Government policy developments
Though some members have resisted this, the EU said it would dedicate 25 per cent of its COVID recovery package to climate action and has proposed a new investment fund to focus on clean energy technologies such as wind, solar and battery storage. The bloc will invest around $17 billion in the fund, according to the European Commission.
The EU's proposed placing of 30 per cent of its budget funding to climate change is far less than was expected. And, according to Ambrose Evans-Pritchard, “Part of it is reshuffling money that would have been spent anyway. The rest is spread thin over many years”. The “Just Transition Fund” to wean countries off fossil fuels was reduced from $53 billion to $17.5 billion. The European Parliament has however rejected a deal that would reduce funding for green measures.
The EU, recognising its carbon tax will destroy its competitiveness, is planning a border adjustment import tax from countries that do not share its zeal. Work by KPMG for Russia estimates an EU tax would cost its exporters €5 billion a year. It could easily bring countermeasures and destroy the world trading system.
Rather than adopt radical moves to cut emissions from aircraft, the Trump administration has adopted existing international rules which manufacturers comfortably meet. The International Air Transport Association has called on the international Energy Agency to expedite the development of sustainable aviation fuels and the EU remains committed to the European Green Deal objectives, including reducing transport emissions by 90% by 2050
Democratic presidential candidate Joe Biden released his long-awaited plan for clean energy and infrastructure, which includes spending $2 trillion over four years and setting the goal of 100 percent clean power by 2035. This represents a stronger approach on climate than his initial plan, which was rolled out last summer and called for $1.7 trillion in spending over 10 years and a zero-emissions target of 2050.
Insisting that “there’s no more consequential challenge” today than climate change, Biden disappointed some by refusing to ban fracking for gas but aims to spur the installation of “millions of solar panels and tens of thousands of wind turbines”. Advocates of the “Green New Deal” want to use the tax code to put into effect the necessary subsidy provisions in order to prevent having the goals thwarted by Senate budget reconciliation procedures. Mr Trump accused Mr Biden of launching a “hard-left crusade against American energy” and pushing a platform “that would demolish the US economy”.
US lawsuits using youth plaintiffs to force government action on the climate change agenda, are failing. The latest was brought by eight Florida youths against the Governor and Agriculture Commissioner. It follows failed cases brought by climate activist law firms on behalf of youths in Alaska, Montana, Oregon, Washington State, and a federal case.
UN Secretary General Antonio Gutteres, also seeks the counsel of the young and has a Youth Advisory Group on Climate Change. He castigated China over its plans for engaging in massive new coal generation developments, saying “By seizing the mantle of leadership” and taking bold action quickly, China could reap “vast competitive advantage” creating more jobs, boosting growth and providing cleaner air and better health to its citizens. The Chinese avoided offering a decarbonisation timeline.
Gutteres's predecessor at the UN, Ban Ki-moon, now heading the Global Center on Adaptation is "bewildered", claiming to the Guardian faithful that Trump abandoning Paris will imperil America.
Demonstrating their political entrepreneurship supplicant agencies have persuaded the Australian government to finance yet another initiative to reduce emissions, this one focussing on the latest business-jargon, “supply chains”. Big name corporate virtue signallers have signed onto the 2050 deadline!
2050 is also the year when the UK plans to be carbon neutral. To achieve this the National Grid says major breakthroughs will be needed in carbon capture and hydrogen technology. The UK regulator plans to spend £25 billion on renewables-friendly transmission lines, which it says will eventually save consumers an average of £20 per year! Small as it is, the saving is more than offset by the associated requirement for high cost unreliable electricity.
Australia is also forcing consumers to finance new spending to shore up costly and unreliable wind/solar facilities, which are incorrectly assumed to be lower cost than gas or coal plant. The market manager foreshadows plans for 34 “Renewable Energy Zones” and other transmission assistance to these already subsidised renewables. The new proposals come on top of billions of dollars proposed for the conversion of hydro facilities into supportive supplies for wind and solar.
Climate activist and IT billionaire Mike Cannon-Brookes has joined iron ore magnate “Twiggy” Forrest to promote a $22 billion scheme to collect solar power in the Australian outback and export it to Singapore. It has been given “fast track” approval with the Industry Minister claiming, “It’s a strong statement to all Australians that despite the immediate challenges of the COVID-19 pandemic ... industry is still investing in opportunities that will drive our economic recovery and create much needed jobs,” The sponsors have committed only $50 million of their own money.
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