Swiss right-wing party to call referendum in bid to block climate change law
Switzerland's right-wing Swiss People's Party (SVP) will within a few days call a referendum aimed at blocking a draft law to cut greenhouse gas emissions, party officials said.
The SVP, a member of the ruling coalition in Bern, is campaigning against the law to make Switzerland carbon-neutral by 2050 but has so far failed to attract backing from other parties.
The proposed legislation would accelerate CO2 emissions cuts and the rollout of renewables, notably solar energy, backed by 2 billion Swiss francs ($2.2 billion) of funding.
The SVP argues that imposing further reductions would be counterproductive during the current energy crisis, triggered across Europe after Moscow cut off most gas deliveries in response to Western sanctions imposed over Russia's invasion of Ukraine.
In Switzerland, proposed referendums require the support of 50,000 signatures to be activated.
SVP energy spokesperson Monika Rueegger told a webcast interview on Sunday that numbers "well in excess" of that total had signed up and that the party would probably announce the referendum on Monday.
A party spokesperson declined to confirm how many signatures had been gathered and said it planned to call the referendum as scheduled on Jan. 19, the deadline for acceptances.
The SVP, which also favours tighter curbs on immigration, is the biggest group in Switzerland's 200-member federal parliament, but no other party has supported its referendum,.
However, the new draft anti-CO2 law also faces hurdles.
It too will require approval in a referendum to become law and is a watered-down version of a draft that failed to pass in 2021.
*************************************************
South Korea curbs plans for renewables in push for more nuclear
South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets.
Nuclear plants are now expected to account for almost one-third of generation capacity by 2030 up from about 24% forecast in earlier draft proposals, according to government documents published Thursday. Renewable sources are seen generating about 21.6% by the same date, lower than a previous estimate of 30.2%.
The 10th Basic Plan for Long-Term Electricity Supply and Demand follows the country’s move in 2021 to bolster its climate action. South Korea is aiming to cut greenhouse gas emissions by 40% from 2018 levels by the end of the decade.
President Yoon Suk Yeol, who took office last year, has focused on nuclear power as a key tool to curb emissions rather than solar, wind or hydro. Yoon touted atomic energy throughout his presidential campaign and has called for the building of more reactors — a clear reversal of former President Moon Jae-in’s anti-nuclear policies.
The role of coal and liquefied natural gas will continue to dwindle under the plans. LNG will be required for about 9% of electricity generation and coal for 14% by 2036, according to the energy ministry forecasts.
South Korea is also aiming to use hydrogen and ammonia for co-firing in its existing coal power plants, the ministry said. The two fuels will together make up more than 7% of the power mix in 2036.
*********************************************************
US greenhouse gas emissions rose again in 2022 despite climate goals
US greenhouse gas emissions rose again in 2022, putting the country further behind its targets under the Paris climate agreement despite the passage of sweeping clean energy legislation last year.
Emissions increased by 1.3 per cent last year, according to preliminary estimates by environmental consultancy Rhodium Group, led by sharp increases from the country’s buildings, industry and transport. The electric sector emitted slightly less, largely due to natural gas replacing coal in power stations and increased use of renewable energy.
The 74mn-tonne increase in the US’s carbon dioxide equivalent emissions last year was greater than the total emissions of some European countries, but far smaller than the 6.5 per cent leap (350mn tonnes) recorded in 2021 after authorities eased lockdowns imposed during the coronavirus pandemic.
The emissions trend puts the US further out of sync with the administration of Joe Biden’s climate goals, Rhodium said in a report. Total US emissions of 5.6bn tonnes in 2022 maintain the country’s status as the second largest source of greenhouse gases after China.
“With the slight increase in emissions in 2022, the US continues to fall behind in its efforts to meet its target set under the Paris Agreement of reducing GHG emissions 50-52 per cent below 2005 levels by 2030,” the authors said. Last year US emissions were just 15.5 per cent below 2005 levels.
https://www.ft.com/content/3459ec6c-6f0b-4b23-9bce-122609b188e0
*********************************************Australia: Green superannuation funds are 2022’s underperformers
A bad year for super fund returns has spelt a serious setback for “green” funds as coal and oil stocks soared and clean tech shares dropped sharply.
Overall returns in super were down nearly 5 per cent – but returns were regularly twice as bad at green funds which completely missed the energy sector rebound. The average balanced fund – where most investors have most of their money – dropped by 4.8 per cent last year, the fourth negative year recorded by such funds since 2000, according to the SuperRatings group.
Top-rated green funds such as Australian Ethical had nowhere to turn when the tech sell-off accelerated in the second half of 2022. The Australian Ethical balanced fund was down 9 per cent over the year.
Australian Ethical has been the fastest growing super fund in the market in terms of member accumulation over the last five years, according to KPMG.
Some of the worst performers were new funds that target younger investors with green products: Spaceship Super, a fund which has a focus on global technology, reported a minus 15 per cent return on its growth fund.
Younger investors have clearly been attracted to the Spaceship fund – its annual report said it had an 80 per cent growth in membership last year.
Future Super, which focuses on “climate conscious super”, reported an 11 per cent drop in its balanced fund while the group’s more specialised funds did even worse: The group’s Renewables Plus Growth fund fell by 13 per cent over the year.
Cruelty Free Super, the super fund which is a “happy supporter of the vegan community”, did a little better, though its returns were still below average at minus 7.25 per cent. The fund also managed to get hit with a fine from the Australian Securities and Investments Commission this month, which was concerned over “what may have been false and misleading statements”.
“It has been a tough period for all funds, but particularly funds where ESG (environment, social and governance) settings may have meant a concentration on technology investments,” says Kirby Rappell of SuperRatings.
Major funds that managed to navigate the parallel boom in fossil fuel stocks and a ferocious sell- off in technology stocks included Hostplus, the best performing fund in the local market over the longer term. Hostplus managed to hold negative returns at minus 2.5 per cent – around half the average return of its peers.
Industry funds dominate the top performers in the market, but it was a retail fund – Perpetual’s Wealthfocus – that topped the 12 month tables with a positive return of 1.7 per cent.
Perpetual was joined by First Super’s balanced fund as the only other fund with a positive return – the First Super balanced fund managed a very slender positive return of 0.1 per cent
The Australian Retirement Trust (created through the merger of Q Super and SunSuper) ranked seventh with a minus 2.6 per cent return.
***************************************
My other blogs. Main ones below
http://dissectleft.blogspot.com (DISSECTING LEFTISM )
http://edwatch.blogspot.com (EDUCATION WATCH)
http://pcwatch.blogspot.com (POLITICAL CORRECTNESS WATCH)
http://australian-politics.blogspot.com (AUSTRALIAN POLITICS)
http://snorphty.blogspot.com/ (TONGUE-TIED)
http://jonjayray.com/blogall.html More blogs
*****************************************
Jim Hansen and his twin
No comments:
Post a Comment