In a “succinct and strongly-worded” submission to UN Climate Change ahead of the Bonn climate talks that begin on June 16, India said “without sufficient climate finance, even proposed nationally determined contributions (NDCs) will not materialise, leave alone any ambitious future [pledges]”, reported HT. The outlet said India reiterated its objection to the climate finance outcome at COP29 in Baku.
Citing India’s submissions the report said “Baku to Belém Roadmap…is an opportunity to put the financial discussion on the right track in accordance with Article 9.1 of Paris Agreement”. India said that the roadmap must “recognise the country-led nature of climate action” and warned that “overleveraging for climate initiatives through excessive borrowing poses risks to the country’s fiscal stability”.
NASA scientists anxious as Trump budget seeks to dismantle top US climate lab
According to CNN, NASA scientists are in a “state of anxious limbo” after the Trump administration proposed a budget that would eliminate one of the US’ top climate labs – the NASA Goddard Institute for Space Studies (GISS) – as a standalone entity. The news channel said the proposal would “move some of the lab’s functions into a broader environmental modelling effort across the agency”. Career specialists are now working remotely, awaiting details and even more unsure about their future at the lab after they were kicked out of their longtime home in New York City, the outlet said. Closing the lab for good could jeopardise its value and the country’s leadership role in global climate science, the article noted. The GISS lab has around 125 scientists, the article explains, and is known for “tracking global temperatures, with GISS’ records serving as one of the independent checks on other labs around the world monitoring global warming”, CNN reported.
World Bank lifts ban on funding nuclear energy in boost to industry
The World Bank is lifting its ban on financing nuclear energy, in a “policy shift aimed at accelerating development of the low-emissions technology to meet surging electricity demand in the developing world”, the Financial Times reported. The newspaper cited the bank’s president’s email to staff that it would “begin to re-enter the nuclear energy space”, with plans to partner with the International Atomic Energy Agency. The email continued: “We will support efforts to extend the life of existing reactors in countries that already have them, and help support grid upgrades and related infrastructure.”. The New York Times. Reported that the decades-long ban was formally brought in in 2013, but the last time the bank funded a nuclear power project was in Italy in 1959
Germany’s new energy minister says RE targets overambitious, plans gas expansion
At the annual congress of the German Association of Energy and Water Industries (BDEW) in Berlin, Katherina Reiche, Germany’s new economy and energy minister, has emphasised that “energy policy is much more than climate policy…it’s a security issue”, reported Carbon Brief. The outlet noted that the minister sees the previous government’s energy approach as “too rigid and narrowly defined”, advocating instead for a “realistic, innovation-driven and reliable course with clear targets”.
According to the outlet, Reiche echoed concerns from energy companies such as EnBW, RWE, and E.On about “overly ambitious” renewable targets, warning that the “rapid expansion of renewable energy alone is not enough to make the energy transition a success”, as it could lead to building expensive and unnecessary grid infrastructure. She also reiterated plans to expand gas capacity and battery storage, asserting: “We need flexibility. We need storage. We need controllable power plants.” According to Reuters, Reiche announced a government analysis of electricity demand, supply security and infrastructure readiness, calling for a “quick reality check” of the energy transition.
Global energy investment set to hit record $3.3tn in 2025: IEA
An increase in clean-energy spending is expected to drive a record $3.3 trillion in global energy investment in 2025, according to a new report from the International Energy Agency (IEA), reported Reuters. The IEA report said clean-energy technologies are set to attract $2.2 billion in investment, “despite economic uncertainty and geopolitical tensions.” This is twice the amount of investment expected for fossil fuels, the article noted.
Deep-sea geoengineering set for scrutiny, as ocean treaty approval nears
A new treaty to protect oceans, now close to taking effect, would make it harder to remove greenhouse gases from the atmosphere through controversial geoengineering techniques like sinking seaweed and iron filings into the sea or storing carbon dioxide in seabed rocks, reported Climate Home citing experts.
The outlet said after approvals at a UN ocean summit in the French city of Nice this week, 50 countries and the European Union have now ratified a pact known as Biodiversity Beyond National Jurisdiction or the High Seas Treaty. The article continued: once ratified by 10 more states, it will come into force 120 days later. The treaty would give governments the power to create protected areas in international waters – the parts of the ocean more than 370 km from land which make up the majority of the world’s sea. These Marine Protected Areas could restrict environmentally damaging activities like fishing boats dragging nets for their catches.
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