The Year Ahead

This Week's Reason for Hope

EPA has announced methane fees on oil and gas industry.

Methane represents 12% of U.S. emissions and is roughly 30 times more potent than CO2.

Oil and gas industry is 2nd largest source of methane after livestock.

Fees are a result of provision in Inflation Reduction Act.

• $900 per ton in 2024
• $1500 per ton in 2026

Sources

EPA to levy fees on methane, a climate super-pollutant - The Washington Post

Overview of Greenhouse Gases | US EPA

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Main Topic

2° of warming versus 1.5° Celsius

• 2.5x more people facing extreme heat every 5 years
• Insect species loss – 3 times worse
• Plant species loss – 2 times worse
• Coral reefs which support sea life and feed millions – 70-90% decrease versus 99%

Emissions are still rising at 1.5% / year.  We need 7% / year decline over next 5 years to keep Paris alive.

Current trajectory

• ~2.5° Celsius of warming according to Climate Action Tracker
• ~2.8° Celsius of warming according to Rhodium Group

In 2021 public financing for fossil fuels increased, with government subsidies almost doubling from the previous year.

In 2022 global deforestation increased slightly to 5.8 million hectares (n area greater than the size of Croatia)

2023 was hottest year in recorded history.

COP 28

A global methane pledge to cut methane levels from 2020 by 30% by 2030.

A commitment to triple our global renewable energy capacity by 2030.

COP 28 had record attendance.

Other‍

An average E-bike battery can be 1/100th the size of an EV battery.

Sources

The difference between 1.5 and 2 degrees warming | Infographic | Climate Council

COP28 initiatives will only reduce emissions if followed through | Climate Action Tracker

Rhodium Climate Outlook: Probabilistic Projections of Energy, Emissions, and Global Temperature Rise | Rhodium Group (rhg.com)

‍What Came Out of COP28 - The New York Times (nytimes.com)

3 wins and 3 losses at COP28 UN climate conference in the UAE - Vox

E-Bike Batteries 101 - All You Need To Know (bikexchange.com)

EVs Explained: Battery Capacity, Gross Versus Net (caranddriver.com)