Rockefeller, Ikea Announce $1Bn Renewable Energy Fund (Ind. Report)
In Geneva, the IKEA Foundation and the Rockefeller Foundation have announced plans to launch a $1 billion fund to boost access to renewable energy in developing countries. The funding announcement was made during a series of virtual UN ministerial forums this week when 50 ministers outlined their plans to reduce emissions and ensure that all people have access to electricity and clean cooking fuels, as the world transitions away from fossil fuels, towards renewable energy.
The commitment by the IKEA and Rockefeller Foundations is the largest single philanthropic commitment ever on this issue.
Globally, nearly 760 million people lack access to electricity and 2.6 billion continue to cook with traditional fuels like wood that not only contribute to carbon emissions but also causes 4 million deaths each year from indoor smoke.
Rockfeller Foundation assets total roughly $4.1 billion with annual grants of roughly $175 million. In 2019 the Foundation provided $103.8 million for development, according to the OECD. in 2019.(Source: IKEA, Rockefeller Foundations, PR, June, 2021) Contact: Rockeffler Foundation, www.rockefellerfoundation.org; IKEA Foundation, www.ikeafoundation.org
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OECD Progress Towards Zero Carbon Electricity by 2035 (EMBER Study Attached)
"For countries eyeing economy-wide carbon neutrality in 2050, zero carbon power in the 2030s is a crucial short-term target. Recent Ember analysis found this timeline was the unspoken consensus behind US, UK and EU emission reduction plans, with power sector decarbonization in the next 10-15 years underpinning longer term goals.
"The Energy Transitions Commission has called for all 'developed economies' to commit to 2050 economy-wide net-zero and near zero-carbon power sectors by the mid-2030s. 21 of 37 OECD countries have a 2050 net-zero target in place, with some taking steps to set goals around coal phase out or clean power in the next decade and a half. So what progress are OECD countries making towards electricity sector goals that will need to be met in the 2030s on the way to 2050?
Download the EMBER OECD Progress Towards Zero Carbon Electricity by 2035 report HERE.
Ember's objective is to accelerate the global electricity transition from coal to clean energy. By gathering, curating and analyzing data on the global power sector and its impact on the climate. We use our data and analysis to: support high impact policies; empower campaign organizations; and shape the global narrative, according to the EMBER website.
(Source: EMBER, Website PR, 14 May, 2021) Contact: EMBER, www.ember-climate.org
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China's Emissions Top OECD's Combined Total Emissions (Int'l.)
China Greenhouse Gas,OECD
According to new research from the New York City-based Rhodium Group, China's heat-trapping, greenhouse gas emissions -- carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulphur hexafluoride (SF6), and nitrogen triflouride (NF3) -- totaled 14.09 billion tons of CO2 equivalent in 2019, more than the Organization for Economic Cooperation and Development (OECD) 37 member nations emissions combined.
China accounted for 27 pct of global emissions followed by the U.S, with 11 pct with India in third place with 6.6 pct. Historically, OECD members have pumped four times more greenhouse gases into the atmosphere than China since 1750. (Source: Rhodium Group, Bloomberg, May, 2021) Contact: Rhodium Group, 212.532.1157,
212.532.1162 -- fax, firstname.lastname@example.org, www.rhg.com: OECD, www.oecd.org
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Biden Admin U.S. Int'l. Climate Finance Plan Summary (Opinions, Editorials & Asides)
This Plan -- the first of its kind in the U.S. government -- focuses on international climate finance. For the purposes of this Plan, "climate finance" refers in part to the provision or mobilization of financial resources to assist developing countries to reduce and/or avoid greenhouse gas emissions and build resilience and adapt to the impacts of climate change.
Scaling-Up International Climate Finance and Enhancing its Impact. The Administration is embracing ambitious but attainable goals regarding the quantity of public climate finance provided by the U.S, recognizing the urgency of the climate crisis, confronting the sharp drop in U.S. international climate finance during the FY 2018-2021 period, and understanding the need to re-establish U.S. leadership in international climate diplomacy. The U.S. intends to double, by 2024, our annual public climate finance to developing countries relative to the average level during the second half of the Obama-Biden Administration (FY 2013-2016).
