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More than £494bn subsidies a year are harmful to the climate, says report

The Guardian - Wed, 2024-09-18 15:00

ActionAid says ‘parasitic behaviour’ is fuelling the climate crisis and represents ‘corporate capture’ of public finance

More than $650bn (£494bn) a year in public subsidies goes to fossil fuel companies, intensive agriculture and other harmful industries in the developing world, new data has shown.

The subsidies entrench high greenhouse gas emissions and are fuelling the destruction of the natural world, according to a report from the charity ActionAid.

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Unpublished Chubb review submission slams Australia’s carbon industry, calls for CAC exit decision to be referred to NACC

Carbon Pulse - Wed, 2024-09-18 15:00
A blistering unpublished submission to the Chubb review on Australia's carbon market that was run by local media Wednesday has decried what it said was a “self-congratulatory, inward looking, anti-competitive” industry.
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ARB to decide on shortlist of options to California ETS budget cuts in weeks

Carbon Pulse - Wed, 2024-09-18 14:37
California regulator reiterated their commitment to release a 45-day package for the cap-and-trade rulemaking “in weeks” at a conference on Tuesday.
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Supermoon and lunar eclipse delight star gazers

BBC - Wed, 2024-09-18 13:31
The Moon appeared brighter and bigger as it reached its closest point in its orbit around the Earth.
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US IRA tax credits need refined carbon intensity scoring methodology -panel

Carbon Pulse - Wed, 2024-09-18 11:57
The US Internal Revenue Service (IRS) should refine carbon scoring systems related to the various clean energy tax credits within the Inflation Reduction Act (IRA) as the agency continues hammering out guidelines for its implementation, a panellist said during a Tuesday conference.
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Wildlife charity declares 'butterfly emergency'

BBC - Wed, 2024-09-18 11:17
The charity is calling on the government to ban pesticides that can harm butterflies and bees.
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Pennsylvania Senate votes to repeal RGGI regulation

Carbon Pulse - Wed, 2024-09-18 09:28
Pennsylvania's Republican-majority Senate voted along party lines Tuesday to repeal the state's RGGI regulation, and the proposal will now be sent to the Democrat-controlled House of Representatives.
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Canadian biofuels company to invest $1.4 bln in CCS-equipped US production facility

Carbon Pulse - Wed, 2024-09-18 09:09
A Canadian company will invest almost $1.4 billion into a US Gulf Coast renewable biofuels production facility, which will include capacity for carbon capture and sequestration (CCS) and ability to generate voluntary carbon offsets, it announced Tuesday.
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Climate change is turbo-charging Somalia’s problems - but there's still hope

BBC - Wed, 2024-09-18 09:05
Despite facing a catastrophic combination of challenges, there is optimism in the African country.
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Global spending on subsidies that harm environment rises to $2.6tn, report says

The Guardian - Wed, 2024-09-18 09:01

Exclusive: analysis finds $800bn increase in direct support for activities including deforestation and fossil fuel use

The world is spending at least $2.6tn (£2tn) a year on subsidies that drive global heating and destroy nature, according to new analysis.

Governments continue to provide billions of dollars in tax breaks, subsidies and other spending that directly work against the goals of the 2015 Paris climate agreement and the 2022 Kunming-Montreal agreement to halt biodiversity loss, the research from the organisation Earth Track found, with countries providing direct support for deforestation, water pollution and fossil fuel consumption.

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Fossil fuel companies sponsor $5.6bn in global ‘sportswashing’ deals

The Guardian - Wed, 2024-09-18 09:01

Thinktank says funding from oil and gas firms is attempt to ‘divert attention from their role in fuelling the climate crisis’

Fossil fuel companies pumped at least $5.6bn (£4.2bn) of sponsorship money into motorsports, football, golf and even snow sports in an effort to “buy social licence to operate”, according to a new report.

Almost no major spectator sport remains untouched by oil and gas money, according to research carried out by the New Weather Institute (NWI), a climate thinktank, which traced more than 200 sponsorship deals between sports teams and the industry.

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Corporate emissions-measuring stagnating, target-setting backsliding, shows survey

Carbon Pulse - Wed, 2024-09-18 09:01
The number of corporates measuring their emissions is stagnating globally, while those setting comprehensive emissions targets is backsliding, shows a survey published on Wednesday.
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EXCLUSIVE: Kenya teams up with global analytics firm to build REDD+ carbon registry

Carbon Pulse - Wed, 2024-09-18 09:01
Kenya has partnered with an international energy analytics firm to establish a REDD+ carbon registry.
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EU climate policy hasn’t caused carbon leakage, but risks remain -Bundesbank

Carbon Pulse - Wed, 2024-09-18 08:44
EU climate policy, particularly the Emissions Trading System (ETS), has not yet triggered significant relocations of energy-intensive production abroad by German firms, according to a new report by the country’s monetary authority.
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Ecuadorian legislature votes to legalise carbon markets

Carbon Pulse - Wed, 2024-09-18 08:27
Ecuador’s National Assembly voted 117-20 on Tuesday to legalise carbon markets, some 16 years after constitutional reforms had widely been interpreted as a total ban, sending the legislation to the president for final approval.
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