Oil Companies and Countries Gain Influence at COP28 Climate Forum; Solar Project in Baltimore to Provide Clean Energy; ANZRP Wins Award for Responsible E-Waste Recycling; Green Bonds Lead in Sustainable Debt Offerings; E Ink Launches Energy-Saving Display; UN Climate Champion Discusses Financing Climate Action; Legal Groups Oppose Australian Proposal on Climate Claims; Fastmarkets Reports Prices for Rare Earth Elements; Grocery Outlet and Nestlé Highlight Environmental Efforts; Wellington Airport Aims for Net Zero Emissions; Bangladesh Leads in Eco-Friendly Manufacturing.

Published: 2023-11-02

Oil companies and countries will have a big say in the climate agenda at the COP28 climate forum in Dubai. Despite criticism for their impact on the climate crisis, they have gained influence because they help resolve energy crises caused by conflicts. They will argue for continuing oil and gas production until renewable energy is enough, and they will promote “carbon absorption” as a way to fight climate change. The forum may focus more on climate justice and funding for climate projects in the Global South.

In the US, Radial Power is starting a solar project in Baltimore called the Kelso Drive solar project. It is a 4.6MWdc solar system that will give local residents and businesses access to clean energy. The project includes solar panels on rooftops and carports on industrial buildings to generate more energy and make the best use of space. It is expected to reduce over 4,110 metric tons of CO2 each year, which is like taking 915 gasoline cars off the road. Radial Power is committed to sustainability and clean energy across the country.

The Australia New Zealand Recycling Platform (ANZRP) has won an award for its responsible e-waste recycling. They have collected and recycled over 240,000 tonnes of electronic waste. They work with IT brands to make sure recycling is done right and support changes to recycling schemes. ANZRP says it’s important for brands and network operators to work together for better e-waste recycling. Manufacturers and brands need to be responsible and use sustainable practices.

Green bonds are the most popular type of sustainable debt, with $100 billion in new offerings. Social bonds come next with $42 billion, followed by sustainability bonds at $37 billion, and sustainability-linked bonds at $19 billion. Moody’s predicts that the total issuance for the year will be $950 billion, helped by the COP28 conference. The focus on nature and biodiversity risks will lead to more types of sustainable bonds. But there are concerns about companies pretending to be green.

E Ink has launched a new display called the Philips Tableaux 5150I Series. It uses E Ink Spectra 6 technology and has high color and low power consumption. It can reduce CO2 emissions compared to LCD displays and paper posters. The first customer for this display is PPDS, and it will be showcased at ISE 2024. It can be used alone or as part of a group of displays in different places.

Mahmoud Mohieldin, a UN climate champion, talked about the challenges and opportunities of financing climate action in developing countries. He said climate action is important for development but shouldn’t make the debt situation worse. He suggested linking public budgets to climate action, changing development banks, using new finance tools, and involving the private sector. He wants to achieve the goals of the 2030 Sustainable Development Agenda and the Paris Agreement.

Legal groups and environmental law firms are against a proposal by the Australian government. The proposal would protect companies from being sued for misleading climate claims for three years. But legal groups say this would stop people from getting justice and hurt Australia’s efforts to reduce emissions.

Fastmarkets, a price reporting agency, has launched prices for rare earth elements. These elements are important for electric vehicles and clean energy. Fastmarkets wants to give clear and reliable prices for rare earth elements. They plan to cover more prices and industries in the future.

Grocery Outlet Holding Corp. has released its first report on how it helps the environment, society, and its customers. It saves customers money, provides affordable food, helps communities, supports independent operators and employees, reduces food waste, and improves how it works.

Nestlé has made progress in reducing packaging and managing waste. It has reduced its use of new plastic by 10.5% since 2018 and wants to reduce it by one-third by 2025. It has also increased the use of recycled plastic in its packaging. Nestlé wants all its packaging to be recyclable and most of its plastic packaging to be designed for recycling by 2025.

Wellington Airport has released a report on how it deals with climate change. It wants to have net zero emissions by 2030 and be a hub for electric flights. It has been rated as the fifth best airport in the world for its environmental efforts.

Bangladesh is doing well in eco-friendly manufacturing in the clothing industry. It has the most “eco-friendly” factories in the world, certified by the US Green Building Council. These factories are doing things to help the environment and reduce emissions. Bangladesh is a leader in sustainable manufacturing, but it needs more cooperation between buyers and suppliers and support from the government to have more green factories.

In summary, oil companies and countries will have a big say at the COP28 climate forum. Projects like the Kelso Drive solar project and responsible e-waste recycling are helping the environment. Green bonds are popular, but there are concerns about companies pretending to be green. E Ink has a new display that saves energy. Mahmoud Mohieldin wants to finance climate action without making debt worse. Legal groups don’t want companies to be protected from lawsuits about climate claims. Fastmarkets is reporting prices for rare earth elements. Grocery Outlet and Nestlé are doing well in environmental practices. Wellington Airport and Bangladesh are working towards a more sustainable future.

https://www.businessdailyafrica.com/bd/opinion-analysis/columnists/once-ridiculed-oil-lobby-destined-to-dominate-the-dubai--4422078

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