Google to increase renewable energies globally

The US tech company Google (GOOGL ) has announced that it has made its biggest corporate purchase of renewable energy ever. This include 1600 megawatt package of wind and solar agreements and 18 new energy deals. According to Google more than 2 billion dollars will go to building new infrastructure in the US, Europe and Chile.

– These renewable energy purchases aren’t only notable for their size. Up to now, most of our renewable energy purchases in the U.S. have been wind-driven, but the declining cost of solar (down more than 80 percent in the past decade) has made harnessing the sun increasingly cost-effective. Meanwhile, our Chile deal marks the first time we’ll buy power in a hybrid technology deal that combines solar and wind. Because the wind often blows at different times than the sun shines, pairing them will allow us to match our Chilean data center with carbon-free electricity for a larger portion of each day, Google says in its press release.

The purchase is equivalent to the capacity of a million solar rooftops the Google CEO Sundar Pichai said.

Other tech companies are also announcing their climate change mitigation actions and energy efficiency plans before the next weeks UN Climate Change meetings. For example Amazon (AMZN) has said it will run only by renewables by 2030 and is targeting carbon-neutral by 2040.

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G7 Leaders underline the unity and positive spirit

The G7 Biarritz  statement underlines the unity and positive spirit of the ongoing debates. According to the final statement, the G7 is committed to open and fair world trade and to the stability of the global economy.

– The G7 wishes to overhaul the WTO to improve effectiveness with regard to intellectual property protection, to settle disputes more swiftly and to eliminate unfair trade practices, the statement said.

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The event was also about gender and environmental issues. They launched the Biarritz Partnership Gender Equality initiative for governments to join.

The leaders urged also  Multilateral Development Banks (MDBs) and other Development Finance Institutions (DFIs)

  • to build on existing efforts to promote transparency and accountability mechanisms
  • to support projects that respect international law and prevailing standards, including the rule of law, human and labour rights, gender equality, and environmental standards
  • and to avoid unjustified disparities in the treatment of companies in calls for tenders.

Regarding the climate change issues, the US President Donald Trump kept his earlier message same and underlined the importance of LNG energy as one of the major energy sources in the world.

-I’m not going to lose that wealth (LNG). I’m not going to lose it on dreams, on windmills, which frankly aren’t working too well,  he said in the media meeting.

The tone of voice related to trade deals and US -China trade was somewhat positive and according to Mr Trump he said that he has great respect on the Chinese President Xi.

According to Bloomberg, some analysts thought that the UK PM Boris Johnson had a good meeting with the other G7 leaders and this was a positive sign for the Brexit due to October 31st.

The financial markets turned to green and the New York closed clearly up. Dow Jones index closed up 1,07 %, S&P 500- index  1,11 % and technology Nasdaq- index 1,32 %.

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G7 to talk about environmental and gender issues

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The Group of 7 (G7) in Biarritz, France will talk about environmental and gender issues during the weekend meeting. According to the press materials, the G7 will discuss today on Sunday about trade and international security along with the Biarritz G7 final report.

The main focuses in the summit will be gender equality and environmental issues, but the delegates may bring new topics to the meetings as well.  One of the informal discussions is the UK Brexit deal with the EU and it will be seen if the Group will have some kind of statement of the Brexit by tomorrow. The closing press conference will be on Monday pm with the French President Emmanuel Macron.

The G7 have analysed the most effective legislative measures to enhance the gender issues and is offering this initiative to governments to join the partnership.  The advisory council have listed 70 laws and public policies and ask countries to adopt at least one of those and report back next year in 2020. During the year 2020 the US will be hosting the G7 meetings.

The second big issue is environmental questions. Climate change, oceans warming, biodiversity will be key topics also in Biarritz.  The G7 signed the Charter of Biodiversity in Metz and it will be presented for adoption now in Biarritz. During the meeting there will be discussions also about the Green Climate Fund and its actions towards to financing the climate change mitigation actions.

The G7 has also identified three different public and private stakeholder issues to fight global warming. They are the coalition of maritime transport and how the shipping companies can reduce their carbon and pollution, the coalition of energy efficiency in the cooling sector and the coalition of fashion industry.

According to the G7 materials, the fashion industry accounts about 8 % of global greenhouse gas emissions and textile production is having 1,2 billion tonnes of greenhouse gas emissions every year.

