The week's developments in green tech & energy policy, explained | 29.06.24

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This week we unpack the hefty climate price tag of the war in Ukraine, explore a breakthrough study on species conservation, and take a look at why the EU’s renewables boom is causing electricity prices to dip below zero (and no, sadly this doesn’t mean lower household bills!).

Elsewhere we spotlight ingenious startups generating biofuels from cashew nuts and the tech that can lock away carbon for 100,000 years in our CogX must-reads of the week.

We hope you enjoy these stories and more below.

Top Stories

🤖 Ukraine to bill Russia for war's climate damage: The war in Ukraine has caused an estimated 175 million tonnes of greenhouse gas emissions, akin to running nearly 90 million cars for a year. Ukraine intends to factor this climate damage into its reparations claim against Russia.

💸 Climate Lawsuits on the Rise: The Grantham Research Institute reports a significant rise since 2020, with greenwashing cases – companies accused of misleading environmental claims – being the fastest-growing category.

🔌 Electricity prices in Europe are going negative - and that's bad: Power plants fueled by wind and solar are generating so much electricity that prices are falling below zero. This has forced producers to pay to have excess energy taken off the grid.  Unfortunately, these negative prices don't translate to lower household bills.

🚨 Protecting just 1.2% of Earth’s land could save most-threatened species: Researchers identified specific areas that, if protected, could prevent the extinction of countless animals and plants. This study highlights a practical way to make a big difference with a relatively small land area.

Chart of the Week

40% of plants, 35% of amphibians, and 30% of corals are at risk of vanishing forever, according to the IUCN Red List.

Climate Change

🧠 ‘Give nature space and it will come back’: The south coast of England is witnessing a remarkable revival. Years of overfishing had devastated the marine ecosystem, but a pioneering rewilding project is bringing life back to the seascape, rivers, and land, The Guardian reports.

🟠 Cities are finding ways to adapt to extreme heat: Soaring temperatures are plaguing Amman, Jordan.  In a unique response, the city is creating a network of "mini-forests" scattered throughout urban areas.  

👠 AI is already wreaking havoc on global power systems. AI development is fueling a surge in data centre construction, but these energy-hungry facilities are straining power grids around the world. This rapid growth threatens to derail clean energy goals and even lead to blackouts.

The environmental risks of carbon capture? The world is on the verge of a massive increase in carbon capture and storage (CCS) projects – but some communities living near proposed CCS sites are raising concerns about potential leaks and environmental risks.

Stat of the week 

Limiting global warming to 2°C could prevent

80%

of heat-related deaths predicted in Middle East and North Africa by 2100, according to a study in The Lancet Planetary Health.

Green Tech

🤖 Shipping companies are testing biofuel made from cashew nut shells. This biofuel can be blended with existing fuels and used in current engines, but are there enough cashew shells to make a big difference?

⚡ Supercritical has launched the world's first live pricing and availability for biochar projects. This aims to bring transparency to the emerging carbon removal market and avoid issues seen with carbon offsets.

🌋 Swiss Startup Neustark Locks Away Carbon in Concrete for 100,000 Years. Their method captures CO2 from biogas production and injects it into recycled concrete, permanently storing the carbon. They recently secured $69 million to expand their technology globally.

🍄 Plant-based materials are having a moment: Foray Bioscience, a startup sowing the seeds for plantless plant products, announced it has raised $3 million in seed funding, led by ReGen Ventures.

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In case you missed it

Conflicting reports on 1.5°C warming are raising questions. Why can’t climate scientists agree on how warm the Earth is?

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