The UK government will require airlines to switch to greener, but more expensive, fuel sources as part of decarbonization efforts. By 2030, 10% of all jet fuel on UK flights must be sustainable aviation fuels (SAFs), which can emit 70% less carbon dioxide than traditional aviation fuel. However, SAFs are currently three times as expensive as traditional jet fuel and produced in small quantities. The government hopes that binding targets will encourage fuel companies to produce more SAFs, reducing the price. Critics argue that flying less is the only genuine way to cut emissions. Source: Financial Times

The global wind industry installed a record 117 gigawatts (GW) of new capacity in 2021, a 50% increase from the previous year, with China leading the installations. The top five markets for wind installations were China, followed by the United States, Brazil, Germany and India. China set a new record with 75 GW of new installations commissioned, representing nearly 65% of the global total, while Latin America also experienced record growth - up 21% from the year before - led by Brazil which had 4.8 GW of new installations. However, to meet climate targets, the industry needs to triple this amount annually by 2030, reaching a cumulative capacity of 3 terawatts (TW). Source: Reuters

Most US CEOs expect significant returns from sustainability investments within three to five years, according to the 2024 KPMG US CEO Outlook Pulse Survey. The survey indicated that the CEOs continue to focus on ESG as the initiatives and investments are expected to yield financial returns. According to the study, 55% of CEOs reported that they expect to see “significant returns” from their sustainability investments in 3-5 years, with 19% anticipating significant returns as soon as 1-3 years. Another 25% expect a longer period, predicting 5-7 years. The survey also assessed CEOs’ key priority areas for their sustainability efforts, with Operations emerging as the top focus area, cited by 42% of respondents, followed by Products at 24%, and governance models and transparency protocols, such as best practice reporting, at 16%. Source: KPMG

A group of 57 fossil fuel and cement producers, including nation-states, state-owned firms, and investor-owned companies, were responsible for 80% of the world's CO2 emissions from 2016 to 2022, according to a report by InfluenceMap. The top three emitters were Saudi Aramco, Gazprom, and Coal India. The report also found that most companies expanded their fossil fuel production since the signing of the U.N. Paris Agreement in 2015, despite commitments to curb climate change. Since then, while many governments and companies have set tougher emissions targets and rapidly expanded renewable energy, they have also produced and burned more fossil fuels, causing emissions to rise. Source: Reuters

The US administration has announced eight organizations that will manage $20 billion in grants for clean energy and transportation projects in disadvantaged US communities. The funds, from the Greenhouse Gas Reduction Fund, will be invested in projects such as home energy retrofitting and off-grid renewable energy. The selected organizations will create a national clean financing network expected to reduce or avoid up to 40 million metric tons of climate pollution annually. The administration reported that the grantees are expected to mobilize almost $7 of private capital for every $1 of federal funds they spend. Source: US administration newsroom

In 2023, Britain saw a 5.4% decrease in greenhouse gas emissions, largely attributed to reduced gas consumption in electricity and heating. This decline is part of the country's commitment to achieving net zero emissions by 2050, necessitating shifts in consumption and energy production. Total emissions stood at 384.2 million tonnes, with increased electricity imports from France helping reduce fossil fuel usage. Gas power generation decreased by 21.1%, while emissions from buildings and industrial sectors also saw notable drops of 6.2% and 8% respectively. Domestic transport emissions also fell by 1.4%, with a substantial 6.6% decrease in carbon dioxide emissions compared to 2022. Source: Reuters

Germany's greenhouse emissions fell by around 10% in 2023, marking the largest drop since reunification and putting the country on track to meet its 2030 climate targets, according to its Environment Agency. The decline was attributed to a drop in energy-intensive industries' output and a rise in renewable power production. However, the transport and building sectors failed to meet their emissions targets, posing a risk to the 2030 goals if further decarbonization measures are not implemented. Source: Reuters

