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Another year is drawing to a close with everyone gathering their top lists of 2024. And while youre revisiting the best the world had to offer in pop culture, music and the arts, its worth a reminder of all the good-news stories on climate and clean energy progress that graced our screens in 2024.
In September, the Labour government announced plans to set the UK’s nationally determined contributions for 2035 between November 2024 and February 2025. “The new government must rectify this and produce a detailed, complete programme showing how it will reach net zero by 2050,” he advised. It’ll be a mess.”
The federal Indigenous loan guarantee program, announced in Budget 2024 , opens up $5 billion in loan backstops for First Nation energy and natural resource projects, from pipelines and mines to solar parks and wind farms. A decade later, the FNMPC has won a huge victory. But carbon capture remains unproven and expensive – a $2.4-billion
Canada’s Environment and Climate Change Minister Steven Guilbeault said: “By eliminating inefficient fossil fuel subsidies, we are encouraging smart and efficient government investment decisions that can increase Canada’s competitiveness in a decarbonizing global economy, while avoiding creation of strandedassets.
Those guidelines are due to be released in 2024. Now, it’s being taken up by a multilateral panel that is expected to report in 2024 if all goes well. But she added it’s “disappointing to only mention drafting a plan to end public domestic fossil fuel finance by the end of 2024, rather than taking concrete steps now.”
While indirect risks remain predominant, litigation could target asset owners following increased focus on financial institutions. Investors will be increasingly subject to direct climate litigation risk in 2024 rather than indirect risks through investments as the types of cases brought evolve.
Introduces new target, but eliminates 2035 goal due to energy transition “uncertainty” Energy giant Shell announced today the release of “Energy Transition Strategy 2024,” the first update to its “Powering Progress” strategy, launched in 2021, outlining the company’s climate transition roadmap and goals.
The resolution set an ambition of finalising the treaty by the close of 2024, making next month’s final negotiations in the South Korean city Busan critical. Risk of strandedassets Many major asset owners and managers have vociferously supported the treaty.
While indirect risks currently remain predominate, litigation could target asset owners following increased focus on financial institutions. Investors will be increasingly subject to direct climate litigation risk in 2024 rather than indirect risks through investments as the types of cases brought evolve.
Those organisations that have not considered reducing these emission sources could be misunderstanding the double materiality risks they carry: the risks to their business, like strandedassets or reputational risks, and their contribution to making the Earth uninhabitable.
The limits of fiduciary duty and corporate engagement could see institutional investors embrace systemic stewardship in 2024 to meet 1.5°C-aligned All this suggests 2024 will prove a difficult and perhaps pivotal year for asset owners looking to make headway on their net zero commitments. C-aligned objectives.
But will the energy giants diversify from or double down on fossil fuels in response to inevitable write-offs on strandedassets? Meeting in Nairobi, the United Nations Environmental Assembly agreed to establish a legally binding framework by 2024 to protect the world’s oceans from plastics and other solid human waste.
The report further warns against blending hydrogen with gas by retrofitting existing infrastructure, arguing that it will realise limited emissions reductions, while increasing the risk of strandedassets. Otherwise, they will increase fossil-powered electricity demand, hindering grid decarbonisation,” it added. .
Jennifer Laidlaw, accessed June 2024, < [link] > What does non-financial reporting cover? In April 2024, CDP rolled out a dedicated SME corporate questionnaire , which is a simplified version of their corporate questionnaire and allows SMEs to report voluntarily.
Other investors must follow suit and cast similar votes at 2024 AGMs to unambiguously oppose oil and gas expansion.” Fortunately, there are plenty of climate-focused shareholder resolutions on the ballot this season. It sets out news ways to engage that are vital given current shareholder dialogue approaches have failed.
Investing in fuel flexibility is the most financially viable way to avoid the risk of strandedassets, concludes the document. Notes [1] EU ETS and FEUM come into effect from 1st January 2024 and 2025 respectively. [ii[ But action must be swift – we have the lifecycle of just a single vessel to get this right.”
The resolution will help to forge an international legally binding agreement by the end of 2024. In early March, a UN resolution to end plastic pollution was endorsed at the UN Environment Assembly. The UN said more than 800 marine and coastal species are affected by plastic pollution through ingestion, entanglement and other dangers.
Impact assessments for the fuel standard and emissions pricing will be carried out over the course of 2024. Some companies will start acting and some won’t; there’s more risk of strandedassets.” What role should investors play? The EU’s FuelEU Maritime initiative is also set to apply from 1 January 2025.
Those that do report will be required to provide detailed reports on their governance processes, strategy, risk - management practices, metrics and targets related to their sustainability risks and opportunities. Companies adopting the standard are expected to start the reporting process in 2024, meaning the first reports will be public in 2025.
billion of first-phase financing, through mechanisms including grants, concessional loans and investments and risk sharing instruments, but it has taken time for details to be worked out on how funding would be channelled to support decommissioning of soon-to-be-strandedassets. . The deal committed US$8.5
That includes the We Mean Business Coalition , where she is CEO, and the Women Leading on Climate network , an international coalition she co-founded and launched at Climate Week NYC in 2024. Countries that have fossil fuel assets, they need to understand that the demand is going to decrease. Im not worried about Canada, or the U.S.,
It makes no long-term sense to continue pumping money into an asset that is already destined to eventually have no value — a strandedasset. billion climate finance already promised by Biden each year, by 2024. This was the clear message put forward by over 775 companies , representing US$2.7
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