Latest news with #emissionsreduction
Bloomberg
11 hours ago
- Business
- Bloomberg
EU Set to Open Doors to Imported Carbon Credits Under 2040 Goal
The European Union wants to allow limited imports of carbon credits under a planned 90% emissions reduction goal for the next decade, in a bid to reduce the costs of its ambitious green shift and get member states on board. The European Commission, the bloc's executive arm, is poised to propose that certain high-quality credits from a new United Nations-supervised mechanism can account for 3% of the pollution cut by 2040, according to a draft document seen by Bloomberg News.
Skift
12 hours ago
- Business
- Skift
Singapore Airlines' Emissions Rise, Climate Rules Threaten Higher Costs
Singapore Airlines' growing fleet of more fuel-efficient aircraft shows commitment to lower emissions, but it also locks in decades of continued fossil fuel use, with sustainable aviation fuel still limited. Singapore Airlines' emissions are rising as the carrier expands operations, but the company says it remains on track to hit its 2050 climate goals. In its latest sustainability report, Singapore Airlines Group reported that total emissions rose more than 13% over the past financial year, from 18.8 million tonnes of CO₂e to 21.4 million tonnes. The airline, which has orders for over 70 new planes, pointed to strong passenger demand and ongoing airspace restrictions, which have forced longer flight routes, as key reasons behind the increase. The company's CEO, Goh Choon Phong, said its investment in newer aircraft, which the industry says emits up 25% less carbon, will help in plans to reduce emissions to almost zero by 2050. 'Our long-term commitment to investing in and operating new-generation aircraft puts us in a strong position,' Goh said. 'As of 31 March 2025, the average age of the Group's operating fleet was seven years and eight months, well below the global average of 15 years.' Rising Costs From Climate Rules and Compliance At the same time, the carrier warned that complying with international climate regulations could come at a significant cost in the years ahead. It estimated the global aviation carbon offsetting scheme, known as CORSIA, which most airlines are a part of, could cost the airline around $150 million by 2030. CORSIA requires airlines to purchase credits if their emissions exceed 85% of their 2019 levels, with the goal of offsetting the climate impact of growing international air travel. In its report, the airline flagged its scope 1 emissions, which are mainly made up of fuel, as the main driver of future compliance costs. Singapore Airlines pointed to sustainable aviation fuel (SAF) as a long-term solution. SAF can reduce emissions by around 65% compared to traditional jet fuel, according to the sector. The airline called SAF 'a critical lever for decarbonisation' and said it would continue to support its development and use. Managing Climate Risks singapore airlines helped install flood defences at singapore airport. source; changi airport group The airline said that other climate-related risks, such as extreme weather and infrastructure threats, currently have a limited financial impact. However, it estimated that direct costs from these risks could reach up to around $35 million by 2030. As part of its preparations, Singapore Airlines said it has invested in flood prevention measures at Singapore Changi Airport, including flood barriers and new drain sensors. Skift contacted Singapore Airlines for additional comment on its climate strategy and financial forecasts, but the company did not respond. Skift's in-depth reporting on climate issues is made possible through the financial support of Intrepid Travel. This backing allows Skift to bring you high-quality journalism on one of the most important topics facing our planet today. Intrepid is not involved in any decisions made by Skift's editorial team.
