This week, we're diving into a project using autonomous underwater vehicles to monitor artificial reefs, a new framework for nature finance, India's investment in solar, and United Airlines' embrace of a carbon capture startup.
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Underwater drones monitor sea life: The Cyprus Marine and Maritime Institute is launching a project that utilizes a swarm of small, independent submersibles to monitor, protect, and provide data on offshore artificial reefs designed to attract new marine life in barren sections of the sea. The artificial reefs aim to attract various marine life and create an appropriate environment to bring fish to waters off Cyprus, where there is not enough food for them. The autonomous underwater vehicles (AUVs), which are made by Arkeocean, can currently operate to a depth of 300 meters with newer versions being designed to reach 3,000 meters. The AUVs are equipped with sensors and high-definition cameras, giving scientists a clear picture of the effectiveness of the artificial reefs, which are made of an environmentally friendly cement mixture and designed using 3D printing. The artificial reefs will be embedded with a docking station where the AUVs can recharge and transmit collected data, including video. The AUVs will be able to loiter underwater for as long as a month at a time, providing a continuous flow of data and protecting the reefs by alerting scientists to any disturbance in protected waters.
Nations agree on finance strategy for nature: As a continuation of the inconclusive Biodiversity COP16 last year in Colombia, more than 140 countries met in Rome to adopt a finance strategy that will guide countries on how to raise $200 billion a year by the end of the decade. The agreement urges developed nations to enhance their efforts to mobilize $20 billion annually for poorer countries by the end of this year and calls for a study on the relationship between debt sustainability and nature protection.
India invests in solar: The Indian government is finalizing a $1 billion capital subsidy plan to support its solar manufacturing industry to reduce dependence on China and take advantage of the global energy transition. The proposal from the Ministry of New and Renewable Energy will target domestic makers of wafers and ingots, a segment of the country's solar industry that is currently weak, with only 2 gigawatts of capacity built by Adani Enterprises Ltd. The plan has the backing of top advisers in Prime Minister Narendra Modi's office and is expected to be presented to the cabinet for approval in the next few months. However, a spokesperson for the ministry said there is no formally approved proposal yet. The government hopes to replicate the success of India's mobile phone manufacturing industry, which has grown significantly after the government spent billions of dollars in incentives to lure companies like Apple and Samsung to set up manufacturing plants in the country.
Wasted energy: The rapid rollout of wind and solar farms is resulting in a significant amount of wasted energy due to the lack of capacity to transport or store the electricity when demand is not high enough. Nearly one-tenth of Britain's planned wind output and almost 30 percent of Northern Ireland's was stopped from being produced last year. Countries like Germany and France are also experiencing similar issues, with about 5 percent of Germany's renewables output and 2.5 percent of France's solar output being curtailed. China is also experiencing growing curtailment rates despite its rapid grid investment, with an average of more than 3 per cent of China's planned wind output and 3.2 per cent of solar being curtailed in 2024. The wasted wind and solar generation in China amounted to 58.7TWh, enough to power 24 million households, highlighting the need for countries to invest in grid infrastructure and storage facilities to support the integration of renewable energy sources.
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Europe embraces carbon markets: The European Union is planning to revise its carbon market rules next year and will earmark some allowances to help industries decarbonize, with the goal of reducing emissions without increasing costs for companies. The EU has announced plans to create an Industrial Decarbonization Bank with €100 billion in funding to support the decarbonization of industries. The bank will be funded in part by revenue from the EU Emissions Trading System (ETS), as well as the Innovation Fund and the revised InvestEU program. The EU ETS is the bloc's flagship instrument for cutting pollution and has raised more than €175 billion since 2013 by putting a price on emitting carbon and reducing the amount of greenhouse gases that manufacturers, utilities, air carriers, and ships can emit over time.
