️ What's next: DeSantis plans to reveal his energy strategy in Midland, focusing on countering Biden&rsquo;s climate initiatives and endorsing further shale oil and gas production &bull; Dan Eberhart, the chief executive of Canary oilfield services group who donated more than $100,000 to Trump&rsquo;s 2020 campaign, has thrown his fundraising prowess behind De Santis 
💬 One quote: &ldquo;[DeSantis was] far and away ahead of most when it comes to getting oil and gas major donors &hellip; I think there&rsquo;s a reason why he&rsquo;s going to Midland&rdquo; (Ben Proler, oil and gas executive)
📈 One stat: Texas donors contributed more than 9% of Trump's total 2020 campaign funds, emphasizing the significant political influence the state and its energy sector wields
Click for more news covering the latest on <a href="https://illuminem.com/category/energy">energy</a>

Republican candidates race for Texas oil money

The deadly rainfall which caused catastrophic flooding and destruction in Libya, as well as other parts of the Mediterranean, this month was made much more likely and worse by the human-caused climate crisis

illuminem summarizes for you the essential news of the day. Read the <a href="https://edition.cnn.com/2023/09/19/world/libya-floods-climate-change-impact/index.html">full piece on CNN</a> or enjoy below
🗞️ Driving the news: A recent scientific review indicates that human-induced climate change, along with other human factors, intensified the recent severe rainfall and subsequent flooding in Libya and other Mediterranean areas &bull; The World Weather Attribution initiative deduced that human-induced climate change made the deadly rainfall in Libya up to 50 times likelier and increased its intensity by 50%
🔭 The context: Over the past month, the Mediterranean experienced severe rainfall, with Storm Daniel causing significant damage and numerous fatalities, especially in Libya&nbsp; &bull; Poor infrastructure and construction in flood-prone areas further intensified the devastation
🌎 Why it matters for the planet: This event exemplifies how human-induced climate change can amplify the severity and likelihood of extreme weather events, thus resulting in devastating impacts on societies and ecosystems &bull; For each 1&deg;C rise in temperature, air can hold approximately 7% more moisture, leading to more intense rainfall
⏭️ What's next: To prevent future catastrophic events, it's imperative to develop efficient early warning systems, evacuation plans, and address climate change and infrastructure vulnerabilities &bull; Enhancing resilience and reducing vulnerabilities are vital to protect lives against increasing extreme weather events
💬 One quote: "Through these events, we are already seeing how climate change and human factors can combine to create compounding and cascading impacts" (Maja Vahlberg, Red Cross Red Crescent Climate Centre)
📈 One stat: An estimated 4,000 individuals lost their lives in Libya, with over 10,000 still missing due to the catastrophic rainfall and subsequent flooding
Click for more news covering the latest on <a href="https://illuminem.com/category/climate-change">climate change</a>

Horrific Libya flooding made up to 50 times more likely by planet-warming pollution, scientists find

Prince Abdulaziz bin Salman defends lower output as crude nears $95 a barrel

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/01208985-a79e-4837-b148-ef5f09afb99b">full piece on the Financial Times</a> or enjoy below
🗞️ Driving the news: Saudi Arabia's decision to extend oil production cuts has been defended by its energy minister, Prince Abdulaziz bin Salman who insists it's not about inflating prices despite crude futures nearing $100 a barrel &bull; The move to prolong production cuts till the end of the year could have significant implications for global oil prices and international relations
🔭 The context: Amid global economic recovery uncertainties, oil demand has surged, leading Saudi Arabia and Russia to announce extended cuts to their oil production and exports
🌍 Why it matters for the planet: Fluctuations in oil production and pricing, driven by the oil industry's significant contribution to carbon emissions, can affect global energy consumption and the planet's environmental health
⏭️ What's next: Amid production cuts and surging global demand, many, including Chevron's CEO Mike Wirth, anticipate oil prices to exceed $100 a barrel soon &bull; The International Energy Agency predicts a record oil consumption this year, driven by Chinese demand, resulting in a significant market deficit
💬 One quote: &ldquo;It&rsquo;s not about... jacking up prices, it&rsquo;s about making the decisions that are right when we have the data&rdquo; (Prince Abdulaziz bin Salman, Energy Minister)
📈 One stat: Post the announcement of the production cuts, Brent crude experienced an over 5% increase, recently nearing $95 a barrel, showcasing the market's sensitivity to geopolitical decisions in the oil sector
Click for more news covering the latest on <a href="https://illuminem.com/category/energy">energy</a>

Saudi Arabia’s energy minister says oil cuts not about ‘jacking up prices’

Today Heads of State and leading experts in health and climate gathered to discuss critical concerns around the intersection of climate and health priorities ahead of the UN Climate Conference’s (COP-28) first-ever ‘Day of Health’

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.who.int/news/item/18-09-2023-leaders-spotlight-the-critical-intersection-between-health-and-climate-ahead-of-cop-s-first-ever-health-day">full piece on World Health Organization</a> or enjoy below
🗞️ Driving the news: Ahead of COP-28's 'Day of Health', global leaders underscore that the climate crisis, affecting nearly half the world's population, is also a health crisis &bull; Dr. Tedros Adhanom Ghebreyesus, WHO Director-General, highlights the urgency for climate action due to the exacerbation of extreme weather, disease spread, and food security threats
🔭 The context: This discussion is set against the backdrop of New York Climate Week, held during the UN General Assembly in New York, USA &bull; Alarming statistics disclose that climate change is responsible for an increasing number of deaths, compromising water, land, and food security and amplifying disease spread
🌎 Why it matters for the planet: The health repercussions of climate change have severe economic implications, with projections of increased poverty and displacement due to climate-related health impacts &bull; Investments in health can have extensive returns, bolstering both individual well-being and economic health
⏭️ What's next: The event aimed to set the tone for New York Climate Week, encouraging leaders to focus on investing in adaptation and resilience, particularly in countries with lower carbon emissions yet facing severe climate-driven health consequences &bull; COP28 Presidency, with Dr. Sultan Al Jaber at the helm, is determined to emphasize these issues, rallying partners to make a positive difference
💬 One quote: "Climate change is the biggest threat to health in the 21st century and our very survival is at stake" (Dr. Vanessa Kerry, WHO)
📈 One stat: WHO estimates that an additional 250,000 people die annually due to climate change, with one in four deaths attributable to preventable environmental causes
Click for more news covering the latest on <a href="https://illuminem.com/category/environmental-sustainability">environmental sustainability</a>

Leaders spotlight the critical intersection between health and climate ahead of COP-28 first-ever Health Day

As they address health consequences and environmental issues, winning companies will find opportunities

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.bain.com/insights/can-food-and-agriculture-companies-raise-their-game-sustainability-report-2023/">full piece on Bain &amp; Company </a>or enjoy below
🗞️ Driving the news: The global food system has seen substantial advancements in the last five decades, enhancing food security and supporting energy needs through biofuels &bull; However, due to its environmental and health impacts, it now faces scrutiny akin to that experienced by the oil and gas sector
🔭 The context: The food system is responsible for over a third of all greenhouse gas emissions and is a primary culprit behind the 20% of annual deaths attributed to poor diets &bull; Furthermore, the industry has been slow in attracting top talent; no food producer made it to the Fortune 100 Best Companies to Work For list in 2023
🌍 Why it matters for the planet: Agriculture consumes 70% of the world's fresh water and plays a major role in carbon emissions &bull; Regenerative agriculture practices, though promising, are adopted at a low rate, and food systems are integral to health and environmental challenges worldwide
⏭️ What's next: Food and agriculture companies need to transition to more sustainable and healthier products if they want significant growth, while those that don't risk a 43% revenue decline in five years due to stricter regulations
💬 One quote: "Acting now allows companies to turn risks into opportunities&mdash;new products, categories, and markets, or increased share of growth" (John Blasberg, Head of Americas Sustainability &amp; Responsibility)
📈 One stat: An analysis suggests a 15% five-year revenue boost for proactive food companies, but the challenge lies ahead with a shocking 73% of 50,000 U.S. food products being ultra process
Click for more news covering the latest on <a href="https://illuminem.com/category/sustainable-lifestyle">sustainable lifestyle</a>

Can food and agriculture companies raise their game?

