[GWSG] Risk consortia; changing shifting minds; comparing paths; $ for renewables; EU C market; the big Qilin

[Tilley, Al]

1. Last September the Risk Management Association formed the Climate Risk Consortia of large banks worldwide and now a new Regional Climate Risk Consortium which “brings together risk management professionals at financial institutions with the purpose of advancing awareness of and addressing risks relevant to climate change.” The 33 member banks so far include Bank of America, Wells Fargo, U.S. Bank, and the National Bank of Canada.  https://www.rmahq.org/climate-risk-consortia/?gmssopc=1

2. A study forthcoming in PNAS of the impact of news stories on climate attitudes finds that accurate info on climate does change opinion and attitudes, but that the effect was short-lived. The authors urge that media not only report news but repeat basic accurate info. https://phys.org/news/2022-06-science-coverage-climate-mindsbriefly.html

3. A comparative study of over 3,000 emissions pathways indicates that the distinction between pathways with a 1.5C target are not meaningfully distinguished from pathways with a 2C target. Pathways which limit warming to 1.5C with little or no overshoot are actually distinguished by their success in keeping heat below 2C. The study also shows that estimates of the need for removing carbon dioxide from the atmosphere are often on the high side. https://www.carbonbrief.org/guest-post-why-1-5c-and-well-below-2c-are-part-and-parcel-of-one-temperature-goal/?utm_campaign=Daily%20Briefing&utm_content=20220623&utm_medium=email&utm_source=Revue%20newsletter

4. The International Energy Agency reports that annual global spending on renewable energy grew at 2% 2015-19 but that it has been growing at 12% since 2020. This year, 85% of energy spending is going into renewables. We need to do yet more, but any perception that the Ukraine war has been a triumph for fossil fuels is too gloomy. “Spending on solar PV, batteries and electric vehicles is now growing at rates consistent with reaching global net zero emissions by 2050.”  https://www.iea.org/news/record-clean-energy-spending-is-set-to-help-global-energy-investment-grow-by-8-in-2022

5. The EU Parliament has approved a package of changes to their carbon market, further limiting CO2 emissions. A carbon levy on imported steel, cement, and other products will replace carbon permits by 2032. (That should goose exporters, such as the US, who are slower than the EU in reducing carbon.) The general effect of the changes is to reduce EU emissions 55% by 2030.  https://www.reuters.com/business/environment/climate-laws-face-new-eu-parliament-vote-after-failed-first-try-2022-06-22/?utm_campaign=Daily%20Briefing&utm_content=20220623&utm_medium=email&utm_source=Revue%20newsletter

6. China’s CATL, the largest EV battery manufacturer, announced the Qilin, a battery which charges faster and is more durable and safer than existing batteries. It is said to allow ranges of 1000 km (620 miles), presumably by being that much lighter, and will be available next year. The story provides more technical data on the Qilin than I can digest. I assume it is still Li-ion based, though the new structure seems to apply to other, perhaps safer, cheaper, and more stable materials. Even so I can see that this is a big deal in accelerating the transition to EVs.  https://finance.yahoo.com/news/catl-launches-ctp-3-0-092900027.html

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