Carbon intensity regulation to make or break global low-carbon hydrogen market

Exporters and developers need to consider full value chain emissions associated with hydrogen, says new WoodMac report

15 February 2024


The future of low-carbon hydrogen hinges on global policymakers introducing regulations and subsidies that focus on the carbon intensity of the hydrogen produced rather than its colour, according to Wood Mackenzie’s Horizons report ‘Over the rainbow: Why understanding full value-chain carbon intensity is trumping the colour of hydrogen.’

“The push for better measurement of efforts to cut emissions globally is shining a spotlight on the precise carbon intensity of different sources of hydrogen supply. Because of its potential to deliver almost carbon-free hydrogen, green hydrogen is generating the most industry interest, but it is important exporters and developers look more closely at the full value chain as more regulation is put in place,” Flor De La Cruz, Principal Analyst, author of the report, said.

Carbon intensity of blue and green hydrogen

For green (electrolytic) hydrogen, nearly all emissions are attributable to the electricity used by the electrolyser. In principle, it should only be called ‘green’ if it uses 100% renewable power. However, the variability of renewables means that multiple electrolytic hydrogen projects are planning grid connection to maximise the utilisation of electrolysers and lower hydrogen unit costs. However, if the availability of renewable power is limited, there is a high risk that green hydrogen projects will need to connect to grids with very high carbon intensity, stated the report.

According to Wood Mackenzie’s hydrogen value chain emissions model, emissions from green hydrogen produced from 100% grid power could be as high as 50 kilograms of CO2 equivalent per kilogram of hydrogen (kgCO2e/kgH2) – worse than brown hydrogen* – if the electrolyser is connected to a grid powered by fossil fuels. Currently, at least 30% of the 565-gigawatt electrolysis (Gwe) of announced or operational green hydrogen projects are expected to be grid connected, as shown in Wood Mackenzie’s Lens Hydrogen project tracker.

In the case of blue hydrogen, emissions can come from upstream natural gas production, transportation, reforming, and energy use. In principle, almost all these emissions can be captured and stored. However, capturing more than 60% of the carbon dioxide from hydrogen production is costly and has yet to be proven at scale.

Blue and green emissions, 2023:



Source: Wood Mackenzie Lens Hydrogen and Ammonia Service (please see assumptions in Notes to Editors).

A spotlight on life-cycle emissions

Hydrogen's carbon intensity isn’t just limited to its production, stated the report. With more than 40% of announced project capacity targeting exports, it is important to understand its full life-cycle emissions, including processing ammonia and transportation.

“If transport is required, production emissions for hydrogen only tell part of the story, as unaccounted, often substantial, emissions occur through the rest of the value chain. For example, any future trade in hydrogen between Australia and Northeast Asia or the Middle East and Europe requires hydrogen to be shipped across significant distances,” De La Cruz said.

Many countries have already established carbon-intensity thresholds for low-carbon hydrogen. But most, including future importers such as Japan and South Korea, only count production or well-to-gate emissions. For future developers and buyers of blue and green hydrogen, it is critical to consider emissions abatement strategies across each step of the value chain.

Most developers of hydrogen export projects aim to use ammonia as the carrier. While it is the most promising carrier from a cost and a technology readiness perspective, ammonia’s total value chain emissions, including synthesis, transportation, and cracking, are significant, and could add 1-4.5 kgCO2e/kgH2 to the carbon intensity of the final product.



Complying with regulatory requirements

Emissions from transport and processing can make a critical difference to whether hydrogen sources can meet regulatory requirements, stated the report. Green hydrogen with 20% grid supply and blue hydrogen with 60% capture do not make the cut in the EU or Japan. But even US blue hydrogen, with 95% capture converted to ammonia and shipped to the EU, would be at the very limit of the European carbon intensity threshold. Cracking the ammonia back into hydrogen in the Netherlands, for example, would tip hydrogen over the edge.

Green hydrogen made using 100% renewable power and converted into green ammonia would have an emissions intensity below the EU threshold, even if shipped from Australia. But if imported hydrogen is produced using even a small amount of grid power, it could struggle to stay below EU and Japanese threshold limits. Exporters will need to focus on technologies for reducing the emissions from ammonia, transportation, and processing, so they can comply with varying regulation.

