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EU strikes deal on renewable energy law, agrees 42.5% target by 2030
The European Union has agreed to a new renewable energy law that sets a target of 42.5% of the bloc’s energy coming from renewable sources by 2030. The new law will also include a clause that allows countries to work together to meet their targets, and includes a requirement for regular progress reports. The agreement comes after months of negotiations between EU governments and the European Parliament, and is seen as a significant step towards reducing the bloc’s greenhouse gas emissions and combating climate change. The new law will now need to be formally approved by the European Parliament and EU governments.
‘Historic moment’ for climate justice: UN decision puts green transition in focus
Legal and General Investment Management, the UK’s largest asset manager, has warned that markets are underestimating the risks of climate change. Delaying the shift to a low-carbon economy could lead to a third lower global equities than in a rapid transition. A quarter of companies issuing investment-grade bonds may also face downgrades if a net-zero world is not achieved by 2050. The warning comes as the UK government prepares for its “energy security day” and as France seeks to classify nuclear energy as a renewable source, which has been opposed by countries such as Germany and Austria. As discussed last week by Mundus Internal (French Nordic Green News), this disagreement could complicate efforts to reach a common position on climate policy and other EU priorities at the upcoming European Union (EU) summit. The UN has also passed a resolution assessing the legal obligations of countries to protect their people from climate change, clarifying the legal obligations of countries to protect their populations from climate change
France and Spain potential donors to reactivate the Amazon Fund
Norway has pledged its support for Brazil’s efforts to attract additional donor countries for the Amazon Fund that it helped set up to fight deforestation and spur sustainable development. The fund, launched in 2009, was frozen in 2019 by former far-right President Jair Bolsonaro. It was reactivated by the government of leftist President Luiz Inacio Lula da Silva in January. The Amazon Fund was set up with an initial donation of USD 1 billion from Norway. Germany contributed USD 300 million. France and Spain have shown interest in contributing, while Britain is studying whether to contribute and the US signaled its intent to do so.
(From Mundus Nordic Green News on Mar 24)
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