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Despite an increase in energy efficiency investment and lower energy intensity, the building and construction sector's energy consumption and <keyword id="85568" type="General" weightage="20" keywordseo="co2-emissions" source="Orion">CO2 emissions</keyword> have rebounded from the Covid-19 pandemic to an all-time high, a new report finds. Released at the latest round of the UN COP27 climate summit in Egypt, the 2022 Global Status Report for Buildings and Construction finds that the sector accounted for over 34 per cent of energy demand and around 37 per cent of energy and process-related <keyword id="49838" type="General" weightage="20" keywordseo="co2" source="Orion">CO2</keyword> emissions in 2021. The sector's operational energy-related CO2 emissions reached 10 gigatonnes of CO2 equivalent -- 5 per cent over 2020 levels and 2 per cent over the pre-pandemic peak in 2019. In 2021, operational energy demand for heating, cooling, lighting and equipment in buildings increased by around four per cent from 2020 and three per cent from 2019. This, according to the report from the <keyword id="15468006" type="General" weightage="80" keywordseo="global-alliance-for-buildings-and-construction" source="Orion">Global Alliance for Buildings and Construction</keyword> (GlobalABC), means the gap between the climate performance of the sector and the 2050 decarbonization pathway is widening. "Years of warnings about the impacts of climate change have become a reality,a said <keyword id="2974898" type="General" weightage="80" keywordseo="inger-andersen" source="Orion">Inger Andersen</keyword>, Executive Director of the <keyword id="7285" type="General" weightage="80" keywordseo="un-environment-programme" source="Orion">UN Environment Programme</keyword> (<keyword id="6491230" type="General" weightage="80" keywordseo="unep" source="Orion">UNEP</keyword>). "If we do not rapidly cut emissions in line with the Paris Agreement, we will be in deeper trouble." "The buildings sector represents 40 per cent of <keyword id="28249" type="General" weightage="80" keywordseo="europe" source="Orion">Europe</keyword>'s energy demand, 80 per cent of it from fossil fuels. This makes the sector an area for immediate action, investment, and policies to promote short and long-term energy security." Decarbonizing the buildings sector by 2050 is critical to delivering these cuts. To reduce overall emissions, the sector must improve building energy performance, decrease building materials' carbon footprint, multiply policy commitments alongside action and increase investment in energy efficiency. The sector's emissions intensity in kilogrammes of CO2 per square metre dropped from 43 in 2015 to 40 in 2021. Energy intensity in kilowatts per hour per square metre slightly decreased, from 153 in 2015 to 152 in 2021. Investments in building energy efficiency have gone up by unprecedented levels, rising by 16 per cent in 2021 over 2020 levels to $237 billion. However, growth is outpacing efforts on energy efficiency and reducing energy intensity. The increase in global gross floor area between 2015 and 2021 is the equivalent to the total land area covered in buildings in Germany, France, Italy and the Netherlands; if it were built on one level, at around 24,000 sq.km. The report says that investments in energy efficiency must be sustained in the face of growing crises -- such as the war in Ukraine and the ensuing energy crisis, and the cost-of-living crisis -- to reduce energy demand, avoiding CO2 emissions and dampen energy cost volatility. The buildings sector represents 40 per cent of Europe's energy demand, 80 per cent of it from fossil fuels. This makes the sector an area for immediate action, investment and policies to promote short and long-term energy security. The report shows that the sector can still change. For example, rising fossil fuel costs due to the war in Ukraine and the cost-of-living crisis are providing incentives to invest in energy efficiency -- although the erosion of purchasing power and the impact of labour and materials may slow investment. "The solution may lie in governments directing relief towards low and zero-carbon building investment activities through financial and non-financial incentives," Andersen added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/best-festive-auto-sales-in-the-last-4-years-but-sales-may-decline-says-fada-report/articleshow/95354054.cms">Best festive auto sales in the last 4 years, but sales may decline says FADA report</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-introduces-communities-with-up-to-5000-members/articleshow/95275053.cms">WhatsApp introduces Communities with support for up to 5,000 members – here’s how to use it</a>

