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Energy Transitions Commission says countries can triple climate ambition by COP30

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If governments reflect today’s rapid technological progress and existing national, industry and COP28 commitments when setting new climate targets

LONDON, June 10, 2024 /PRNewswire/ — In its latest briefing, Credible Contributions: Bolder Plans for Higher Climate Ambition in the Next Round of NDCs, the ETC calls for industry and government collaboration to raise the ambition of the next round of Nationally Determined Contributions (NDCs) by COP30. If we are to limit the impact of climate change, NDCs can and must reflect technical potential and reinforce existing progress by setting more ambitious targets with stronger links to national policies. By setting a clear direction of travel and reducing uncertainty, the next round of NDCs can further accelerate the deployment of clean energy technologies.

Since the Paris Agreement was signed at COP21, countries are required to submit and ratchet up national climate pledges every five years. The next submission is due next year. These NDCs, as they are known, serve as high-level roadmaps for national climate action by establishing targets for emissions reductions over 10-year periods. Success in the low-carbon transition to date has been driven by industry’s response to government targets – accelerating deployment and driving down costs. Industry recognises the opportunity in the next round of NDCs and calls on governments to prioritise delivering high-ambition NDCs which will provide certainty, unlock investment and accelerate technology deployment.

Third round of NDCs due in 2025

Global greenhouse gas emissions are currently at an all-time high (~59 GtCO2e)[1] and continue to rise. If fully achieved, current NDC targets set in 2020 are only expected to deliver ~6 GtCO2e of emissions savings per year by 2035. This figure is far from the ~23-30 GtCO2e reduction required by 2035 for a 1.5°C-aligned pathway.

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According to the ETC, if governments reflect existing policy commitments made at COP28 and at national level, and the latest technological progress in the next round of NDCs, overall ambition levels could almost triple. This would achieve ~18 GtCO2e of mitigation per year in 2035 and put the world on a trajectory to limit warming to 2°C.

Rapid progress is being made. Many core technologies of the energy transition have already reached tipping points for self-reinforcing growth and strong national policies support the acceleration of manufacturing and deployment around the world. For example, new wind and solar installations now meet over 90% of global power demand growth. Electric vehicles now make up 18% of global passenger vehicle sales and as much as 20% and 40% of sales in Europe and China respectively. Technologies and policies required to decarbonise heavy industry and long-distance transport are reaching commercial readiness.

Further, at COP28, nearly 200 countries committed to triple renewable energy capacity, double the pace of energy efficiency improvement by 2030 and transition away from fossil fuels in the energy system.

“Industry has rapidly scaled up manufacturing and deployment of clean energy technologies with existing policy support and commitments. Higher ambition in the next round of NDCs at COP30 has the potential to reinforce and accelerate this positive feedback loop. Collaboration between industry and government to commit measurable, deliverable, and investable plans is key to driving action.” Adair Turner, Chair of the Energy Transitions Commission.

Existing commitments and embedded progress provide headroom for major strengthening of NDCs but going beyond 2°C to align NDCs to a 1.5°C pathway will require further action still. Faster progress will be required in halting deforestation, phasing out coal from the power system and accelerating project delivery in hard-to-abate industry and transport.

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“The next round of national climate plans – NDCs 3.0 – are due from early next year and will be among some of the most important policy documents produced so far this century. Each country’s NDC is for it to decide – they are after all nationally determined, so it’s not one-size-fits-all. As the Energy Transitions Commission report underscores, these new plans can serve as powerful blueprints, to propel countries’ economies and societies forward.” Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC).

“NDCs 3.0” must help to translate ambition into action

Higher ambition from government and industry is needed to stimulate accelerated deployment of clean energy technologies, but ambition alone will not deliver progress. The ETC recommends that “NDCs 3.0” define:

  • clear and detailed roadmaps for implementation of accelerated climate action backed by strong government policy (e.g., quantitative targets for GW of renewables, phase-out dates for bans on the sale of gasoline or diesel engine vehicles).
  • measurable, comprehensive (covering all sectors and GHGs) and granular targets for emissions reductions.
  • investable plans, especially for emerging markets, clearly stating the investment and international climate finance required to deliver stated targets.

“We welcome the ETC’s recommendations for NDCs 3.0 and urge governments to engage with the private sector to inform the development of policy roadmaps and investment plans within their NDCs. If we are to deliver on the next round of NDCs, CEOs and Ministers will need to embrace new forms of public-private problem-solving to advance sectoral transformations.” Peter Bakker, President & CEO of WBCSD.

Priorities will differ by country but the ETC’s briefing highlights that for all countries, whatever their level of ambition, implementation and financing, a step change in ambition is possible in the next round of NDCs. Backing NDCs with detailed transition plans can unlock the investment and industry action required to achieve these aims.

“Tripling ambition in the next round of NDCs is feasible if governments reflect the rapid technological progress made in the energy transition to date and existing commitments they have made. This would put us much closer to the Paris Agreement target. But to limit global temperature rises to just 1.5°C, ambition must be set even higher. It would require an immediate halt to deforestation, rapid coal phase out globally and accelerated progress in heavy industry and transport.” Ita Kettleborough, Director of the Energy Transitions Commission.

