FtF News #173 – 8th February 2023
Skyrocketing solar, record oil profits and the power of Indigenous protection
The first month of 2023 has flown past, and we’re heading into February all ready. It is interesting, as I head into my fourth year of writing this newsletter, to see both the similarities with years past as well as the differences. There’s seemingly more and more severe weather year on year, and our understanding and awareness of the climate crisis is growing sharply. Greenwashing has been a recurring theme, as has, sadly, the continued impacts on the most vulnerable. However, on a more positive note, it’s felt like many key solution areas have gone from a drop in the ocean to near unstoppable force in that same time (looking at you, renewable energy and EVs!). As always, it’s a mixed bag – there’s still plenty of reasons to push for more action and more awareness, but things are shifting, and faster than many expected!
Once again, this week’s issue was ably assisted by Syuan Ruei Chang, who contributed a number of the articles and stories featured this week. If you spot any stories you’d like to share, you can submit them here.
Wild Weather
Mother nature’s reactions to the ever-warming world
Madagascar has been struck by Cyclone Cheneso, leaving dozens dead and displacing nearly 40,000 people, in an echo of last year’s storms in the region.
Auckland has seen its wettest 24 hours ever amidst a series of massive storms driven by an atmospheric river, which has caused major flooding and left 4 dead.
Parts of China have reached -53°C, a 60 year record, as a cold snap swept across much of SE Asia. China is struggling particularly as many regional governments have run short on cash and are barely able to afford gas for heating.
Argentina is experiencing an intense heatwave and drought, which is having a severe impact on fish, livestock and crops in the country.
2022 was the 3rd worst in terms of economic damage in Canada from severe weather, clocking in at a hefty $3.1bn.
It’s Science!
The latest from in climate research and analysis
A new report from the University of Hamburg suggests that 1.5°C is ‘currently not plausible’, with significant progress made, but not enough for the ambitious target.
More research confirms that one of the most effective ways to protect forest is to legally recognise Indigenous lands, with such areas having a fraction of the deforestation seen in other areas.
Premature deaths due to urban heat could be cut by up to a third in European cities if they increase tree canopy coverage significantly, due to the major benefits of such greenery.
A study has found that the mere announcement of a water price increase causes people to cut their usage, suggesting that communication as well as price policies are key to reducing water use.
PFAS chemicals in freshwater fish in the US are at a record high, with one serving of such fish equivalent to drinking highly contaminated water for a month.
Party Political Broadcast
Climate politics are a special creature indeed
The EU is drafting its answer to the US IRA amidst concerns that the bill could draw vital clean-tech away from Europe. The plans likely won’t involve new funding, but could include tax credits and domestic subsidies to key firms and projects.
The EPA has invoked a rarely-used veto power to block the controversial Pebble copper and gold mine in Alaska, which would have destroyed the world’s largest sockeye salmon run.
Money makes the world go around
The machinations of climate finance
Global low carbon investments topped $1.1tn for the first time in 2022, with new records reached in renewables, energy storage, electrified heat and transport, and more.
The average price for 1 tonne of emissions was just US$5.29, and only ¼ of emissions are priced in any way currently. This is a massive improvement over a decade ago, but plenty more is needed.
Portugal has agreed a ‘debt-for-environment’ swap with Cape Verde. The agreement will start with $12m, but is planned to cover the entire $150m owed to Portugal.
Haha, Business!
Climate happenings in the corporate world
Shell has recorded some of the largest profits ever seen in UK corporate history, bringing in £32bn, over double its takings in 2021. The news comes as the company faces accusations of massively over-stating its spending on renewables, which could bring investigation from the US SEC.
Exxon and Chevron also joined the record profits club, bringing in $55.7bn and $36.5bn respectively, with Chevron more than doubling last year’s earnings.
Single-use plastic production has continued to rise from 2019-21, as firms continue to pump out the material despite more and more rules banning it.
