Shaken Not Burned

Highlighting changemakers and solutions

What we’ve been reading this week

• Donald Trump has been elected as US president

The former president, a convicted criminal, has been re-elected as president of the US, defeating current vice president and Democrat candidate Kamala Harris. His climate-sceptic stance is expected to undermine action at a local and global level, given the country’s enormous power in the world’s economy. Trump already left the Paris Agreement during his previous term and is projected to do it again, while promoting more extraction of oil and gas and coal-fired power plants to power AI needs at home. Yet, the direction towards net zero is clear: the private sector is unlikely to completely divert away from the transition. Companies are expected to continue with their sustainability plans, although they are likely to be delayed or challenged by a difficult regulatory environment and choppy market conditions.

• Transition Plan Taskforce issues final recommendations

The Transition Plan Taskforce (TPT) has concluded after over two years of work to establish a gold standard for private sector transition plans. Announced at COP26 in Glasgow, the initiative launched its draft disclosure framework and implementation guidance for consultation at COP27. Its final report outlines opportunities and challenges for the global adoption of transition plans, including building market capabilities, sharing best practices, developing tools for decision-makers, and fostering global consistency in transition planning norms. 

• UK autumn budget: a mixed bag

The UK government’s autumn budget is a mixed bag regarding climate and energy policies. Rachel Reeves, the first female chancellor in the history of the country, extended a 14-year freeze in fuel duty that has so far cost £100 billion and is estimated to have contributed to a 7% rise in CO2. Incentives for electric vehicles were also extended, while oil and gas companies are facing a higher rate of windfall tax. Reeves also hiked axes for private jets and investments in technologies such as green hydrogen and carbon capture and storage. 

• Colombia issues proposal to boost critical minerals traceability 

COP16, the UN conference focused on biodiversity, concluded in Colombia last week. The host country presented a proposal to establish a working group to develop a pact for critical minerals traceability. This draft pact will be submitted for approval at the COP30 climate conference that will be held in Brazil next year. The so-called critical minerals are essential to scale technologies for the net zero transition, such as batteries and wind turbines, but increased demand comes with significant social and environmental risk, especially in countries that lack appropriate regulations to limit the impacts of mining activities. However, experts warn traceability in itself is not enough. Suneeta Kaimal, chief executive of the Natural Resource Governance Institute, comments: “Traceability alone will have no impact without credible, independent scrutiny of industry actions and impacts against high standards of best practice.”

• EU records steep drop in annual emissions

Closing on a positive note, greenhouse gas emissions fell by 8% in the EU last year, recording a decline of 37% from 1990 levels. The reduction was driven by a significant decline in coal use and growth of renewable energy sources, helped by lower energy consumption across the bloc. Yet, more work needs to be done if the bloc is to reach its goal of a net 55% reduction below 1990 levels by 2030. According to the European Environment Agency, it is on track to cut emissions only by 43% before the end of the decade.