Oil and gas will remain as leading sources of energy for decades to come on the back of a lagging energy transition, major industry players said at the Energy Asia conference held in Malaysia’s capital Kuala Lumpur this week.
Scientists, policymakers and others do agree on one thing: while companies should focus primarily on reducing their emissions, many are unlikely to eliminate them entirely for years to come – which leaves carbon markets an essential role.
In the fight against climate change, carbon markets are an important element of the drive to reduce emissions. Yet, while there is agreement about the desired outcomes of a functional carbon market, there is less consensus on the path, standards and infrastructure that will get us there.
In 2019, Singapore became the first country in south-east Asia to put a price on carbon – which companies will next year be able to offset by purchasing carbon credits. Last year, it became the first in the region to develop a carbon exchange. Also, it has signed a string of deals with developing countries …
Scientists agree that the world must rapidly transform the global energy system, ditching fossil fuels in favour of cleaner sources of power such as wind and solar in order to limit global warming and avoid the catastrophic effects of climate change.
The World Bank’s insurance branch is working on plans to protect carbon offsetting projects against political risks in developing countries as a growing number of governments seek to impose new rules onto the market.
Wind and solar produced more energy in the EU in May than all fossil fuels combined, as stated by energy think tank Ember. This is the first full month on record where wind and solar produced more power – generating almost a third of the EU’s electicity. Fossil fuels produced a record low of 27 …
Continue reading “Wind and solar overtake fossil fuels in EU”
According to a new report from the Irish Central Statistics Office, agriculture accounted for 38% of greenhouse gas emissions in 2020, while households were the second largest emitters – responsible for more than a quarter of all emissions.
China Energy Investment Corporation has put online a carbon capture project at one of its thermal coal power plants which will be the biggest in Asia. The carbon capture, utilization and storage (CCUS) facility at the Taizhou coal power plant will have an annual capacity to store 500,000 tons of carbon dioxide.
Countries raised a record $95 billion last year by charging firms for emitting carbon dioxide, but prices are still too low to drive changes needed to meet Paris climate accord targets, the World Bank said in a recent report.