The US Department of Energy is granting $750 million to projects across 24 states to build capacity for clean hydrogen production and usage. The funding comes from the 2021 Bipartisan Infrastructure Law and will support 52 projects focusing on various aspects of the hydrogen industry. This initiative is part of the National Clean Hydrogen Strategy, aiming to produce 10 million tonnes of clean hydrogen by 2030. Source: US Administration

Shell has revised its 2030 carbon reduction target and eliminated its 2035 goal, citing lower power sales and high gas demand. The changes are part of CEO Wael Sawan's strategy to focus on high-margin projects, steady oil output, and increased natural gas production. Shell now aims for a 15-20% reduction in net carbon intensity of its energy products by 2030, down from the previous 20% target. The company also introduced a new goal to reduce overall emissions from oil products sold to customers by 15-20% by 2030. Source: Reuters

Germany has initiated a bidding process for subsidies to aid energy-intensive industries in transitioning to green production, with €4 billion in funding available. The subsidies, approved by the European Commission, will be awarded to companies in sectors such as steel, glass, paper, and chemicals that commit to reducing carbon emissions. The initiative is part of Germany's goal to become climate-neutral by 2045. Source: Reuters

@CarbonCaptureUS , a US-based company that aims to build machines that extract CO2 from the air, has raised $80 million from Saudi Aramco, Amazon's Climate Pledge Fund, and others. The money raised in CarbonCapture's latest major funding round represents one of the largest injections of private capital into direct air capture (DAC) – a technology that has yet to be proven at scale - over the last five years. CarbonCapture builds modular machines that contain material that absorbs CO2 when cooled and releases it when heated. That allows it to capture the gas for storage underground or used in products such as concrete. Its Wyoming-based Project Bison plans to capture 5 million metric tons of CO2 annually by 2030. Source: CarbonCapture

The European Parliament approved a law requiring member states to renovate buildings for improved energy efficiency, aiming to reduce carbon emissions. Buildings, primarily heated by fossil fuels, account for 40% of the EU's energy use. The new rules aim to reduce energy use, accelerate the shift away from Russian gas, and lower household bills. The law will apply to non-residential buildings, and EU funds can support renovations. While the law faced opposition from countries like Italy, it was passed with a majority vote. Source: EU Newsroom

Ten Republican-led states, including Georgia, Alabama, and Alaska, and business groups, including the US Chamber of Commerce have sued the US Securities and Exchange Commission (SEC) over new rules requiring US-listed companies to report climate-related risks. They argue that the rules, which aim to standardize disclosures about GHG emissions and weather-related risks, will impose significant costs on businesses and violate free speech protections by mandating the disclosures. On the other hand, Sierra Club, an environmental group, is considering suing the SEC, arguing the rules do not go far enough. The SEC defends the rules, stating they provide investors with reliable information about financial risks related to climate change. Source: Reuters

H&M Group and venture investor Vargas have launched Syre, a company focused on mass-producing recycled textiles to provide a closed-loop solution for the clothing industry. The venture begins with a $600 million agreement for recycled polyester over seven years. Syre aims to support the textile industry's decarbonization and waste reduction efforts, starting with polyester. The company plans to expand to twelve global plants within ten years, targeting over 3 million metric tons of recycled polyester production. H&M Group also aims to achieve 50% recycled material by 2030. Source: ESG Today

The European Union Council and the European Parliament have reached a provisional agreement to ban products made with forced labour from the European single market.

Singapore will implement mandatory climate-related reporting for listed and large non-listed companies starting in 2025, in line with the International Sustainability Standards Board (ISSB) standards.

The European Parliament has approved stricter penalties for environmental crimes, including illegal timber trade and pollution.

Farmers across Europe are protesting against low food prices and cheap imports, demanding action from the EU.

The U.S. Energy Department has preliminarily approved nearly $710 million in loans for electric vehicle (EV) technology projects.

Microsoft and Catona Climate have signed a six-year agreement for Microsoft to purchase 350,000 tonnes of carbon removal credits from agroforestry projects in Kenya.