De La Cruz added: “Subsidies will be vital to support low-carbon hydrogen supply and demand for years to come and will make or break project economics. With carbon intensity thresholds and associated rules forming the basis of incentive frameworks in most markets, a key issue for the industry now is how far these rules will incorporate full-cycle emissions.”

Only the EU defines carbon intensity as including emissions across the full life cycle through its Delegated Acts. In the US, guidance issued by the Treasury in December 2023 sets increasingly demanding requirements for projects to be eligible for the maximum US$3/kgH2 production tax credit available under the Inflation Reduction Act. However, under the current well-to-gate scope, US green hydrogen project developers need to source renewable electricity only for their production, not for any conversion to ammonia or another derivative.

In Asia, Japan and South Korea have signalled they will gradually expand the emissions scope to ‘landed’ to include ammonia conversion and transportation emissions, though neither has yet implemented this.

ENDS

The global hydrogen market today is around 90 Mtpa) almost all of it carbon-intensive grey or brown hydrogen. Looking ahead project production is forecasted to triple to 270 Mtpa by 2050, with low-carbon green and blue hydrogen accounting for 200 Mtpa of this, according to Wood Mackenzie’s base case as outlined in the Energy Transition Outlook.

*Brown hydrogen definition

Brown hydrogen is made from coal or lignite via the gasification process.

Graph 1: Blue and green emissions, 2023. Assumptions:

Blue hydrogen: Assuming a retrofitted SMR unit with 60% capture. Reforming emissions will vary by technology (SMR vs ATR) and whether the asset is retrofit or newbuild. For upstream, we assume the average emissions for all gas-producing assets in each country, including methane fugitive emissions. Upstream emissions and methane fugitive emissions vary by asset. Electricity for reforming and CCS is sourced from the grid, assuming an average grid intensity in each country. The grid intensity will vary by region in larger markets such as Australia and the US and will decrease over time.

Green hydrogen: assuming an average grid intensity in each market. Electricity consumption assumed is 55kWh/kgH2 for the electrolyser system. The electricity consumption will vary by electrolyser technology and can range from 40 kWh/kgH2 to 60 kWh/kgH2 for an electrolyser system. Electrolyser efficiency is expected to improve over time.

 

Finnish average effective retirement age rises to 62.8 years

 

By Natalie Tuck

 14/02/24

The average effective Finnish retirement age rose to 62.8 years in 2023, an increase of more than half a year compared to 2022, the Finnish Centre for Pensions (ETK) has said.

ETK said there are two factors for the increase in the expected effective retirement age: First, the number of people starting to draw an old-age pension in 2023 fell significantly due to the increase in the retirement age, which means that not all people born in 1959 reached their retirement age in 2023.

Second, is the large indexation of pensions in 2022, which meant that people brought forward their retirement from 2023.

“The exceptionally large increase in the pension index at the beginning of last year led many people to bring forward their retirement to the year 2022. This increased the number of people who retired in 2022 and reduced the number of old-age pensions that started in 2023,” ETK development manager, Jari Kannisto, said.

In 2023, only 40,000 people drew the old-age pension, 25 per cent less than the year before.

“The number of people opting for a partial old-age pension also fell sharply. There were still more than 20,000 of them, but they are not counted as pensioners in the statistics,” Kannisto said.

The expected effective retirement age is a key indicator for pension policy. The target was set in the agreement between the social partners and the government. The agreement was first reached in March 2009. Since then, the target has been reaffirmed in Katainen’s government programme.

According to the target, the expected effective retirement age should rise to at least 62.4 years by 2025. This target has been achieved ahead of schedule. In 2023, the effective expected retirement age exceeded the target by 0.4 years.

“We are at the finish line, and a little further into the lap of honour. The increase in the effective retirement age has been surprisingly rapid. The main reason is the increase in the retirement age for the old-age pension. The good employment situation has also contributed to the positive trend. The target was already reached in 2021, but the year before last the expectation fell slightly due to the high number of new pensioners,” Kannisto said.

WORKERS CAPITAL

AkademikerPension and ABP recognised as top achievers on climate work

 

By Natalie Tuck

 15/02/24

Denmark’s AkademikerPension and the Dutch fund ABP have been given a ‘gold award’ for their efforts in tackling climate change through their investments.

They are the only two pension funds in Europe to be recognised by the inaugural Net Zero Finance Report Card, produced by the Centre for Climate Finance & Investment (CCFI) at Imperial College Business School, in partnership with the Carbon Tracker Initiative (CTI). Globally, only three pension funds have been given the top award, with the New York City Retirement Systems (NYCERS, TRS, and BERS) being the third.