CO2 emissions from building and construction hits a new high: Report

<ul class="summary-list"><li>Even if <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> hit $10 trillion by 2030, its <keyword id="12152918" type="UNKNOWN" weightage="60" keywordseo="emissions" source="Orion">emissions</keyword> would still only account for less than 0.9% of the global total, an NYDIG report said.</li><li><keyword id="11971141" type="UNKNOWN" weightage="60" keywordseo="bitcoin-mining" source="Orion">Bitcoin mining</keyword> currently produces fewer <keyword id="11949068" type="UNKNOWN" weightage="60" keywordseo="carbon-emissions" source="Orion">carbon emissions</keyword> than aviation or air conditioning, the report said.</li><li>Back in 2019, bitcoin already used as much energy as the Philippines, according to Cambridge University data.</li></ul>Bitcoin mining will only contribute to 0.9% of global carbon emissions even if the coin's price were to hit a mind-boggling $10 trillion by 2030, according to a <a href="https://nydig.com/research-and-insights/">report</a> by <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> technology company New York Digital Investment Group (NYDIG) earlier this week. Bitcoin's emissions are mostly driven by the carbon intensity of the energy sources and consumption of the miners that scour the network. Bitcoin creation depends upon a "proof of work" system, where miners compete to assemble transactions on the blockchain and this requires vast amounts of power, much of it currently derived from fossil fuels. In the past, bitcoin has faced a lot of criticism because of its energy consumption. Already in 2019, bitcoin already used as much energy as the Philippines, according to Cambridge University<a href="https://cbeci.org/cbeci/comparisons"> data</a>. Elon Musk said <a href="https://www.businessinsider.com/tesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-5">on </a>Twitter back in May that his Tesla electric vehicle maker would no longer accept any payment in bitcoin over concerns that its fossil fuel use was rapidly increasing. However, the NYDIG report showed the situation is not quite as dire as many might fear."Bitcoin's absolute electricity consumption and carbon emissions are not significant in global terms," NYDIG said in its report.Bitcoin mining only represents 0.1% of global carbon emissions right now, which was 33 million tonnes of carbon dioxide (MtCO2) in 2020, less than what aviation or air conditioning produces, the report said. After the Chinese crackdown on mining, bitcoin mining fell from consuming 92 terawatt hours (TWh) in March this year, to just 49 TWh by July, the report showed. NYDIG said it had calculated the future energy consumption of bitcoin miners based on price trajectory, miners' energy mixes, activity, locations, economics, power prices and transaction fee volumes. Prior to China's crackdown, most of the world's bitcoin miners were located there. But many have since relocated to countries that offer more environmentally friendly power sources, such as Iran or the United States. "Over the longer term, the intensity of bitcoin's carbon emissions (and with it bitcoin's absolute carbon emissions) will decline, as the development of renewables continues and countries strive to decarbonize their electricity grids," the report said.

Bitcoin mining will contribute just 0.9% to total global emissions by 2030, even in the most bullish price scenario: NYDIG