Tesla boasts that its electric vehicles are a marvel not just of innovation but also ethics, pledging in annual reports that it will “not knowingly accept products or services from suppliers that include forced labour or human trafficking in any form.”

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.washingtonpost.com/business/interactive/2023/electric-vehicles-forced-labor-china/">full piece on The Washington Post</a> or enjoy below
🗞️ Driving the news: Tesla, despite commitments against forced labor, has been silent on concerns about the sourcing of materials from China's Xinjiang region, notorious for forced labor practices &bull; This lack of transparency and action is not limited to Tesla, as Ford and Volkswagen also have Xinjiang connections
🔭 The context: Tesla's supplier network includes firms allegedly undermining a U.S. ban on products from Xinjiang due to potential coerced labor &bull; Several of these suppliers have participated in China's "labor transfers" of minority Muslim Uyghurs&nbsp;
🌍 Why it matters for the planet: Electric vehicles (EVs) are critical in confronting climate change &bull; However, if EV companies overlook ethical sourcing, the industry's growth may come at a significant human rights cost, undermining the moral high ground these companies intend to occupy
⏭️ What's next: As the EV industry booms, the U.S. government and various committees are closely examining such violations of labor rights&nbsp; &bull; The connections to Xinjiang strain U.S.-China relations, making the situation a geopolitical concern
💬 One quote: "If we don&rsquo;t fix this now, in the early days of this transition, it will be a massive mistake... but the auto companies are not giving much hope they are willing to do anything to make a difference." (Duncan Jepsen, supply-chain expert)
📈 One stat: Chinese companies supply nearly 40% of the materials for batteries in Tesla's cars globally
Click for more news covering the latest on <a href="https://illuminem.com/category/human-rights">human rights</a>

EV makers’ use of Chinese suppliers raises concerns about forced labor

Germany is on track to generate more than half of its electricity from renewables this year, an official said Monday. Speaking at a conference organized by the Heinrich Boell Foundation, economy minister Robert Habeck said that Germany has seen a boom in renewable power, Reuters reported.

illuminem summarizes for you the essential news of the day. Read the <a href="https://e360.yale.edu/digest/germany-50-percent-renewable-power">full piece on Yale Environment 360</a> or enjoy below
🗞️ Driving the news: Germany is poised to achieve a milestone in its green energy journey, as it's predicted to produce more than half of its electricity from renewable sources this year
🔭 The context: During the first six months of the year, 52% of Germany's power production came from renewables, such as wind, solar, hydropower, and biomass &bull; If this trend holds, 2023 could be the inaugural year in which over half of Germany&rsquo;s electricity is drawn from renewable sources
🌍 Why it matters for the planet: As Europe&rsquo;s largest economy takes significant steps toward renewable energy, it sets a precedent for other nations
⏭️ What's next: Despite the advancements, Germany remains behind its ambitious goal of 80% renewable power by 2030 &bull; To meet this target, the country must expedite its transition to renewables, especially as electric vehicles become more prevalent and add to the electricity demand.
💬 One quote: "Germany is still not on pace to reach its goal of 80 percent renewable power by 2030." (Robert Habeck, economy minister)
📈 One stat: This year, Germany is set to introduce at least 9 gigawatts to its existing 67 gigawatts of solar capacity and approximately 3 gigawatts to its 58 gigawatts of onshore wind capacity
Click for more news covering the latest on <a href="https://illuminem.com/category/power-and-utilities">power &amp; utilities</a>

Germany to surpass 50 percent renewable power this year, official says

The UN has released a draft of what might become a landmark agreement to protect human health and the environment

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.wired.com/story/this-treaty-could-stop-plastic-pollution-or-doom-the-earth-to-drown-in-it/">full piece on Wired</a> or enjoy below
🗞️ Driving the news: Amid a series of environmental calamities, the United Nations has presented a "zero draft" treaty addressing the alarming rise of plastic pollution &bull; The treaty contains provisions for eliminating toxic materials used in plastic, addressing the proliferation of microplastics, better management of waste, and more
🔭 The context: Despite being overshadowed by the climate crisis, plastic pollution is rapidly becoming a global emergency &bull; Annually, a trillion pounds of plastic are produced, and projections indicate a tripling of this number by 2060
🌍 Why it matters for the planet: Plastic pollution contributes to the global climate crisis and has pervasive effects on ecosystems, from the deepest ocean trenches to towering mountains &bull; Microplastics, minute fragments of degraded plastic, have infiltrated the environment and even our bodies
⏭️ What's next: The UN's draft treaty offers interventions for consideration during discussions expected to continue through 2024, with about 150 countries participating &bull; The aim is to either "protect human health and the environment from plastic pollution" or "end plastic pollution"
💬 One quote: "It is well established that our global plastic pollution crisis is also contributing to our global climate crisis... the increasing shift towards investing into plastic production... is a great concern." (Nick Mallos, Ocean Conservancy)&nbsp;
📈 One stat: More than 13,000 chemicals are associated with plastics, with approximately a quarter being categorized as hazardous
Click for more news covering the latest on <a href="https://illuminem.com/category/environmental-sustainability">environmental sustainability</a>

This treaty could stop plastic pollution—or doom the Earth to drown in it

The new BlackRock voting policy is clearly designed to blunt criticism that the investing giant has been exploiting its shareholder voting power to push companies toward environmental and social policy positions preferred by the progressive left

illuminem summarizes for you the essential news of the day. Read the <a href="https://nypost.com/2023/09/16/everyday-investors-may-soon-vote-away-esg/">full piece on the New York Post</a> or enjoy below
🗞️ Driving the news: BlackRock, the world's leading asset manager, plans to give ordinary retail investors greater control over how shares linked to their funds are voted at corporate annual meetings &bull; This is a groundbreaking move, especially as these votes are becoming more politically charged, with an emphasis on environmental and social policy positions
🔭 The context: BlackRock's shift aims to counter criticisms that it has used its enormous shareholder voting power to drive companies toward policies favored by progressive elements &bull; Notably, rivals like Vanguard and State Street have already offered a level of customized voting for some investors
🌍 Why it matters for the planet: Investment giants like BlackRock have been significant players in the ESG (environmental, social, governance) movement, using their influence to push corporations to prioritize areas like environmental protection and racial justice &bull; Such decisions in the financial world impact global trends and corporate behavior on pivotal issues, including climate change
⏭️ What's next: BlackRock's move might prompt other firms to adopt similar policies, reflecting a broader shift in how asset managers engage with issues of environmental and social justice &bull; However, there's conservative pushback against these progressive actions, with entities like Florida pulling assets from BlackRock citing the firm's activism
💬 One quote: &ldquo;The battle over 'woke' issues such as the environment or race relations has found a willing home in the hands of large investment firms such as BlackRock.&rdquo; (Jim Copland, senior fellow at the Manhattan Institute)
📈 One stat: The "Big Three" asset managers, including BlackRock, control almost a quarter of the shares in the S&amp;P 500, representing around 85% of the total U.S. stock market
Click for more news covering the latest on <a href="https://illuminem.com/category/sustainable-finance">sustainable finance</a>

How everyday investors may soon vote away ESG

Civil action seeks damages to help mitigate costs of global warming caused by fossil fuels