As part of this goal, the U.S intends to triple our adaptation finance by 2024.. The Biden Administration will work closely with Congress to meet these goals. U.S. agencies, working with development partners, will prioritize climate in public investments, enhance technical assistance and long-term capacity, align support with country needs and priorities, and boost investments in adaptation and resilience. For example, the U.S. Agency for International Development (USAID) will release a new Climate Change Strategy in November 2021. The U.S. International Development Finance Corporation (DFC) will update its development strategy to not only include climate for the first time, but also to make investments in climate mitigation and adaptation a top priority. The Millennium Challenge Corporation (MCC) will adopt a new Climate Strategy in April 2021, centered on investing in climate-smart development and sustainable infrastructure, and aims to have more than 50 pct of its program funding go to climate-related investments over the next five years. Treasury will direct U.S. executive directors in multilateral development banks (MDBs) to help ensure MDBs set and apply ambitious climate finance targets and policies, in partnership with other shareholders.
U.S. departments and agencies will enhance strategic coordination on providing and mobilizing international climate finance and technical assistance to ensure the complementarily of agency efforts, instruments, and expertise. Departments and agencies will increase collaboration and adopt best practices on incorporating climate considerations into their international work and investments, such as screening all projects for climate-related risks to ensure they are resilient.
Mobilizing Private Finance Internationally Public interventions, including public finance, must also mobilize private capital. Several efforts will help mobilize more private finance. For example, MCC will expand partnerships and the use of blended finance to catalyze private capital for climate projects. DFC will increase its climate-related investments beginning in FY 2023, so that at least one-third of its new investments are linked to addressing the climate crisis. The Export-Import Bank of the United States (EXIM) will identify ways to significantly increase, as per its mandate, its support for environmentally beneficial, renewable energy, energy efficiency, and energy storage exports from the United States. U.S. agencies, including DFC, U.S. Trade and Development Agency, EXIM, the Department of State, MCC, and USAID will work together to build a strong investable project pipeline.
Ending International Official Financing for Carbon-Intensive Fossil Fuel Based Energy Scaling back public investments in carbon-intensive fossil fuel-based energy is the necessary corollary to increasing investments in climate-friendly activities. Departments and agencies will seek to end international investments in and support for carbon-intensive fossil fuel-based energy projects. Departments and agencies will work with other countries, through bilateral and multilateral formula, to promote the flow of capital toward climate-aligned investments and away from high-carbon investments. Treasury, in partnership with other Organisation for Economic Co-operation and Development (OECD) countries and other U.S. government departments and agencies, will spearhead efforts to modify disciplines on official export financing provided by OECD export credit agencies, to reorient financing away from carbon-intensive activities.
Making Capital Flows Consistent with Low-Emissions, Climate-Resilient Pathways Financial markets are increasingly demanding investment opportunities that are consistent with low greenhouse gas (GHG) emissions and climate-resilient pathways Supporting the flow of capital toward activities that are consistent with those pathways involves building an ecosystem of data, information, practices, and procedures that enable financial market actors to internalize climate-related considerations into their decisions. This concept is embodied in the Paris Agreement’s Article 2.1(c) and has been widely embraced by financial policy makers and regulators around the world. The Treasury Department, in coordination with other U.S. agencies and regulatory bodies, as appropriate, will continue to promote improving information on climate-related risks and opportunities; identifying climate-aligned investments; managing climate-related financial risks; and aligning portfolios and strategies with climate objectives.
Defining, Measuring, and Reporting U.S. International Climate Finance Drawing on over a decade of experience in tracking climate finance, the U.S. intends to ensure that our future reporting is on the cutting edge of transparency and evolves along with our strategic approach to climate finance. This will include more detailed reporting, tracking finance for vulnerable populations, and enhanced reporting on mobilization and impact. The National Security Council staff will conduct a review of this Plan in FY 2023 to take stock of progress and assess whether changes are needed to increase ambition and impact. (Source: The White House, PR, 23 Apr., 2021)
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S. Korean Coal Consumption Jumps in 2018 (Int'l., Ind. Report)
In its recent annual report, British Petroleum notes South Korea's 2018 coal consumption grew to 88.2 million tonnes oil equivalent -- up 2.4 pct.
