ESG Insider: G20 energy ministers agree on clean hydrogen principles
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Energy ministers from the Group of 20 nations met in Goa, India on July 22 and endorsed five voluntary principles on hydrogen to encourage the development of national standards and globally harmonized certification of low- and zero-emission hydrogen.
The principles promote free trade of clean hydrogen and derivatives like ammonia in line with World Trade Organization rules, accelerate technology innovation, mobilize finance and support information sharing.
The G20 ministers, however, stopped short of setting goals for phasing out fossil fuels at the meeting. India’s Power and New and Renewable Energy Minister, RK Singh, who chaired the meeting, said that while the majority of G20 members supported the phase down of fossil fuels, decisions remained dependent on individual national goals.
In an Outcome Document and Chair's Summary published following the meeting, ministers also called on G20 nations to fulfill their commitment to deliver $100 billion in climate financing jointly each year through 2025 to developing countries. They also called on international finance institutions and multilateral development banks to improve access to inexpensive financing for projects.
In this week’s newsletter, we look at Bolivia’s nascent lithium production and how rare metals could become a major industry for the US state of Wyoming. We also examine the outlook for wind power projects after Swedish utility Vattenfall abandoned a project in the UK due to cost pressures. And we bring you a feature on how Canada’s most populous province is mulling expansion in nuclear energy to meet future energy demands and net-zero goals.
In the latest episode of the ESG Insider podcast, we explore the evolution of two investor-led engagement initiatives: Climate Action 100+ and Nature Action 100.
Chart of the Week
In Wyoming, rare earth elements could be the next coal
A flurry of new projects and rising demand from the energy transition suggest that mining for rare earth elements could be a lucrative new business for a state that has seen the prospects of the coal industry fade in recent years.?
Bolivia may finally reach its lithium potential, but old pitfalls lurk
Bolivia, with its vast, untapped lithium resources, is expected to start producing lithium thanks to recent deals. But it must first establish new mining laws and regulations to unlock foreign investment and work to resolve tensions with residents of Potosi, the region that hosts much of Bolivia’s lithium reserves.
Offshore wind has no time to fail, analysts say as huge UK project is scrapped?
After Swedish utility Vattenfall abandoned its 1.8-GW Norfolk Boreas project in the UK, citing cost pressures, other UK offshore wind farms, as well as projects in other parts of the world, are being placed under the microscope.
Facing climate goals, more demand, Canada looks to nuclear plants large and small
Ontario, Canada's most populous province, faces the challenge of meeting growing energy needs while aiming to be carbon neutral by 2050. The province is looking at major expansion in nuclear power, but that approach could be costly.?
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ESG Insider Podcast
In this episode of the ESG Insider podcast, we explore the evolution of two investor-led engagement initiatives: Climate Action 100+ and Nature Action 100. We speak to Mindy Lubber, CEO and President of Ceres, which is one of five investor networks involved in Climate Action 100+. And to learn about the next steps for Nature Action 100, we speak to Adam Kanzer, Head of Stewardship Americas at BNP Paribas Asset Management, which is part of the launching group for the initiative.
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