[GWSG] Energy costs; fossil subsidies; >3 m miles; EU targets C neutral by 2050; so does Japan; and Biden; China says before 2060, and Trump doesn't say

[Tilley, Al]

1. The annual Lazard Levelized Cost of Energy calculations show that solar and wind are the cheapest sources of new energy. The cost of utility-scale solar has dropped 90%, and of wind, 71%, since 2009. Gas combined cycle is still competitive, though not gas peaking. https://climatecrocks.com/2020/10/23/the-weekend-wonk-new-energy-price-numbers-and-what-they-tell-us/

2. Fossil fuel subsidies amounted to about $800 billion globally in 2018. Most of the money ends up in the hands of the wealthy, but some supports people with lower incomes. While economists (and climate activists) are in broad agreement that the subsidies must end, something should be done to ease the transition for the less well off. Basic income stipends are one suggestion. https://phys.org/news/2020-10-fossil-fuel-subsidies-global-reform.html

3. Tesla’s batteries are said to be reaching over 3 million miles of life in testing so far and may achieve much longer use as the tests continue, with implications for energy storage and vehicle cost. https://climatecrocks.com/2020/10/24/tesla-battery-a-game-changer/

4. The 27 EU environment ministers reached near-consensus on a target of net zero carbon emissions by 2050, with Bulgaria abstaining, and postponed settlement of the 2030 target to discussions in December. The 2050 target is legally binding on the EU as a whole.  The EU Parliament wishes to make it legally binding on the member countries separately.  https://uk.reuters.com/article/us-climate-change-eu/eu-environment-ministers-meet-to-seek-deal-on-climate-law-idUKKBN27811W?utm_campaign=Carbon%20Brief%20Daily%20Briefing&utm_content=20201026&utm_medium=email&utm_source=Revue%20Daily

5. Japan’s new Prime Minister Yoshihide Suga has set a 2050 deadline for the country’s carbon neutrality. Japan is the world’s third largest economy.  https://www.washingtonpost.com/world/japan-climate-emissions/2020/10/26/b6ea2b5a-1752-11eb-8bda-814ca56e138b_story.html

6. Joe Biden has set a target of carbon neutrality by 2050. (Campaign material.) https://joebiden.com/climate-plan/

7. China has set a target of carbon neutrality before 2060.  Trump is apparently pursuing the continued use of fossil fuels, though he has praised dropping carbon emissions in the US.  https://www.reuters.com/article/us-un-assembly-climatechange/china-calls-for-global-green-revolution-as-trump-goes-solo-on-climate-idUSKCN26D2DH

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