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February 8 · Issue #76 · View online
The insider memo for sustainability leaders in the commodities sector.
If you would like help measuring your carbon emissions please visit https://carbonchain.com/contact
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Satellites map huge methane plumes from oil and gas; Ireland votes for legally binding 2050 net-zero target; UK in a first awards offshore wind power a contract to help stabilise grid, and much more… Welcome to the 76th Edition of the Climate Memo by CarbonChain!
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Climate change: Satellites map huge methane plumes from oil and gas
Huge plumes of the warming gas methane have been mapped globally for the first time from oil and gas fields using satellites. Plugging methane leaks from oil and gas fields could be an easy win in curbing climate change.
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Ireland votes for legally binding 2050 net-zero target, but agriculture may be exempt
Ministers of the Legislative Assembly in Northern Ireland have voted to amend the nation’s Climate Change Bill to include a legally binding net-zero target for 2050 - but the Agriculture Minister has suggested he will push for an exemption.
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UK in a first awards offshore wind power a contract to help stabilise grid
Britain’s National Grid ESO has for the first time awarded a contract to an offshore wind farm to help keep voltage levels in the power network stable.
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Net-zero corporate commitments largely over-reliant on carbon offsetting, report finds
An analysis of 25 corporates’ net-zero commitments has found that they cover, on average, just 40% of annual greenhouse gas emissions, with the likes of Unilever, Nestle and BMW Group named among the worst offenders. Worryingly, just eight of the 25 firms provided the researchers with information on how they plan to address Scope 3 (indirect) emissions, which accounted for 87% of the total climate footprint of each company on average.
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Costco shareholders back net-zero proposal including Scope 3 emissions
Shareholders in Costco Wholesale Corporation have voted – against the board’s wishes – in favor of a proposal urging the retail company to set science based targets (SBTis) for reaching net-zero greenhouse gas (GHG) emissions - from its full value chain.
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Banks Get ESG Upgrades Despite Fossil-Fuel Financing
Wells Fargo, Citigroup, Morgan Stanley received a boost in their green credentials from MSCI, even after providing $74 billion to polluting companies. That is because rather than measuring the total sums loaned to high polluters, MSCI analysts focused on how much those loans accounted for in a bank’s lending portfolio.
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Scottish Widows pledges £25bn of low-carbon investment by 2025 on road to net-zero
Pensions and insurance giant Scottish Widows has bolstered its 2050 net-zero target with a new climate action plan, published ahead of the UK Government’s requirement for all financial firms to disclose how they are approaching the transition.
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