Latest news with #carbonneutral
News24
a day ago
- Business
- News24
EU climate investments lagging 'well below' target
Climate investments in the EU are still far below what is needed to transition away from fossil fuels, a new report warned. Between 2022 and 2023, EU-wide investments grew from 491 to 498 billion euros (~R9.9-R10 trillion) - with the data available so far for 2024 pointing to a slowdown. The EU has set a goal of becoming carbon neutral by 2050, and says it has already cut emissions by 37% compared to 1990. For climate change news and analysis, go to News24 Climate Future. Climate investments in the 27-nation EU are still far below what is needed to transition away from fossil fuels, a new report warned Tuesday, spotlighting lagging investments in wind power and building renovation. After a stretch of sustained growth, public and private investments in key climate-related sectors - energy, buildings, transport and clean-tech manufacturing - have been flatlining in recent years, said the report by the Institute for Climate Economics (I4CE). Between 2022 and 2023, EU-wide investments grew from 491 to 498 billion euros (~R9.9-R10 trillion) - with the data available so far for 2024 pointing to a slowdown, the think tank found. Present investment levels were "well below" what the bloc needs to meet its 2030 emissions reduction goal, which the institute estimates to require 842 billion euros (~R15 trillion) each year. The findings contrast with the signal sent by the European Commission, which last week declared the bloc on track to meet its 2030 target of slashing planet-warming emissions by 55 % compared to 1990 levels. The commission's upbeat projection was based on the energy and climate plans drawn up by EU member states. "It's easy to set goals, more difficult to implement the policies," cautioned Jean Pisani-Ferry, the I4CE's chair, at the report's launch in Brussels. Wind power and energy renovations in older buildings are falling especially short - with investments at around one third of what is needed, the report said. Solar power investments, however, were on the right track. The I4CE did not factor in investments in nuclear power, which it says remain outside the scope of its report because "the EU does not have precise objectives to develop nuclear energy." The EU's vice president for the clean transition, Teresa Ribera - who was present for the report's launch - acknowledged the investment shortfall was a "point of concern". "We can do better," she said, arguing that "a lot of strengths are not fully exploited" within the bloc. The EU has set a goal of becoming carbon neutral by 2050, and says it has already cut emissions by 37% compared to 1990. Brussels now needs to agree on an interim target for 2040 - expected to be unveiled on 2 July - with the commission seeking to cut emissions by 90% compared to 1990 levels.
Reuters
a day ago
- Business
- Reuters
Japan's gas industry allows gas with carbon capture in 2050 net zero plan
TOKYO, June 3 (Reuters) - The Japan Gas Association said on Tuesday it would take a more flexible approach in its drive to become carbon neutral by 2050, allowing greater use of natural gas in combination with carbon capture or other decarbonisation measures. The industry group said it was now aiming for 50-90% of gas supply by 2050 from e-methane or biogas, and 10-50% from natural gas accompanied by carbon capture or similar measures. The group, which includes city gas suppliers, had initially set a target in 2021 for 90% e-methane, produced from green hydrogen and CO2, 5% biogas, and 5% hydrogen by 2050. The shift comes amid growing uncertainty over global energy supply and demand following Russia's invasion of Ukraine and the emergence of more decarbonisation options, Takashi Uchida, chair of the association, told a press conference. The updated plan allows for a larger role for natural gas paired with carbon offsetting technologies such as carbon capture and storage, carbon capture and utilisation, and forest absorption, potentially covering 10–50% of future supply. "Our intention is not to reduce the share of e-methane to 50%, but to achieve carbon neutrality through various approaches," said Uchida, noting the changes also reflected cost and technological developments. Asked about the revised plan lowering the hydrogen target from 5% to an unspecified "few percent," Uchida said even Europe, where hydrogen has been promoted as a carbon-neutral solution for the heating sector, had come to recognise the challenges of large-scale adoption and had shifted toward using natural gas with CCS instead. Uchida, also the chair of Tokyo Gas (9531.T), opens new tab, reiterated that the association had not been asked by the Japanese government to purchase more U.S.-produced liquefied natural gas. On Alaska LNG, he said there was still no clear path for how the project will be developed or brought to market. "So, it's difficult to say at this point what our involvement might be ... or how it relates to the (Japan-U.S.) tariff discussions," he said, adding that the association had no involvement in this week's Alaska energy conference.
