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US’ Vermont state makes big oil pay up: Vermont has become the first US state to mandate that fossil fuel companies must pay for climate damages, The Financial Times reports. Vermont’s new law aims to hold oil and gas companies responsible for their contributions to regional GHG emissions and their impact on public health, natural resources, agriculture, economic development, and housing. The legislation also requires the state’s treasurer to determine by 2026 the total cost of greenhouse gas (GHG) emissions to Vermont residents over the past 20 years.
Similar laws are gaining traction across the US: Maryland, Massachusetts, New York, and California have attempted to pass similar bills this year, although without success, FT writes.
REMEMBER- California took big oil to court for downplaying fossil fuel risks: The state of California filed a lawsuit last year against oil majors including BP, Exxon, Chevron, Shell and ConocoPhillips for causing USD bns in economic and environmental damages by misleading the public on the impact long-standing fossil fuel extraction has on the economy and communities. The lawsuit alleges big oil firms and trade groups have known since at least the 1960s that their operations are warming the planet and causing “tens of bns of USD” in damages.
China connects the world’s largest solar farm: The state-owned Power China has connected the world’s largest solar power plant to the grid with a capacity of 5 GW, Reuters reported. The 200k acre farm, located in northwestern Xinjiang, will generate around 6 bn KWh annually. The farm is in the same region as China’s other two largest solar plants, each with a capacity of 3 GW.
ICYMI- China planning more clean energy: China has eased the limits on renewable power installations in energy-rich areas, one of several policies issued last week to promote clean energy. China’s National Development and Reform Commission is also requiring provinces to develop energy-efficiency plans for entities responsible for 70% of consumption and carbon emissions by the end of 2025.
REFRESHER- China led renewables growth last year: Renewable energy expansion was led by Asia in 2023, which added 326 GW in capacity, representing 69% of the global increase. This was mainly driven by China, whose capacity increased by 63%, reaching 297.6 GW.
OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-
- Wind and solar energy marching on in the EU: Renewable power generation from wind and solar projects in the EU has risen 46% since from 2019. The renewable power sources have displaced a fifth of the EU’s fossil fuel use, which is in line with the ambitious target proposed by the European Commission of achieving a 45% renewable energy share by 2030. (Ember)
- Germany off track for 2030 climate targets: Germany will likely fail to meet its 2030 goal to cut emissions by 65% from 1990 levels, the Expert Council on Climate Issues found. The country might not even meet its 2045 climate neutrality target. Sectors including transport and construction have been holding the country back as they struggle to decarbonize. (Reuters)
- Japan + EU to collaborate on clean hydrogen development: Japan and the EU have agreed to collaborate on policies to boost demand and supply of clean hydrogen as well as to advance technologies for its development. Japan sees hydrogen as a cleaner alternative to LNG, while the EU views it as a way to reduce reliance on Russian fossil fuels. The EU aims to produce 10 mn tons of hydrogen and import an additional 10 mn by 20203, while Japan plans to spend JPY 3 tn within the next 15 years to subsidize hydrogen production. (Reuters)