The Environmental Protection Agency on Monday announced a <a href="http://www.businessinsider.com/epa-clean-power-plan-rules-2014-6">new rule for reducing carbon emissions</a> from electrical-power generation.
The rule will affect each state disproportionately. States that rely on coal- and gas-powered plants for energy will need to cut their emissions more. But there's also a level of flexibility in the proposal in the ways states can meet those goals. 
Here's how the rules affect each state: The EPA started by calculating current levels of carbon emissions from power generation, and used those to estimate emissions reduction goals for each state by 2030.
Here are the EPA's estimates for the 2012 carbon intensity baseline, from <a href="http://www2.epa.gov/sites/production/files/2014-05/documents/20140602tsd-goal-computation.pdf">this technical paper attached to the new rules</a>. This shows how much carbon dioxide is released for each megawatt hour of electrical power in each state. Vermont and Washington, D.C., are in grey because they have no fossil-fuel power plants that would be affected by the new EPA rules:
<div class="KonaFilter image-container display-table"><div><div class="image">Business Insider/Andy Kiersz, data from EPA</div></div></div>
Montana was the most carbon-intensive state with 2,439 pounds of carbon dioxide released for every megawatt hour of electricity produced. But its next-door neighbor, Idaho, was the least intensive state, with just 339 pounds of CO2 released for every unit of electricity.
The variation among the states largely reflect current differences in how each state generates power. According to <a href="http://cleanpowerplanmaps.epa.gov/CleanPowerPlan/">the EPA's interactive map here</a>, almost three quarters of Idaho's power comes from hydro power, with almost no coal power. Meanwhile, half of Montana's energy comes from coal.
Those differences are reflected in the EPA's new plan, which includes carbon-reduction goals for each state.
Starting with the 2012 baseline estimates, the EPA applies four calculation steps to estimate how different approaches to cleaner energy could affect emissions: improvements in the efficiency of existing coal power plants, shifting more baseload power generation from coal plants to existing cleaner natural gas plants, using more zero carbon power sources like nuclear plants and renewables, and improving consumption efficiency and reducing demand for electricity.
After applying all those calculations based on the specific characteristics of each state, the EPA produced goals for carbon intensity for the states to reach by 2030. As before, Vermont and D.C. lack power plants affected by the new rules, and are in grey. Here are the percent reductions for each state that the EPA is currently aiming for:
<div class="KonaFilter image-container display-table"><div><div class="image">Business Insider/Andy Kiersz, data from EPA</div></div></div>
Here, the goals range from a modest 10.6% cut in North Dakota, to an impressive 71.6% drop in Washington. The three-largest states in coal production - West Virginia, Kentucky, and Wyoming - also have relatively modest goals of between 18 and 20%. Overall, it averages out to a national drop of about 20% from current levels (30% from 2005 levels) by 2030.
As with the variation in the 2012 baselines across the state, the differences in the EPA's goals come from differences in how states generate power and the kinds of opportunities they have to shift away from coal. 
For more, <a href="http://www.vox.com/2014/6/2/5772912/here-are-the-cuts-each-state-has-to-make-under-the-epas-power-plant">Vox has a nice write up on the goals</a>, and the<a href="http://cleanpowerplanmaps.epa.gov/CleanPowerPlan/"> EPA has an interactive map</a> showing different aspects of power generation for each state and power plant affected by the new rules.

Here's How The New EPA Carbon Rules Affect Each State

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Ben Pruchnie/Getty ImagesA giant polar bear puppet put outside the Shell Building in London by environmental protestors on September 2, 2015.</div></div></div>London-based startup ET Index is trying to encourage "green" investment by providing investors with carbon emission data and tracking, both for portfolios and individual companies.The company tracks direct greenhouse gas emissions, as well as factoring in things like electricity consumption, supply chain, and other indirect emissions. ET Index has produced a <a href="https://environmental-tracking.etindex.com/#!/et-carbon-rankings">live ranking of 800 biggest companies in the world</a>, based on relative emissions and weighted to allow comparison of the biggest to the smallest on the list.Each business is given an intensity score, which gives the tonnes of carbon dioxide equivalent produced per $1 million (£650,000) in revenue. The worst performer produces 62,120 tonnes per $1 million, the best just 910.Check out the 24 best performers, with the lowest carbon emissions to revenue ratios.