Reuters
2 days ago
- Business
- Reuters
COP30 host Brazil warns against over-reliance on carbon credits
BONN, June 26 (Reuters) - Countries should not over-rely on buying carbon credits to meet climate targets, the chief executive of this year's U.N. COP30 summit said on Thursday, as the European Union readies a new emissions goal that may include credits for the first time. The European Commission is due to propose a new EU climate target for 2040 on July 2, and has said the legally binding goal should be to cut emissions by 90%. But faced with pushback from some governments, Brussels is considering a lower target for domestic industries, and buying international carbon credits to make up the gap to 90%, Reuters has previously reported. They allow a country to buy "credits" from projects that reduce CO2 emissions abroad - for example, forest restoration in Brazil or Guyana - and count them towards its own climate goal. Proponents say this is a way to raise funding for CO2-cutting projects in developing nations. Opponents point to recent scandals, where credit-generating projects were found to not deliver the climate benefits they claimed. Ana Toni, CEO of the COP30 climate summit, which will take place in the Brazilian city of Belem in November, said Brazil did not oppose the use of carbon credits in countries' targets - known at the U.N. as nationally determined contributions - but warned against relying on them to meet a large chunk of a country's climate target. "The amount is important, because it shows how much you change in your own economy ... if it's really a big amount of (credits), you're not changing your own economy," she told Reuters. Toni also said countries must ensure any credits used to meet climate targets deliver quality environmental benefits. While the view of Brazil, as COP host, is not binding on delegations, it is responsible for guiding the negotiations at the gathering and also doing the diplomatic work to try to get countries to set ambitious goals. Nearly 200 countries faced a February deadline to submit their 2035 climate targets to the United Nations. Most, including the 27-country EU and China, missed it. The EU is expected to present its 2035 and 2040 climate goals together next week. EU countries are divided over how much of their 2040 target should be met through credits. Germany has proposed using credits to meet 3 percentage points of the 90% goal, while countries including France suggest a bigger share, officials said. EU members including Denmark and Finland say credits are not needed at all.
National Post
2 days ago
- Automotive
- National Post
Pressure building on Liberals to rethink electric vehicle mandate
OTTAWA — As Canada approaches a critical starting point for its electric vehicle goals, pressure is building on Prime Minister Mark Carney's government to rethink its plan. Article content Starting next year, the Liberal plan to get more electric vehicles on the road will enter its first phase: mandating sales targets for car companies, which could purchase credits, including by spending on charging infrastructure, or face penalties for not complying. Article content Article content Article content The government has set a target of 20 per cent of new passenger vehicles sold in 2026 must be either battery-powered or hybrid, which increases to 60 per cent by 2030 and reaches 100 per cent by 2035. Article content Article content The goal is to reduce the country's emissions, taking direct aim at the transportation sector, which is among the top emitters. Article content But with plummeting electric car sales and Canada's auto sector under duress from a trade war with the U.S, which has abandoned its electrification goals under President Donald Trump, Carney's government must now decide whether to forge ahead or reconsider a core climate policy. 'They're going to have to make adjustments,' said Flavio Volpe, president of the Automotive Parts Manufacturers' Association. 'I think they know that, the industry knows that. It's really a negotiation on where those adjustments land. Is this a time for stretch goals or is this a time for reality. What's the mix?' Article content He added that he had spoken to 'several ministers' this week. Article content Article content Brian Kingston, the president and CEO of the Canadian Vehicle Manufacturers' Association, which represents Ford, General Motors and Stellantis and has long opposed the sales mandate, says the policy heaps on added costs at a time when keeping production in Canada has been made more difficult by U.S. tariffs Article content Article content 'At a time where companies are already facing tariff pressure, they are now going to face challenges selling vehicles in the Canadian market. Very difficult to make the case for Canada with this policy in place.' Article content Ford Canada CEO Bev Goodman was among the latest to call for the mandate to be scrapped, pointing to falling customer interest. Article content Statistics Canada bears that out, with the agency reporting a 45-per-cent drop in new zero-emission vehicles sold in March from the same month the year before. It said these new vehicles accounted for around seven per cent of vehicles sold in March 2025 — a figure critics point to as fuel to argue a 20 per cent sales target is unrealistic.