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Credible Contributions: Bolder Plans for Higher Climate Ambition in the Next Round of NDCs has been developed in collaboration with ETC members from across industry, financial institutions, and environmental advocacy. The ETC is a global coalition of leaders from across the energy landscape committed to achieving net-zero emissions by mid-century whose members include Arup, bp, HSBC, Iberdrola, National Grid, Octopus Energy, Petronas, Shell, SSE, Rabobank, Vattenfall, We Mean Business, and World Resources Institute.

Download the report: https://www.energy-transitions.org/publications/credible-contributions-bolder-plans-for-ndcs/

Photo – https://mma.prnewswire.com/media/2433272/NDC_Energy_Transitions_Commission.jpg

Notes to editors

This briefing builds upon previous ETC work on COP-related analysis, including Keeping 1.5 Alive (2021) and Degree of Urgency (2022).

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This report was developed in extensive consultation with ETC Members and constitutes a collective view of the Energy Transitions Commission. However, it should not be taken as members agreeing with every finding or recommendation.

For further information on the ETC please visit: https://www.energy-transitions.org

[1]   Assuming 28 tonnes of CO2e per tonne of methane.

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China remains stabilizing force for global economic growth

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BEIJING, July 20, 2024 /PRNewswire/ — A report from People’s Daily: In the first six months of this year, China’s economy continued its recovery trend and maintained steady progress.

On July 16, the International Monetary Fund (IMF) released an update to its World Economic Outlook, predicting that China’s economic growth rate will be 5 percent in 2024, an upward revision of 0.4 percentage points from the forecast in April.

The stable operation and long-term positive outlook of the Chinese economy have also boosted confidence in global economic recovery.

The IMF believes that Asia’s emerging market economies, represented by countries including China, remain the main engine of the global economy.

China’s economic growth is not only quantitative but also qualitative.

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In the first half of this year, China’s gross domestic product (GDP) grew 5 percent year on year to around 61.7 trillion yuan ($8.49 trillion).

During the period, the country’s total retail sales of consumer goods went up 3.7 percent year on year, with retail sales of services expanding 7.5 percent; investment in infrastructure construction rose 5.4 percent from a year ago while manufacturing investment increased 9.5 percent, signaling burgeoning recovery; and the foreign trade reached a new high, with the goods trade volume reaching 21.2 trillion yuan.

From a medium to long-term perspective, the economic fundamentals that sustain China’s long-term growth remain unchanged, and the trend toward high-quality development in China’s economy has not changed.

China continues to be an important engine and stabilizing force for the world economy.

Facing complex and volatile domestic and international environments, China has maintained stable expansion of its economy and pushed forward industrial upgrading and high-quality development in an orderly manner, spurring the pursuit of high value-added and sustainable economic growth.

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Positive factors driving China’s economic transformation, upgrading, and high-quality development have continued to accumulate.

For instance, the country’s output of smart and green products, such as integrated circuits, service robots, new energy vehicles, and solar panels has maintained double-digit growth in the first half of this year.

Besides, the emergence of new consumption scenarios spawned by new technologies like big data and artificial intelligence as well as new consumption models has driven an 8.8 percent year-on-year increase in China’s online retail sales of physical goods during the period.

Meanwhile, China’s energy consumption per unit of GDP has continued to decline.

“With the global economy facing uncertainties and challenges, China’s role as a stabilizing force is more crucial than ever,” pointed out a recent article by Zamir Ahmed Awan, founding chair of Pakistani think tank Global Silk Route Research Alliance.

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China’s efforts to deepen reforms across the board have injected strong momentum into the country’s high-quality development and pursuit of Chinese modernization.

Since the 18th National Congress of the Communist Party of China (CPC), China has deepened reforms across the board, with efforts concentrated on making reform more systemic, holistic, and coordinated and on stimulating the dynamism, vitality, and potential of high-quality development.

International observers have paid close attention to the third plenary session of the 20th CPC Central Committee. They believe that China’s economy is undergoing a transition from old to new drivers of growth, and that a smooth transition can be guaranteed by further deepening reforms in a comprehensive manner.

Iqbal Survé, chairman of South Africa’s Independent Media, pointed out that China is building a modern industrial system underpinned by advanced manufacturing and pushing forward reforms, which demonstrates the CPC’s foresight, wisdom, courage, and resolve.

By solidly promoting high-standard opening up, China has opened up vast space for economic development.

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During the first six months of this year, China has for the first time released a negative list for cross-border trade in services at the national level, expanded the opening up of value-added telecom services within pilot areas, and introduced new measures to encourage overseas institutions to invest in China’s domestic sci-tech enterprises…

Such policies and measures have demonstrated the country’s resolve to promote reforms and development through opening up.

China is the main trading partner of over 140 countries and regions, with its total volume of foreign trade in goods ranking first globally for seven consecutive years.