The 24 best companies to invest in if you care about not destroying earth

<ul class="summary-list"><li>There's still time to stave off the worst of the climate crisis, according to <a href="https://www.businessinsider.com/climate-change-impacts-to-last-millennia-ipcc-report-2021-8">a new climate report</a>.</li><li>Every half-degree of warming avoided makes a huge difference in the intensity and frequency of extreme heat, rainfall, and drought.</li><li>Scientists think it's still possible to keep global temperatures from rising above 2 degrees Celsius.</li></ul>At first glance, Monday's <a href="https://www.businessinsider.com/climate-change-impacts-to-last-millennia-ipcc-report-2021-8">long-awaited report</a> from the <keyword id="60781" type="ORGANIZATION" weightage="60" keywordseo="Intergovernmental-Panel-on-Climate-Change">Intergovernmental Panel on Climate Change</keyword> was bleak. It found that some consequences of human-driven emissions are <a href="https://www.businessinsider.com/climate-change-impacts-to-last-millennia-ipcc-report-2021-8">irreversible for centuries to millennia</a>, and that <a href="https://www.businessinsider.com/climate-ipcc-report-temperature-rise-20-years-15-degrees-2021-8">warming will continue</a> to some extent over the next two to three decades, regardless of how much emissions drop.But the assessment also emphasizes that the worst-case climate disasters aren't inevitable: Every half-degree of warming that can be averted makes a huge difference - including in the intensity and frequency of extreme heat, rainfall, and drought. Even incremental reductions in emissions today would stave off more catastrophic events in the coming decades.The IPCC report comes from a working group of hundreds of scientists whose last assessment was in 2013. This new report shows that human-caused emissions have led the planet to warm by 1.1 degrees Celsius in the last 170 years. Some glacial melting and sea-level rise will continue for millennia, no matter what happens next.But Youba Sokona, vice-chair of the IPCC, highlighted a more optimistic takeaway: "We are in the right moment to completely change the direction we are taking," he told Insider.In the IPCC's worst-case scenario, global emissions would double by 2050, causing temperatures to rise an average of 2.4 degrees Celsius between 2041 and 2060. But in the best-case scenario, the global temperature would rise just 1.5 degrees between now and 2040, then dip back down by the end of the century.That means there's still time to act."It is virtually certain that global surface temperature rise and associated changes can be limited through rapid and substantial reductions in global greenhouse-gas emissions," the IPCC authors wrote.<h2>The world has some time to lower emissions </h2><div type="image" title="paris climate agreement" height="2334" width="3500" msid="85218244" hostid="261"></div>In the Paris agreement, world leaders pledged to cut greenhouse-gas emissions enough to keep global temperatures from <a href="https://www.ipcc.ch/sr15/faq/faq-chapter-1/">rising more than 1.5 degrees Celsius</a> above pre-industrial levels. Now, Earth's temperature is very likely to blow past that mark in the next 20 years, according to the IPCC report.But the Paris agreement's larger goal was to avoid a 2-degree rise at all costs. That's still possible, scientists say."It's very likely that we'll exceed 1.5 degrees," Greg Flato, a climate scientist from the Canadian Center for Climate Modeling and one of the new report's co-authors, told Insider. "It's possible to exceed slightly and stabilize if we follow a pathway of deep emissions cuts by midcentury."Already, the world cut carbon emissions by <a href="https://essd.copernicus.org/articles/12/3269/2020/">2.5 billion tons</a> in 2020, since pandemic-related lockdowns meant fewer vehicles on the road, planes in the sky, and less collective electricity use at peak times. That's a roughly 6% decline from the year prior, following decades of rising global emissions."The lesson we can learn from that is that we can change our behavior drastically in the short term," Sokona said.The IPCC found that every trillion tons of carbon emitted leads the world's temperature to rise roughly 0.45 degrees. To stay under the 2-degree threshold, we have about 900 billion tons of carbon left in the budget. In 2019, emissions reached about <a href="https://www.carbonbrief.org/analysis-global-fossil-fuel-emissions-up-zero-point-six-per-cent-in-2019-due-to-china">37 billion tons</a> - so if that rate continues and no carbon gets removed from the atmosphere, we'd have about 25 years remaining.<h2>There's still time to mitigate extreme heatwaves, drought, and floods</h2><div type="image" title="Drought Brazil" height="1500" width="2250" msid="85218246" hostid="261"></div>A difference of half a degree may sound minor, but avoiding that increase would make the difference between extreme and deadly heatwaves, droughts, and floods and milder, less frequent versions of these events.At 2 degrees of warming, extreme temperature changes could be twice as pronounced as they would be at 1.5 degrees, the IPCC report found. Globally, the chance of at least three months of drought per year would rise from about 20% at a 1.5-degree temperature rise to 35% at 2 degrees.The Atlantic Meridional Overturning Circulation (AMOC), meanwhile, could <a href="https://www.businessinsider.com/atlantic-ocean-water-circulation-weakening-climate-shift-2021-8">lose nearly 30% of its pre-industrial strength</a> if global temperatures rise anywhere between 1.5 and 2 degrees Celsius. This system of ocean currents moves warm water from the equatorial tropics up to Europe and the north Atlantic. The influx of warmer water contributes to western Europe's mild, temperate climate, so if the current gets weaker, it could result in more intense winters in some places and more frequent heatwaves and droughts in others.Higher temperatures will also shrink the planet's ice sheets, snow cover, glaciers, and permafrost - a layer of soil that used to stay frozen year-round. As permafrost thaws, it releases carbon, which traps heat and contributes to additional warming. With each degree of warming, the top 3 meters of permafrost could lose 20-30% of its volume, the IPCC found.Even if humanity doesn't wind up avoiding all of these disasters, the report at least tells policymakers what's in store."Having that information today allows us to begin the actions that will make us ready a decade from now, mid-century, and at the end of the century," Alex Ruane, one of the report's lead authors, told Insider."This provides a kind of roadmap, or at least a forewarning, of the types of changes that we have to be prepared for," Ruane said, adding, "This is where my optimism lies."

