Global Briefing: Climate Pledge Arena officially opens

Global Briefing: Climate Pledge Arena officially opens

From Coldplay concerts and green steel deals to Pentagon security warnings and New Zealand green finance rules, BusinessGreen rounds up all the top stories from around the world this week

Climate Pledge Arena opens with goal of becoming the world’s first net zero certified sports stadium

The Climate Pledge Arena in Seattle officially opens its doors today, with a performance by British band Coldplay and a series of special events throughout the weekend.

Tha stadium, which secured its Climate Pledge moniker after Amazon secured the naming rights to the iconic Seattle arena, is home to the NHL’s Seattle Kraken and WNBA’s Seattle Storm. It was named the Climate Pledge Arena, in honor of The Climate Pledge, which was co-founded by Amazon and Global Optimism in 2019 and calls on organisations to develop a strategy to deliver net zero emissions by 2040.

Amazon said in a blog post that it is aiming for the arena to “set a new sustainability bar for the sports and events industry”. The all-electric operations for the facility will be powered by 100 per cent renewable electricity from on-site solar panels and off-site renewable energy. In addition the stadium will use reclaimed rainwater stored in the ice system, a concept dubbed ‘Rain to Rink’, to create “the greenest ice in the NHL”.

 

BMW revs up plans to source green steel from northern Sweden

BMW has this week announced an agreement with Swedish startup H2 Green Steel, which aims to see green steel delivered to the auto giant’s plants in Europe from 2025.

H2 Green Steel aims to use hydrogen and renewable power harnessed from Swedish hydroelectric and wind projects to produce steel with a carbon footprint that will be up to 95 per cent lower than that produced using coal.

“Our goal is to reduce CO2 emissions in our steel supply chain by about two million tonnes by 2030,” said Dr Andreas Wendt, member of the Board of Management of BMW AG responsible for Purchasing and Supplier Network. “Sourcing steel produced using hydrogen and green power can make a vital contribution to this.”

The company said it was also moving forward with plans to source batteries from Sweden through its partnership with Northvolt. The Swedish battery developer is also exploiting the potential for green power in the north of Sweden to support its manufacturing plants. Battery cells produced at the Northvolt gigafactory currently under construction in Skellefteå in northern Sweden are expected to be delivered to BMW from 2024.

 

Pentagon raises alarm over escalating climate security risks

The US intelligence community has issued its latest stark warning over the potential impact of escalating climate impacts on global and regional security.

The intelligence and defence establishment has repeatedly warned that climate impacts could lead to increased security threats through various reports, but this week the Pentagon issued its first formal National Intelligence Estimate on Climate Change, which sought to assess potential climate-related security risks through to 2040.

The 27-page assessment represents the collective view of all 18 US intelligence agencies and concludes that the failure of the international community to co-operate in the face of escalating climate impacts could lead to dangerous competition and instability.

It flags how worsening extreme weather, food insecurity, and migration could all increase the risk of conflict, and also highlights how geo-engineering projects could stoke tensions between nations.

It also predicts that countries will try to defend their economies as the net zero transition accelerates, with some seeking to dominate new industries and others resisting efforts to decarbonise so as to protect fossil fuel export revenues.

In addition, the report warns that “a decline in fossil fuel revenue would further strain Middle Eastern countries that are projected to face more intense climate effects”.

 

Quebec bans fossil fuel exploration

Canadian province Quebec has become the latest region to announce a ban on fossil fuel exploration, sparking hopes that a significant number of economies could join a new group that will pledge to end oil, gas, and coal exploration at next month’s COP26 Climate Summit.

Premier François Legault announced this week that the province would “definitively renounce the extraction of hydrocarbons on its territory” during a speech to the province’s National Assembly.

“Excellent news,” tweeted Geneviève Paul, executive director of the Centre québécois du droit de l’environnement. “We applaud the leadership of the Quebec government, and let’s remember that this can be done without compensating the companies concerned.”

 

La Banque Postale publishes oil and gas exit strategy

La Banque Postale has become the first French bank to set out plans for exiting oil and gas investments, securing praise from environmental groups.

In a new policy published this month, the bank committed to a complete exit from oil and gas, both conventional and unconventional, by 2030, a move it claims is the first of its kind worldwide. The bank also commited to immediately suspend its provision of financial services to companies contributing to oil and gas expansion through the development of new exploration, extraction and infrastructure projects in these sectors. And it confirmed it would use the Global Oil and Gas Exit List to exclude the more than 900 companies featured on it from its portfolios.

“We welcome this groundbreaking announcement from the Banque Postale, the first bank to heed the call of the scientific community and the IEA for concrete measures which leave oil and gas in the ground,” said Alix Mazounie, campaigner at Reclaim Finance. “With COP26 just days away, a strong signal has been sent to financial institutions in Paris and beyond. This new policy sets a precedent which must be followed by every investor, insurer and bank which claims to be serious in its climate commitments, whether to net-zero or to the Paris Agreement.”

 

New Zealand ups climate funding pledge, confirms mandatory climate-related financial disclosure rules

New Zealand this week became the first country in the world to pass legislation requiring large companies to report on climate-related risks. The country’s Parliament approved the new rules, which cover large listed companies and financial institutions.

Other nations are expected to adopt similar rules in the coming months and years, with the UK government having previously announced plans for mandatory climate reporting rules and the US government having signalled it is keen to introduce similar rules.

Dr Matthew Ives, Senior Researcher for the Oxford Martin Programme on the Post-Carbon Transition, welcomed New Zealand’s landmark legislation and urged other countries to swiftly follow suit. “Back in 2019 we identified requiring financial institutions to disclose and act on climate-related risks as a small policy change that could have a massive snowball effect on shifting the global economy towards a net zero future,” he said. “New Zealand taking this step increases the pressure on other countries that have been ‘considering’ this approach but are dragging their feet on implementing it.

“Given that all company directors must address all material risks for their company it seems like such a law is only a minor addition to existing regulations but it could have a huge impact – this simple change could level the playing field for clean energy and products, reduce the likelihood of stranded assets, reduce health risks associated with pollutants, and make meeting climate targets more likely.”

Separately, New Zealand Climate Change Minister James Shaw announced this week that the country would quadruple the climate aid it provides to the countries most affected by the climate crisis. “We will provide $1.3bn over the next four years with at least 50 per cent going to the Pacific,” he said. “This means NZ is now providing its fair share towards global climate funding.”

 

Paris unveils €250m cycle plan

Paris this week announced a new €250m plan to boost cycling capital across the French capital. The plan, which runs through to 2026, aims to make permanent 52km of pandemic-era cycle tracks and add 130km of new lanes.

It will also add 130,000 bike parking spots, ensure all elementary school students learn to cycle, and assist businesses to use cargo bikes.

 

Australian billionaires announce $1.5bn climate funding pledge

Atlassian co-founder Mike Cannon-Brookes and his wife Annie Cannon-Brookes have this week announced plans to direct $1.5bn of their personal wealth by 2030 to financial and philanthropic ventures that cut emissions.

The Financial Review reported that the pledge includes $1bn in financial investments and $500m in philanthropic and advocacy work in support of efforts to limit global warming to 1.5C. The move comes on top of about $1bn the couple have previously invested in climate-related ventures and initiatives.

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