EU Votes to Cut Emissions by 60% by 2030

The European Parliament voted recently to update the EU’s climate target for 2030, backing a 60% reduction in greenhouse gas emissions by the end of the decade, up from 40% currently.

Lawmakers in the EU assembly voted the proposed amendment on the 2030 target by 352 votes to 326, with 18 abstentions, according to initial estimates.

The text will now be forwarded to the EU Council of Ministers representing the EU’s 27 member states for final approval. The EU’s objective is to wrap up negotiations by the end of the year.

The Parliament’s decision on the 2030 climate target took place as part of a wider vote on a proposed European Climate Law, which seeks to enshrine into legislation the EU’s goal of reaching climate neutrality by 2050.

“We did it! 60% did win!” said Jytte Guteland, a Swedish MEP from the Socialists and Democrats (S&D) group, who was the Parliament rapporteur on the proposed European Climate Law.

“My amendment is now becoming the official position of the Parliament,” said Pascal Canfin, a French centrist MEP who chairs the assembly’s environment committee. “We are more than ever at the forefront of climate ambition!” he tweeted victoriously.

The right wing of the hemicycle was not impressed, however, saying the 60% would be too costly to implement for Europe’s industry. Peter Liese, a German lawmaker from the centre-right European People’s Party (EPP), said the 60% goal was “overambitous” and called on EU member states to back the European Commission’s initial proposal for a 55% cut instead.

Environmental campaigners hailed the vote, but added that a 60% target for 2030 is still not in line with what the science shows is needed to keep global warming at manageable levels, in line with the 1.5-2C target of the Paris Agreement. “WWF and other NGOs have been calling for at least 65% emissions reductions by 2030, and a separate target for carbon removals from sinks.”

CTI launches Youth Mental Health Awareness month

As climate change events increase in number and ferocity, so does climate change risk for businesses and organisations. To remove or control this risk, organisations need to be equipped with the right practical knowledge.

Carbon Training International (CTI) offers courses that give clear direction to understand how to deal with climate change risk.

CTI courses include Strategic Carbon Management, Carbon Accounting, Applied Energy Efficiency, Reducing Fleet Emissions and Carbon Offsetting.

For all courses commencing in November, CTI is donating 10% of total course fees received to Headspace – Youth Mental Health Foundation (https://headspace.org.au/) towards raising awareness of the worsening issue of youth suicide.

You can easily enrol in one of CTI’s online webinar courses at https://co2ti.com/. Just choose your preferred course and course start date. Extra course dates can be arranged.

The good news: carbon emissions and business costs are linked. The more an organisation reduces its carbon emissions the more it reduces its costs.

Eco-tip for the day – Locate & seal air leaks in your home

First, make a list of obvious air leaks (drafts). The potential energy savings from reducing drafts in a home may range from 10% to 20% per year, and the home is generally much more comfortable afterward.

Check for indoor air leaks, such as gaps along the baseboard or edge of the flooring and at junctures of the walls and ceiling. Also check for leaks on the outside of your home, especially in areas where two different building materials meet. Other places to check for leaks include windows, doors, lighting and plumbing fixtures, switches, and electrical outlets. Also check for open fireplace dampers.

You can plug and caulk holes or penetrations for faucets, pipes, electric outlets, and wiring. Look for cracks and holes in the mortar, foundation, and siding, and look for leaks around windows and doors. Seal them with caulk and weatherstripping.

Share watch – Ionic Rare Earths’ (ASX:IXR)

Ionic Rare Earths has confirmed the continuation of mineralisation in the exciting EL 1766 anomaly at its Makuutu Rare Earths Project in Uganda. Drill assays from a recently completed program identified a further elevated heavy rare earths (HREO) zone at Makuutu, where exploration has recently targeted a massive radiometric anomaly documented in November.

All of the reported drill hole assays from recent exploration have confirmed intervals above the existing resource cut-off grade at Makuutu, and the company said a large proportion of holes showed elevated proportions of HREO consistent with those also announced in November.

The project currently has a mineral resource of 76.8 million tonnes grading 840 parts per million total rare earth oxides (TREO) for 66,000 contained tonnes of TREO. The current drill program at EL 1766 is expected to significantly grow these numbers, with an update expected in the first quarter of next year.

Ionic also recently applied for exploration licences on the land adjoining EL 1766, with today’s announced results highly encouraging for that area. Ionic Rare Earths chief executive officer Tim Harrison said the results highlighted the scope for a resource upgrade at Makuutu.

“These results confirm the potential of EL 1766 to add a material increase in resource tonnage,” he said.  “This exceeds expectations.”

“The positive takeaway here is the elevated proportion of HREO is between 30 to 40% of the TREO grade along the boundary of EL 1766 and the new exploration licence application TN03424.”

In addition to a mineral resource upgrade, Mr Harrison said Ionic would focus on initiating new parallel work streams to expedite the development of Makuutu. The company will also update its scoping study once a revised mineral resource estimate is released.

Ionic’s share price graph for last 5 years

 

Financial indicators

The VIX fear gauge down by 1.47 of a points since last Friday EST to 21.64.

The Dow Jones Industrial Average up since last Friday EST by 563.01 points or 1.91% to     30,046.24, the STOXX 600 up 5.79 points or 1.49% to 392.39 and the Shanghai Composite index up 34.72 points or 1.03% to 3,402.82.

Gold on 1,807.00. US 10-year Treasury Bonds on 0.886 and oil on 44.83. Cryptos Bitcoin up 70 points since last Friday or 0.38% to 19,166.

ASX 200 up 101.70 points or 1.56% since last Friday to 6,640.90. The Aussie dollar on 73.70US cents.

Eco Market Spot Prices

LGC $39.25

STC $37.75

ESC $26.75

VEEC $37.50

ACCU $16.50

Sources: RenewEconomy, demandmanager,  Reuters, SMH, Market Watch, Crikey