Learn about the EU's fossil fuel car ban, the millions at risk of extreme poverty due to the energy crisis, policies to end deforestation, and more, with our summary of this week's sustainability news.
10/02/23
This past week was filled with interesting sustainability and climate news, we’ve summarised the top stories below.
Rising energy prices could push 141 million people into extreme poverty
A new study published conducted by Overseas Development Institute (ODI) has found that the soaring fuel bills caused by the Russia-Ukraine conflict could push up to 141 more people into extreme poverty by the end of 2023.
Global household energy costs could have increased by 62.6% to 112.9% following the invasion of Ukraine by Russia.
The study highlights that higher fuel bills increase the cost of living and reduce people's disposable income, which can lead to severe poverty for those on low incomes.
The study also warns the situation could be exacerbated by the effects of climate change, which are expected to lead to more frequent extreme weather events.
Governments are urged to take action to protect the most vulnerable populations from the impacts of high energy costs, including providing financial assistance to help people pay their bills, and investing in renewable energy and energy efficiency measures to reduce overall energy costs.
According to National Energy Action, the number of UK households in fuel poverty has more than doubled since 2020, and it is now estimated that 6.7 million households are affected.
Over 30% of companies linked to destruction of tropical rainforests have no policy on deforestation
A report by Global Canopy has found that one third of companies linked to tropical rainforest destruction through supply chains lack deforestation commitments for their commodities.
The companies with deforestation policies and commitments in place are not monitoring them correctly.
61% of the financial institutions most exposed to deforestation do not have a deforestation policy for their lending and investments, and only 32% have acknowledged deforestation as a business risk.
The report underlines that the 2025 UN deadline for companies and financial institutions to eliminate commodity-driven deforestation is approaching.
At the COP26 conference in Glasgow, a consensus was reached among world leaders to eliminate deforestation from supply chains.
Human-induced land clearance, particularly for agricultural commodities like palm oil, soy, and beef, is the leading cause of almost a quarter of global greenhouse gas emissions.
EU lawmakers approve a 2035 ban on the sale of new fossil fuel cars
EU lawmakers approved a ban on the sale of new petrol and diesel vehicles in the region from 2035, as part of efforts to reduce carbon emissions and meet climate targets.
The legislation requires automakers to cut carbon dioxide emissions from new cars by 55% by 2030, compared with 2021 levels, and by 100% by 2035.
Hybrids will be allowed until 2035 if they emit less than 50 grams of CO2 per kilometre and have a zero-emission range of at least 50 km.
The legislation also sets out measures to ensure the availability of charging infrastructure for electric vehicles across the EU, and mandates the installation of charging points at petrol stations and other public spaces.
EU member states will need to set targets for the deployment of charging points, and the European Commission will set up a network of high-powered charging stations along major motorways.
Automakers that do not comply with the new rules face fines of up to 10,000 euros per vehicle sold in the EU.
The legislation still needs to be formally approved by EU member states but is expected to come into force in mid-2023.
Barclays fails to update its fossil fuel policy and faces stakeholder action
Barclays, a British multinational investment bank, is facing legal action from its shareholders for failing to update its fossil fuel policy.
ShareAction, a shareholder pressure group, filed the resolution against the bank, and it is set to be voted on at the annual general meeting.
The resolution calls on Barclays to adopt a policy that is aligned with the goals of the Paris Agreement on climate change and to set targets for reducing the carbon emissions of its lending and underwriting activities.
According to ShareAction, Barclays is the only major UK bank that has not set any targets to reduce its financing of fossil fuels.
The legal action is part of a wider campaign by shareholder activists to pressure banks to align their activities with the Paris Agreement's goals.
Barclays has previously announced its intention to achieve net-zero carbon emissions by 2050, but critics argue that its current policies are insufficient to achieve this goal.