Yahoo
28-05-2025
- Business
- Yahoo
EU says 'well on track' to reach 2030 climate targets
The European Union is on track to reach its 2030 climate targets, Brussels said on Wednesday, but uncertainty remains over the bloc's ambitions to cut greenhouse gas emissions much further by 2040. The European Commission expects emissions to fall by 54 percent by 2030 compared to 1990, very close to its 55 percent target, it said, after analysing member states' energy and climate plans for the coming years. "Emissions are down 37 percent since 1990, while the economy has grown nearly 70 percent -- proving climate action and growth go hand in hand. Now we must build on this momentum," said the EU's climate chief, Wopke Hoekstra. Brussels also pointed to disparities between member states and highlighted the problems of protecting forests and carbon storage. The commission singled out Belgium, Estonia and Poland, which have not submitted their energy and climate plans, urging them to "do so without delay". "We have reasons to be proud, although we cannot be satisfied. We've come a long way, but we're not where we need to be yet," said energy commissioner Dan Jorgensen. The EU has set a goal of becoming carbon neutral by 2050, and Brussels wants to agree on an interim target for 2040 -- with the commission seeking to cut emissions by 90 percent compared to 1990 levels. - Flexibility - But negotiations are stalling between EU countries on the 2040 target, and the commission has shied away from formally proposing the 90 percent cut to member states. For some countries like the Czech Republic and Italy, the target is unrealistic. The bloc has this year focused on ramping up European businesses' competitiveness against fierce competition in the United States and China. The commission is considering greater flexibility in its calculations for 2040, including through the purchase of carbon credits on international markets. The EU's executive arm insists it will submit a formal proposal before the summer and stresses that the bloc will be ready for the next UN COP30 climate conference, which will be held in November in the Amazonian city of Belem in Brazil. The delays have raised concerns among environmental groups, which have called for Europe to take the lead on tackling climate change after US President Donald Trump's withdrawal from the Paris climate agreement after he returned to the White House in January. The organisations are also fearful of a wholesale unravelling of the European Green Deal, a landmark package of measures that defined commission chief Ursula von der Leyen's first term in office but has since come increasingly under fire. adc-raz/ec/bc
ABC News
25-05-2025
- Automotive
- ABC News
Low-carbon sustainable fuels headed for F1 but cost could keep them from Australian bowsers
When Formula 1 cars nudge speeds of 330 kilometres per hour next year, hundreds of millions of people will witness existing engines and infrastructure working with a fuel once considered futuristic. The fuel burning inside the turbocharged V6 engines won't be gutted from the Earth like traditional fossil fuels; instead, most will be chemically synthesised and involve the recycling of existing carbon dioxide — making it close to carbon neutral. "It would reduce greenhouse gas emissions by 80 per cent," Liam Parker said, chief communications officer at Formula 1. "The technical analysis shows zero drop in performance, so you're racing green, you're providing a solution for the automotive sector and the wider consumer, but you're also giving the public and the fans what they want." Five different companies — many of them sponsors — will be supplying the 100 per cent synthetic and biofuel to the 11 teams on the grid, once again positioning Formula 1 as the breeding ground of the kind of innovation that trickles to road cars and other vehicles. Industry stakeholders believe these low-carbon liquid fuels provide a window of opportunity for Australia, claiming it can help connect the vehicles, ships and planes of today to a net-zero tomorrow, and create a multi-billion-dollar domestic manufacturing industry that would also bolster the nation's fuel security. "We estimate the Australian low-carbon liquid fuel market could be in the order of $36 billion a year by 2050, and a feedstock market of about $15 billion," said Rupert Maloney, executive director of the Clean Energy Finance Corporation (CEFC), a Commonwealth-funded investment firm backing green initiatives. There are two main types of low-carbon liquid fuels: synthetic and biofuel. Both of them source carbon from the atmosphere when they're being developed, effectively recycling it once it is burned by an engine. But whereas biofuel is processed from organic material such as sugarcane, used cooking oil and sawmill residue, the latest synthetic fuel doesn't affect food production. It chemically synthesises the elements that make fuel: hydrogen and carbon. The hydrogen is split from water in a process powered by renewable electricity, while the carbon is either captured from the air using emerging technology, extracted from algae, or gleaned from sustainable sources like waste. The domestic biofuel industry is already growing as local feedstock is exported internationally, but industry stakeholders believe synthetic fuel has greater scale-up potential. At least two companies are looking at manufacturing synthetic fuel in Australia — HIF (Highly Innovative Fuels) and Zero Petroleum — with each expected to start construction on plants in 2026. HIF is aiming to produce 100 million litres of synthetic fuel a year once its manufacturing plant is up and running in 2030 — about 500 times more than its concept plant in Chile. The company, which counts Porsche among its investors, claims it is spending about $2 billion constructing the plant in Tasmania. "What we look for are locations where the feed stocks that we need to make this product are available and are also cost efficient," said Ignacio Hernandez, chief executive of HIF Asia Pacific. "One of the main ingredients that we need is renewable energy, and Australia is well known globally for having a big renewable energy potential." Meanwhile, Zero Petroleum — founded by former F1 engineer Paddy Lowe and chemical engineer Nilay Shah — is examining the feasibility of building a plant in South Australia. The facility would produce up to 10 million litres of synthetic aviation fuel, gasoline and diesel a year. Low-carbon liquid fuels are