COP27 ends with twofold results

Good Morning,

The COP27 climate conference was held on November 6.–20. in Egypt. The UN climate conference ended with twofold results as a historical initiative towards funding climate-vulnerable countries was attained. Regarding advancement with other topics in the agenda, there has been a general disappointment with the discussions. What are the main takeaways from the summit?

The most significant accomplishment of the conference is the new Loss and Damage fund for vulnerable countries. The Loss and Damage fund – initially demanded by nations in the global south – aims to help with the diverse effects of climate change on ecosystems and societies that cannot be avoided by mitigation or adaptation. The countries pledged more than 230 million dollars for the new Adaptation Fund.

While COP27 marks an exceptional moment in global solidarity towards vulnerable nations, the conference lacked ambition in emission reduction. The most notable action towards reducing emissions was when the attending countries verified the current goal to reduce global warming to 1.5 degrees – a pact made last year in Glasgow. Also, Mexico, Vietnam, and Turkey pledged for updated emission targets. 

Luckily, outside of COP27, there have recently been hopeful signals in the climate policy. China and the U.S. announced to continue climate cooperation after momentary disagreements. Also, the G20 countries' summit in Bali raised hope as the participants recommitted to the Paris Climate Pact goal of reducing global warming between 1.5 and 2.0 degrees Celsius. 

Let's jump into this week's headlines.

EU's Carbon Allowance (ETS) price development

UK's Carbon Allowance (ETS) price development

Reuters | Disastrous earthquake in Indonesia: a 5.6-magnitude earthquake has a death toll of 271, expected to rise. More than 40 people are still missing, and over 2000 were destroeyd in the catastrophe.

Reuters | Exeptionally high tide in Venice .  A dam system built to protect Venice and its famous Piazza San Marco from flooding kept the city dry from a high tide on Tuesday. The tide was caused by heavy rain in all of Italy.

Aljazeera | Afghanistan – the world's sixth most climate-vulnerable country –was excluded from COP27. Afghanistan has remained diplomatically isolated since the Taliban recaptured power last August after 20 years. The nation has faced frequent droughts, flash floods and landslides affecting livelihoods and infrastructure, but the funding for developmental and climate projects has dried up because of international sanctions.   

The Guardian | McDonald's, Taco Bell, and Walmart beef suppliers accused of excessive antibiotics use. An investigation found that the companiesare sourcing meat from US farms that use antibiotics linked to spreading dangerous superbugs, risking public health.

HS | Three new nature conservation areas planned in Järvenpää. The city council of Järvenpää has decided to conserve three naturally valuable areas within its municipality boundaries.

HS | Negative carbon emissions per capita in a small municipality in Lapland, thanks to investments in wind power. A calculator shows the emissions in your home town.

Satakunnan kansa | The average temperature has nearly doubled in Sweden since the end of the 1800s. The increase in average temperature is 1.9 degrees, close to twice as much as the world average temperature has risen during the same time, according to the Swedish Meteorological and Hydrological Institute.

Tekniikka & Talous | Metsä Group proceeds with plans for a new mill in Äänekoski. The Finnish Association for Nature Conservation opposed the mill due to observations of flying squirrels in the area. However, the association's appeal was dismissed by the Hämeenlinna Administrative Court.

HSY | Helsinki metropolitan area gets a new water treatment plant. The new plant will be completed in 2022, replacing the current water treatment plant in Suomenoja. The new Blominmäki plant will double the capacity of the currently used plant.

Reuters | Big Oil joins Renewable Fuels Association and the National Farmers Union to lobby for more ethanol in U.S. fuel. Organisations including the American Petroleum Institute (API), Renewable Fuels Association, and the National Farmers Union have joined together for the first time to voice support for U.S. legislation that would expand nationwide of E15, a higher ethanol-gasoline blend, according to a letter from the group. API's support is a win for the biofuel and farm groups because the oil industry has at times resisted efforts to expand the market for ethanol.  

STT | Varma prepares to exclude dealers who finance fossil-intensive energy. The Mutual Pension Insurance Company will start observing more closely how much its brokers fund fossil-intensive companies, aiming to steer banks away from supporting dirty energy. 

Reuters | First coral insurance contract in the U.S. On Monday, the global 'Reef Brigades' plan came closer to reality when it bought an insurance policy on behalf of the state of Hawaii, the first U.S. coral insurance contract. The contract will provide funds for repair work, building on similar policies taken out in the Caribbean.

The Guardian | U.S. approves largest dam removal in history to save endangered salmon. U.S. agency seeking to restore habitat for endangered fish gave final approval on Thursday to decommission four dams straddling the California-Oregon border, the largest dam removal undertaking in the nation's history.

Reuters | The U.S. aims for zero-emissions heavy-duty vehicles by 2040. The United States aims to sell and produce only zero-emissions medium- and heavy-duty vehicles like school buses and tractor-trailers by 2040, the U.S. energy secretary agreed at the COP27 climate summit in Egypt on last Thursday.

Columbia Climate School | Building green energy facilities may produce substantial carbon emissions, according to a study. First, the bad news: Nothing is free. Moving the world's energy system away from fossil fuels and into renewable sources will generate carbon emissions by itself, as the construction of wind turbines, solar panels, and other new infrastructure consumes energy – some of it necessarily coming from the fossil fuels we are trying to get rid of. The good news: if this infrastructure can be put on line quickly, those emissions would dramatically decrease, because far more renewable energy early on will mean far less fossil fuel needed to power the changeover. The research was published in Proceedings of the National Academy of Sciences Journal. (Science Daily)

Re:wild | Lost Species | Researchers have "rediscovered" a rare bird in Papua New Guinea. The black-naped Pheasant-pigeon was last sighted by scientists 140 years ago and was thought to be extinct. The discovery was possible with the help of locals. (BBC) 

University of Maryland | Honey bee life spans are 50 percent shorter today than they were 50 years ago. A new study by entomologists shows that the lifespan for individual honey bees kept in a controlled, laboratory environment is 50% shorter than it was in the 1970s. As the first study to show an overall decline in honey bee lifespan potentially independent of environmental stressors, this work hints that genetics may be influencing the broader trends of higher colony turnover rates seen in the beekeeping industry. The research was published in Scientific Reports Journal. (Science Daily)

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Picture of the week: The Black-naped pheasant-pigeon was rediscovered in Papua New Guinea; the last sight of the bird was in 1882