Climate scientists want you to know it's not too late

<ul class="summary-list"><li>Coal emissions increased for the first time in seven years in 2021, according to a new analysis.</li><li>Overall emissions rose from 2020 to 2021 faster than the overall growth of the economy.</li></ul>The US is even further from hitting its 2030 climate goals as coal emissions increased for the first time in 7 years in 2021, a new preliminary analysis found.According to a report from researchers at <a href="https://rhg.com/research/preliminary-us-emissions-2021/" target="_blank" rel="noopener">Rhodium Group</a>, greenhouse emissions increased more than 6% from 2020 to 2021, in part due to a 17% increase in coal-fired power.Coal emissions had been dropping since 2014, but rebounded as the economy shook off a slowdown caused by the coronavirus pandemic. The research also suggests emissions spiked because of rising prices for power alternative natural gas, making coal-fired electricity more appealing.Emissions in 2021 climbed at a faster rate than the overall growth of the economy, a concerning statistic, researchers said."We expected a rebound, but it's dismaying that emissions came back even faster than the overall economy," Kate Larsen, a partner at Rhodium Group, <a href="https://rhg.com/research/preliminary-us-emissions-2021/" target="_blank" rel="noopener">told the Guardian</a>. "We aren't just reducing the carbon intensity of the economy; we are increasing it. We are doing exactly the opposite of what we need to be doing."The sector with the largest increase in emissions year-over-year was the transportation sector, fueled by diesel consumption, according to the report.Overall, greenhouse emissions in 2021 were still 5% lower than 2019 levels. But the US greenhouse gas emissions were only 17% below 2005 levels in 2021, putting the US further behind its targets as part of the Paris Agreement Climate Agreement.The US had agreed to reduce emissions to 50-52% below 2005 levels by 2030.The Rhodium researchers said Congress, the federal government, and individual states "all must act quickly" to get the US back on track.The Build Back Better package — which stalled in the US Senate — was expected to cut US emissions to between 45-51% of 2005 levels, according to a separate <a href="https://rhg.com/wp-content/uploads/2021/10/Rhodium-Group_Pathways-to-Paris-A-Policy-Assessment-of-the-2030-US-Climate-Target.pdf" target="_blank" rel="noopener">Rhodium Group</a> report.President Joe Biden said his goal is to cut emissions to net-zero by 2050, which climate scientists said will require closing all coal-fired power stations across the country by 2025. "It means that by 2025 we will have to have closed down all coal-fired power stations across the planet," Potsdam Institute for Climate Impact Research director John Schellnhuber <a href="https://www.theguardian.com/science/2016/aug/06/global-warming-target-miss-scientists-warn" target="_blank" rel="noopener">told The Guardian</a>. "And by 2030, you will have to get rid of the combustion engine entirely. That decarbonization will not guarantee a rise of no more than 1.5 Celsius, but it will give us a chance. But even that is a tremendous task."

Coal emissions increased for the first time in 7 years, pushing the US even further from meeting its 2030 climate goals: analysis