Authors Dr Iva Koci, Jean Sau and Amy Owens assessed the credibility of institutions’ climate commitments and actions based on evidence-based criteria and principles set by the UN Race to Net-Zero and the International Energy Agency’s net-zero by 2050 scenario.

The study scored financial companies according to whether they had explicit policies on eradicating financing for fossil fuel expansion or investment from their operations, as well as assessing the extent to which they had accomplished their aims. Nine institutions were given a gold award for their efforts out of the 50 institutions assessed.

Commenting, author Dr Iva Koci, said: “We see these awards as an assessment of financial institutions’ resilience – and leadership of their management – at a time of great and growing disruption of the incumbent fossil fuel system."

In response to being given the ‘gold’ standard, AkademikerPension CEO, Jens Munch Holst, said: "We are both happy and humbled to receive this recognition. Many of our members expect us to do our utmost to deliver a credible net-zero plan in line with the goals of the Paris Agreement to mitigate climate-related financial risks to their pension savings.

"This includes – in our view – a clear understanding that there is no need for new oil, gas or coal extraction and development in the International Energy Agency's (IEA) 2050 net-zero scenario.”

Sustainable recycling: The rise of the deposit return scheme

WE HAVE HAD THIS IN ALBERTA SINCE THE 1970'S

IT IS STEADY INCOME FOR STREET PEOPLE

By Rafaela Sousa
15 February 2024

Deposit return schemes (DRS) are gaining traction worldwide as a practical solution to combat environmental pollution and encourage recycling. These schemes incentivise consumers to return empty bottles for various rewards, effectively reducing waste and promoting a circular economy.

With growing environmental concerns and a push for circular economy practices, DRS has emerged as a promising solution to mitigate waste and promote recycling.

Government commitment

This increasing recognition is evident in governmental initiatives worldwide. In January 2023, the UK government revealed plans to introduce a DRS in 2025 to improve the recycling of plastic bottles and cans. The DRS aims to achieve an 85% reduction in discarded beverage containers across England, Wales and Northern Ireland within three years of its launch.

As part of the scheme, reverse vending machines will be installed at designated sites, such as retailers, allowing people to return their bottles and receive cashback. 

The introduction of the DRS was decided upon after a consultation, during which 83% of respondents were in favour of the new system.

UK environment minister Rebecca Pow said: “We want to support people who want to do the right thing to help stop damaging plastics polluting our green spaces or floating in our oceans and rivers”.

“That is why we are moving ahead using our powers from our landmark Environment Act to introduce a Deposit Return Scheme for drink containers. This will provide a simple and effective system across the country that helps people reduce litter and recycle more easily, even when on the move.”

Meanwhile, the government of Scotland delayed the implementation of its DRS until at least October 2025. This was the second postponement of Scotland’s DRS, following the initial delay from March to August last year.

The delay is in response to the UK government’s refusal to agree to a full exclusion from the Internal Market Act, as stated by Scotland’s minister for circular economy, Lorna Slater.

Industry collaboration

Despite the Scottish government delaying the introduction of its DRS, supermarket chain Lidl is trialling its own bottle return scheme across 21 of its stores in Glasgow. Customers will receive a £0.5 reward for each eligible returned item.

The scheme, which began on 8 February and is running until 11 August, enables shoppers to return their empty polyethylene terephthalate plastic and aluminium beverage containers via in-store reverse vending machines.

Lidl – which is said to become the first supermarket to pilot its own bottle return scheme across an entire city – highlighted that it is expected that the pilot will recycle at least 10.5 tonnes of plastic and aluminium material each month, which will be used to create new plastic and aluminium products. 

Richard Bourns, chief commercial officer at Lidl GB, said: “We’re on a mission to eliminate all unnecessary waste, and with over 95% of our own-brand packaging now recyclable, reusable or refillable we’ve been making great progress. We know that Lidl shoppers share this passion, and we hope that utilising this infrastructure, which might otherwise have been left dormant, will help to make recycling their cans and bottles even more convenient for them.”

Additionally, waste management company Biffa launched a nationwide recycling service last month for hot and cold takeaway drink cups. The company is currently offering UK mainland businesses – from cafes and restaurants to service stations and supermarkets – a “fully integrated” disposal, collection and recycling service for their used cups.

