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Hello!
Today’s newsletter opens with a question – can the energy crisis sparked by Russia’s invasion of Ukraine lead to a faster clean energy transition?
The International Energy Agency (IEA) thinks it can, saying that reduced supplies of Russian fossil fuels can help to hasten a green energy transition. But can it really? Before we all pat ourselves on the back, last week’s Sustainable Switch pointed to the rise of reopened coal plants getting a new lease of life to deal with this winter’s energy crisis. This is something the China-backed Asian Infrastructure Investment Bank (AIIB) has warned governments against, saying such moves could result in decades of environmental harm. Additionally, China's Ministry of Ecology and Environment urged countries to stop politicizing climate change, warning that the suppression of China's solar panel industry was hurting the global switch to clean energy.
The IEA's report said the global energy crisis is causing profound and long-lasting changes that could hasten the transition to a more sustainable and secure energy system. But short-term gaps created by the reduction in fossil fuel supplies from Russia will need to be plugged from elsewhere. The hope is that these gaps will be plugged by low emissions fuels, making new oil and gas fields unnecessary in the agency’s most climate-friendly Net Zero Emissions scenario.
But just this week, oil conglomerate Exxon made two new oil discoveries at wells located in the Stabroek block offshore Guyana. Still, the IEA has found that global clean energy investments are set to rise to more than $2 trillion a year by 2030, up by half from current levels, while "international energy markets undergo a profound reorientation in the 2020s as countries adjust to the rupture of Russia-Europe (energy) flows," the IEA said. However, some nations have revived fossil fuel projects and plans on coal in order to secure enough energy for the winter.
The AIIB warned governments against building new fossil fuel power stations out of panic during the current global energy crisis, saying such moves could result in decades of environmental harm. There is now a real risk that worried governments rush to open or reopen coal and other heavily polluting power stations to bolster their energy supplies, Jang Ping Thia, one of the AIIB's lead economists, warned. "We should avoid making serious mistakes in this panic," he said. "Don't let a one-year crisis lock you in for the next 25-30 years."
Additionally, Li Gao, head of the climate change office at China's Ministry of Ecology and Environment, urged countries to stop politicizing climate change, warning that the suppression of China's solar panel industry was hurting the global switch to clean energy. The United States has banned imports of solar products with links to the northwestern Chinese region of Xinjiang, a major producer of polysilicon, a key solar component. China has been accused of using forced labor in Xinjiang, which it vehemently denies. Li also described European plans to impose carbon tariffs on exports from China and elsewhere as "morally untenable".
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View of a COP27 sign on the road leading to the conference area in Egypt's Red Sea resort of Sharm el-Sheikh town as the city prepares to host the COP27 summit next month, in Sharm el-Sheikh, Egypt October 20, 2022. REUTERS/Sayed Sheasha/File Photo
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Government pledges to cut greenhouse gas emissions put the planet on track for an average 2.8 degrees Celsius temperature rise this century, after "woefully inadequate" progress to curb warming, a United Nations report said.
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Australia's corporate watchdog has fined an energy company for 'greenwashing', or exaggerated claims regarding environmentally friendly investments, making it the regulator's first time to crack down on such misconduct.
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Pfizer said its fellowship program for minorities serves the public interest, as the drugmaker defends against a lawsuit by a group of medical professionals that claims the program illegally excludes whites and Asian-Americans.
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Breakingviews: Elon Musk’s $700 bln carmaker says lower production expenses prompted it to lop up to 9% off the cost of vehicles in the country. But it also smacks of a price war in the world’s largest auto market where BYD is gaining ground. Either way, the move sends strong signals to rivals.
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Amanda Jobbins, global chief marketing officer at British multinational telecommunications company Vodafone Business
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“The past twelve months have been a real time of learning for businesses when it comes to ESG. In our recent Fit for the Sustainable Future survey, we asked 3,101 businesses across 15 countries what their biggest hurdles to business sustainability were. The wide majority stated that it’s no longer enough to communicate intent to reduce waste, inefficiencies, and carbon emissions; all these statements must be backed by actions. If not, businesses run the risk of being accused of greenwashing.
