Today’s ESG Updates:
- Google Announces Policy Roadmap Helping EU Reach Climate Neutrality: Powered by AI, this roadmap is set to accelerate EU achieving 2050 goals.
- 40% of Global Electricity Powered by Clean Energy in 2024: Ember Energy think tank publishes report with positive finds regarding growth in renewable energy.
- Trump Due to Sign Coal Boosting Orders: US President will sign executive orders boosting the coal industry.
- BP Pauses Plans to Make Clean Jet Fuel: The British fuel company was set to clean energy at its Castellon oil refinery in Spain.
Google announces AI policy roadmap helping EU reach climate neutrality
The EU is implementing a Google produced AI policy roadmap to help it reach its 2050 net-zero goals. The new policy roadmap has been called “The AI Opportunity for Europe’s Climate Goals” and outlines how AI can help deliver economic growth, global competitiveness and climate neutrality. This policy roadmap powered by AI could mitigate up to 10% of greenhouse gas emissions by 2030 and boost Europe’s economy by €1.2 trillion over the next decade. AI is clearly a powerful tool in the achieving of climate neutrality goals. For companies wishing to stay up to date with emerging news and legislation may use ESG tools.
Further reading: Google Releases AI Policy Roadmap to Help EU Achieve Climate Neutrality by 2050
40% of global electricity powered by clean energy in 2024
According to a new report published by the thinktank Ember Energy the world used renewable energy sources to meet more than 40% of its global electricity demands. A significant milestone, this is the first time this has happened since the 1940s. Solar power capacity has doubled in the last three years and solar farms have been the world’s fastest growing source of energy for the last 20 consecutive years. Ember’s managing director, Phil MacDonald stated that, “Solar power has become the engine of the global energy transition. Paired with battery storage, solar is set to be an unstoppable force. As the fastest-growing and largest source of new electricity, it is critical in meeting the world’s ever-increasing demand for electricity. Hydropower is one of the modern world’s oldest renewable energy technologies and continues to make up a large proportion of renewable global energy. The huge growth of solar means clean power is set to expand faster than the world’s overall electricity demand. This should eventually lead to the phasing out of fossil fuels powering the global power system.
Photo Credit: Sungrow EMEA
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Further reading: Clean energy powered 40% of global electricity in 2024, report finds
Trump due to sign executive orders to boost US coal industry
President Donald Trump is due to sign executive orders to boost the coal industry on Tuesday. Coal generated more than half of American power at the beginning of the century but has now declined to less than 20% according to the Energy Information Administration. In the meantime, there had been growth in solar and wind power as well as drilling techniques being used to extract more natural gas. U.S. power demand is now rising for the first time in the past twenty years as there has been a rise in energy intensive data centers for AI, electric cars and crypto currencies. This news comes as no surprise given Trump’s stance on carbon emissions and renewable energy industries. When coal is burned, it releases more carbon dioxide than any other fossil fuel and emits pollutants that are blamed for lung and heart illnesses.
Photo Credit: Dominik Vanyi
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Further Reading: Trump set to sign executive orders to boost US coal
BP pauses plans to make clean jet Fuel
BP has halted plans to produce clean jet fuel at its Castellon oil refinery in Spain. According to insiders, the decision to pause these plans was driven by limited growth in the market, questioning the worthiness of the investment. In February, BP unveiled its plans to increase its oil and gas investments and decrease spending in renewables as it tries to increase returns.
Photo Credit: Simon Cheung
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Further reading: BP halts plans to make clean jet fuel at Spain plant, Bloomberg News says
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Pawel Czerwinski