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/3b655443-5721-4524-9e8f-ffbf314b06a7">full piece on the Financial Times</a> or enjoy below
🗞️ Driving the news: California has taken legal action against several of the world's major oil companies, including ExxonMobil, Shell, and BP, alleging that they misled the public for years regarding the detrimental effects of burning fossil fuels on the environment
🔭 The context: The lawsuit contends that oil and gas executives were aware of the calamitous consequences of depending on fossil fuels; however, they deliberately spread misleading information, leading to a sluggish societal response to global warming &bull; This delay has caused billions in damages for California, manifesting as droughts, extensive wildfires, and severe storms
🌍 Why it matters for the planet: The lawsuit seeks compensation for the climate change-related costs California has incurred and aims to halt further pollution by these entities &bull; This move follows California's recent law compelling major polluters to disclose carbon emissions from their products' supply and consumption
⏭️ What's next: This legal endeavor is the latest among over 40 climate litigation cases lodged by U.S. states and cities against the oil and gas sector &mdash; whose outcomes will be decisive in determining the responsibilities of major polluters toward the general public
💬 One quote: "For more than 50 years, Big Oil has been lying to us." (Gavin Newsom, California governor)
📈 One stat: Between 2017 and summer 2023, climate-related court cases worldwide have doubled, with the majority filed in the U.S
Click for more news covering the latest on <a href="https://illuminem.com/category/oil-and-gas">oil and gas</a>

California accuses Big Oil of covering up climate change risks in lawsuit

The foundation of our economies is trembling. Livelihoods, food security and, indeed, the whole of the sustainable development agenda, are suffering

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.unep.org/news-and-stories/speech/radical-shift-working-nature">full piece on UNEP</a> or enjoy below
🗞️ Driving the news: In his UN speech, Inger Andersen stresses the urgency to transition from exploiting nature to coexisting with it, highlighting that while nature has driven economic and social progress, humans have often misused and depleted its resources
🔭 The context: Nature is the foundation of our existence and economies, but in the last two decades there has been a 40% decline in natural capital, jeopardizing sustainable development goals and economic stability
🌍 Why it matters for the planet: The depletion of nature and biodiversity not only threatens our existence but shakes the very core of our economies &bull; With a looming collapse, no amount of innovation can save us if we don't rectify our relationship with nature
⏭️ What's next: The speech proposes 3 main actions to reverse the damage: we must financially support the Kunming-Montreal Global Biodiversity Framework, integrate nature's depletion costs into our economic models, and holistically address the intertwined crises of biodiversity loss, climate change, and pollution
💬 One quote: "Nature is not an endless fuel to stoke the engines of economic growth... We are part of nature. It is time to start behaving like it" (Inger Andersen, UNEP Executive Director &amp; UN Under-Secretary-General)
Click for more news covering the latest on <a href="https://illuminem.com/category/environmental-sustainability">environmental sustainability</a>

A radical shift to working with nature

A survey by the European Union has caused a stir in financial and environmental circles as the questions allude to an expansion of the Sustainable Financial Disclosure Regulation from funds marketed as environmentally friendly to all financial products

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.forbes.com/sites/jonmcgowan/2023/09/16/eu-looks-to-expand-sustainable-reporting-requirement-to-all-funds/?sh=1d6180ac3dd0">full piece on Forbes</a> or enjoy below
🗞️ Driving the news: The European Union's recent survey hints at a potential expansion of the Sustainable Financial Disclosure Regulation (SFDR) to encompass all financial products, not just those labeled as environmentally friendly
🔭 The context: Initially introduced in 2018, the SFDR aimed to regulate the portrayal of sustainable products by fund managers, giving rise to what are now termed as environmental, social, and governance (ESG) funds &bull; The European Sustainability Reporting Standards (ESRS) was designed to complement the reporting obligations of the SFDR &bull; These regulations fall under the broader objective of dictating how businesses showcase their eco-friendly initiatives
🌍 Why it matters for the planet: With sustainability becoming a focal point, there's an escalating threat of "greenwashing" &ndash; where entities exaggerate their green initiatives for marketing gains &bull; The SFDR's current form and application have stirred concerns about it serving more as a branding tool rather than genuinely promoting transparency
⏭️ What's next: The European Commission is spearheading a consultation initiative to gather insights on the ESRS and appraise the SFDR's impact on businesses and funds and feedback from diverse stakeholders, including financial experts, NGOs, and investors, is being sought &bull; The window for input remains open till December 15, 2023
💬 One quote: The growing demand for sustainability in business and finance is double-edged, as it also amplifies the risk of using greenwashing as a promotional tactic (Jon McGowan, attorney)
Click for more news covering the latest on <a href="https://illuminem.com/category/sustainable-finance">sustainable finance</a>

EU looks to expand sustainable reporting requirement to all funds

The British Newspaper company, The Guardian, highlights its concerns about the carbon credit market. Stating that such credits sold within offset schemes in effect legitimise additional carbon emissions that contribute to global heating, they put forth a strong view from multiple perspectives

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.theguardian.com/environment/2023/jan/27/carbon-credits-towards-net-zero-or-zero-credibility">full piece on The Guardian</a> or enjoy below
🗞️ Driving the news: Recent reports have highlighted the problems with "phantom credits" in carbon offset schemes, questioning their value and contribution to the fight against global warming&nbsp; &bull;&nbsp;Critics argue that carbon offset projects based on avoided deforestation are flawed, as they only maintain existing carbon stock capacity in forests without adding to it
🔭 The context: Carbon offset projects, aiming to neutralize carbon emissions by funding corresponding CO2 reductions elsewhere, face scrutiny over the legitimacy and efficacy of their resulting "credits"&nbsp; &bull;&nbsp;The critique centres on "avoided deforestation" projects, which financially motivate forest owners and nations to curb their deforestation practices
🌎 Why does it matter for the planet: While well-implemented carbon offsetting can support global net-zero emission goals, critics argue current practices lead to unfounded net-zero emission claims &bull;&nbsp;They warn that the problem of phantom credits and ineffectual offset schemes could weaken climate action and distract from authentic emission reduction efforts
⏭️ What's next: Biocredits, units of biodiversity that can be traded and sold, are emerging as an alternative to carbon credits &bull;&nbsp;However, they must circumvent issues experienced by carbon credit and offset markets &bull; Various entities, including the United Nations, are working on standard methodologies to quantify a unit of biodiversity
💬 One quote: "The carbon offset market is not a case of net-zero emissions but of zero credibility." (David Humphreys, Professor of environmental policy atOpen University)
📈 One stat: As per the criticism, more than 90% of rainforest carbon offsets provided by the biggest provider are deemed worthless&nbsp;
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Carbon credits: towards net zero or zero credibility?

Some types of air pollution slow global warming — but at the cost of millions of deaths a year

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.vox.com/climate/23806051/air-pollution-climate-change-global-warming-particles-emissions">full piece on Vox</a> or enjoy below
🗞️ Driving the news: Recent studies show that some sources of air pollution emit particles that reflect light and subsequently cool the planet, but at the same time air pollution contributes to 7 million premature deaths globally each year
🔭 The context: Greenhouse gasses, primarily from electricity production and vehicles, warm the planet, while aerosol particles counteract some of this warming by reflecting sunlight and promoting cloud formation &bull; However, these aerosols have a short lifespan, so as their emissions cease, the world will face intensified warming from long-persisting greenhouse gasses
🌍 Why it matters for the planet: Continued burning of fossil fuels will exacerbate both air pollution and climate change, leading to poorer air quality and a cascade of environmental challenges, including increased ozone production, droughts, wildfires, and a rise in extreme weather events and diseases
⏭️ What's next: As the world transitions away from fossil fuels to combat climate change, scientists are exploring ways to replicate the cooling effect of aerosols without their harmful side effects &bull; Methods like geoengineering, which include practices like producing artificial clouds or placing mirrors in space, are being considered, though they come with their own set of concerns
💬 One quote: &ldquo;Let&rsquo;s say we emitted greenhouse gasses, CO2, and [aerosol cooling] particles at the same rate forever. Eventually, greenhouse gasses are going to win...&rdquo; (Jason West, Professor at the University of North Carolina)
📈 One stat: Cooling aerosols counteract global warming by reducing temperatures by nearly 1 degree Fahrenheit
Click for more news covering the latest on <a href="https://illuminem.com/category/environmental-sustainability">environmental sustainability</a>