Norway’s sovereign wealth fund says it will be voting against entire boards of directors for companies not doing enough on the climate in a step-up in its stance.
The UK competition regulator is to ease antitrust rules on climate to allow companies to work together on climate action without worrying about being accused of colluding.
Whilst the recession is hitting many tech firms hard, climate tech is proving surprisingly resilient, actually growing despite the wider economic environment.
The Future is Electric
Renewables, EVs and all things electrification
Analysis has found that wind and solar supplied more of the EU’s electricity than any other source for the first time in 2022, after a bumper year for renewables in Europe. Greece is also expected to hit its 2030 solar target this year – 7 years ahead of schedule!
Solar will make up over half of new US electricity generation capacity in 2023, with most being added in Texas and California.
The cost of renewables has dropped so far that it is now more expensive for 99% of the US’ coal-fired power plants simply to keep operating than to replace them with wind or solar nearby.
EVs made up 10% of all new vehicles sold globally last year, up nearly 70% on the previous year. China and Europe dominated, with the US showing impressive growth.
Although the US is making promising inroads on electrifying cars, it is doing far less well on moving people to public transport – a hugely powerful decarbonisation lever.
New research suggests that US demand for lithium and other rare-earth metals could be up to 90% lower if it prioritised public transport, urban walkability and smaller cars.
Breakthroughs
New inventions to inspire hope
ZeroAvia have flown a 19-seat plane with hydrogen fuel cell power, the largest aircraft yet run on hydrogen power in an encouraging showing for the fuel.
Many green hydrogen predictions rely on vast amounts of the stuff, but a new study looks at how realistic it would be to scale up a wide scale green hydrogen economy.
Scientists have found a way to recycle the CO2 produced from steel blast furnaces, potentially offering a cheaper route to low-emissions steel than most current approaches.
The US has approved its first small modular nuclear power plant design, around ⅓ the size of most current systems. It’s also the first 7th generation design approved.
Climate Inequity
A hard look at the inequities of the climate crisis
A UN-backed report has confirmed that the top 10% of emitters are responsible for close to half of emissions, with emissions inequalities within countries now significantly exceeding those between them. It also reiterates that the emissions cost of bringing everyone up above the poverty line would be a fraction of the emissions of the wealthiest in society.
13,000 people from the Niger delta are now suing Shell over the enormous damage the company has caused to their lands. The company has repeatedly denied or delayed other claims, and is trying to withdraw from the region entirely (see this past FtF for more on the situation there).
A Thai village has filed a lawsuit for $152m against Star Petroleum over a massive oil spill that caused environmental damage and destroyed local livelihoods.
The Horn of Africa could be facing a record sixth failed rainy season in a row, which would make this the longest and most severe drought in 70 years of records.
Calls are growing for the Brazilian government to step in to protect the Yanomami indigenous people, who are facing a siege from illegal gold miners.
On a more positive note, a novel scheme pioneered in Northern Ireland uses excess wind energy to heat water for free in social housing.
Speaking truths
Efforts in activism and awareness
A scientist who took part in a climate protest at AGU, one of the world’s premier earth science conferences, was threatened with arrest and fired shortly afterwards.
Here’s her take on what happened, and the effect such actions have on scientists who wish to speak up.
Senator Ed Markey has followed up with the conference, as their actions seem to contradict their own rules and code of ethics.
Long Reads
Interesting deep-dives into climate-related topics
Mexico’s President is using ‘national security’ powers to push through a massive train line to the Yucatan that will both boost an economically deprived area but also cause immense ecological destruction.
California’s desperate drive for water is leading some to tap 10,000 year old ‘fossil water’, despite little knowledge of the consequences or of the aquifers’ ability to recover.
Turkey’s endemic honey industry is increasingly under threat from forest fires, with many beekeepers not seeing any future in the trade as yields plummet.
The dangers of PFAS are now abundantly apparent, but for apparel companies, phasing them out is tricky, as good alternatives are hard to find and supply chains are tough to control.