©Biffa

Businesses with ten or more full-time employees who sell takeaway drinks in fibre-based single-use cups will be required by law to recycle them starting in October 2025.

Soft drinks company Fraser & Neave Holdings has also been part of this effort to promote sustainability and reduce plastic waste. In November, the company, in collaboration with three other industry partners, launched a reverse vending machine pilot project in Malaysia, as it aims to drive sustainable change and encourage recycling.

Meanwhile, Coca-Cola has been a key player in reverse vending for many years and has been actively involved in sustainability efforts. Since introducing reversing vending in 2019, Coca-Cola has consistently partnered with Merlin Entertainments, resulting in the collection of over 100,000 plastic bottles through the implementation of reverse vending machines.

©Coca-Cola

Looking ahead

As the momentum for DRS grows, the future holds promise for a sustainable world. Collaboration among governments, businesses and consumers is essential for the expansion of this initiative, ultimately strengthening its effectiveness in addressing the global waste crisis.

DRS holds the potential to transform our recycling habits, leading to a cleaner, more environmentally friendly planet.

UK

Speakers drop out of RSA events as staff pay dispute continues

12 Feb 2024

News

Wildlife broadcaster Chris PackhamGarry Knight / Wikimedia Commons


Speakers including wildlife broadcaster Chris Packham have pulled out of engagements at the Royal Society of Arts (RSA) in support of the charity’s staff, who are engaged in an ongoing pay dispute.

RSA workers went on strike for the first time since the charity was founded 270 years ago in September last year, before taking further industrial action in October and November after failing to negotiate pay terms.

Today, the Independent Workers’ Union of Great Britain (IWGB) has announced that Packham, former Greece finance minister Yanis Varoufakis, podcast host Deborah Frances-White and professor Brené Brown have all cancelled talks at the RSA in solidarity with workers.

Packham had recently been announced as a headliner of the RSA’s flagship Fellow’s Festival, set to begin later this month.

Varoufakis, who was set to be interviewed by Frances-White on Thursday, wrote on social media: “It’s our hope that this boycott will help the RSA Union to ensure that the RSA, with its historically progressive aims, offers fair pay and conditions for all staff.”

IWGB members are also asking members of the public, fellows of the RSA, politicians and universities to not attend RSA events or participate in research with the RSA until their ongoing industrial dispute is resolved.

Former leader of the opposition Jeremy Corbyn – along with fellow MPs John McDonnell, Ian Byrne, and deputy leader of the Green Party Zack Polanski – have supported the boycott.

Union branches including the University and College Union’s London region, the Public and Commercial Services Union’s culture group, and the British Actor’s Equity Association’s national council are also supporting the boycott.

IWGB said its members employed by RSA were deciding on further strike action.

Amanda Ibbett, senior production manager at RSA, said: “10 years ago, I joined an organisation that felt like home. Now, the RSA has become a den of wolves in sheep’s clothing.

“I’ve seen so many amazing colleagues crushed and broken with it. Now there are an abundance of self-serving policies that gag the staff and undermine our long history of serving society, and a complete democratic deficit.

“The RSA’s leadership lives none of its values – with ‘openness, optimism, rigour, enabling its staff and societal change, and rewarding courage’ all now empty words.”
RSA: ‘Staff are the bedrock of the RSA’

A spokesperson for the RSA said the charity was “disappointed that a couple of speakers have pulled out” of the events.

“We welcome hundreds of speakers every year to join conversations that shape our world through our impactful events series, and look forward to our packed programme of public talks, panels and other events in the coming weeks and months,” they said.

“We have worked with the IWGB for many months to find a constructive resolution for staff in the bargaining unit, making increased pay offers and offering conciliation through ACAS, both of which have disappointingly been rejected.

“Our staff are the bedrock of the RSA and we hope to reach a resolution as soon as possible, consistent with our financial sustainability, to ensure staff wellbeing is supported and we can continue to realise the huge impact of our Design for Life mission.”

In a statement published at the start of the month, the RSA said: “Our aim is to do the very best we can to support our staff team and their well-being, while at the same time ensuring the financial sustainability of the RSA both of which are essential to our success. We must comply too with our legal obligations as a charity.”

 

UK

Hundreds of staff at major cycling charity secure trade union recognition

14 Feb 2024 News

By kunchainub/Adobe

A large walking and cycling charity has reached an agreement to establish trade union recognition with Unite for its staff.