The terrible paradox of air pollution and climate change

The article from the global organisation UNDP explains how carbon market trading systems in which carbon credits are sold and bought. It presents the process of carbon compensation and why purchasing carbon credits is seeked after by companies and individuals

illuminem summarizes for you the essential news of the day. Read the <a href="https://climatepromise.undp.org/news-and-stories/what-are-carbon-markets-and-why-are-they-important">full piece UNDP Global</a> or enjoy below
🗞️ Driving the news: The rising interest in carbon markets around the globe is seen as a crucial part of the solution to reducing greenhouse gas emissions &bull;&nbsp;These trading systems offer companies and individuals a way to offset their emissions by buying credits from entities that sequester or reduce emissions
🔭 The context: The Intergovernmental Panel on Climate Change (IPCC) 2021 report reveals that greenhouse gas emissions continue to rise across all major sectors &bull;&nbsp;The cost of renewables is now often cheaper than coal, oil, and gas, and the focus is turning to carbon markets, with both compliance and voluntary types, to help bridge the financial gap and accelerate emission reductions
🌎 Why it matters for the planet: Unless drastic emission reductions occur immediately, scientists warn of surpassing 2&deg;C warming this century &bull;&nbsp;Carbon markets, by assigning a cost to pollution, motivate emission reduction &bull; However, ensuring transparency, integrity, and observance of social and environmental safeguards is vital to avoid problems like double-counting emission reductions and greenwashing
⏭️ What's next: Despite the completion of the "Paris Rulebook" at COP26 in Glasgow, negotiations related to the operation of the Article 6 mechanisms under the Paris Agreement continue &bull;&nbsp;Future discussions will take place at the UNFCCC meetings in Bonn, Germany and COP28 in Dubai, United Arab Emirates
💬 One quote: "If held to high standards of integrity and transparency, carbon markets can help accelerate the transformation needed, by effectively putting a price on pollution and creating an economic incentive for reducing emissions." (Antonio Guterres, UN Secretary-General)
📈 One stat: As per the latest IPCC report, financial flows are three to six times lower than levels needed by 2030 to achieve climate action goals
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

What are carbon markets and why are they important?

The article published on Yale E360 observes the upbringing of biodiversity credits through the perspective of David Dorr, a global macro trader. It highlights the purpose of the need to place economic value to the preservation or restoration of ecosystems and how companies are currently developing biodiversity credits to boost conservation, but many remain sceptical. 



illuminem summarizes for you the essential news of the day. Read the <a href="https://e360.yale.edu/features/biodiversity-credits">full piece Yale Environment</a> or enjoy below
🗞️ Driving the news: In 2009, David Dorr, a global macro trader based in the Cayman Islands, was intrigued by the idea of putting a price on nature amid global financial turmoil &bull;&nbsp;Today, Dorr's vision of pricing nature's inherent value is becoming increasingly popular, with scientists, conservationists, and policymakers worldwide working to develop what they call biodiversity credits
🔭 The context: Dorr was aware of carbon credit schemes that offset emissions by financing carbon storage or removal &bull;&nbsp;Yet, he sought a broader solution to appraise nature beyond its extractive uses or ecosystem services &bull; To achieve this, the concept of biodiversity credits, assigning economic value to ecosystem preservation or restoration, is now being developed
🌎 Why does it matter for the planet: Biodiversity credits could provide a funding mechanism for conservation efforts on an unprecedented scale &bull;&nbsp;The World Economic Forum estimates that stopping the current global loss of biodiversity could cost as much as $1 trillion annually, while less than $150 billion is spent on such efforts each year
⏭️ What's next: Several companies are currently developing and selling biodiversity credits, with major players in the carbon credit industry also getting involved &bull;&nbsp;While still nascent, the biodiversity credit industry faces skepticism and challenges, such as demonstrating that money spent on credits actually delivers the desired environmental benefits
💬 One quote: "We only get paid when we deliver the performance outcomes," (Mariana Sarmiento, CEO of Terrasos)
📈 One stat: Terrasos, one of the pioneering companies in the biodiversity credits market, has sold slightly more than 100 of its 62,000 12-square-yard plots of conserved or restored ecosystems at around 30 euros per unit, all of which will be managed for 30 years
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Pricing Nature: Can ‘Biodiversity Credits’ Propel Global Conservation?

This informative news from the National Oceanic and Atmospheric Administration (NOAA) focuses on the consequences of rising carbon dioxide concentrations caused by fossil fuels. It discusses the importance of the continuous observation on emission levels and how trends have changed in recent years.


illuminem summarizes for you the essential news of the day. Read the <a href="https://www.climate.gov/">full piece Climate.gov</a> or enjoy below
🗞️ Driving the news: The National Oceanic and Atmospheric Administration (NOAA) reported in its 2022 annual report that the global average atmospheric carbon dioxide reached a new high of 417.06 parts per million (ppm), marking an increase of 2.13 ppm from 2021
🔭 The context: Since the middle of the 20th century, annual emissions from fossil fuels have increased every decade, from close to 11 billion tons of carbon dioxide per year in the 1960s to an estimated 36.6 billion tons in 2022
🌎 Why it matters for the planet: Carbon dioxide is Earth&rsquo;s most important greenhouse gas and it absorbs and radiates heat, causing the global temperature to rise &bull;&nbsp;This concentration of carbon dioxide in the atmosphere is increasing at a rate about 100 times faster than previous natural increases, supercharging the natural greenhouse effect and causing global temperature to rise
⏭️ What's next: If the global energy demand continues to grow rapidly, and it's met primarily with fossil fuels, carbon dioxide emissions could reach 75 billion tons per year or more by the end of the century &bull;&nbsp;This could push atmospheric carbon dioxide to levels not seen on Earth for close to 50 million years
💬 One quote: "The more we overshoot what natural processes can remove in a year, the faster the atmospheric concentration of carbon dioxide rises." (NOAA&rsquo;s Global Monitoring Lab)
📈 One stat: Over the past half century, the global growth rate of atmospheric carbon dioxide has tripled, reaching 2.4 ppm per year during the 2010s &bull;&nbsp;This increase is approximately 100 times faster than previous natural increases
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Climate Change: Atmospheric Carbon Dioxide

The Global South is the epicenter of poor air quality, which suffocates and kills the most vulnerable
The UN wants to create a global fund to combat an issue that has become the world’s biggest public health problem

illuminem summarizes for you the essential news of the day. Read the <a href="https://english.elpais.com/international/2023-09-17/the-global-south-is-the-epicenter-of-poor-air-quality-which-suffocates-and-kills-the-most-vulnerable.html">full piece on El Pais</a> or enjoy below
🗞️ Driving the news: The newly published Air Quality of Life Index (AQLI) from the University of Chicago indicates air pollution reduces life expectancy by up to seven years in countries like Bangladesh, which globally kills as much as tobacco and surpasses deaths from alcohol, traffic accidents, and AIDS &bull; In response to the growing threat and to highlight global inequality in addressing the issue, the UN declared September 7 as International Clean Air Day for Blue Skies, and the WHO plans a global meeting on air pollution in 2024
🔭 The context: The same report highlights that countries with severe pollution often lack tools for air quality management, with only 6.8% of Asian and 3.7% of African governments providing air quality information &bull; The World Health Organization (WHO) reports that seven million premature deaths annually are linked to air pollution and 94% of global citizens breathe air below the quality standards
🌍 Why it matters for the planet: If air quality doesn't improve, global citizens will lose an average of 2.3 years of their lives, with vulnerable populations at higher risk, as pollution's detrimental effects, including harming fetal brains, continue to emerge in research
⏭️ What's next: As air quality deteriorates, deaths due to outdoor air pollution are projected to surge by 50% by 2050; In response, the WHO will host its second global meeting on air pollution and health in Ghana by October 2024
💬 One quote: &ldquo;We are talking about an invisible killer and the major public health problem of our time&rdquo; (Mar&iacute;a Neira, the director of WHO&rsquo;s Department of Public Health and Environment)
📈 One stat: Air pollution's economic impact is also significant; in 2019, costs linked to pollution equaled 6.1% of the global GDP, amounting to around $8.6 trillion
Click for more news covering the latest on <a href="https://illuminem.com/category/environmental-sustainability">environmental sustainability</a>