European EV sales jump: Europe's electric vehicle sales jumped 37% last month, driven by automakers' efforts to promote their battery-powered cars and comply with stricter emissions regulations this year. Notable surges came from markets in Germany, the UK, and Italy. The European Union's tighter emissions targets are forcing carmakers to sell more electric vehicles or risk facing fines, prompting companies like Renault SA to express confidence that the European Commission will relax the rules to protect local manufacturers, with alternatives such as multiyear compliance periods or allowing manufacturers to bank or borrow CO2 credits being discussed.
Europe loosens environmental reporting requirements: The European Commission has proposed to substantially loosen the requirements on companies to report on the social and environmental impacts of their operations in an effort to simplify regulations that businesses say impede investment and growth. The proposal would limit the rules to companies with more than 1,000 employees and revenue over €50 million. This would exempt about 80 percent of companies currently covered by the directive and is expected to save companies about €6 billion per year in administrative work. The commission has also proposed a two-year delay for companies that would have been required to report this year and next.
German development bank invests in South Africa energy: The city of Cape Town has secured a €150 million loan from Germany's KFW Development Bank to enhance its power grid and accelerate its transition to green energy. The loan, which was agreed upon in December, will be utilized to bolster the power grid, allowing for the transmission of more renewable energy and potentially enabling the municipality to generate more of its own power, according to KFW. The loan comes at a time when cities in South Africa are seeking to reduce their dependence on the state-owned utility Eskom due to rising electricity prices and frequent power cuts, with the country recently experiencing its worst rolling blackouts in almost a year.
“We're not getting subsidies, we're not getting free money from the government, and we're not counting on anybody being nice.” — Galvanize Climate Solutions Co-executive Chair Tom Steyer in an interview with TIME's Justin Worland on the investment case for climate.
Farmers sue the federal government over climate data: The U.S. Agriculture Department is being sued by organic farmers and environmental groups over the removal of climate change references from its website, which included data sets, interactive tools, and funding information that farmers and researchers relied on for planning and adaptation projects. The department had ordered staff to take down pages focused on climate change on January 30. Within hours, information started disappearing, including websites containing critical information about conservation and climate programs, according to the lawsuit filed in the United States District Court for the Southern District of New York.
US Energy Secretary pushes nuclear: US Energy Secretary Chris Wright emphasized the importance of having reliable and affordable sources of electricity to meet the growing demands of the technology sector, particularly for artificial intelligence, and believes that nuclear power will be a crucial part of the solution. The US has generated more nuclear electricity than any other country, with plants supplying close to 20% of the nation's total annual electricity since 1990, which is enough to power more than 70 million homes, according to federal energy analysts. Despite nuclear power making up a significant portion of the US energy portfolio, it plays a relatively small role globally, and its share has decreased.
United Airlines invests in carbon capture: United Airlines Ventures' Sustainable Flight Fund invested in Heirloom, a company that uses a powder made from limestone to capture CO2 from the air, which can then be used to produce sustainable aviation fuel or stored underground to reduce carbon emissions. Heirloom's technology uses robots to stack trays of limestone powder into tall stacks exposed to outdoor air, where it absorbs CO2, and then the powder is heated in furnaces to release the CO2, which can be used or stored. United Airlines has an agreement with Heirloom to buy up to half a million tons of carbon dioxide removal from the startup, which can be used to offset emissions or produce sustainable aviation fuel.
NYC Congestion pricing raises nearly $50M in revenue: The Metropolitan Transportation Authority (MTA) has reported that New York City's congestion pricing program generated $48.6 million in revenue in its first month of operation, with $11.1 million in expenses and a net operating revenue of $37.5 million. The program charges most passenger vehicles $9 to enter Manhattan south of 60th Street during peak periods, while trucks and buses pay up to $21.60, with a 75% reduction in fees at night. According to the MTA, the program has reduced congestion. It is projected to raise $500 million in net revenue in its first year, with 68% of revenue coming from passenger vehicles, 22% from taxis and ride-share vehicles, 9% from trucks, and 1% from motorcycles and buses.