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New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year. India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts! <h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power. <h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly. <div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div> <h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency. <h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes. <h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div> <h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream. <h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future. By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<keyword id="13135498" type="General" weightage="100" keywordseo="Gujarat-Titans" source="Orion">Gujarat Titans</keyword> have swiftly shed their newcomer status in the <keyword id="6354831" type="General" weightage="20" keywordseo="Indian-Premier-League" source="Orion">Indian Premier League</keyword> (<keyword id="6354312" type="General" weightage="20" keywordseo="IPL" source="Orion">IPL</keyword>) despite their relatively recent entry just two seasons ago. Their impressive debut season victory and subsequent second-place finish have firmly established their prowess on the cricket pitch. Now, they hope to emulate this excellence off the field as well, by embarking on a series of initiatives aimed at environmental sustainability and fostering a <keyword id="21195854" type="General" weightage="20" keywordseo="circular-waste-economy" source="Orion">circular waste economy</keyword>. Embracing the adage ‘environmental stewardship starts at home’, Gujarat Titans have forged a strategic waste management alliance with <keyword id="1517498" type="General" weightage="20" keywordseo="Nepra" source="Orion">Nepra</keyword> Resource Management Pvt. Ltd. (NEPRA) for their home games during the <keyword id="20898019" type="General" weightage="20" keywordseo="TATA-IPL-2024" source="Orion">TATA IPL 2024</keyword> season at Ahmedabad's <keyword id="10818893" type="General" weightage="20" keywordseo="Narendra-Modi-Stadium" source="Orion">Narendra Modi Stadium</keyword>. This partnership focuses on <keyword id="6408774" type="General" weightage="20" keywordseo="waste-segregation" source="Orion">waste segregation</keyword>, recycling, and educating fans about sustainable waste management and hygienic practices, paving the way for a cleaner and greener stadium environment. In 2011, Royal Challengers Bengaluru (RCB) paved the way for sustainability-related initiatives, by donning a green uniform and planting trees to spread awareness. Other IPL franchises from across the country are also making strides in sustainability. Recent reports reveal that Chennai Super Kings have teamed up with IIT Madras to champion sustainable initiatives, while Rajasthan Royals have renewed their partnership with Schneider Electric, aiming to cultivate a community of environmentally aware individuals. The collaboration of Gujarat Titans with NEPRA, aiming for a "<keyword id="21195853" type="General" weightage="20" keywordseo="zero-waste-to-landfills" source="Orion">zero waste to landfills</keyword>" objective, will centre on establishing a circular waste economy. NEPRA will take charge of the efficient collection and transportation of waste, leading initiatives to raise awareness among stadium stall operators. Additionally, mindful of the <keyword id="6404408" type="General" weightage="20" keywordseo="carbon-footprint" source="Orion">carbon footprint</keyword> of visiting fans, Gujarat Titans aim to minimise GHG (greenhouse gas) emissions in the Scope 3 category. They plan to achieve this through collaboration with Gujarat Metro for transportation, the adoption of electric vehicles, and the use of public buses during the team's five home matches. Emphasising the team’s commitment to environmental stewardship through sustainability, GT COO Colonel Arvinder Singh said: “Responsible behaviour on and off the field is an integral part of our conduct at Gujarat Titans. We are alive to the challenges that all of us face and shall strive to make a difference with our sustainable initiatives. Our partnership with NEPRA will enable us to contribute significantly to waste reduction and encourage fans to preserve the environment while enjoying the games.” These initiatives mark a significant advancement from the Titans' previous endeavours during IPL 2023, where they focused on minimising waste sent to landfills and promoting plastic reuse through partnerships with organisations like Bisleri. The recycling of plastic into benches for schools exemplifies their dedication to community engagement and environmental conservation. Such concerted efforts of IPL franchises towards environmental sustainability are poised to inspire sports franchises and fans globally, setting a commendable precedent for collective action in promoting eco-conscious practices.

