1. Biggest Tech Deals are in Climate Infrastructure
Startup media brand, Sifted, has reported that the biggest tech deals of 2023 have been in climate infrastructure startups, signaling the growing necessity to support technology that goes beyond software. Climate infrastructure involves the development of physical structures and systems that are designed to combat or mitigate the effects of climate change. The top companies involved with these deals include H2 Green Steel, Northvolt, Zenobe Energy and Verkor.
2. US Department of Energy Unveils $35 Million to Propel Carbon Removal Technologies
The U.S. Department of Energy revealed a $35 million funding initiative aimed at catalyzing carbon removal technologies. Given by the Office of Fossil Energy and Carbon Management (FECM), this funding is dedicated to advancing technologies that reduce emissions from industries like shipping and aviation as well as removing already existing emissions in the atmosphere. This decision sends a clear message to businesses and investors alike: carbon removal technology will be a key component in climate action and is poised for exponential growth in the years to come.
The newly allocated $35 million will be made accessible through the CDR Purchase Pilot Prize. The U.S. government will assume the role of a customer for carbon removal credits for the first time, supporting companies that can provide high quality carbon removal technology.
“The CDR Purchase Pilot Prize represents the first time the United States federal government will purchase high-quality carbon removal credits from commercial-scale activities,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management.
3. CDR Organizations Demand Technological Neutrality in EU’s Framework
Seventeen organizations have joined forces in sending/publishing a letter to the European Parliament requesting that the Carbon Removal Certification Framework (CRCF) be technology-neutral. Citing findings from the IPCC’s Sixth Assessment Report, the open letter asserts that limiting the global temperature to 1.5 ˚C will be an impossible feat without removing carbon in the gigatonnes.
The authors of the letter insist that the Framework should provide clear and inclusive definitions for “carbon removals and permanent storage” as well as be open “to the best available science about carbon removal technologies and innovation.” By following these suggestions while recognizing all carbon removal methods that meet criteria, the EU will have a better chance at providing a framework that is successful and makes notable progress in global climate targets.
4. The IEA Updates Its Net Zero Roadmap for 2023
The International Energy Agency (IEA) has updated its net zero roadmap to account for economic changes in the last few years. The IEA first published the report in 2021 titled, Net Zero Emissions by 2050, that outlined the pathway for the energy sector to reach net zero and work towards limiting the rise in global temperatures. After carbon emissions from the energy sector reached a new peak and Russia’s attacks on Ukraine sparked an energy crisis, the roadmap was updated to include new findings based on these developments.
5. CDR Organizations Pen Letter to Include CDR Technology in the Net Zero Industry Act
Several CDR organizations have come together to petition for the Net Zero Industry Act to incorporate CDR technologies as they will be crucial in reaching climate targets. The aim of the Net Zero Industry Act (NZIA) is to focus on cleantech sectors that will get European countries to net zero emissions. However, it is currently limited to certain technologies and notably excludes carbon removal technologies. While its inclusion of renewable energy is necessary, many CDR organizations have expressed the importance and necessity of including CDR technologies in the act.
6. $110 Trillion Estimated to Transition to Clean Energy by 2050
The Energy Transmissions Commission, based in London, announced that an estimated $110 trillion will be required to reach net zero by 2050. This would mean that a global $3.5 trillion would be needed for each year between 2021 and 2050. Of this estimated amount, the power sector would require 70% of that investment at around $2.4 trillion.
7. 130 Companies Urge COP28 for a Timeline on Quitting Fossil Fuels
This past October, a group of 130 businesses including Ikea, Volvo Cars, eBay, Heineken, and Godrej Industries insisted world leaders come to a consensus on a timeline for abandoning fossil fuels at the UN climate summit in Dubai. Collectively, these companies represent a global revenue just shy of $1TN. In their joint open letter to the governments attending COP28 they demanded that the primary cause of climate change be addressed: the combustion of fossil fuels. The Conference of the Parties (COP) takes place every year and is a forum on climate change in which almost every country in the world attends.
8. Council of the European Union Sets Position for UN COP28 in Dubai
On October 16th, the Council of the European Union established its negotiating position and conclusions for the United Nations Climate Change Conference (COP28) taking place from November 30th-December 12th. In its conclusions the council calls for increased global action within the decade that aligns with the IPCC reports such as reducing GHG emissions by 43 percent by 2030 and by 60 percent by 2035. The council also emphasized the importance of transitioning to a climate-neutral economy by phasing out “unabated fossil fuels” and strengthening existing funding agreements. All countries should scale their efforts in financing to support climate action.
9. British Government Designates £960 million for Clean Energy
On November 17th, the UK announced £4.5 billion in funding for British manufacturing to increase investment across eight sectors. Of those sectors, the clean energy industry will receive £960 million. The funding will go to the Green Industries Growth Accelerator to support the expansion of clean energy manufacturing such as carbon capture, utilization and storage, electricity networks, hydrogen, nuclear and offshore wind.
10. EU Criminalizes Environmental Damage
On November 16th, the European Union became the first international body to criminalize large-scale damage to the environment that is “comparable to ecocide.” This kind of harm is defined as any action that causes irreversible or lasting damage to air quality, ecosystems, water, soil, and animal habitats.
The decision was agreed upon by lawmakers, punishing those who engage in severe destruction to ecosystems such as habitat loss and illegal logging. It’s expected that this ground-breaking update to environmental law will bring about new litigation cases in Europe. While the agreements have been made, the environmental crime directive won’t be official until spring of 2024.
