Massive Rainfall Shift in America Due to Climate Change

Carbon Credits
-
0
Massive Rainfall Shift in America Due to Climate Change

USA Today launched an investigation called Downpour, in which they analyzed the average annual precipitation across 344 divisions from 1951 through to 2020. The results were shocking. Extreme rainfall in some regions and a lack of rain in others result from climate change.

Data obtained from weather stations across the US measured the change in frequency and extreme nature of rainfall events. USA Today found that:

Over three years, 27 states east of the Rocky Mountains hit 30-year precipitation highs.

  • A dozen states (which include Iowa, Ohio, and Rhode Island) had five of their ten wettest years over the past two decades.
  • Michigan had six of its wettest 10 years over the past 13 years.
  • 136 daily rainfall rates were set as rain hit five states bordering the Mississippi River.
  • Eight states had three record-dry years – double what was expected.

If you wonder how climate change impacts rainfall, you’re not alone. Many people do not recognize the correlation between increased temperatures and weather patterns.

Simply put, high temperatures result in stagnant pressure systems – affecting water levels, the soil, plants, and weather patterns. This means that areas worldwide could experience heavy rains or droughts simultaneously.

World leaders have expressed the need for immediate action regarding climate change, and companies seem to have followed suit. Many recognize the importance of reducing emissions and protecting the environment. They can no longer sit idly by when they see how climate change impacts day-to-day weather patterns in their own communities.

Though there is no one-size-fits-all solution, new technologies are needed to stop and limit the emission of carbon. When these technologies are combined with carbon offsets and increased regulation – the environment can improve by preventing the rapid increase in the atmospheric temperature.

The zeal with which COP26 participants worked to develop financing programs, global standards for carbon offsets, and increased regulations show just how urgent this fight is.

As organizations and companies, such as USA Today, continue to research and show why climate change is a cause everyday people should care about, net-zero goals feel more within reach.

The Impact of Article 6 on the Global Carbon Market

Carbon Credits
-
0
The Impact of Article 6 on the Global Carbon Market

At COP26, world leaders agreed to set a global standard for the carbon marketplace – a win for the carbon credit industry at large. Over 200 nations agreed on these guidelines under Article 6 of the Paris Agreement.

Article 6 is a guide to help create, account for, and verify carbon credits – a component many critics felt was lacking. It will help prevent double counting and allow existing certified emission reductions (CERs) to be traded across countries through Internationally Transferred Mitigation Outcomes (ITMOs).

ITMOs are like carbon credits in that they are created by environmental projects that reduce or remove emissions from the atmosphere. ITMOs differ because they are used across country lines – either at the government or corporate level. Under Article 6, countries can use offsets to adjust their own emissions or sell them to another country to use.

Renant Heuberger, CEO of South Pole, was quoted as saying, “This is the rulebook we’ve been waiting for. It creates the clarity that we need to really ramp up massive private sector investments into projects that really cut emissions at a big scale.”

Most experts agree that this new international standard will boost the demand for carbon credits and carbon credit projects.

We have already seen an increase in prices in Europe. The European Union Allowance Futures price is now over 80 Euros / metric ton.

Mark Carney, former Bank of England Governor, believes that the global carbon market now can grow into a $100 billion a year industry.

Andrew Howard, senior director of climate markets at Verra, said that Verra is going through Article 6 decisions in detail to learn how they relate to its own carbon market standard.

Verra is currently the largest certifier of carbon credits.

It will be interesting to see how these new guidelines impact the carbon credit industry. One thing is for sure: this deal on Article 6 will undoubtedly boost confidence within the emissions markets.

Global Carbon Farming Program Launched by BASF

Carbon Credits
-
0
Global Carbon Farming Program Launched by BASF

BASF will let farmers track and profit from reducing carbon emissions through their new Global Carbon Farming Program. The long-term goal is to support BASF Agriculture Solutions’ promise to reduce the carbon footprint per crop ton by 30% by 2030.

Through BASF’s Global Carbon Farming Program, sustainable agricultural practices will be promoted and adopted – providing farmers with the tools necessary to help farmers make green choices.

As farmers reduce their emissions and utilize methods that capture carbon within the soil, farming can be part of the climate change solution.

Besides encouraging farmers towards sustainability, BASF will let farmers create carbon credits through verified practices. This will not only help companies offset their carbon emissions but provide farmers with an additional revenue stream – a win for companies, farmers, and the environment alike!

The carbon credit industry has grown over the past year. Companies have flocked to purchase credits to offset their emissions and meet environmental goals. Remember, many industries lack the technology needed to achieve net-zero emissions, so neutralizing emissions at this point in time is critical.

Though some critics have expressed concern over the lack of regulation within the carbon credit industry – verification methods continue to improve. World leaders at COP26 even agreed to set a global standard  – recognizing the carbon market’s integral role in the fight against climate change.

Regarding this new program, Vincent Gros, president of BASF agricultural solutions, said, “The launch of our Global Carbon Farming Program is a testament to our strong commitment to sustainable agriculture. It will enable farmers worldwide to increase the health of their soils, reduce emissions, sequester carbon, and – at the same time – be rewarded for their sustainability efforts to combat climate change.”

The crops BASF’s Global Carbon Farming Program will focus on are wheat, soy, rice, canola, and corn.

Net-Zero Steel Could Cost Industry $278 Billion

Carbon Credits
-
0
Net-Zero Steel Could Cost Industry $278 Billion

The global steel industry could reach net-zero by 2050 through recycling, hydrogen, and carbon capture – but it won’t be cheap. Bloomberg’s energy data and analysis unit said it could cost the steel industry anywhere from $215 billion to $278 billion – but there’s a catch.