Yahoo
3 days ago
- Politics
- Yahoo
Ontario environment minister said 'we are on track' to meet 2030 climate targets. Internal docs disagree
Ontario is not on track to hit a key climate change target with less than five years to go, civil servants have told the province's new environment minister — information that appears to contradict his own statements since taking on the portfolio. The candid assessment from the public service was offered to Todd McCarthy in briefing documents obtained by CBC News through a freedom of information request. The minister was told in March that the province will fall short of hitting its target of a 30 per cent reduction in greenhouse gas emissions from 2005 levels by 2030. "With Ontario policies, recent preliminary projections show that Ontario's 2030 emissions are expected to be three (megatonnes) higher than the 2030 emission reductions target," civil servants warn. The report suggests Ontario has made progress on emissions reductions since 2022. But it notes that the pledge would require the province to reduce its emissions to 142 megatonnes, and it's currently on track to achieve a reduction to approximately 145 megatonnes of greenhouse gases by 2030. Civil servants also say that actual emissions will vary depending on "market forces, abatement costs and actions taken by industry in response to policies." The internal projections shared with McCarthy appear to contradict statements he made during Question Period at the legislature earlier this month. On June 5, under questioning from the NDP environment critic Peter Tabuns, McCarthy said the province would hit its climate change targets, lauding Premier Doug Ford's plan to bring down emissions. "We have a plan, and the plan is working," he said. "We are on track to meet the target by 2030 of reducing the 2005 levels of greenhouse gas emissions by 30 per cent. We're doing that by leading Canada." McCarthy's office did not respond directly to questions about the contradiction in his statements and the ministry warnings. Spokesperson Alexandru Cioban said the province leads Canada in emissions reductions and "will continue to work to protect our environment, create good-paying jobs, and ensure Ontario remains the best place to live, work, and raise a family."Ontario launched its climate change plan in 2019, a year after it killed the previous Liberal government's cap and trade climate policy. While the Progressive Conservative plan does not have a consumer carbon tax, it does include an emissions performance standards program, which charges "compliance payments" to induce businesses to lower emissions. The briefing documents also say the ministry is currently "reviewing both regulation and (the) program in light of broader competitiveness concerns highlighted by U.S. tariff threats and possible changes in federal policy." Comments about risks associated with the program review have been redacted by the civil service. Tabuns said he's been skeptical of the government suggestions that they were on-track to meet their climate goals. "I don't know whether he reads his briefing book," he said of the minister. "I don't know whether he was simply being dishonest in the legislature, but either way, that's a real problem." Tabuns said the province's climate targets have always been weak, which makes not hitting them even worse. "Even if they'd met their target, it would be inadequate to protect us and to actually have Ontario do its fair share of lifting in the global fight to stem the climate crisis," he said. Green Party Leader Mike Schreiner said the Ford government hasn't been honest with the public about the short-comings of its climate change plan. It was never going to be adequate to hit the 2030 emissions target, he said. "The reality is, Canada is on fire right now, and the Ford government is like an arsonist pouring more fuel on the fire," Schreiner said. "The people of Ontario are paying the price for it." Greenpeace Canada spokesperson Keith Stewart said he's not surprised to hear Ontario won't hit its climate targets. The government has made achieving them more difficult with its policies since it took office in 2018, he said. "They killed the carbon pricing, they killed most of the climate programs," he said. "They've been hell bent on building new highways, and they cancelled all the renewable energy contracts." Stewart urged the government to re-focus its efforts on addressing climate change by embracing renewable energy. "This government has never taken climate change seriously," he said. "They've never had a real climate change plan to meet their targets. People have been saying it for a long time, now their own internal documents are showing this."The findings in the briefing note are "disappointing and alarming," said Aliénor Rougeot, climate and energy senior program manager at Environmental Defence. The warning from civil servants should spark government action to meet the targets, she said. The PC government should re-double work to strengthen public transit, retro-fit homes and buildings, and de-carbonize the province's electricity grid with renewable energy, Rougeot said. "I think if the government hopes that this will go away it's a really big miscalculation," Rougeot said. "It's really underestimating just how upset my generation is ... at how on all fronts we are going to pay the high price for this government's policies."