Batting for the environment: Gujarat Titans kickstart sustainability and circular waste economy initiatives

<ul class="summary-list"><li>Coca-Cola reported a decline in revenues in its third-quarter earnings on Wednesday.</li><li>Despite the slide, revenue was higher than analysts' expectations.</li></ul>Coca-Cola posted its first quarterly decline in revenue this year in its third-quarter earnings on Wednesday.Net revenues fell by 1% to $11.9 billion for the three months to September 30. The results beat analysts' predictions, which had forecast revenues of $11.65 billion for the beverage giant.Earnings per share declined 7% to $0.66, lower than the analyst consensus of $0.74.Shares dipped more than 2% in premarket trading, but the stock is up 16% this year.Coca-Cola said its slightly better-than-expected revenue performance had been driven by a 10% jump in price/mix, the amount the company adjusts prices, versus a 2% decline in concentrate sales.The results were boosted by an 11% jump in sales of Coca-Cola Zero Sugar across all markets."Our business continues to demonstrate resilience in the face of a dynamic external environment," said CEO James Quincey."We are encouraged by our year-to-date performance and our system's ability to manage near-term challenges while also remaining focused on long-term growth opportunities."The soda giant also signaled that there was growing potential in the non-carbonated drink market, pointing to its success as an <a target="_blank" class="" href="https://www.businessinsider.com/inside-coca-cola-company-2024-olympics-marketing-strategy-powerade-athletes-2024-7">official sponsor</a> of the 2024 Paris Olympics."During the opening and closing ceremonies in Paris, a special-edition smartwater gold bottle for athletes quickly garnered 42 million impressions and contributed to smartwater gaining both volume and value share during the quarter," the company said.Powerade, Fuze Tea, and Topo Chico were also highlighted as regional leaders in its plans to evolve a "total beverage portfolio."In recent quarters, strong international sales have helped boost Coca-Cola's results, offsetting weaker consumer demand in the US. However, in its third quarter, unit case volume declined in Europe, Middle East &amp; Africa and Asia Pacific, and remained even in Latin America.Investors will look to the soft drink maker's earnings for insight into consumer spending behavior heading into the year-end.US consumers are thought to have spent excess savings from the pandemic and are now grappling with accumulated price increases driven by global inflation.In September, core retail sales in the US grew by 2.4%. However, many <a target="_blank" class="" href="https://www.businessinsider.com/companies-are-doubling-down-on-loyalty-programs-2024-8">retailers have taken creative approaches</a> to incentivizing spending, including loyalty programs and <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">exciting product offerings</a>.Retailers, including Costco, PepsiCo, and Walmart, have been <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-offer-fewer-deals-under-new-ceo-2024-10">cutting prices</a> amid a pattern of more cautious consumer spending this year.The results come after Coca-Cola's rival PepsiCo posted weaker-than-expected sales for the second quarter in a row. PepsiCo lowered its full-year organic sales outlook, saying it now expects a low-single-digit rise, down from the previously forecast 4% growth.PepsiCo executives said the "cumulative effects of inflationary pressures continue to impact budgets and spending patterns."