Steel produced under green conditions could, in fact, cost less to make long-term. Right now, steel costs $726 per metric ton. Under new technology, it could cost $418 to $598 per ton – significant savings.

Steel production currently emits about 7% of the world’s greenhouse gases into the atmosphere. 69% of steel production is fueled by coal.

According to the Bloomberg report, “The steel industry has a challenging path to decarbonization: It is heavily reliant on coal, has limited opportunities to increase its share of recycled production due to scrap availability, and will need to wait for hydrogen costs to fall to realize cost-competitive clean production.”

Companies cannot expect to do this alone; government support will be needed. Bloomberg believes that subsidies up to $145 per ton of carbon would help incentivize change.

Some steel companies, such as ArcelorMittal SA, find alternate ways to offset emissions while working towards net-zero. Their program, XCarb green steel certificates, was launched this year. It provides customers with the chance to lower their carbon footprint through carbon savings that are verified and converted into certificates – like a carbon credit.

The carbon credit industry has grown over this past year. Countries and companies alike recognize its potential to improve the environment and spark economic development.

Through innovative technology, the use of carbon offsets, and increased regulation, net-zero steel production seems within reach – even if it is expensive upfront.

For businesses to continue to thrive, reduced emissions are a must. Countries, along with consumers, will not have it any other way.

ExxonMobil to Spend $15B to Reduce Carbon Emissions

Carbon Credits
-
0
ExxonMobil to Spend $15B to Reduce Carbon Emissions

ExxonMobil has announced its corporate plans through to 2027, which include reducing carbon emissions. They have committed $15 billion to this cause – totaling $2.5 billion per year.

Exxon will focus on projects to lower emissions, while investing in low-carbon solutions (like carbon capture and storage, biofuels, and hydrogen).

Right now, Exxon is on track to meet its 2025 GHG reduction plans. They are even 4 years ahead of schedule!

According to Chairman and Chief Executive Officer Darren Woods, “The focused actions we have taken have enabled us to accelerate greenhouse gas reductions, particularly in the areas of methane and flaring.”

Exxon’s Greenhouse Gas Emission-Reduction Plans include a:

  • 20-30% reduction in corporate-wide intensity
  • 40-50% reduction in Upstream intensity
  • 70-80% reduction in corporate-wide methane intensity
  • 60-70% reduction in corporate-wide flaring intensity

It is important to note that these plans are limited to Exxon’s operations; they do not cover customers who are burning their fuel. However, many of Exxon’s customers such as BP and Royal Dutch Shell have committed to reducing their own emissions. Even Chevron, Exxon’s largest US competitor, is spending $10 billion towards low-carbon ventures.

As more companies seek to reduce emissions, carbon offsets will continue to play an integral role. With a new global standard in place, many expect the carbon credit and offset industry to be valued at $100 billion by 2030 – up from just $300 million in 2018.

Woods went on to say that “[Exxon’s] strategy is designed to create shareholder value by leveraging our competitive advantages while maintaining flexibility to respond to future policy changes and technology advances associated with the energy transition.”

Exxon believes their new plan will double their earnings by 2027.

UN Shipping Body Looks to Cut Black Carbon in the Arctic

Carbon Credits
-
0
UN Shipping Body Looks to Cut Black Carbon in the Arctic

Through the International Maritime Organization (IMO), countries are urging ship operators to cut back on carbon emissions when operating within Arctic waters. The goal would be to limit the emission of black carbon by switching to cleaner fuels.

Black carbon is filled with particles that absorb the sun and trap heat. It is such a problem in the Arctic that it darkens the ice – reflecting less light back into space.

According to the Clean Arctic Alliance, black carbon emissions have increased 85% from 2015 to 2019, so immediate action is needed.

Though the resolution to cut black carbon is voluntary, many are hopeful that most private companies will seek to reduce emissions.

Sian Prior, from the Clean Arctic Alliance, said, “If all shipping currently using heavy fuel oils while in the Arctic were to switch to distillate fuel, there would be an immediate reduction of around 44% in black carbon emissions from these ships.”

She went on to say that, “If particulate filters were installed onboard these vessels, black carbon emissions could be reduced by over 90%.”

Saudi Arabia, the UAE, and Russia resisted measures to cut black carbon. India and South Africa also resisted – but on the grounds of equity. They feel that wealthier counties should act first and then help them transition to cleaner fuels.

The UK, the US, and Panama were the most prominent supporters.

Though some nations wanted an option for carbon offsets to be included, John Maggs, President of the Clean Shipping Coalition, said, “Most of those who spoke were talking about absolute net-zero…not net-zero with ‘get out of jail free’ offsets.”

With a new global standard being implemented for carbon offsets at COP26 – carbon offsets may still have a role in cutting black carbon.

The shipping industry currently emits about one billion tons of carbon into the atmosphere annually. However, with increased regulation, carbon offsets, and innovative technology, black carbon emissions can be drastically reduced.

IMO’s goal is to decrease that by 50% by 2050. They are expected to implement a long-term strategy by 2023.

GRNB – VanEck Vectors ETF Trust – VanEck Vectors Green Bond ETF

Simon H
-
0


GRNB Stock Predictions, Articles, and News

BGRN – iShares Global Green Bond ETF

Simon H
-
0



BGRN Stock Predictions, Articles, and News

SPYX – SPDR S&P 500 Fossil Fuel Reserves Free ETF

Simon H
-
0



SPYX Stock Predictions, Articles, and News

SMOG – VanEck Low Carbon Energy ETF

Simon H
-
0



SMOG Stock Predictions, Articles, and News

1...120121122...137Page 121 of 137