The Global South is the epicenter of poor air quality, which suffocates and kills the most vulnerable

Verra, a carbon standard company providing carbon certificates, strongly rejects claims made against them by the Guardian in the article above, noting the environmental benefits of carbon credits and their scientific credibility. 



illuminem summarizes for you the essential news of the day. Read the <a href="https://verra.org/verra-response-guardian-rainforest-carbon-offsets/">full piece on Verra</a> or enjoy below
🗞️ Driving the news: Verra, a carbon offset standards organization, has rebuffed allegations by the Guardian of over-issuing carbon credits in its Reduced Emissions from Deforestation and Forest Degradation (REDD) projects, defending their credibility &bull;&nbsp;These allegations arose from a Guardian article, produced with Die Zeit and SourceMaterial, grounded on studies employing "synthetic controls"
🔭 The context: The criticized studies utilize "synthetic controls" to compare a project to a control scenario based on a set of variables impacting deforestation, known as covariates &sect; &bull;&nbsp;Verra argues that these studies fail to account for site-specific factors causing deforestation, leading to a miscalculation of REDD projects' impacts
🌎 Why does it matter for the planet: Carbon credits play a critical role in global climate action by providing financial incentives for carbon reduction initiatives &bull;&nbsp;Therefore, the credibility and effectiveness of organisations issuing these credits are paramount
⏭️ What's next: Verra is working on transitioning all REDD projects to a single methodology using jurisdictionally-allocated baseline data &bull;&nbsp;This new methodology will ensure more consistency in calculating emission reductions within a given region
💬 One quote: "Verra has issued over one billion carbon credits since 2009, which have enabled billions of dollars to be channelled to urgent climate action, sustainable development, and the protection and restoration of ecosystems." (Verra)
📈 One stat: Verra has issued over one billion carbon credits since 2009, signifying its influence in the carbon offset market
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Verra Response to Guardian Article on Carbon Offsets

Venice has approved a €5 ($5.4) daily entrance fee in a bid to regulate the hoards of tourists that visit the historic lagoon city and try to protect its delicate ecosystem and cultural heritage

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.bloomberg.com/news/articles/2023-09-13/venice-wants-to-combat-overtourism-with-new-5-entrance-fee?srnd=green">full piece on Bloomberg</a> or enjoy below
🗞️ Driving the news: Venice has greenlit a &euro;5 ($5.4) daily entrance fee for single-day tourists &bull; Everyone over 14 years of age will be subject to this fee, while Veneto region's residents and workers are exempted
🔭 The context: This move comes after an overwhelming number of tourists descended on Venice this summer, posing a threat to Venice&rsquo;s vulnerable ecosystem and rich cultural heritage &bull; Venice will test this fee-based model for roughly 30 days in the coming year, primarily during peak holiday times
🌍 Why it matters for the planet: Venice, spanning over 100 islands, was historically the Republic of Venice's capital and an international finance pioneer during the Renaissance &bull; Now, this historic city is confronting threats from climate change and rising seas, prompting measures like underwater gates to counter flooding and cruise ship bans in inner canals
⏭️ What's next: This entrance fee is among several strategies Venice plans to implement, addressing the challenge of "overtourism" and ensuring the city remains livable, especially during peak tourist days
💬 One quote: "We need to find a way to protect the city from mass tourism which in some days of the year makes it unlivable.&rdquo; (Luigi Brugnaro, Venice Mayor)
📈 One stat: The recent surge in tourism witnessed a 66.6% increase, with 2.5 million visitors in the first quarter of the year compared to 1.5 million the year prior
Click for more news covering <a href="https://illuminem.com/category/sustainable-lifestyle">the latest on sustainable lifestyle</a>

Venice wants to combat ‘overtourism’ with new €5 entrance fee

The boom in solar power and electric vehicles this year is smashing the forecasts of the most bullish analysts, giving hope they are on the net-zero path the world needs. If only the same could be said of other forms of clean energy

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.washingtonpost.com/business/energy/2023/09/13/climate-solar-ev-boom-while-wind-struggles-in-net-zero-race/337a8104-5285-11ee-accf-88c266213aac_story.html">full piece on The Washington Post</a> or enjoy below
🗞️ Driving the news: Solar power and electric vehicles are exceeding even the most bullish forecasts, highlighting rapid advancements in these clean energy sectors &bull; However, other renewable technologies, notably wind power, face challenges in keeping pace
🔭 The context: With falling costs boosting solar and EV sectors, wind power struggles with regulatory hurdles and slow growth &bull; Its significance in a complete energy transition is evident, yet last week's UK auction for offshore wind farms, a major market for the technology, received no bids
🌎 Why does it matter for the planet: Diversifying renewable sources is vital for consistent energy supply and to effectively combat climate change &bull; Solar and wind have complementary energy generation patterns, ensuring a more reliable clean energy grid
⏭️ What's next: Addressing regulatory hurdles, while encouraging technological and manufacturing advancements, will be crucial
💬 One quote: "Wind tends to blow hardest in the winter and the evening when solar is weak or non-existent. New offshore wind projects produce power about 50% of the time, which helps balance the grid." (David Fickling, Bloomberg opinion columnist)&nbsp;
📈 One stat: BloombergNEF predicts solar installations could potentially reach 563 GW by 2025, putting the industry on a trajectory toward achieving global net-zero emissions by 2050
Click for more news covering <a href="https://illuminem.com/category/green-tech">the latest on green tech</a>

The rise of solar and batteries is upending our renewable future

The earth is beyond “safe operating” limits in six out of nine important areas, damaging its ability to self-regulate and increasing the risk of abrupt and irreversible change due to human activity, according to the latest research

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/f7d26594-a80c-4431-97bb-b90ad2b0eb92">full piece on Financial Times</a> or enjoy below
🗞️ Driving the news: Earth has exceeded "safe operating" limits in six out of nine critical areas due to human activities, raising the threat of abrupt and irreversible changes, recent research reveals &bull; The planet is likened to &ldquo;a patient that is unwell,&rdquo; and there's uncertainty about the duration we can keep overstepping these essential boundaries without triggering permanent harm
🔭 The context: The identified boundaries crossed include climate change, biosphere integrity, land system change, freshwater use, vital phosphate and nitrogen flows, and chemical compound levels &bull; A related study indicates that earth system boundaries combined with social justice issues have surpassed safe limits, with interdependencies making risks in one area amplify threats in other
🌎 Why it matters for the planet: Breaching planetary boundaries reduces Earth's resilience and heightens risks to human life &bull; With most key areas nearing critical limits, immediate action is essential to protect our planet and its inhabitants
⏭️ What's next: Scientists emphasized that all nine critical environmental areas can still be rehabilitated, citing the ozone layer's partial recovery post-Montreal Protocol &bull; One of the most powerful solutions suggested by the study would be to return total forest cover back to the levels of the late 20th century, as well as ending the burning of fossil fuels&nbsp;
💬 One quote: &ldquo;Biodiversity is fundamental to keeping the carbon cycle and the water cycle intact. The biggest headache we have today is the climate crisis and biodiversity crisis&rdquo; (Johan Rockstr&ouml;m, Potsdam Institute for Climate Impact Research)
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Earth outside ‘safe operating zone’ for humans in crucial areas, scientists find