Coke Zero sales jump, helping Coca-Cola beat forecasts despite revenue dip

<ul class="summary-list"><li>German energy may have lost billions in income as a result of fraud in a carbon credit program. </li><li>The program lets companies offset emissions by supporting carbon reduction projects abroad.</li></ul>A scandal engulfing Germany's carbon credit market may have resulted in billions in lost income for firms.The country's program allows its biggest carbon producers — companies like Shell and other oil firms — to offset some of their emissions by supporting carbon-reduction projects abroad.However, reports in German media this year show that some projects are misleading in their claims of reducing emissions — and some don't exist at all.<a target="_blank" href="https://www.semafor.com/article/08/21/2024/a-5bn-german-scandal-is-driving-green-firms-out-of-business?utm_medium=net+zero&amp;utm_campaign=flagshipnumbered2&amp;utm_source=newslettercta">A report in Semafor on Wednesday</a> notes that in one case, a whistleblower informed Shell that a carbon-reduction project the oil giant was involved with was, in fact, a chicken farm.According to an industry group, the scandal has led to $5 billion in lost income for companies involved in inadequately verified or fraudulent projects.In December,<a target="_blank" href="https://www.handelsblatt.com/politik/deutschland/klimaschutz-wie-luftbuchungen-in-china-der-biodiesel-industrie-schaden/100003507.html"> a report</a> in the German outlet Handelsblatt said that half of projects in China are probably fake or misrepresenting their effectiveness.The scandal involves Upstream Emission Reduction credits, which are produced by third-party energy firms and sold to producers looking to offset 1.2% of their emissions, as mandated by the German government.Most UER projects are located in China, with others in Azerbaijan and Nigeria. However, German media identified <a target="_blank" href="https://www.handelsblatt.com/politik/deutschland/klimaschutz-wie-luftbuchungen-in-china-der-biodiesel-industrie-schaden/100003507.html">27 projects</a> or more that aren't actually reducing any emissions or are exaggerating their results."In 27 UER projects from China, we have received indications of massive irregularities and even clear fraud," an industry insider told <a target="_blank" href="https://www.handelsblatt.com/politik/deutschland/klimaschutz-wie-luftbuchungen-in-china-der-biodiesel-industrie-schaden/100003507.html">Handelsblatt</a> in December.Some revelations about fraudulent projects — like the chicken farm Shell was involved with — come from whistleblowers, while others have surfaced from satellite photos of project locations showing empty land.Semafor notes that the scandal is highly damaging to the global carbon-reduction effort, which is already operating on little trust in the biggest polluters' ability to self-regulate and actually reduce their carbon footprint.It is also a blow to regulators who are meant to be policing the effort and overseeing the transition to net-zero. In the case of the fraudulent UERs, compliance with the 1.2% reduction is not voluntary but legally mandated by the government, leading to questions over why agencies did not have more oversight of the program.

