Climate Risk & Economics
The beginning of 2020 saw countries going into lockdown due to the COVID-19 pandemic. The economy came to a standstill and transportation was curtailed. As a result, as destructive as the pandemic was, there was a comforting decrease in global GHG emissions.
Climate Risk & Economics
The global consumption of the fashion industry was 62 million metric tons in 2019, which is expected to rise to 102 million tons by 2029. Every year, the fashion industry emits more than 1.2 billion tons of CO2 equivalent, which is more than the GHG emitted by France, the UK, and Germany combined.
Climate Risk & Economics
The EU has raised the emission target bar to at least a 55% reduction by 2030 and climate neutrality by 2050. In response, Italy aims to cut down its emission by around 60% by 2030 and reach “net-zero” by the year 2050, with the help of €80 billion EU funds for the energy transition.
Renewable Energy Investment
The renewable energy capacity in Scandinavia countries has been growing steadily during the past ten years, although each country depends on a different source. Denmark relies on wind energy and biofuels, Norway on hydropower, and Sweden on biofuels.
Climate Risk & Economics
France’s current national law targets to decrease greenhouse gas emissions by 40% by 2030 compared to 1990 levels. However, more than 100 NGOs have criticized the French government for setting the bar too low.
Climate Risk & Economics
On Monday, April 4, 2022, The Working Group III of IPCC issued its report on climate change mitigation progress. One chapter raised the concern about the large amount of energy consumed by digital technologies.
Climate Risk & Economics
On Wednesday, March 30, the European Commission communicated the new EU strategy for sustainable and circular textiles. This strategy will focus on the practice of eliminating overproduction and overconsumption of textiles and subsequently fast fashion.
Renewable Energy Investment
End of March 2022, Lidl released a press statement saying they will be switching the entire battery-powered electric logistics vehicles to fuel cells powered by green hydrogen. This will make the supermarket chain the first in Europe to make this adventurous movement.
Climate Risk & Economics
The Cumbre Vieja volcano on Spain's La Palma Island, which exploded on September 19, 2021, for the first time since 1971, gained worldwide attention. It lasted for 85 days and caused the fire to scorch more than 2,000 acres of land, resulting in an evacuation of around 7,000 people.
Climate Risk & Economics
Some commonly used heating systems are heat pumps, boilers, natural gas furnaces, and electric baseboard heaters. They all have varying efficiencies, costs, and emissions. In comparison, heat pumps have higher installation costs but they come with the benefit of lower operating costs.
Climate Risk & Economics
On 22nd March 2022 in Berlin, Elon Musk danced as he officially opened Tesla’s first manufacturing plant in Europe, worth $5.5 billion. The factory is expected to produce up to 500,000 vehicles annually and provide approximately 12,000 jobs.
Climate Risk & Economics
Last week, many Spaniards woke up to find dust covering their balconies, streets, and cars. The visibility in the capital city, Madrid, reduced to 2.5 miles. By the middle of the week, the dust reached as far as Central Europe and by the end of the week to Northern Europe.