<div class="KonaFilter image-container display-table float_right"><div><div class="image">AP Photo/Michel EulerThe new Porsche Cayenne S diesel.</div></div></div>Porsche, one of the carmakers caught in the middle of Volkswagen's ongoing emissions scandal, has just issued a stop-sale order on one of its most popular models: the Cayenne Diesel SUV.The SUV features the 3.0-liter V6 TDI engine named in the US <a href="http://www.businessinsider.com/epa-volkswagen-may-have-cheated-emission-tests-with-another-engine-2015-11">Environmental Protection Agency's expanded accusations against Volkswagen</a>.Those allegations claim that Volkswagen's 2.0-liter TDI engine and its 3.0-liter V6 TDI engine are equipped with emissions-cheating devices.In a statement issued Tuesday, Porsche says sales of 2014 to 2016 models of the Cayenne Diesel should stop until further notice.The statement reads in part: "We are working intensively to resolve this matter as soon as possible. Customers may continue to operate their vehicles normally."According to a new report from the Environmental Protection Agency, and earlier reported by Business Insider's Benjamin Zhang, the Cayenne Diesel is allegedly equipped with technology designed to cheat on emissions tests. The Cayenne Diesel's 3.0-liter V6 TDI engine is also used in several other Volkswagen and Audi models.The EPA claims that the technology - a so-called defeat device meant to yield false results on emissions tests - is the same that <a href="http://www.businessinsider.com/volkswagens-cheating-engines-cant-be-easily-fixed-2015-9">Volkswagen admitted to using on its smaller, 2.0-liter engines</a> in September.For its part, Volkswagen has denied the latest allegations from the EPA concerning the larger 3.0-liter V6. In a statement released Tuesday, the manufacturer declared that "no software has been installed in the 3-liter, V6 diesel-power units to alter emissions characteristics in a forbidden manner." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/volkswagen-faces-epa-fine-vw-emissions-test-cheating-volkswagon-2015-9">Volkswagen faces a possible $18 billion EPA fine for cheating on emissions tests</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="c3NTBudzqUxjnhlK9lH26LN-2jQ6RdYb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Porsche will stop selling certain models of its best-selling SUV because of Volkswagen's emissions scandal

<ul class="summary-list"><li>Global carbon emissions rose in 2022 from an increase in air travel and coal power, a report found.</li><li>A spike in clean power like solar and wind kept the growth in emissions from being worse.</li></ul>Global carbon-dioxide emissions hit another record in 2022, but the increase wasn't as bad as it could have been because of the strong growth of solar and wind power, as well as other renewable-energy sources. The <a href="https://www.iea.org/news/global-co2-emissions-rose-less-than-initially-feared-in-2022-as-clean-energy-growth-offset-much-of-the-impact-of-greater-coal-and-oil-use" target="_blank" rel="noopener">findings by the International Energy Agency</a> underscore that even as the world continues to burn fossil fuels at an unsustainable level, the energy crisis sparked by Russia's war in Ukraine is likely to speed the shift to clean energy.European countries that had relied on oil and gas from Russia are looking elsewhere for energy, and many are trying to step up the adoption of renewables.But the head of the IEA said more needed to be done, especially by energy companies raking in windfall profits."International and national fossil fuel companies are making record revenues and need to take their share of responsibility, in line with their public pledges to meet climate goals," the IEA's executive director, Fatih Birol, <a href="https://www.iea.org/news/global-co2-emissions-rose-less-than-initially-feared-in-2022-as-clean-energy-growth-offset-much-of-the-impact-of-greater-coal-and-oil-use" target="_blank" rel="noopener">said Thursday in a statement</a>. "It's critical that they review their strategies to make sure they're aligned with meaningful emissions reductions."Carbon emissions grew to 36.8 billion metric tons in 2022, nearly a 1% increase over 2021, mainly driven by more people hopping on planes and a wave of gas-to-coal switching in Asia because the energy crisis caused by Russia's invasion of Ukraine sent gas prices soaring. Still, the growth of solar, wind, electric vehicles, and heat pumps helped prevent a massive spike in emissions. Without the increase in clean technologies, the year-over-year increase in energy-related emissions would have been almost triple, the report found. Renewables accounted for 90% of the global growth in the supply of electricity, and one in every seven cars sold globally last year was electric, the IEA said.Extreme weather events, which are becoming more frequent and intense because of the climate crisis, are also influencing emissions, particularly droughts and heat waves. In the US, summer heat waves led to major spikes in electricity demand met by natural gas, the IEA found. In Europe, there was the opposite effect because of a mild winter, and the bloc's emissions fell. Meanwhile, China's emissions stayed flat in 2022 compared with previous years because industrial production slowed amid strict COVID-19 policies.