Judging from the emails I get, a lot of readers of this newsletter are sympathetic to the degrowth movement, which holds that humanity must suppress economic and population growth to save the planet

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.nytimes.com/2023/09/13/opinion/degrowth-superabundance-climate-change.html">full piece on the New York Times</a> or enjoy below
🗞️ Driving the news: The debate between those who advocate for and against degrowth has been reignited by a book titled &ldquo;Superabundance: The Story of Population Growth, Innovation and Human Flourishing on an Infinitely Bountiful Planet&rdquo; &bull; It proposes that human innovation and population growth, contrary to exhausting resources, could lead to greater prosperity and better solutions
🔭 The context: This book isn't the first to challenge the doomsayers &mdash; it follows in the footsteps of renowned thinkers like Angus Deaton, Steven Pinker, and Paul Romer &bull; The narrative showcases the benefits of technological progress, highlighting how humanity has become more resource-efficient
🌍 Why it matters for the planet: The authors argue that resources grow more abundant due to innovation and efficient use, driven in part by population growth &bull; Their data shows significant decreases in the "time price" of many commodities &mdash; how much work time it takes to earn the money to buy them &mdash; suggesting that humanity's ability to adapt and innovate makes the planet's resources more accessible over time
⏭️ What's next: While the authors remain optimistic about human innovation offsetting resource limitations, they&rsquo;ve faced criticism for downplaying climate change and inequality &bull; Critics argue that they overly simplify issues and sometimes cast environmentalists in an unfairly negative light
💬 One quote: "It is our contention that resources grow more abundant, and not in spite of population growth but (in large part) because of it.&rdquo; (Marian Tupy and Gale Pooley, authors of Superabundance)
📈 One stat: Between 1919 to 2019, the resource abundance of food for U.S. blue-collar workers surged by 1,032%, while the population grew 212%
Click for more news covering <a href="https://illuminem.com/category/degrowth">the latest on degrowth</a>

An economic case against environmental doomsayers

Climate change and the El Niño ocean warming effect are raising new concerns over public health around the world, as hotter and wetter weather helps the spread of infectious diseases

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/50413e7e-4757-4380-b925-1d64e28fffd4">full piece on Financial Times</a> or enjoy below
🗞️ Driving the news: A study by the University of Hawaii, published in Nature Climate Change, reveals that climate change can exacerbate around 58% of infectious diseases faced by humans &bull; The research accentuates the urgency of mitigating climate change-caused emissions, pointing to over 1,000 ways through which climate hazards spawn diseases
🔭 The context: Climate change combined with the El Ni&ntilde;o phenomenon is sounding alarm bells globally, as increased temperatures and altered weather patterns fuel the proliferation of infectious diseases &bull; The unprecedented warmth of the recent northern hemisphere summer and the ensuing effects of El Ni&ntilde;o have sharpened experts' scrutiny on climate-induced health threats
🌍 Why it matters for the planet: Historical El Ni&ntilde;o events have triggered increased occurrences of maladies like malaria, dengue fever, and cholera in various regions &bull; The consequences are glaring, with Bangladesh registering over 135,000 dengue cases and tiger mosquito in France leading to a spike in dengue cases
⏭️ What's next: Maria Neira from WHO emphasizes the urgent need for comprehensive preparedness against the health ramifications of climate change &bull; The WHO advocates for acceptance of the "One Health" concept, urging an integrated approach to human, animal, and environmental health
💬 One quote: "Looking at the interaction between human health, animal health, environmental health, and the environment, is one of the best things we can do. If we mitigate climate change, the health benefits will be enormous.&rdquo; (Maria Neira, WHO)
📈 One stat: Waterborne diseases lead to an alarming 1.8 million deaths annually worldwide, as per the US National Institutes of Health
Click for more news covering <a href="https://illuminem.com/category/sustainable-lifestyle">the latest on sustainable lifestyle</a>

El Niño and a hotter, wetter climate aid spread of disease

In anticipation of COP28, the United Nations has released a report on the progress towards the long-term goals of the Paris Agreement. The report found that global action on climate change is not on track to meet net-zero by 2050

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.forbes.com/sites/jonmcgowan/2023/09/13/un-releases-paris-agreement-climate-analysis-ahead-of-cop28/?sh=68392a694561">full piece on Forbes</a> or enjoy below
🗞️ Driving the news: The United Nations recently unveiled a report ahead of COP28, detailing the world's inadequate progress towards meeting the 2050 net zero goals, as established by the Paris Agreement &bull; This inaugural assessment took inventory of worldwide climate endeavors, highlighting the areas needing more intensified efforts, such as climate financing and stricter greenwashing regulations
🔭 The context: The report, resulting from the Paris Agreement's mandate for a "global stocktake" every five years, offers a comprehensive evaluation of global climate action &bull; This global climate treaty, penned in 2015, has been signed by 195 nations and the EU, with the US notably rejoining under President Joe Biden in 2021
🌍 Why it matters for the planet: Among the report's 17 key findings, it was underscored that nations need to bolster action to curtail the impacts of climate change &bull; For instance, global emissions must reduce more substantially to restrict temperature hikes to 1.5 degrees Celsius by 2030
⏭️ What's next: The findings will likely steer discussions at COP28, where debates on climate financing, sustainability reporting standards, and stricter greenhouse gas norms are expected &bull; The summit will emphasize transitioning from fossil fuels, enhancing resilience efforts, and focusing on equity and economic diversification
📈 One stat: Global emissions, to meet the Paris Agreement's goals, should have peaked between 2020 and 2025 &mdash; however, they are currently still rising
Click for more news covering <a href="https://illuminem.com/category/climate-change">the latest on climate change</a>

U.N. releases Paris Agreement Climate analysis ahead of COP28

A recent study published in the journal Nature Climate Change reveals that incorporating nature into city infrastructure doesn’t just capture carbon emissions, but it can also actively reduce them. The study was based on an integration of data from previous studies that examined the effects of various nature-based solutions

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.earth.com/news/nature-based-solutions-city-greening-reduces-carbon-emissions/">full piece on Earth.com</a> or enjoy below
🗞️ Driving the news: A groundbreaking study in Nature Climate Change heralds the potential of urban green solutions not just as carbon trappers, but as active reducers of carbon emissions &bull; If European cities lean into these findings, they could achieve net-zero carbon emissions within a mere decade
🔭 The context: While cities are major carbon emitters, a collaborative study from top institutions such as KTH Royal Institute of Technology, MIT, and Shanghai Jiao Tong University, underscores the dual importance of phasing out fossil fuels and integrating urban greenery to achieve carbon neutrality
🌍 Why it matters for the planet: Urban greenery, from park installations to rooftop gardens, offers more than just aesthetic value; it substantially reduces carbon footprints by offsetting emissions and actively reducing the amounts released
⏭️ What's next: While cities globally have dabbled in nature-based solutions (NBS), the emphasis needs to shift from simply using them as emission offsets to strategizing their optimal deployment for active emission reduction
💬 One quote: &ldquo;There are many studies that examine the effects of individual nature-based solutions, but this merges all of them and analyzes the potential systemic effect&rdquo; (Zahra Kalantari, KTH Royal Institute of Technology)
📈 One stat: Implementing the study&rsquo;s recommendations in Berlin alone could slash emissions by 6% for residences, 13% in industry, and a whopping 14% in transportation
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Nature-based solutions: City greening reduces carbon emissions

Many deals fund polluters or projects unrelated to climate goals as banks chase trillion-dollar environmental finance targets