Sustrans’ hundreds of employees voted for Unite to recognise them in a ballot last year. Members of Unite will now elect representatives to conduct union-related duties.

The recognition agreement means that Unite is now fully recognised to negotiate with Sustrans on employment matters including pay, hours of work and annual leave.

Unite will now be negotiating with Sustrans on a number of employment policies, including grievance and disciplinary, flexible and hybrid working, time off in lieu and health and safety.

Sharon Graham, Unite general secretary, said: “Union representation is imperative in workplaces. It’s about building a stronger, more collective organisation. 

“Unite is totally committed to improving our members’ jobs, pay and conditions and the recognition deal at Sustrans demonstrates how that commitment is delivering for workers.”

Alan Scott, Unite’s national officer, said: “Unite members at Sustrans will now be able to shape their working environment. We are committed to creating a fairer future for the workforce.”

Charity Commission data for the financial year ending 31 March 2023 pus the charity’s total income at £112m and total expenditure at £110m with 700 full-time-equivalent staff.

Xavier Brice, CEO of Sustrans, said: “This agreement isn't just about collective bargaining; it's about building a stronger, more inclusive organisation where everyone can thrive. Together, we can better serve our mission and increase our impact.”

- See more at: https://www.civilsociety.co.uk/news/hundreds-of-staff-at-major-cycling-charity-secure-trade-union-recognition.html#sthash.6xOZrAe3.dpuf

 

UK

Arts Council criticised after warning funding recipients about risks of political activity

14 Feb 2024 News

Arts Council England (ACE) logo

Arts Council England (ACE) has been criticised after warning funding recipients of potential reputational risks from engaging in political activity, in recently updated guidance.

The funder warned arts organisations that statements “including about matters of current political debate” could potentially breach the terms and conditions of their funding agreement with ACE.

ACE said such statements could lead to “negative or damaging reactions or coverage from the press, public, partners and/or stakeholders (eg sponsors and/or other funders) towards the organisation or the Arts Council”.

Its updated guidance reads: “The type of action or activity that may constitute or influence an increase in reputational risk can include […] activity that might be considered to be overtly political or activist and goes beyond your company’s core purpose and partnerships with organisations that might be perceived as being in conflict with the purposes of public funding of culture.

“Risks posed by negative press or social media coverage in relation to any of these issues, or to whistleblowing or similar concerns, should also be taken into account.

“We expect your organisation and your board to be aware of these risks when planning activity, especially if the terms and conditions of the funding agreement are at risk of being breached.

“We expect you to be proactive with your responses and mitigations to any risks that have been identified.”

After being criticised on social media, ACE clarified its position in a statement published today.

It said the guidance “does not seek to stop any artist or organisation from making the art they want to make, or speaking out in any way they wish – including in ways that challenge institutions and authorities”.

“The guidance does, however, set out a series of steps for organisations to go through, to ensure that if they, or people associated with them, are planning activity that might be viewed as controversial, they have thought through, and so far as possible mitigated, the risk to themselves and crucially to their staff and to the communities they serve,” it says.

SMK: ‘Deeply concerning development’

Sue Tibballs, chief executive of Sheila McKechnie Foundation, said: “It is, of course, true that public discourse is now much more febrile and polarising.

“All of us have to navigate this with thought and care - as ACE have just found to their cost.

“Their ‘clarifying’ statement makes all the right noises about artists’ right to challenge the status quo – but the fact remains that the framework, like much of the law and guidance affecting campaigning charities, makes it very hard to do so with confidence.

“That they issued this policy is a deeply concerning development and one, I fear, that will force many artists out of political discourse.

“As a self-proclaimed champion for the arts as a vehicle for exploring our culture and inspiring change, ACE need to review the policy urgently.”

- See more at: https://www.civilsociety.co.uk/news/arts-council-criticised-after-warning-funding-recipients-about-risks-of-political-activity.html#sthash.yuLLmAmQ.dpuf

Cocoa price forecast: no end in sight for this rally
By: Crispus Nyaga
on Feb 15, 2024


Cocoa prices have been in a strong rally this year.

They have jumped in the past six straight weeks.

There are concerns about supply, especially after a major fire in Nigeria.


