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Lucrative pay and share options linked to continued extraction of fossil fuels by ExxonMobil, Chevron, Shell and BP

Lucrative pay and share options have created an incentive for oil company executives to resist climate action, according to a study that casts doubt on recent net-zero commitments by BP and Shell.

Compensation packages for CEOs, often in excess of $10m (£7.2m), are linked to continued extraction of fossil fuels, exploration of new fields and the promotion of strong market demand through advertising, lobbying and government subsidies, the report says.

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Construction of Australia's first pumped hydro project in several decades to begin after Genex locks in final contracts and finance.

The post Kidston pumped hydro construction to start this month after Genex locks in finance appeared first on RenewEconomy.

As rooftop solar installations set new records, new protocols are governing what and when is being generated and consumed in the home.

The post Solar Insiders Podcast: The new controls on solar, EVs and air-con appeared first on RenewEconomy.

The OECD's criticism of Australia's climate record comes two months before former finance minister Matthias Cormann takes over as secretary-general.

The post OECD says Australia is 2nd dirtiest economy per capita, tells it to clean up appeared first on RenewEconomy.

Trading halted in Tilt Renewables as company flags potential higher bid than the agreed $2.75 billion offer from a consortium led by AGL.

The post Tilt seeks better offer than $2.75bn renewables play backed by AGL appeared first on RenewEconomy.

To contribute fairly to keeping warming well below 2C, we have to cut emissions by 75% this decade – a daunting but achievable task

In May 2011, almost precisely a decade ago, the government-appointed Climate Commission released its inaugural report. Titled The Critical Decade, the report’s final section warned that to keep global temperature rises to 2C this century, “the decade between now and 2020 is critical”.

As the report noted, if greenhouse gas emissions peaked around 2011, the world’s emissions-reduction trajectory would have been easily manageable: net zero by around 2060, and a maximum emissions reduction rate of 3.7% each year. Delaying the emissions peak by only a decade would require a trebling of this task – a maximum 9% reduction each year.

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New study says solar will be dominant source of energy by 2050, accounting for three quarters of energy needs as both heat and transport sectors go electric.

The post Solar could deliver 76 per cent of global energy needs, new study says appeared first on RenewEconomy.

Could Scott Morrison set a net zero by 2050 target without changing Australia's current go-slow on climate policy? Definitely, yes.

The post What would a Morrison/Taylor net zero target look like? appeared first on RenewEconomy.

A daily summary of our news plus bite-sized updates from around the world.

China is likely to have oversupplied its national emissions trading scheme by as much as 1.56 billion allowances for 2019 and 2020, pushing the fair value of permits in the market to zero.

A Canadian ETF provider has applied to introduce a series of funds that track major North American equity indexes while offsetting a portion of the emissions of the constituent companies.

US-based offset developer C-Quest Capital on Tuesday announced it signed an agreement with oil major Shell to fund the generation of more than 60 million verified emission reductions (VERs) from cookstoves in Africa, with even more supply set to emerge. 

California regulator ARB issued more than 260,000 new offsets this week, with the ozone-depleting substance (ODS) protocol accounting for the majority of these and with all qualifying as providing direct environmental benefits to the state (DEBs), according to data published Wednesday.

Australia must treble its emissions reduction targets and reach net-zero emissions by 2035. Without this and other radical global action, the chance to hold warming to well below 2℃ will pass us by. Will Steffen, Emeritus Professor, Fenner School of Environment & Society, Australian National University Licensed as Creative Commons – attribution, no derivatives.

Many flood-affected Sydneysiders live in what amounts to a bathtub. With the next flooding season on their doorstep, they can expect more frequent, devastating floods. Tom Hubble, Associate Professor, University of Sydney Licensed as Creative Commons – attribution, no derivatives.

California Low Carbon Fuel Standard (LCFS) credit values edged above $180 this week after suffering their greatest losses since the onset of the COVID-19 pandemic, while market participants questioned how much further credit prices could rise going forward.

Climate Council report says most emissions cuts need to occur in the next decade to keep global heating below 2C

A report by the Climate Council claiming that the global average temperature rise will likely breach 1.5C by the 2030s has caused division in the scientific community.

The report, published on Thursday, follows controversy over similar arguments made in a review by the Australian Academy of Science, which said global aspiration of limiting global heating to 1.5C was now “virtually impossible” to achieve.

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Move comes after environment group identified six areas on east coast it says need more protection in wake of fires

WWF Australia is setting up a legal fund for community groups to challenge development decisions in forests they say are under threat from land clearing in the aftermath of the 2019-20 bushfire disaster.

The funds will pay for legal firm the Environmental Defenders Office to represent communities in areas such as the South Coast of New South Wales, where the destruction of habitat that could provide refuge to threatened wildlife has been fiercely contested since the Black Summer fires.

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Some 23 national gas transmission system operators (TSOs) from 21 European countries have joined an initiative setting a roadmap for a renewable and low-carbon hydrogen pipeline network by 2040 that mostly repurposes existing gas infrastructure.

Companies' net zero commitments are becoming more robust, but still vary widely by sector and do not demonstrate a clear pathway to decarbonisation by 2040, according to analysis published Tuesday.