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International Energy Agency (IEA) calls for end of fossil-fuel era

In a landmark report published on 18 May, the Paris-based International Energy Agency (IEA) presented a comprehensive overview of how to the world can make the transition to a net-zero energy system by 2050. The report ‘Net Zero by 2050: a Roadmap for the Global Energy Sector sets out 400 milestones to decarbonise the global energy system within the next 30 years.

The most remarkable conclusion from the IEA report is that the world must immediately end development of new oil and gas fields and stop building new coal power plants. By 2050, solar and wind power should generate 68% of the global electricity demand.

Climate activists and NGOs welcomed the report but also pointed to some “serious flaws and gaps” such as further reliance on nuclear power, growing carbon capture and storage technologies and the increased use of bioenergy in the IEA solution box.

Further reading:


What will be in the upcoming ‘Fit for 55’ package?

The European Commission will be publishing no less than 12 climate and energy-related proposals on 14 July. This “Fit for 55” package of revisions of existing laws and new proposals should make the EU’s climate policy and energy legislative framework  ‘fit’ for last year’s announced reduction of greenhouse gas emissions of 55 percent compared to 1990 levels.

Some media outlets, think tanks and stakeholders have already covered or commented on the different proposals in the Fit for 55 package. Here are interesting links for some of the expected issues:

General coverage of the Fit for 55 package

On the revision of the EU’s Emissions Trading Scheme (ETS):

On the revision of the Renewable Energy Directive

On the revision of Alternative Fuels Infrastructure Directive (AFID)

On the revision of the Energy Taxation Directive

On the Climate Action Social Fund

On the Carbon Border Adjustment Mechanism (CBAM), see our separate story here

 

Very bleak IPCC report leaked

The Intergovernmental Panel on Climate Change (IPCC) will publish a new major report on the climate emergency in 2022. Agence France Press (AFP) got hold of a preliminary draft which warns of major tipping points which could soon be triggered and endanger the future of humanity.

Read some of the media coverage:


EU Sustainable Finance Strategy

The EU Commission adopted on 6 July a ‘Sustainable Finance strategy’ consisting of several proposals to re-orient financial investments towards the low-carbon transition needed to meet its stronger ambitions on tackling the climate crisis.

The strategy includes a new standard for issuing European Green Bonds and rules on how financial and non-financial companies should report about the environmental performance of their assets and activities.

This newsletter will return to a more detailed analysis of the Sustainable Finance proposals in our next issue but, for now, here are some links to the EU’s new strategy and to some first comments by media and stakeholders:

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