“This has led to a rethink of the actions that truly matter. Business leaders believe the industry was relying on offsetting too much. Instead, they should be taking actions that would address challenges at the source. As a result, we’ve seen businesses shift their focus from offsetting to changing their means of production. That includes recycling technology products (+13% YoY), actively aiming to limit harmful pollutants and chemicals (+12% YoY), producing or using products and packaging that can be recycled (+6% YoY) and utilizing renewable energy sources where possible (+4% YoY).
“That said, the challenge at hand is simply too big to go at it alone. Three quarters of all companies surveyed agree that greater collaboration between organizations is needed to fully conquer the biggest sustainability challenges in business.”
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Graphic by Gavin Maguire, Reuters global energy transition columnist
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Spanish multinational green power and electric utility company Iberdrola named Armando Martínez as its new chief executive, as the global giant separated the roles of CEO and executive chairman. The move sees long-standing boss Ignacio Galán remain in the latter role. Martínez previously held the post of business CEO at the Spanish group, but will step up to join the board and take the group chief executive role held by Galán since 2001 when he joined Iberdrola. Francisco Martínez Córcoles will also step down as a director to facilitate the governance changes.
International law firm Simpson Thacher & Bartlett has hired Martha Kammoun as a partner in its energy and infrastructure practice in New York. Kammoun joins from law firm Bracewell and has worked at energy infrastructure investments firm Starwood Energy Group and law firm O'Melveny & Myers.
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Energy law firm Bevan Brittan's Energy & Resource Management Group has appointed Olubunmi Alasi as an associate. Bunmi joins from the electricity generation company North South Power Company where she was responsible for the legal and commercial aspects of various renewable energy projects.
The BBC has appointed its interim head of creative diversity, Joanna Abeyie, to the role permanently. Abeyie will report to the BBC’s incoming director of diversity and inclusion, Chinny Okolidoh, who is set to join the broadcaster imminently. In 2008 Abeyie set up Shine Media, a social enterprise which helped 3,000 people from diverse backgrounds work within creative industries, and a decade later, in 2018, set up inclusive executive search and diversity and inclusion consultancy Blue Moon. She is also joint secretary of the Creative Diversity All-Party Parliamentary Group, which she helped establish with Baroness Deborah Bull.
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“Asset managers are starting to step up and ask much tougher questions of companies of how they are going to help with the goal of COP 27 of keeping 1.5 degrees alive. We are seeing a huge increase in the number of shareholder resolutions, especially in the U.S. In the previous three years, we saw 170 to 180 shareholder resolutions – this year we have seen over 270, many of these on climate issues.”
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- Lindsey Stewart, director of investment stewardship research at financial services firm Morningstar
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European Economics Commissioner Paolo Gentiloni delivers a speech at the EU Sustainable Investment Summit – Session 2 ‘Clean, secure and affordable energy for the future' on Oct. 28.
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Read our Reuters report on Oct.31 that takes a glimpse into the legislation and incentives put in place for people in the Middle East to use electric cars and megaprojects related to sustainable mobility.
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NASA and the National Oceanic and Atmospheric Administration (NOAA) will hold a pre-launch news conference on the latest extreme weather monitoring satellite on Nov.1.
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Decades of climate talks have spawned a host of acronyms and jargon. Look out for our climate jargon explainer on Nov.1.
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World at Work
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Mexico City's mayor said she wants to boost the number of 'digital nomads' in the capital after signing an agreement with short-term rental platform Airbnb, despite fears the influx is pricing residents out of the rental market.
Asked about complaints over rising rents during a press conference, Mayor Claudia Sheinbaum said the local administration has not seen a direct link between rental prices and Airbnb's presence.
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Reuters Power Up
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Find out everything you need to know about the global energy industry and the forces driving the transition to renewable fuels.
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Reuters Daily Briefing
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