“This is more than all of the emissions produced by international flights and maritime transport combined. The fashion sector is also responsible for 17 % of the industrial water pollution worldwide and the microfibres shed by synthetic fabrics are responsible for up to 35 % of plastic pollution in the world oceans”, the report says.

This G7 Fashion Pact, is also signed by Francois-Henri Pinault, the owner of the one of the world’s biggest luxury companies Kering Group (KER). The Group includes brands like Gucci, Saint Laurent and Boucheron with the market cap of 51,9 billion euros.

The G7 countries include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.  The members represent about 40 % of the global GDP, but at that time when the group was established, in 1976, the countries represented 70 % of the global GDP.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Finance

Trump: US is not accepting Paris Agreement

The US President Donald Trump said that the country is not accepting a global Climate Change standard, which would mean a loss of the country’s production by over 20 %. He commented the Climate Change issues in the press conference in Osaka, Japan today.

According to him, the US air is now the cleanest it has ever been and he thinks that countries that have accepted the climate standard (the Paris Agreement) will loose their power with manufacturing.

Trump mentioned also that he does not like the subsidies related to the renewable wind power the US has at the moment.

– I do not like it, he said.

President Donald Trump did not signed the climate change communique of the G20 nations in Osaka. This so-called 19+1 formula on climate change  is similar to the Argentina meeting last year.  This means that the other countries are fully committed to the implementation of the Paris Agreement.

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UK to foster net zero emissions by 2050 -increasing R&D

The UK has decided to aim for net zero emissions by 2050. This world leader target means that the UK Goverment will update its Clean Growth Strategy and integrate this also in its Industrial Strategy. 

The Goverment has decided to increase the R&D spending to 2,4 % of the GDP by 2027 and increase the rate of R&D tax credit to 12 %. Britain is also aiming to host the COP26 in 2020 in London.

According to the net zero report,the UK will increase the use of electric cars and increase the capture of carbon from the air with new innovations.

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UK to target net zero emissions by 2050? FT

The UK is targeting to set a new goal for carbon emissions. According to the report from Committee on Climate Change, UK should be net zero emissions country by 2050. This would equate to 1-2 % of the 2050 GDP, says Financial Times.

FT says that the report, which will be published on Thursday, will guide Scotland to be net zero already in 2045 and Wales 95 %zero in 2050 due to its sheep-farming industry.

The UK Parliament is expected to discuss about the Climate Change updates on Wednesday,when the House of Commons will have this topic on its agenda.The target would be reached by using more renewable energy sources, increasing the electric vehicles in transportation and for example capturing carbon from the air.

In 2018 the UK carbon emissions fell by 2,5 % sixth straight years in row.About 80 % of the UK homes are warmed by using natural gas.

If this new target would pass the Parliament,it would mean that the UK would be among the leading G7 countries to set this kind of target.  It is good to remember that the UK will leave also the EU Emissions Trading System as part of the Brexit deal.

In London there have been several climate activists protests during the last two weeks in order to speed the decision making on Climate Change.

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Davos: Companies should have Climate Change strategy

According to the Global Risk Report by the World Economic Forum, Climate Change, Natural Resources and Biodiversity are among the the top global risk areas for this year. 

– Rising geopolitical and geo-economic tensions are the most urgent risk areas in 2019, with 90% of experts saying they expect further economic confrontation between major powers in 2019, the World Economic Forum Report states.

– Environmental degradation is the long-term risk. Rapidly evolving cyber and technological threats are the most significant potential blind spots; we still do not fully appreciate the vulnerability of networked societies, the report says.

– 2018 was sadly a year of historic wildfires, continued heavy flooding and increasing greenhouse gas emissions. It is no surprise that in 2019, environmental risks once again dominate the list of major concerns. So, too, does the growing likelihood of environmental policy failure or a lack of timely policy implementation. To effectively respond to climate change requires a significant increase in infrastructure to adapt to this new environment and transition to a low-carbon economy. By 2040, the investment gap in global infrastructure is forecast to reach $18 trillion against a projected requirement of $97 trillion. Against this backdrop, we strongly recommend that businesses develop a climate resilience adaptation strategy and act on it now, says Alison Martin, Group Chief Risk Officer in the  Zurich Insurance Group.

The Wef Davos meeting will be held next week in Davos, in Switzerland. Around 3000 quests are expected to come to Davos, including Japan PM Shinzo Abe, German Angela Merkel and Prince William, the Duke of Cambridge.

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