invert logo

Invert Insights February 9, 2024

Share

Your weekly Invert Insights are here:

  • B.C Cuts the Power to Crypto mining
  • World Temperatures Hit Above 1.5C for the First Time Ever
  • SBTi Says Number of Companies Setting Validated Climate Targets Doubles in Past Year

Attending next week’s GreenBiz 24?

Don’t miss out on Andre Fernandez‘s panel session: “Value Chain Pain Points: Better Methods for Decarbonization” on February 12th from 3:45 pm – 4:45 pm in Wildflower A-B.

Andre will be discussing the role of high-quality carbon credits in addressing decarbonization pain points alongside fellow panelists:

🌳 Treston Rudder, Project Consultant, WSP in the U.S.

🌳 Annabelle Stamm, Director, Sustainability Strategy, Edison Energy

🌳 Boris Gamazaychikov, Senior Manager, Emissions Reductions, Salesforce

🌳 Ellen Shenette, Director, Net Zero Action Accelerator, Environmental Defense Fund

Can’t attend but still want to chat? Reach out to us at hello@invert.world

B.C Cuts the Power to Crypto mining

The B.C. Supreme Court ruled that new crypto mining projects in B.C. will continue to be temporarily barred from tapping into the province’s energy supply due to concerns that the province’s energy supply can’t meet its demand for power. B.C. Hydro said one planned operation would have used 2.5 million megawatt-hours of electricity annually — enough power to heat and power over 570,000 apartments. Crypto mining, with its colossal energy consumption, could hasten the decline of already languishing grids. Other provinces including Alberta, Manitoba, Québec, Newfoundland and Labrador and New Brunswick also have put similar measures in place as they experience higher power demands from a growing population, a shift to greener energy, and extreme weather events.  

Invert Insights:

A new report estimates bitcoin mining alone accounted for up to 0.9% of global electricity demand last year, as much as entire countries like Australia. With this in mind, we can expect to see similar rulings from other jurisdictions. Recently the Biden administration announced that cryptocurrency companies must now report their energy use to the US government citing concerns over what the energy-intensive industry could mean for climate change and energy security. Read more about the story here.

World Temperatures Hit Above 1.5C for the First Time Ever

The world just experienced its hottest January on record, continuing a run of exceptional heat fuelled by climate change, the European Union’s Copernicus Climate Change Service (C3S) said on Thursday. This follows the news that 2023 ranked as the planet’s hottest year in global records going back to 1850, as human-caused climate change and the El Niño weather phenomenon, which warms the surface waters in the eastern Pacific Ocean, pushed temperatures higher.

“Not only is it the warmest January on record but we have also just experienced a 12-month period of more than 1.5 C above the pre-industrial reference period,” C3S Deputy Director Samantha Burgess said. “Rapid reductions in greenhouse gas emissions are the only way to stop global temperatures increasing.”

Invert Insights:

While we haven’t formally breached the Paris Agreement target, which refers to an average global temperature over decades, this is an unfortunate milestone on the path to not meeting those agreements made in 2015. The global community is now faced with the question of by how much, not if, we exceed the 1.5C target set. The longer there is a delay in meaningful decarbonization by governments and industry, the more we’re likely to see irreversible harm done to the planet.

SBTi Says Number of Companies Setting Validated Climate Targets Doubles in Past Year

The Science Based Targets initiative (SBTi) revealed that the number of companies with validated science-based climate targets has doubled over the past year, reaching 4,204 at the end of 2023, compared to 2,079 in 2022.

The SBTi, one of the key organizations focused on aligning corporate environmental sustainability action with the global goals of limiting climate change, announced a series of actions this week as part of its “major scale-up operation,” including plans to develop sector standards for climate goals for several high impact sectors in hopes to meet the increase in demand.

Going forward, the SBTi said that it is prioritizing the development of sector-specific standards for high impact sectors including oil and gas, electric utilities, automotives, chemicals, insurance and apparel, and that it will pilot a hybrid model, partnering with external organizations, for the development of sector-specific standards, noting the potential to accelerate the number of sectors with developed standards from 2025.

Invert Insights:

The increased interest from businesses to commit meaningful, measurable targets towards decarbonization is a positive step towards global decarbonization goals. As more companies contribute to global efforts in mitigating climate change and by reducing their greenhouse gas emissions, they play a crucial role in minimizing the impact of climate change on the environment.