China has expanded its circle of friends under the Belt and Road Initiative (BRI) to include more than 150 countries and 30 international organizations, and the ChinaEurope freight train service now reaches over 200 cities in 25 European countries.

In addition, international exhibitions hosted by the country, such as China International Import Expo, China International Fair for Trade in Services, China International Consumer Products Expo, and China International Supply Chain Expo, have served as win-win platforms for mutually beneficial cooperation across different countries.

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A prosperous China not only sustains its own future but also provides opportunities for other countries, said an article published on the website of Argentine newspaper Clarin.

The Chinese economy is overcoming challenges and moving steadily forward along the country’s path of high-quality development, which is a defining feature of Chinese modernization.

Looking forward, China will provide more opportunities for countries worldwide and contribute to the stable and sound development of the global economy as it continuously marches toward modernization.

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RoboSense Sales Volume of LiDAR for ADAS Achieved 487.7% YOY Growth in H1 2024

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HONG KONG, July 19, 2024 /PRNewswire/ — Recently, RoboSense announced its business progress for the first half year of 2024, demonstrating a high-growth trajectory and maintaining its leadership in the global market. For the six months ended June 30, 2024, RoboSense’s sales volume of LiDAR products and LiDAR products for ADAS applications amounted to approximately 243,400 and 234,500 units, separately reflecting a year-on-year increase of 415.7% and 487.7%.

As OEMs rapidly pursued advancements in intelligent technology, RoboSense achieved nearly its 2023 annual sales volume in the first half year of 2024. RoboSense and the global automotive industry’s intelligent upgrade are progressing and succeeding together. This exponential growth underscores RoboSense’s exceptional capabilities in technological innovation and market expansion, reinforcing our trajectory of outstanding growth as an industry leader.

As of June 30, 2024, RoboSense’s cumulative sales volume of LiDAR have reached approximately 583,500 units, with LiDAR for ADAS approximately 518,300 units. Since pioneering the mass production of LiDAR for ADAS in 2021, RoboSense has demonstrated significant growth, with steadily increasing sales that continue to lead the industry’s development.

Leveraging its powerful LiDAR hardware and perception software technology, as well as leading product performance, RoboSense has made remarkable progress in obtaining vehicle model designs and achieving mass production for various vehicle models. As of May 17, 2024, we have received mass production designation orders for 71 vehicle models from 22 global OEMs and Tier 1 customers. By the end of the first quarter of 2024, we have achieved SOP 25 vehicle models from 12 of these customers.

At the 2024 Auto Beijing Show, RoboSense ranked No.1 with equipment for 37 models, and its occupation was over 50%. As more collaborative vehicle models launch and reach mass production, RoboSense repeatedly shatters records.

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In technological innovation and product development, RoboSense continues to launch powerful and technologically advanced products that drive industry progress. In 2024 Q2 and Q3, RoboSense launched the M3, a long-range LiDAR, and the MX, a medium-range LiDAR. In particular, MX gained three new mass production projects shortly after its release, and is expected to realize its first mass production in 2025.

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KuCoin Introduces Omnibus Account Structure to Enhance Liquidity for Brokerage Partners

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VICTORIA, Seychelles, July 19, 2024 /PRNewswire/ — July 23, 2024 – KuCoin, a leading cryptocurrency exchange, is pleased to announce a significant enhancement to its Broker Program, designed to cater to liquidity-seeking partners. This upgraded program enables participants to leverage KuCoin’s superior liquidity and diverse asset offerings across both Spot and Futures markets. With this enhancement, participants can now benefit from KuCoin’s top-tier liquidity, high-revenue shares, unlimited sub-accounts, and independent deposit addresses, allowing for functional flexibility and maintaining their own client management powers.

“Our new brokerage infrastructure is suitable for multiple types of institutional partners, such as crypto exchanges, execution terminals, layer 2 aggregators, OTCs, and traditional financial service providers venturing into crypto,” said Anton Starchenko, Director of Institution Business Development of KuCoin. 

“This upgrade demonstrates our commitment to providing our partners with the tools they need to succeed in the rapidly evolving crypto market.”

By joining the KuCoin brokerage service, brokers gain access to one main broker account with unlimited sub-accounts. Each sub-account features an exclusive deposit address, serving as a wallet to separate funds and trades. Additionally, each sub-account undergoes independent risk checks. These ongoing risk and compliance measures bolster KuCoin’s commitment to protecting partner interests. Broker accounts are subject to separate fee structures, while the broker receives a combined commission based on the cumulative volume across all accounts.

As a leading platform in the cryptocurrency industry, KuCoin is dedicated to providing top-notch security and reliability. The platform employs state-of-the-art security measures, including advanced encryption protocols, multi-factor authentication, and real-time monitoring systems to ensure the safety of users’ assets. KuCoin’s unwavering focus on security and innovation has solidified its reputation as a trusted and forward-thinking exchange in the global crypto market.

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For more information about the KuCoin Broker Program and the new omnibus account structure, please visit KuCoin’s official website.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/ .

Contact Us to Join

Telegram: @KuCoin_Broker

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Book a Product Call here.

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