EU sets methane emission limit on fossil fuel imports
Methane is the second largest cause of climate change after carbon dioxide and in the short term it is a much bigger driver of temperature rise. So a rapid reduction of methane emissions over the current decade, is critical in order to achieve the goal of avoiding severe climate change.
The European Union has reached an agreement on a law that sets limits on methane emissions in Europe's oil and coal imports from 2030, putting pressure on international suppliers to reduce emissions of this gas that is a major contributor to global warming.
The regulation also introduces new requirements for the oil, gas and coal sectors, which are now required to measure, report and verify methane emissions according to an EU Council statement.
The agreement requires oil and gas producers in Europe to identify and repair methane leaks in their operations and also significantly limits the situations where companies deliberately burn or release unnecessary methane into the atmosphere.(Source)
For the first time in history, the temperature has exceeded the Paris Agreement limit.
For the first time, the global average temperature was on Friday, 17 November, more than 2 degrees Celsius above the seasonal average temperature of the pre-industrial era, i.e. above the Paris Agreement's upper limit for one day, the European observatory Copernicus announced.
The agreement, signed in 2015 following the UN climate summit COP21, aims to "keep the global average temperature increase well below 2 degrees Celsius above pre-industrial levels" and to continue efforts "to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels".
Now the climate is believed to have warmed by about 1.2 degrees Celsius more than in the period 1850-1900. (Source)
ECB fines 20 banks for inadequate climate risk management
The European Central Bank has contacted some 20 banks, warning that it will impose fines if they do not address their weaknesses in climate risk management.
The imposition of fines signals an escalating reaction from the ECB as it runs out of patience with banks that are delaying in adapting to climate change.
The ECB has repeatedly reported that banks are not doing enough to prepare for the impact of extreme weather events on their assets or for the risk of their customers with a large carbon footprint being forced to close down.
This is the latest indication that authorities in the European Union are increasing pressure on the financial industry to improve its approach to environmental, social and governance (ESG) risks. (Source)
At E-ON INTEGRATION, we are following developments and our goal is to quantify all issues, such as risks, opportunities and metrics, arising from the energy and climate crisis in a most accurate manner. As part of our work we assess the economic impact of these risks/opportunities and provide a clear picture of the resilience of the business model and strategy of the stakeholder based on the climate scenarios.
Our entire methodology is fully based on RiskClima, our innovative IT tool, which uses data from both internal and external databases.
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