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Corporations invested in carbon offsets that were ‘likely junk’, analysis says

The Guardian - Thu, 2024-05-30 20:00

Analysis of the carbon offset projects used by top corporations including Delta, Gucci and ExxonMobil raises concerns around their emission cuts claims

Some of the world’s most profitable – and most polluting corporations – have invested in carbon offset projects that have fundamental failings and are “probably junk”, suggesting industry claims about greenhouse gas reductions were likely overblown, according to new analysis.

Delta, Gucci, Volkswagen, ExxonMobil, Disney, easyJet, and Nestlé are among the major corporations to have purchased millions of carbon credits from climate friendly projects that are “likely junk” or worthless when it comes to offsetting their greenhouse gas emissions, according to a classification system developed by Corporate Accountability, a non-profit, transnational corporate watchdog

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Biodiversity footprint provider expects to double clients again

Carbon Pulse - Thu, 2024-05-30 19:30
French data company Iceberg Data Lab expects to double the number of clients using its products, including the Corporate Biodiversity Footprints (CBF), for a second time over the next year.
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Japan, ADB to expand range of JCM cooperation

Carbon Pulse - Thu, 2024-05-30 19:17
Japan and the Asian Development Bank have agreed to expand cooperation on funding Joint Crediting Mechanism (JCM) initiatives beyond just energy-related projects, in a bid to accelerate financing under the programme and ramp up carbon credit generation.
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‘Europe badly needs an industrial policy’, says Polish climate minister

Carbon Pulse - Thu, 2024-05-30 18:43
The European Union must beef up support for its domestic clean tech industry otherwise it will be wiped out by heavily-subsidised Chinese and US competitors, warned Poland’s climate minister.
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Australia Market Roundup: Govt releases draft net zero transport and infrastructure roadmap

Carbon Pulse - Thu, 2024-05-30 18:17
The federal government has released a draft roadmap for car-dependent Australia on how it will reduce emissions in the transport and transport infrastructure sector for consultation, as part of its six sectoral plans to reduce emissions.
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Singapore carbon exchange appoints interim CEO

Carbon Pulse - Thu, 2024-05-30 18:15
Singapore-based Climate Impact X on Thursday announced it has appointed an interim CEO, after predecessor Mikkel Larsen announced his resignation in March.
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Asian CCUS makes strides, will need continued govt support, report finds

Carbon Pulse - Thu, 2024-05-30 17:18
Last year saw rapid progress for CCS and CCUS projects across Asia Pacific, with the ability to start dealing with CO2 imports making strides in key regions like Australia, Indonesia, and Malaysia, consultants said Thursday.
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Fire ants found on Sunshine Coast as dangerous pest continues to spread

The Guardian - Thu, 2024-05-30 17:04

Broadscale treatment under way after nests found at Nirimba in Queensland’s south-east

Fire ants have been found on the Sunshine Coast as the super pest continues to spread beyond a containment zone in Queensland’s south-east corner.

It’s the latest in a series of so-called outlier detections of the hyper aggressive invasive species that Australia has been fighting to eradicate for decades.

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Voluntary carbon markets shrank in 2023 for second consecutive year -research

Carbon Pulse - Thu, 2024-05-30 17:01
Voluntary carbon market volume and value globally declined in 2023 for the second year in a row from its 2021 peak, as intense media scrutiny held back buyers, according to research released on Thursday.
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China releases plan to cut CO2 from energy sector

Carbon Pulse - Thu, 2024-05-30 16:33
China has released an energy conservation and carbon reduction action plan it says will cut CO2 emissions from energy consumption over the next year by 130 million tonnes.
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The ugly truth behind ChatGPT: AI is guzzling resources at planet-eating rates | Mariana Mazzucato

The Guardian - Thu, 2024-05-30 16:00

Big tech is playing its part in reaching net zero targets, but its vast new datacentres are run at huge cost to the environment

  • Mariana Mazzucato is professor of economics at UCL, and director of the Institute for Innovation and Public Purpose

When you picture the tech industry, you probably think of things that don’t exist in physical space, such as the apps and internet browser on your phone. But the infrastructure required to store all this information – the physical datacentres housed in business parks and city outskirts – consume massive amounts of energy. Despite its name, the infrastructure used by the “cloud” accounts for more global greenhouse emissions than commercial flights. In 2018, for instance, the 5bn YouTube hits for the viral song Despacito used the same amount of energy it would take to heat 40,000 US homes annually.

This is a hugely environmentally destructive side to the tech industry. While it has played a big role in reaching net zero, giving us smart meters and efficient solar, it’s critical that we turn the spotlight on its environmental footprint. Large language models such as ChatGPT are some of the most energy-guzzling technologies of all. Research suggests, for instance, that about 700,000 litres of water could have been used to cool the machines that trained ChatGPT-3 at Microsoft’s data facilities. It is hardly news that the tech bubble’s self-glorification has obscured the uglier sides of this industry, from its proclivity for tax avoidance to its invasion of privacy and exploitation of our attention span. The industry’s environmental impact is a key issue, yet the companies that produce such models have stayed remarkably quiet about the amount of energy they consume – probably because they don’t want to spark our concern.

Mariana Mazzucato is professor of economics at UCL, and director of the Institute for Innovation and Public Purpose

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NZ Market: Speculators drive NZU price rally as limited climate spending announced in budget

Carbon Pulse - Thu, 2024-05-30 15:27
The spot NZU price has climbed nearly 7% in recent days as the coalition government announced little in new funding on climate initiatives in its latest budget Thursday, focusing instead on funding tax breaks and public service spending.
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Australian investors remain determined to act on climate thanks in part to policy certainty, survey finds

Carbon Pulse - Thu, 2024-05-30 11:46
Policy work by Australian state and federal governments has allowed investors to be more confident to spend cash on climate solutions in the country, a survey released Thursday found, despite global economic headwinds and a perceived lack of investment opportunities in the country.
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