Zero-emissions grid finds corporate backing

Spanish Market: Emissions
21/07/23

US nonprofit Rocky Mountain Institute (RMI) is working with a coalition of companies that includes members of the Fortune 500 to build out zero-emissions electricity globally.

The Zero Emissions, Reliability Optimized Grid Initiative (ZEROgrid) aims to develop a "comprehensive roadmap" to decarbonize the grid, beginning with "building a holistic framework" to plot emissions cuts, expansion of the power grid and increased reliability across the electric system.

Participants in the initiative include tech giant Meta, internet and computing company Akamai Technologies, automaker General Motors, real estate investment trust Prologis, software outfit Salesforce, and retailer Walmart.

"Businesses can play a significant role by working strategically with grid operators and policymakers to drive deep decarbonization, while increasing the reliability and affordability of electricity for all," RMI chief executive Jon Creyts said.

ZEROgrid will focus on solutions beyond simply buying solar and wind power by targeting factors such as where new projects should be built to bolster grid reliability and greenhouse gas reductions. The group will complement that focus with other actions, such as advocating for clean energy policies and investing in new technology, and its first steps will include working with grid operators to determine how corporations can best support the transition to a clean electricity system.

While ZEROgrid is not currently looking for state and federal financial incentives, it is open to other avenues of funding for the project.

RMI endeavors to cut greenhouse gas emissions by at least 50pc by 2030.

By Ben Montgomery

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11/06/26

N Zealand may need billions to meet NDCs

Beijing, 11 June (Argus) — New Zealand may need to pay up to 5bn New Zealand dollars ($2.89bn) to purchase international carbon credits to meet its climate targets under the Paris Agreement. This is because domestic emissions reductions will likely fall short of its Nationally Determined Contributions (NDCs) commitments, a Treasury paper published on 11 June found. The country's targets under economy-wide NDCs covering 2021–30 and 2031–35, which the Treasury referred to as NDC1 and NDC2, respectively, are not fully aligned with domestic emissions budgets for respective periods. New Zealand may, therefore, rely on offshore mitigation — through purchases of verified emissions reductions or removals from other countries — to bridge the shortfall. New Zealand faces the highest potential cost exposure for NDC1, which targets a 50pc reduction in net emissions below 2005 gross levels. The target corresponds to an emissions limit of 575mn t CO2 equivalent (CO2e) in 2021–30. The Treasury's modelling suggests offshore mitigation towards meeting commitments for this first period may cost around NZ$4.4bn-5.0bn. This suggests the Treasury estimates the average cost of international credits around NZ$7.65-8.70/t CO2e ($4.42-5.03/t CO2e). By contrast, NDC2 "closely aligns" with the corresponding domestic emissions budget, implying a smaller potential gap. Estimated offshore mitigation costs for achieving the NDC2 target are NZ$0.2bn-1.6bn, depending on which side of the commitment range — 51pc-55pc — the country is going to achieve, the Treasury said. The report highlights substantial uncertainty around these cost estimates and the Treasury said although the information was provided to "support transparency over possible future costs, it does not reflect government decisions or intentions regarding offshore mitigation". Domestic policy decisions will directly affect emissions outcomes and, in turn, the volume of offshore mitigation required. Limited liquidity in the international voluntary carbon markets, procurement strategies — including decisions on credit types, sourcing and price limits — will be key drivers for cost. The government will not spend billions of dollars overseas to meet its climate commitments, prime minister Christopher Luxon said, according to Radio New Zealand. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Global warming set to exceed 1.5°C by 2030: Scientists

11/06/26

Global warming set to exceed 1.5°C by 2030: Scientists

London, 11 June (Argus) — The rise in global temperature is projected to surpass 1.5°C above pre-industrial levels — the limit sought by the Paris climate agreement — "in about four years", an international team of more than 70 scientists said today. "Human-induced warming reached 1.37°C" in 2025, compared with the 1850-1900 average, the latest Indicators of Global Climate Change report found. The Paris agreement seeks to curb the global rise in temperature to "well below" 2°C above pre-industrial levels, and pursues a 1.5°C limit. "The rate at which heat is accumulating in the earth system suggests high levels of future warming", the report found. "The rate of human-induced warming remains at the all-time high of around 0.27°C per decade, driven primarily by record-high greenhouse gas levels." It estimated the remaining global carbon budget — the amount of CO2 that can still be emitted before the 1.5°C threshold is exceeded — is 130bn t/CO2, from the start of 2026. This estimate, which is a central one, "will be exhausted in around three years at current levels of CO2 emissions", the report found. Global greenhouse gas emissions reached a record high 56.8bn t/CO2 equivalent (CO2e) in 2024, according to the report, "mainly from the burning of fossil fuels." "Although we still have record high levels of emissions, the growth of those CO2 emissions is slowing," the EU Copernicus programme's strategic lead for climate Samantha Burgess said today. "That doesn't mean we're on track yet, but it does mean that policy, technology, and societal choices are starting to bend the curve." Burgess was speaking at climate talks underway in Bonn, Germany, hosted by UN climate body the UNFCCC. El Nino weather conditions have now developed in the tropical Pacific, the US National Oceanic and Atmospheric Administration (NOAA) confirmed today. The weather pattern, which is naturally-occurring, typically leads to higher global temperatures. Current forecasting suggest it is "likely to be a very strong event", the UK's Met Office said today. Some forecasts suggest "values that would be of record strength", the Met Office said. "It is also highly likely that the El Nino will cause a temporary spike in global annual temperature with the residual heat potentially making next year the hottest in the global series from 1850", Met Office head of long-range forecasting Adam Scaife said. The hottest year on record to date is 2024. The past three years, 2023-25, are the hottest three years recorded. The average temperature across 2023-25 was 1.48°C above pre-industrial levels — with a margin of uncertainty of 0.13°C — data consolidated by the World Meteorological Organisation show. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Luxembourg to add €50mn to global forest fund