Cocoa price is still in a relentless bull run as concerns about supply continue rising. It was trading at $6,000 on Thursday, its highest point on record. This is a major rally since the price was trading at $2,196 in September 2022. It has become the best-performing commodity in the past few years.
Demand to be limited for a while

Cocoa prices have surged in the past few months because of weather and natural causes. Indeed, data shows that the commodity has risen continuously in the past six weeks as supplies run low.

The main issue, as I have written before, is that the top growing areas in Ghana and Ivory Coast are going through strong humidity. Cocoa does not thrive in such conditions, which has affected yields at a time when demand is rising. This humidity has also led to disease, which is not easy to treat.

Worse, production in Nigeria, the world’s fifth-biggest market, is in a downward trend. Most recently, a major fire affected about 80 acres of cocoa farms in the country.

All these factors have led to lower cocoa production. Just last week, Ghana’s cocoa board announced that arrivals dropped by 35% YoY. In Ivory Coast, analysts estimate that production will drop by 28.5% in the current quarter.

These factors have led to a major challenge in the cocoa market. Unlike in crops like corn and soybeans, which have shorter seasons, cacao trees take between 5 to 6 years to give its first fruit. This means that farmers interested in taking advantage of the surging price can do nothing for now.

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The other issue is that cocoa can only grow in abundance in West African countries. As such, other countries can’t take advantage of the price increase. And even if they did, it will take many years before they start benefiting.

Therefore, there is no easy way out for the surging cocoa prices because of the supply issue in the market. In a statement, an expert I talked to said:

“Cocoa is going through the worst supply squeeze in my lifetime and the trend will continue. I expect the price to remain at an elevated level at least through the second half of this year.”

Cocoa price forecast   

Cocoa chart by TradingView

Turning to the weekly chart, we see that the price of cocoa has gone parabolic in the past few years. It has risen in the past six weeks straight and the trend is gaining momentum. It remains above all relevant moving averages.

Further, the Percentage Price Oscillator (PPO) has moved to its highest level on record. The Relative Vigor Index (RVI) has continued rising. Therefore, the next point to watch will be at $6,500. This rally may only change if there is a clear picture of higher supplies.

GREEN CAPITALI$M

Climeaction welcomes US shift towards decarbonization

US firms see decarbonization as important for market competitiveness, stakeholder expectations, and corporate social responsibility

The team at Climeaction, ideally placed to assist companies as they foster sustainable practices, innovation, collaboration and investment in clean technologies.

THU, 15 FEB, 2024 - 

Paul Murphy, CEO of Climeaction, welcomes signs of a shift in the USA to align more closely with European decarbonization aspirations
  

Paul Murphy, CEO of Climeaction.

The journey of decarbonization presents both a formidable challenge and an immense opportunity for large manufacturing companies, particularly when considering the transatlantic landscapes of Europe and the United States. 

The narrative of decarbonization, although centred around a universal principle of reducing fossil fuel dependency, unravels differently across these geographies due to varying market maturities, legislative frameworks, and cultural attitudes towards climate action.

Europe has long been at the forefront of the decarbonization movement, establishing itself as a mature market with robust policies that encourage the reduction of carbon emissions, energy efficiency, and the widespread adoption of renewable energy. This leadership is underpinned by a comprehensive regulatory framework that not only mandates but also incentivizes businesses to pursue cleaner, more sustainable operational practices. The European Union's ambitious targets for carbon neutrality, backed by mechanisms such as the European Green Deal, exemplify the region's proactive approach to climate action.

Contrastingly, the United States has historically taken a more cautious approach to decarbonization. However, recent years have witnessed a paradigm shift, with the U.S. beginning to align more closely with European standards and aspirations. Legislative and regulatory developments, such as the Inflation Reduction Act, signal a growing commitment to sustainable energy practices, reflecting a significant shift in the U.S. towards embracing the challenges and opportunities of decarbonization.

At the heart of the decarbonization challenge is the imperative to reduce reliance on fossil fuels. This objective is universally applicable and can be approached through a three-pronged strategy: prioritizing energy conservation, improving energy efficiency, and transitioning to renewable energy sources.

 Initially, the focus should be on reducing energy consumption through behavioural changes and optimizing processes. Subsequently, efforts should concentrate on enhancing the efficiency of remaining energy uses, ensuring that every unit of energy serves its purpose with minimal waste. Finally, the adoption of renewable energy sources becomes paramount, enabling a shift away from fossil fuels towards cleaner, more sustainable alternatives.

