Join us weekdays for bite-sized updates, expert analysis and a global view of the energy transition. Welcome to today’s episode of The Jolt, arming you with the news and insight you need to navigate the rapidly changing shift towards a decarbonised economy.
What you need to know
Here are the main climate and energy stories making the news around the world:
- COP28 President Sultan Ahmed Al-Jaber will continue his company’s record oil and gas investment, he told The Guardian just days after the world agreed to transition away from fossil fuels.
- The United States’ Treasury has proposed guidelines for manufacturers claiming tax credits for making clean-energy components as part of the Inflation Reduction Act. The law aims to boost the US economy and energy security by incentivising domestic production in the race to net zero.
- EU negotiators have agreed on new rules to oblige companies to integrate due diligence into their practices. The law aims to tackle human rights violations and environmental damage in the EU and beyond. It still needs formal approval before it becomes law.
- The UK is backing 11 major projects to produce green hydrogen. It aims to be a global leader in this and wants 10 gigawatts of low carbon hydrogen production capacity by 2030 to help decarbonise its economy.
- Indian conglomerate Essar will invest the equivalent of around $6.6 billion in the energy transition in a new agreement with the western state of Gujarat. Plans include a 1 GW green hydrogen project, expansion of a solar plant and plans to transform Salaya port into a logistics hub.
- Russian energy company Gazprom’s accounts show it earned €45 million in 2022 from its gas field in the North Sea, according to the BBC. While there is no suggestion of illegality, Gazprom is majority-owned by the Russian state, leading to concerns profits go to the Kremlin’s war chest.
- China is in the grips of a cold wave. Temperatures have already hit record lows and could break more records in the coming days. The weather has already disrupted roads, railways and flights.
- Norway has committed the equivalent of $6.5 million to a programme boosting Africa’s resilience and response to climate shocks. It is the fifth country to pledge money to the African Development Bank Group’s programme, joining the United Kingdom, Switzerland, the United States and Canada.
- Carbon capture company Climeworks has signed a 15-year partnership agreement with management consulting firm Boston Consulting Group. The carbon removal purchase totals 80,000 metric tons of carbon dioxide, making the consulting group the largest corporate buyer to work with Climeworks.
Today’s main story
China’s game-changing energy transition
Image Midjourney / FORESIGHT
- China is the world’s largest emitter, responsible for nearly 31% of emissions in 2022. The China Energy Transformation Outlook Reportlooks at the country’s energy transition and pathway to net-zero emissions.
- The chief international expert working on the report, Kaare Sandholt, joins The Jolt to talk about the findings. Meanwhile, Yan Qin, lead analyst for carbon markets at the London Stock Exchange Group, explains some of the challenges of the transition.
“Energy efficiency is key here for the whole energy chain, for the whole supply chain. Electrification of the end use sectors is a very important tool […], then you also need to decarbonise the supply sector, the power sector, by substituting coal with especially wind and solar power.” - Kaare Sandholt
More climate and energy news is available on FORESIGHT website, including Sam Morgan’s chat with Yan Qin about China’s carbon market.
We want The Jolt to be as listener-driven as possible. Get in touch with us about what you like, what you don’t like and what you’d like to see in future episodes. All feedback is appreciated:Email us at thejolt@foresightdk.comFORESIGHT LinkedIn / TwitterSam Morgan LinkedIn / TwitterKira Taylor LinkedIn / Twitter