Carbon emissions hit a record last year, but rapid growth in renewable energy kept the increase from being far bigger

<ul class="summary-list"><li>The Methodist Church has sold all of its stakes in <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> and gas major <keyword id="46532" type="COMPANY" weightage="60" keywordseo="Shell">Shell</keyword> over its emissions policy, the Financial Times reported.</li><li>Shareholders are due to vote on Shell's <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> transition plans in May.</li><li>Shell's Q1 2021 earnings exceeded analyst expectations, as strong energy prices drove up profit.</li></ul>The Methodist Church has sold off its entire investment in energy company Shell, which was worth over £20 million ($27 million), as it is concerned about Shell's clean energy strategy, the <a href="https://www.ft.com/content/9c8195ac-2203-428d-b6c3-91cb717eb084">Financial Times</a> reported on Friday. Shell is aiming to adhere to the Paris Agreement and become a net-zero company by 2050 through reducing its carbon intensity step by step, lowering it first by 20% before 2030 and then by 45% by 2035. 'Carbon intensity' refers to the amount of emissions each unit of energy that Shell sells produces. The company is increasing the amount of low-carbon energy sources such as hydrogen, or biofuels, in the products it sells and is planning to focus on producing more clean power. The company plans to capture, or offset, any unavoidable emissions created by its energy production. It also works with its customers to support them in lowering their own carbon footprint, according to Shell's website. However, the Methodist Church does not believe these measures go far enough and Shell is not making a substantial enough effort to address <keyword id="6375923" type="UNKNOWN" weightage="60" keywordseo="climate">climate</keyword> change, the FT said.Shareholders will be asked to vote on Shell's clean energy strategy at the company's annual general meeting in May, although the results won't be binding, the FT said.In its first quarter <a href="https://www.shell.com/investors/results-and-reporting/quarterly-results/2021/q1-2021/_jcr_content/par/toptasks_1119141760_.stream/1619622392564/f9846a43e21fd61cee30833eb8d28879464c8dd7/q1-2021-qra-document.pdf">earnings</a>, Shell exceeded analyst expectations as earnings rose to $3.2 billion, rather than the expected $3.1 billion. Compared to the fourth quarter of 2020, when adjusted earnings were reported as $393 million, this reflects growth of 724%. Year-on-year, quarterly growth was around 11.5% - in the first quarter of 2021.Shell said rising oil and LNG prices, chemicals and refining margins and lower depreciation were behind the quarterly pickup in growth, which was not affected by the Texan winter storm earlier this year. Shell said the storm caused losses of $200 million.

The Methodist Church sold its entire stake in Shell over climate concerns, report says