often described as "drop in" solutions, as they can work with existing petrol tankers, fuel bowsers and internal combustion engines. But there's disagreement on whether the fuel would be used in the nearly 16 million passenger vehicles registered in Australia. How much it costs at the bowser will be a key determinant. A compromise can be found by blending synthetic fuel with the fossil equivalent, lowering emissions and making it more affordable. "The cost of the product will come down, and eventually you're able to transition to 100 per cent synthetic, without impacting materially the cost to the final consumer," Mr Hernandez said. A key factor in the price coming down is the cost of renewable electricity, as wind and solar farms would power the manufacturing process to keep the carbon footprint as low as possible. "We need very low renewable energy costs in order to get that hydrogen price down," Max Temminghoff said, Mineral Resources Lead at the CSIRO Futures. "And then on the other flip side is the carbon dioxide. Pulling that out of the atmosphere currently is technologically not as mature and is a bit expensive, so that's what the CSIRO is working on." Instead, there is a concerted effort to transition cars and the infrastructure powering them to electric — but there's a long way to go to meet the CSIRO's target of 97 per cent by 2050. The latest data from the federal government, dated January 2024, reveals there are 15.7 million passenger vehicles registered in Australia. One per cent — or 159,460 — were electric. Vehicles powered by petrol or diesel made up 95.5 per cent — or 14,958,462 vehicles. "There will be an existing fleet of internal combustion engines, we think, still operating at that point [in 2050], and there needs to be a solution for those cars," HIF's Mr Hernandez said. The demand, policy and money opportunities suggest synthetic fuel will be used to power trucks driving interstate, ships travelling across oceans and planes flying internationally. "By 2050, about 30 billion litres in Australia will likely be hard to electrify and will likely require low carbon liquid fuels or other decarbonisation technologies," the CEFC's Mr Maloney said. The transition from fossil to low-carbon liquid fuels is already underway in some of these sectors. Qantas imported 1.7 million litres of sustainable fuel in early May, hoping to blend it at a ratio of 18 per cent with traditional jet fuel. The airline claims it could power the equivalent of 900 flights from Sydney to Auckland, reducing carbon emissions by 3,400 tonnes. But it had to shop overseas, importing the biofuel from Malaysia. "The creation of a domestic sustainable aviation fuel industry is key to our efforts towards the decarbonisation of aviation," said Vanessa Hudson, the chief executive of Qantas Group. The federal government is hoping to foster a low-carbon liquid fuel manufacturing industry in Australia, announcing $250 million in grants in March. "Australia has the know-how and skills to meet the crucial task of decarbonising hard-to-abate sectors such as aviation, heavy transport and mining that rely on liquid fuels," Climate Change and Energy Minister Chris Bowen said. But the industry is asking for the kind of regulations popping up in other parts of the world, including mandates that would require select sectors to blend a percentage of synthetic fuel with their current fossil stock. "Some of the mandates that are getting rolled out across Asia are in the order of 1 per cent blend, so it will not have a large impact on end use pricing," Mr Maloney said. "It provides an investment signal back to the production side of the market to develop these facilities, and that brings down the cost." HIF's facility could produce enough synthetic fuel to meet a quarter of Tasmania's demand, Mr Hernandez said, but instead it'll likely export supply to other countries. "There are other markets in the world that have more advanced regulation to support the uptake of these products," he said. Australia relies on liquid fuels for more than half of its energy demand, according to federal government data, but the number of local refineries has dwindled from seven to two. The nation's science agency believes making low-carbon liquid fuels domestically would help shore up the country's energy security. "Currently we import about 80 per cent of our refined fuels and we get those fuels through pretty extensive supply chains that are exposed to a range of geopolitical risks," the CSIRO's Mr Temminghoff said. "Being able to produce our fuels locally means that we have more control over the variables that go into the price. "We really see this opportunity as fleeting."
BBC News
23-05-2025
- Business
- BBC News
Hull City Council predicts saving £154k on energy bills
A local authority has predicted it will save £154,000 a year on its energy bills after securing government City Council said the £5m it received would be used to make four of its city centre buildings energy grant will see energy efficiency and decarbonisation works at the Guildhall, Hull City Hall, Hull History Centre and The Wilson Charles Quinn, said: "This will bring long-term benefits for the city, both from a carbon production perspective and energy costs savings." The council secured £4,935,960 of funding from the government's Public Sector Decarbonisation Scheme to help its vision to become a leading carbon neutral city within the United Kingdom by project follows the council's ongoing energy efficiency and decarbonisation works at Hull's Western Library, Streetlife Museum and Treasury is also estimated to save 3,400 tonnes of carbon over the next 20 Quinn said: "The council put forward a strong case for the benefits of investing in decarbonisation of our buildings and I'm delighted government funding has been allocated to support these schemes."He said the project demonstrated the council's commitment to tackling climate change and its carbon neutral and net zero targets, whilst continuing the energy efficiency work already in place thanks to last year's council said it would engage with stakeholders as the project got under way before choosing a contractor in Rodger from Salix, the body administering the funds on behalf of the government, said: "The plans at Hull will deliver a significant reduction in the council's carbon footprint as well as providing a more comfortable environment for those that use these buildings." Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
