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Introducing The Jolt, a new series from FORESIGHT Climate & Energy, which will keep you updated on all the essential energy transition stories
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Welcome to today’s episode of The Jolt by FORESIGHT Climate & Energy. In a world underpinned by climate and energy stories, it is sometimes hard to cut through the cacophony of noise and get to the news you need to hear.
This is where The Jolt comes in. Tune in on Mondays, Wednesdays and Fridays for bite-sized updates, expert analysis and a global view.
We kick off with a look at the major global climate and energy news stories.
What you need to know
Here are some of the main climate and energy stories making the news around the world:
- COP28 climate summit president Sultan al-Jaber—also head of the Abu Dhabi National Oil Company—says fossil fuel firms need to prepare for an inevitable “phase down” of oil and gas. He is reportedly working with companies ahead of the end-of-year summit in Dubai.
- Canadian investment firm Brookfield is buying UK clean energy major Banks Renewables, in a deal worth $1 billion. It has been hailed as a welcome boost to Britain’s flagging sector.
- Work will start on Europe’s most powerful exascale supercomputer, which will be capable of one billion billion calculations per second, the EU’s high-performance computing agency announced. “Jupiter” has been earmarked for in-depth climate research.
- A French company is selling e-bikes that are powered by supercapacitors rather than batteries. More on that here.
Today’s big story
Hoekstra hooks EU climate role
Image Foresight Media / Midjourney
In today’s deep dive, we are looking at the EU’s search for a new climate boss:
- Wopke Hoekstra got the nod to take over as climate commissioner after compatriot Frans Timmermans quit Brussels to return to national politics. Hoekstra’s appointment is not without controversy.
- Links to fossil fuel companies, a stint at consultancy McKinsey and his record in government, especially his stance on pan-EU measures during the Covid-19 crisis, meant the Dutchman’s suitability for the climate job was called into question.
- Martha Myers of Corporate Europe Observatory says that Hoekstra’s background should preclude him from the job and adds that his only record on climate is granting more than €3 billion to Dutch airline KLM during the pandemic.
- Hoekstra tells MEPs during his confirmation hearing that he regrets his actions during Covid-19 and insists he “should have done it differently”. Nevertheless, he wants to use his new job to “prepare the ground for a Green Deal 2.0”.
“I’ve a confession to make: I’m in love with the ETS”
- One of his biggest commitments is to work on a 2040 emissions target for the EU and to defend a scientific advisory board recommendation that says at least 90% reductions are required. Hoekstra’s candidacy was held up until he put that in writing, as well as agreeing to disclose his client list from his time at McKinsey.
This is week one of The Jolt, and we are keen to hear your feedback. Get in touch with us at the following links to let us know what you liked, what you weren’t keen on and what you’d like to see in upcoming editions of the show.
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Sam Morgan LinkedIn / Twitter