The figure puts South Korea in fifth place in terms of total coal consumption among the OECD countries after China, India, the U.S. and Japan.
The UK, Germany and the U.S. saw coal consumption sall by 16.6 pct, 7.2 pct and 4.3 pct respectively.
(Source: BP, arirng, 17 Aug., 2019) Contact: OECD, www.oecd.org
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India Lowest Per-Capita G20 Emissions Emitters (Int'l)
In India, the Hindu is reporting a 5 pct rise in India's overall CO2 emissions from the Paris-based Organisation for Economic Co-operation and Development (OECD) reported 2076.83 million tonnes in 2016 to around 2,299 million tonnes in 2018. In 2016, India was the third largest emitter of carbon dioxide behind China and United States.
On a per capita basis, India is the lowest emitter among the G20 nations while Saudi Arabia is highest.
Out of 32,314.20 million tonnes of emissions in the world in 2016, G20 nations contributed around 27,000 million tonnes -- roughly 80 pct.
(Source: G20, The Hindu, Money Control News, 28 June, 2019) Contact: G20, www.g20.utoronto.ca; OCED, : +33 1 45 24 82 00, www.oecd.org
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S. Korea Near Bottom for Energy Efficiency (Int'l Report)
In South Korea, the KEPCO Management Research Institute in Seoul recently reported that South Korea ranked 33rd out of the 36 member Organization for Economic Cooperation and Development (OECD) states with an exorbitant energy basic unit of 0.159 -- which refers to the primary energy consumption rate required to generate added value that is equivalent to US$1,000 of GDP.
An energy basic unit is used to measure the level of energy efficiency --
the higher the value the lower the efficiency of the energy consumed.
South Korea's energy basic unit is four times higher than Ireland, which ranks first among OECD states for energy efficiency.
The KEPCO institute noted low electricity bills were a factor leading to the over consumption of electricity and energy inefficiency, and called for
the South Korean government to boost energy efficiency efforts and introduce policies to raise electric power prices to lessen consumption. (Source: KEPCO Management Research Institute, Korea Bizwire, 1 July, 2019) Contact: KEPCO Management Research Institute, www.kepco.co.kr/eng
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Netherlands Likely to Miss Emissions, Climate Coals, says Gov. Planning Office (Int'l. Report)
In the Netherlands, the Central Planning Office (CPB) is reporting the country is unlikely to achieve its goal of cutting its CO2 emissions by 48.7 megatons in 2030 compared to 1990. The CPB notes that Industry in particular is not providing enough CO2 reductions.
According to the agency's estimates the climate agreement will result in a CO2 emissions reduction of between 31 and 52 megatons. The government's target of 48.7 megatons less CO2 falls into that estimate, but the PBL considers it likely that this goal will not be achieved due to "uncertainties about further shaping the agreements". How citizens and businesses respond to the proposed measures will also play a role, according to the PBL.
(Souce: OECD, NL Times, 13 Mar., 2019) Contact: OECD, www.oecd.org
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"Ethanol is very important because it is part of the solution in terms of reducing the oil import dependence of many countries.
At the same time, ethanol will help reduce CO2 emissions from the transport sector as well as other sectors." -- IEA Exec. Dir. Fatih Birol, speaking on the sidelines of the COP24 in Katowice in Poland.
The IEA, a Paris-based intergovernmental organization, was established in the framework of the Organization for Economic Co-operation and Development (OECD) in 1974 in the wake of the 1973 oil crisis.
(Source: EIA, Various Media, 10 Dec., 2018)Contact: International Energy Agency, Dr. Fatih Birol, Exec. Dir., +33 1 40 57 65 00, www.iea.org
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