A $5 billion scandal is rocking Germany's carbon credit market

<ul class="summary-list"><li>US renewable energy, electric vehicle sales, and overall green investments hit records in 2023.</li><li>Offshore wind faltered due to high interest rates and supply chain delays.</li></ul>High interest rates and volatile global supply chains didn't stop the US green-energy transition from reaching new heights in 2023. A record amount of renewable energy, led by solar, was added to the grid. Customers bought nearly 1.5 million electric vehicles, a 50% jump over the previous year. Investments in getting the power and transportation sectors, among others, off fossil fuels hit a record $303 billion, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=38d38cf7535847f5821d0d9083351c5b&amp;_e=fzNgJ7vRYzUM3i56253qqFiylNnFi1s_f25ie2pNvT9hb1iGLqm5GIJ0vRdD22jVkFW5l2GSkOk3r81EWtPcbnwZAzrf6Al5En6kXSHAyc1v0G2QK4uEAhVv4A28qLL4garl3tk0hTqWcZyr45SO8-MpHZupRSEiIXn2edrcY8E1mf8EM1Nv__vzaD5UffsAUJdMc_U3GMKzSScbtzv8OaON7LQDAZZyd8_mOVhdrS1sXCOYAzaM0hnCYG0mk_Nqbe5Of-8IgZCFR36_-uuI-iBke24dqc8nOviIguUUh7ECmfeQ3ZGqOlcktcVBqfP7XcDJDt44JspzHFr_3x4z4RYmm7HojnkG4Q5t8qlBKOpS9K2jgtfQz_u7XhUL7kbe">an analysis by BloombergNEF</a> found.The US was the second-largest investor in the energy transition in 2023, after China, Tom Rowlands-Rees, BloombergNEF's head of North America research, told reporters during a briefing. The race to clean up the global economy is becoming competitive because other countries also hit record levels of investment. Japan was a notable exception."We really can't afford to not be having a record year, just to keep pace with this rapid transformation," Rowlands-Rees said. Yet the global investment of $1.8 trillion still isn't enough to cut greenhouse-gas emissions to nearly zero by 2050 — a goal countries agreed to in order to curb the climate crisis. Financing needs to more than double to $4.8 trillion a year, <a target="_blank" href="https://l.businessinsider.com/u/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=38d38cf7535847f5821d0d9083351c5b&amp;_e=fzNgJ7vRYzUM3i56253qqNc0m2-ZGdaiU-mGjCf90qTi4Y25AnHlWqWXQRZmaWx1tNVUt6ZCALA0BUAKcnQ9DnHF3PHOVIeuNRj4QJu7eHZ-46P7JdbD-S0r6XQAFV3XQ04ppGKCrH3VKMWhxKgOJX-wQqbXxyYnO1ar7GOb4k2LT85-8_W5Y_DzqGIkdFmtZGLN6kJv8gnq5v6wtOv8TnrDhWDwzB4APGI9ghXqkUBuVb7Cl5JfrYhOIXY__PRlkNX5RyLUK1dCttY7Avw8F7ofogufpuku1--BMyTMT3E6rqE5ifN4tWasORdQLQVpxC2udbXqJt0Uc9sGk0LIBiSQWAnIsSk9Wqrq7m6FgrknMc4WlZyiF_dIiDwYboOAbdMCmY1Y3pMOkUlhxWI1D4tHGVWUs6cCKdHr4YbEZg78pX_icsssY5XacgsyYQWLPdXHzQ4yA1YeUZ0iOlVRaZwPMjdkt00AjqEkb8viw_wIwMMmRqnfjjcbMPP8p32M">BloombergNEF found</a> in a separate report earlier this year.Here are three main takeaways from the US: <h2>Solar shined, wind faltered, and gas was still king</h2>BloombergNEF found that large-scale solar farms and rooftop panels were built at a record clip in 2023. A flood of solar panels imported from Southeast Asia helped meet demand, in part because the Biden administration waived tariffs on those imports.It was the opposite story for wind power. Companies either canceled or are trying to renegotiate more than half of all the new offshore-wind capacity that was planned in 2023. Developers cited high interest rates and supply-chain delays. These challenges remain this year, but East Coast states, including New York and Massachusetts, are still awarding new contracts. Solar, wind, and nuclear — which don't produce emissions — are taking a larger share of the energy pie. They generated a record 41% of US power in 2023. But natural gas is still the largest source and set its own record last year. Rowlands-Rees said that falling gas prices made it the cheapest form of energy in 2023."This is why things like the tax credits in the Inflation Reduction Act are important, because you see that otherwise, wind and solar are on a real roller coaster of economic competitiveness," he said.<h2>Industry has quickly become a top polluter</h2>In 2023, for the first time, the US industrial sector that refines oil and makes materials such as cement, iron, steel, chemicals, and paper became a larger polluter than the power sector, according to BloombergNEF.The power sector, as recently as 2016, was the top emitter. Its emissions dropped by 40% in less than two decades, largely by switching from coal to natural gas. That means transportation and industry are now the top two polluters. A lot of money is pouring into electrifying cars and transit — industry, not so much. "We have our own equation, which is electrification, plus digitization, plus automation equals sustainability," Jeannie Salo, the vice president of government relations at Schneider Electric, told reporters. "Those are the fundamental things that get you there for industrial decarbonization."<h2>Solar and EV-battery plants take off</h2>The Inflation Reduction Act aimed to reshore renewable energy manufacturing to the US through big tax breaks. Companies have responded with 104 new projects totaling $123 billion in investment. EV-battery and solar plants are dominating the planned growth, with 34 projects announced in each sector, according to BloombergNEF's tally.Georgia and North Carolina are the top sites for new plants. North Carolina got $15.4 billion just from Toyota, which is building up its battery manufacturing in the state.This article is part of Business Insider's weekly newsletter on sustainability. <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/subscription/newsletter/insider-sustainability">Sign up here</a>.

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Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

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Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

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Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

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Batting for the environment: Gujarat Titans kickstart sustainability and circular waste economy initiatives

Kunal Kambli

Coke Zero sales jump, helping Coca-Cola beat forecasts despite revenue dip

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A $5 billion scandal is rocking Germany's carbon credit market

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Zero-carbon energy generated a record 41% of US power in 2023

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