<ul class="summary-list"><li>A new study from <keyword id="6358918" type="General" weightage="60" keywordseo="deloitte" source="Orion">Deloitte</keyword> lays out four phases for tackling <keyword id="6361617" type="General" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> and its economic risks.</li><li>The team sees <keyword id="6375923" type="General" weightage="60" keywordseo="climate" source="Orion">climate</keyword> risks costing the world <keyword id="34412" type="General" weightage="100" keywordseo="economy" source="Orion">economy</keyword> $178 trillion in <keyword id="35050" type="General" weightage="60" keywordseo="gdp" source="Orion">GDP</keyword> over the next 50 years.</li></ul>Letting climate change go unchecked could decimate the global economy by 2070. A new report by Deloitte lays out the four steps that governments, corporations, and citizens need to take if they're to avoid such catastrophe. The world has plenty of economic problems on its plate, what with inflation, Russia's invasion of Ukraine, and broken supply chains all threatening global growth. The looming climate crisis, however, is too costly to ignore, Deloitte economists Pradeep Philip, Claire Ibrahim, and Cedric Hodges said in a report published Monday morning. If the world stays on its current path, average temperatures will climb 3 degrees Celsius by the end of the century. That will cost the global economy about $178 trillion in just the next 50 years, according to the study. Human costs including food scarcity, job losses, and reduced standards of living will also mount, the team said. Conversely, pushing for net-zero emissions can set the stage for stronger economic growth in the coming decades. Such a pivot can grow the world economy by $43 trillion by 2070, according to the report. The deadline for achieving that windfall is fast approaching. Deloitte's rosier estimate hinges on the world decarbonizing its economy by 2050, a feat that would limit warming to about 1.5 degrees Celsius. But getting to net-zero emissions is no easy task, and Deloitte sees four phases as key to bringing about an environmentally sustainable future. <h2>Going 'bold' on climate change</h2>The first steps toward achieving net-zero will be more theoretical than concrete. The world needs to "set the stage" for decarbonization with policies and frameworks for a low-carbon future, the team said, adding that the first step will be focused on "bold climate plays." With emissions still on the rise, the clock is running out for world governments to plan for a decarbonized economy. "Given the costs associated with each tenth of a degree of temperature increase, every month of delay brings greater risk and forestalls the eventual economic gains," the economists said. <h2>Paying upfront for boosted growth</h2>Reaching net-zero emissions will take some serious investment. Economies will have to pay up for clean energy, sustainable supply chains, and replacements for emissions-intensive industries if they're to make the transition in time, according to the report. <div type="image" title="Deloitte" height="645" width="572" msid="91746172" hostid="261"></div>The shift won't be without some "growing pains," the team added. Investing in a greener economy will dent GDP growth over the next two decades as companies shift their focus from profitability to sustainability. Deloitte estimates that the growth outlook will reach a turning point in the late 2040s, after which the investments are forecasted to yield massive returns, to say nothing of the benefits of avoiding climate disasters. <h2>Reaching the turning point</h2>The net-zero experiment will start to pay off in about 25 years, when investments in "structural economic adjustment" near completion, the team said. "Economies would realize the dividend of the transformation and experience net positive growth," they added. The turning point also represents the moment the world moves away from the risk of a $178 trillion projected loss and toward a $43 trillion gain. There will be significant costs in the first several years of the transition, but economists must regard climate change as a trend — not a temporary scenario — as they model the potential risks, according to Deloitte. "If the economic impacts of a changing climate are left out of economic baselines, the result is likely to be poor decision-making, ineffective risk management, and dangerously inadequate efforts to address the climate crisis," the team said. <h2>Maintaining a low-emissions future</h2>Staying the path can, ideally, create a decarbonized economy, but the work won't be all done then. Governments and companies will have to maintain "interconnected, low-carbon systems" to keep the green economy alive and growing, the team said. This world economy will expand "at an increasingly faster rate than its carbon-intensive alternative," they added. The benefits will differ from region to region. The Asia Pacific economy has the most exposure to climate-related damage, according to the report. The region could lose $96 trillion of economic growth by 2070 if decarbonization isn't achieved. Put another way, the area's GDP could be 9% smaller in 50 years than in a world with net-zero emissions. The Americas would follow with a combined $36 trillion loss by 2070, Deloitte said. The US alone would lose $4 trillion in potential growth, and the region's overall GDP would be 4% lower by 2070 compared to a decarbonized world. Europe faces the smallest projected loss, with the region expected to lose $10 trillion in GDP by 2070 compared to a decarbonized future. Still, economic growth would reach just 1% in the 2060s as climate problems slam into the European economy. The stakes are extremely high. Deloitte's modeling shows investments in decarbonization not just paying off, but paying dividends throughout the 21st century.

Deloitte lays out 4 steps to keep the climate crisis from tanking the global economy over the next 50 years

<div class="KonaFilter image-container display-table"><div><div class="image on-image">USGS</div></div></div><ul><li>The alert level for the Kilauea Volcano in Hawaii has been raised from "orange" to "red."</li><li>This indicates "major volcanic eruption is imminent, underway, or suspected with hazardous activity both on the ground and in the air."</li><li>Ash clouds have reached as high as 10,000 to 12,000 feet above sea level.</li><li>The USGS has warned the volcano may become "more explosive."</li></ul> The US Geological Survey (USGS) raised its alert level for Hawaii's Kilauea Volcano on Tuesday evening.The alert level has been raised to "red," which the USGS defines as: "Major volcanic eruption is imminent, underway, or suspected with hazardous activity both on the ground and in the air."Early in the morning local time, eruptions of ash increased in intensity and has since been rising continuously. Ash-fall has been reported in Pahala, about 18 miles downwind. The ash cloud has reached as high as 10,000 to 12,000 feet above sea level.The USGS expects ash emission to vary depending on rockfalls and other changes within the vent, but has said activity "may become more explosive, increasing the intensity of ash production and producing ballistic projectiles near the vent."The USGS previously had given an "orange" alert, indicating a major volcanic eruption may have been imminent but hazards were limited because of no or minor volcanic ash emissions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jeff-bezos-interview-axel-springer-ceo-amazon-trump-blue-origin-family-regulation-washington-post-2018-4">Jeff Bezos reveals what it's like to build an empire and become the richest man in the world - and why he's willing to spend $1 billion a year to fund the most important mission of his life</a></h3> <div> </div> </div>

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