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/6edcca0e-c89d-47f2-8d67-f6896b1606f4">full piece on Financial Times</a> or enjoy below
🗞️ Driving the news: Major investment banks have set multi-trillion-dollar goals for green financing, leading to a surge in "sustainable" debt deals &bull; However, there's growing scrutiny as many of these deals fund high-emission companies or aren't directly related to environmental projects
🔭 The context: While banks are grappling with measuring the carbon footprint of their financial activities, especially with companies in polluting sectors, regulations may soon force them to disclose these emissions &bull; As of now, their primary focus is on sustainable bond and loan issuance, which is sparking regulatory concerns
🌎 Why does it matter for the planet: In the push for sustainable finance, deals backing fossil fuels and shipping industries gain traction &bull; Bank of America's recent $500mn "blue bonds" for Gabon raised eyebrows over its genuine sustainability and market standard alignment
⏭️ What's next: The UK's Financial Conduct Authority warns of "greenwashing" risks &bull; While banks like Goldman Sachs progress toward green finance goals, some deals, like Chevron's buyout of Renewable Energy Group, raise questions about genuine environmental benefits
💬 One quote: "If I was an investment manager I would be concerned I couldn&rsquo;t put this in a green bond portfolio without being sued for false advertising." (Daniel Hardy, researcher at Vienna Institute for International Economic Studies)
📈 One stat: Loans to the oil, gas, and shipping sectors in the past year that were tied to sustainability goals amounted to $17.5bn, nearly the same as the year before
Click for more news covering <a href="https://illuminem.com/category/environmental-sustainability">the latest on environmental sustainability</a>

Boom in ‘sustainable’ debt fuels scrutiny of green labels

Nature-based solutions (NbS) that protect, restore and sustainably manage forests and other ecosystems could provide 37% of cost-effective climate change mitigation efforts needed by 2030 to meet the Paris Agreement goals and stabilize warming to below 2 degrees Celsius

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.reuters.com/sustainability/sustainable-finance-reporting/comment-why-partnerships-are-key-bridging-finance-gap-nature-based-solutions-2023-09-13/">full piece on Reuters</a> or enjoy below
🗞️ Driving the news: The record-breaking warmth of the summer in 2023 underscores the urgency of tackling climate change &bull; Nature-based solutions (NbS), including ecosystems like forests, can play a vital role in addressing this challenge
🔭 The context: Forests and ecosystems not only offer a buffer against climate change but also account for about 55% of global GDP and house approximately 80% of the world's terrestrial biodiversity &bull; The business potential for NbS is significant, with the potential to harness $3.6 trillion annually and 191 million jobs by 2030
🌎 Why does it matter for the planet: Although nature holds such significant potential, there's a vast financing gap &bull; An estimated $11 trillion is essential between 2022 and 2050 to achieve ambitious climate change, biodiversity, and land-degradation targets
⏭️ What's next: The Forest Investor Club (FIC), initiated by the U.S. Department of State in 2021, aims to triple global NbS investment by 2030, with a major increase by 2025 &bull; They prioritize collaboration and uphold guiding principles for effective and ethical investment strategies
💬 One quote: "Natural capital underpins the health of communities, businesses and economies all over the world, and it is critical to grow the scale, increase the pace, and expand the geographic scope of investments that enhance it" (Ryan Whisnant, Director of Land Use Finance at World Business Council for Sustainable Development)
📈 One stat: Nature-based solutions could provide up to 37% of the cost-effective climate change mitigation needed by 2030 to stabilize global warming to under 2 degrees Celsius
Click for more news covering <a href="https://illuminem.com/category/esg">the latest on ESG</a>

Why partnerships are key to bridging the finance gap for nature-based solutions to climate change

A dizzying array of weather and water data this summer illustrates alarming changes in Earth's natural systems

illuminem summarizes for you the essential news of the day. Read the <a href="https://eu.usatoday.com/story/graphics/2023/09/14/climate-change-global-warming-visual-tracker/70457785007/">full piece on USA Today</a> or enjoy below
🗞️ Driving the news: Scientists and experts report alarming changes in Earth's natural systems, including ocean heat waves, record temperatures, and decreased sea ice levels &bull; Climate scientist and author of the book "Our Fragile Moment," Michael Mann rejects the idea that we've reached a tipping point, but states that conditions are getting steadily worse due to ongoing fossil fuel consumption 
🔭 The context: The Climate Change Institute at the University of Maine has been actively monitoring and reporting these significant shifts in our climate &bull; According on NASA data, the planet has been warming since 1890, with June and July of 2023 setting new temperature records
🌎 Why it matters for the planet: The increasing temperatures could lead to irreversible damage if unchecked, with CO2 levels reached a new record in May 2023, further indicating the acceleration of global warming
⏭️ What's next: The observed warming in the Arctic, especially concerning sea ice, predicts potentially ice-free Septembers in the near future, possibly by 2035 &bull; With records continually being shattered, scientists are calling for immediate and impactful interventions
💬 One quote: "This has been a summer unlike any we&rsquo;ve yet experienced. There is a pervasive sense of doom among many witnessing the onslaught of dangerous and deadly extreme weather events" (Michael Mann, Climate Scientist)
📈 One stat: 2023 near-surface air temperatures have consistently been well above average since June, with July 4-6 marking the largest daily global mean temperature increase on record for those days
Click for more news covering <a href="https://illuminem.com/category/climate-change">the latest on climate change</a>

Visualizing climate change's wrath: global warming's dire impact on Earth explored

Rainforest conservation projects are not suitable for carbon offsetting and a different approach should be used to effectively protect critical ecosystems such as the Amazon and Congo basin, a report has concluded

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.theguardian.com/environment/2023/sep/15/rainforest-carbon-credit-schemes-misleading-and-ineffective-finds-report">full piece on The Guardian</a>&nbsp; or enjoy below
🗞️ Driving the news: According to a study by the UC Berkeley Carbon Trading Project, Rainforest conservation projects, vital for carbon offsetting, are found unsuitable&nbsp; &bull; The research suggests that the current system leads to inflated environmental impacts, fails to protect vulnerable forest communities, and is therefore not equivalent to fossil fuel emissions
🔭 The context: Carbon offsetting was considered a way for entities to claim they've balanced their emissions by funding reductions elsewhere, often in developing countries &bull; Halting rainforest destruction is essential for UN climate and biodiversity targets and carbon markets were supposed to direct billions to mitigation efforts
🌎 Why it matters for the planet: Carbon offsetting, if done right, could be a significant step towards global sustainability; however, shortcomings in the system, including potential exploitation, might impede genuine climate action
⏭️ What's next: The report urges governments and businesses worldwide to reduce deforestation causes, back indigenous conservation, and shift from purchasing offsets to a contributions strategy for rainforest protection &bull; Verra, a leading carbon standard organization, has pledged to tackle the concerns in their forthcoming carbon credit methodology
💬 One quote: "Our research shows...an entirely different approach is needed to reduce deforestation and cut emissions" (Barbara Haya, Berkeley Carbon Trading Project)
📈 One stat: The majority of credits studied did not have a positive climate impact, often displacing deforestation and even harming vulnerable communities
Click for more news covering <a href="https://illuminem.com/category/carbon">the latest on carbon</a>

Rainforest carbon credit schemes misleading and ineffective, finds report

Mars has pledged to invest $1bn over the next three years in an effort to achieve net zero by 2050, after failing to meet an earlier emissions reduction target