For U.S. multinationals, the drivers for decarbonization are not merely regulatory compliance but also include economic incentives, market competitiveness, stakeholder expectations, and corporate social responsibility. The benefits of adopting sustainable practices extend beyond the environmental impact, offering potential for cost savings, enhanced brand value, and access to new markets and investment opportunities. These business imperatives are pushing U.S. companies to actively pursue decarbonization strategies, aligning their operations with global sustainability goals.

The European experience in decarbonization provides valuable lessons for the United States, especially in terms of policy implementation, technological innovation, and stakeholder engagement. Europe's proactive measures have not only accelerated the transition to a low-carbon economy but have also fostered a culture of sustainability that transcends business practices, influencing consumer behaviour and societal norms.

As the U.S. seeks to accelerate its climate action efforts, adopting a comprehensive and integrated approach to decarbonization is essential. This involves not only leveraging legislative and regulatory frameworks to encourage sustainable practices but also fostering innovation, collaboration, and investment in clean technologies. By embracing the lessons learned from Europe's experience, the U.S. can navigate the complexities of decarbonization more effectively, driving progress towards a sustainable and resilient future.

In conclusion, the path to decarbonization, while challenging, offers a unique opportunity to redefine the future of industrial operations on both sides of the Atlantic. The shared goal of reducing fossil fuel usage unites Europe and the United States in their climate action efforts, underscoring the importance of collaboration, innovation, and leadership in the global pursuit of a decarbonized economy. 

As these regions continue to evolve and adapt their strategies, the learnings from each can serve as valuable insights for the other, highlighting the interconnectedness and collective responsibility in addressing the climate crisis. 

Climeaction expanding in USA

Paul Murphy is CEO of Climeaction. Climeaction, a specialist provider of Climate Action Solutions for business customers, has worked with over 400 companies to date, some of which are US multinationals. Climeaction currently employs 20 people in Cork and recently announced a multimillion-euro investment to enable it to scale to close to 50 employees by the end of 2024 and launch into new markets and develop digital decarbonization solutions. 

Climeaction is currently expanding operations into the USA, and expect to have a full-time presence in the market in June 2024, employing up to 10 people to service the market by the end of this year. 

www.climeaction.com 

 

Jeff Bezos Capitalises On Amazon Stock High To Lock In Gains

NEWS

/ 15TH FEBRUARY 2024 /

SUBEDITOR

Amazon founder Jeff Bezos has sold €3.75bn worth of shares as he trims his stake in the online retail giant, writes Leah Montebello.

He dumped 24m shares over four trading days, offloading 12m on Friday and 12m yesterday, the first time he has sold shares since 2021, when he quit as chief executive.

Bezos, 60, founded Amazon in 1994, growing it from an online bookshop to a global marketplace.

The world's second-richest man - worth an estimated €180bn - recently said he was planning to sell 50m shares, worth around €7.8bn at current prices, over the next year.

Bezos has already given away shares worth around €222m as part of his charity efforts, most recently in 2022.

Since stepping down as chief executive, Bezos has been focusing on a space venture called Blue Origin.

In October, he said he was moving to Miami from Seattle to be near his parents and Blue Origin's operations.

"Blue Origin needs to be much faster. And it's one of the reasons that I left Amazon a couple of years ago," he said in December.

The billionaire, who also owns The Washington Post newspaper, did not disclose why he sold the Amazon shares but it comes amid a rally on the US stock market.

Shares are up nearly a fifth in the past six months and were recently lifted by a bumper Christmas.

This helped the online retail giant post stellar figures for the year, with sales hitting €527bn in 2023, up from the €471bn the previous year.

SINCE STEPPING DOWN AS AMAZON CHIEF EXECUTIVE, BEZOS HAS BEEN FOCUSING ON A SPACE VENTURE CALLED BLUE ORIGIN. (PHOTO ILLUSTRATION BY RAFAEL HENRIQUE/SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES)

Sales in the Christmas quarter reached €155bn. Bezos remains Amazon's biggest shareholder and is the firm's executive chairman.

It is understood that his move to Florida will reportedly save hundreds of millions of dollars in taxes.

Photo: Jeff Bezos and Lauren Sanchez attend the 10th Annual LACMA Art+Film Gala on Saturday, Nov. 6, 2021 in Los Angeles, CA. (Jason Armond / Los Angeles Times via Getty Images)