08/06/26

Luxembourg to add €50mn to global forest fund

Sao Paulo, 8 June (Argus) — Luxembourg will join the Tropical Forests Forever Facility (TFFF), a fund to preserve global tropical forests launched by Brazil during the UN Cop 30 climate summit, Luxembourg's environment, climate and biodiversity minister Serge Wilmes said. It will contribute €50mn ($57.7mn) in the Tropical Forest Investment Fund (TFIF) — the TFFF's financial arm — from 2026-2030 through its Luxembourg's Climate and Energy fund. It also expects to maintain a long-term annual contribution to TFIF after 2030, but it did not specify the value nor length. TFFF aims to preserve tropical global forests and help pay developing countries $4/hectare (ha) for preserved tropical forests. The goal is to raise $125bn for the fund to protect 1bn ha (10mn km²) of tropical forests globally. Several countries backed TFF during Cop 30, such as Norway, Germany, Indonesia, France, Colombia, the Netherlands and Portugal. These countries, along with Brazil and Australia's Minderoo Foundation, had pledged a combined $6.7bn, according to Brazilian government officials. Norway's commitment to TFFF hinges on several conditions, such as that the fund mobilize at least NKr100bn ($10.55bn) by the end of 2026. The TFFF and other initiatives to combat deforestation, such as the Reducing Emissions from Deforestation and Forest Degradation (REDD+) framework, can generate a combined $9bn/yr to combat deforestation, Brazilian environment minister Marina Silva said in 2025. But the fund has been criticized by international environment groups for not addressing the impacts of agriculture, mining and hydrocarbon extraction in deforestation . By Mariana Funchal Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

EU eyes sector-specific ETS fallback benchmarks

05/06/26

EU eyes sector-specific ETS fallback benchmarks

London, 5 June (Argus) — The European Commission will propose in the upcoming revision of the EU's emissions trading system (ETS) the introduction of sector-specific "fallback" benchmarks used in free allocation calculations, to address concerns expressed by some industries. The commission should have a "specific empowerment" to define such sector-specific benchmark values for 2026-30, including the methodology for how these are calculated, the climate change expert group at the commission's climate directorate noted on 3 June, in a document seen by Argus . The revised methodology should become applicable as early as possible "to ensure timely and effective support" to the affected sectors, the group noted. Fallback benchmarks are the default efficiency benchmarks applied when product-specific carbon intensity benchmarks — used to calculate free emission allowances under the EU ETS — are unavailable. The proposed revision to heat and fuel fallback benchmarks put forward by the commission in a consultation last month would cut free allowances per tonne of product by around 34pc. A group of EU countries raised concerns that the current fallback methodology is unrealistic in terms of what is physically possible, as many affected installations continue to rely on fossil-fuel based heat production because of technological constraints or a lack of cost-effective alternatives. Industry groups have voiced similar concerns. Sector-specific fallback benchmarks could be developed in sectors with at least 30 sub-installations, while the generic fallback values are maintained for the other sectors. These benchmarks would be calculated taking into account 2021-22 emissions from the top 10pc performers of the identified sectors. This would create a need for an additional 20mn-25mn free ETS allowances, although this would likely not trigger a change in the cross-sector correction factor (CSCF), according to the document. The CSCF ensures that the total amount of free allowances allocated under the ETS does not exceed the overall emissions cap for any given year. Extraction of natural gas, ceramic tiles and flags, extraction of crude petroleum and transport via pipeline would be the sectors requiring the largest amount of additional free allowances for the entire five-year period, at 6.7mn, 5.9mn, 3mn and 5mn, respectively. The commission's empowerment to introduce these changes will be introduced in the wider ETS review due on 15 July. By Erisa Senerdem Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

EU finance ministers eye agreement on CBAM changes

04/06/26

EU finance ministers eye agreement on CBAM changes

Brussels, 4 June (Argus) — EU finance ministers are seeking agreement on their position for legal changes to the bloc's carbon border adjustment mechanism (CBAM), extending the scope to more downstream products and adding anti-circumvention measures. Final tweaks and clarifications specify the European Commission's power to suspend CBAM for problematic sectors. The text drawn up for finance ministers, who meet on 12 June, takes account of a majority that has spoken out against giving the commission broad empowerment to temporarily remove specific goods from CBAM under a new article 27a. Diplomats noted the risks of "jeopardising" the effectiveness of CBAM and the "imprecise" scope of the powers. To bridge differences, Cyprus, chairing discussions between diplomats, has built on a previous draft to specify the conditions that the commission could use to trigger CBAM suspension. This includes average non-CBAM-related import price increases of more than 50pc compared with average prices for the same CBAM goods over the previous 10 years. Price increases would need to be sustained over a period of at least six months. If finance ministers agree on the text on 12 June, EU states would be ready for negotiations over a final legal draft with the European Parliament after summer. Cypriot diplomats suggested article 27a remains in the European Council's draft position as a "good basis" for the talks. During a first discussion, members of parliament's environment committee broadly supported deleting the new article 27a. But some members have called for partial or full CBAM suspension . The committee is expected to vote on the issue on 6 July, followed by the whole parliament in early September. Discussions on CBAM's suspension have continued following the commission's adoption last month of a fertilizer action plan, including measures such as financial relief for farmers, and assessing stockpiling options for key fertilizers and inputs. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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