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.ft.com/content/eb914765-cd46-4952-ad8a-ebc5a2a296bc">full piece on Financial Times</a> or enjoy below
🗞️ Driving the news: Mars has committed to a $1bn investment over the coming three years to pursue a net-zero target by 2050, acknowledging that their progress towards previous emissions targets has been limited
🔭 The context: The company, known for products like Snickers and Skittles, and whose carbon footprint is comparable to Finland's, had initially aimed for a 27% emissions reduction by 2025 &bull; As of now, they've achieved only an 8% cut based on a 2015 benchmark
🌎 Why does it matter for the planet: Mars, as a major global brand, sets a precedent in corporate responsibility towards climate change&nbsp;
⏭️ What's next: Mars's renewed commitment involves transitioning to 100% renewable energy, enhancing supply chain traceability, implementing climate-smart agriculture, recipe modifications, and optimizing logistics &bull; While aiming to reduce 80% of emissions within its value chain, Mars acknowledges that the remainder will be offset using the carbon credit market
💬 One quote: &ldquo;The financial performance and the greenhouse gas performance are equally important&rdquo; (Barry Parkin, Mars&rsquo;s chief sustainability and procurement officer)
📈 One stat: Over 80% of total emissions are associated with the goods and services that Mars procures
Click for more news covering <a href="https://illuminem.com/category/environmental-sustainability">the latest on environmental sustainability</a>

Mars lifts spending by $1bn to cut emissions by 2025 after falling behind on pledges

Lucrative tax incentives have fueled a surge in solar panels but failed to boost wind power, data from a new project show

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.nytimes.com/2023/09/13/us/politics/biden-climate-law-investment.html">full piece on The New York Times</a> or enjoy below
🗞️ Driving the news: President Biden's enactment of a sweeping climate bill last year resulted in a significant uptick in private investments in clean energy technologies, including solar panels, hydrogen power, and electric vehicles &bull; Investments have poured into states like Tennessee, Michigan, and Nevada, matched by an uptick in electric car and solar panel spending in California, Arizona, and Florida
🔭 The context: The policy, supported solely by Democrats, offers tax incentives and federal subsidies, influencing both corporate and consumer spending patterns in the US
🌍 Why it matters for the planet: In the year following the law's passage, clean-energy technology expenditures constituted 4% of national investments, doubling from four years prior and underscoring the strategic shift towards sustainable practices
⏭️ What's next: The law hasn't yet jump-started the wind power sector &mdash; in fact, domestic investments in this area have dropped over the past year despite the legislation's incentives &bull; Policymakers ought to focus on reducing legislative hurdles for wind projects to incentivize greater investment in them&nbsp;
💬 One quote: "The incentives [...] fundamentally change the economics of those two technologies, making them broadly cost-competitive for the first time," (Trevor Houser, Rhodium Group)
📈 One stat: Investments in clean-energy technologies reached $213 billion in the year following the climate bill's approval, an increase from $155 billion the prior year
Click for more news covering <a href="https://illuminem.com/category/renewables">the latest on renewables</a>

Biden’s climate law is reshaping private investment in the United States

Summer 2023 has been the hottest on record by a huge margin. Hundreds of millions of people suffered as heat waves cooked Europe, Japan, Texas and the Southwestern U.S.

illuminem summarizes for you the essential news of the day. Read the <a href="https://theconversation.com/summer-2023-was-the-hottest-on-record-yes-its-climate-change-but-dont-call-it-the-new-normal-213021">full piece on The Conversation</a> or enjoy below
🗞️ Driving the news: Summer 2023 experienced unprecedented heat, setting temperature records across Europe, Japan, and the U.S., with extreme fires in Canada and devastation in Hawaii &bull; These climate disasters are often referred to as the "new normal", but this terminology can be misleading by suggesting we've stabilized climatically when in reality the conditions will just continue to get worse
🔭 The context: While the El Ni&ntilde;o phenomenon contributed to this year's extreme heat, the primary causes are the heat-trapping gasses from global coal, oil, and gas consumption
🌎 Why it matters for the planet: The phrase "new normal" inaccurately suggests a stable climate state, whereas ongoing CO2 emissions will continue to intensify extreme weather events like rainfalls, floods, mudslides, droughts, and wildfires
⏭️ What's next: To combat the intensifying effects of climate change, as evidenced by the extreme summer of 2023, it's imperative to transition swiftly to affordable clean energy alternatives &bull; Some important actions include leveraging the cost-effectiveness of solar and wind power and reallocating subsidies currently directed at fossil fuels toward sustainable initiatives
💬 One quote: "Unprecedented heat and downpours and drought and wildfires aren&rsquo;t 'caused by climate change' &ndash; they are climate change" (Scott Denning, Professor of Atmospheric Science)
Click for more news covering <a href="https://illuminem.com/category/climate-change">the latest on climate change</a>

Summer 2023 was the hottest on record – yes, it’s climate change, but don’t call it ‘the new normal’

The winter heating season is looming and finances remain strained, but UK homes are getting the chance to cut energy bills — or even pay nothing at all — by effectively becoming mini power plants

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.bnnbloomberg.ca/how-to-reduce-your-energy-bills-or-even-pay-nothing-at-all-1.1970643" target="_self">full piece on BNN Bloomberg</a> or enjoy below
🗞️ Driving the news: UK households can potentially reduce or eliminate their energy bills by transforming into mini power plants, storing low-cost power and selling it to the grid when prices spike &bull; Octopus Energy Ltd. is pioneering this move with an offering that ensures zero bills for homes equipped with the necessary sustainable tech
🔭 The context: Smart export tariffs, which enable households to benefit from sending excess energy back to the grid, aren't new but they're gaining traction &bull; With energy bills this winter expected to be over 80% higher than in 2020, these tariffs present an enticing option for cash-strapped consumers
🌎 Why it matters for the planet: To accommodate the predicted surge in electricity demand from EVs and heat pumps by 2040, Britain must adopt more flexible clean energy solutions and reduce reliance on harmful gas-fired power plants&nbsp;
⏭️ What's next: Octopus Energy, which started testing its zero-bills program last year, plans to expand it to 10,000 households by 2025, partnering with homebuilders to integrate green energy tech &bull; However, there are risks, as the company might have to supply electricity at a loss if unexpected issues like price surges or insufficient solar energy production occur
💬 One quote: "These smart export tariffs are an important step in engaging customers in their own energy use. The main issue is aging housing stock, and energy efficiency is a low-hanging fruit that we should be investing in&rdquo; (Tom Goswell, Cornwall Insight)
📈 One stat: Adapting to cheaper energy consumption times can lead to potential savings of &pound;14 billion annually by 2040, as per Cornwall Insight
Click for more news covering <a href="https://illuminem.com/category/energy">the latest on energy</a>

How to reduce your energy bills — or even pay nothing at all

The country has been hit by 23 large-scale disasters since January, and hurricane season is far from over

illuminem summarizes for you the essential news of the day. Read the <a href="https://www.nytimes.com/2023/09/12/climate/billion-dollar-disasters.html">full piece on The New York Times</a> or enjoy below
🗞️ Driving the news: The United States has recorded 23 billion-dollar disasters in 2023, a historic high for this point in the year, underscoring the country's mounting climate challenges &bull; Noteworthy events encompass the devastating Maui fire, Hurricane Idalia's assault on Florida, and a Minnesota storm that produced unnaturally large hail
🔭 The context: Amplified by fossil fuel consumption, climate change boosts air and water temperatures, strengthening hurricanes, increasing rainfall, and accelerating wildfires &bull; Despite vast investments in resilience since 2012's Hurricane Sandy, the mounting scale of disasters highlights the limits of these efforts
🌎 Why does it matter for the planet: The consistent escalation in disasters is more than just a signal of global warming: it's a testament to the far-reaching consequences of our actions on the planet
⏭️ What's next: The Biden administration is bolstering resilience spending, urging stricter building codes, and even designating almost 500 communities as &ldquo;disaster resilience zones"
💬 One quote: "Maybe we can&rsquo;t live everywhere that we&rsquo;re living." (Amy Chester, managing director of Rebuild by Design)
📈 One stat: From just three billion-dollar disasters in 1980, the US saw a surge to 22 such events in 2020, and 2023 has already surpassed that record
Click for more news covering <a href="https://illuminem.com/category/climate-change">the latest on climate change</a>

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