The Indian government will use its presidency of the G20 group of major economies to propose an expert group on World Bank reform, Reuters reports, citing “three sources”. The newswire says the group would “look into reforms at the World Bank and to increase lending capacity of the institution for climate financing in middle- and low-income countries”. It reports that India’s finance minister Nirmala Sitharaman told outgoing World Bank president David Malpass yesterday “that climate finance was a focus area during India’s G20 presidency and multilateral development banks ‘can play a major role in incentivising private capital, de-risking instruments, and providing greater concessional finance’”. The outlet adds: “US treasury secretary Janet Yellen is also expected to press for consensus on reforming multilateral development banks to vastly expand their lending to tackle pressing global challenges such as climate change and conflict.” Meanwhile, the Financial Times reports: “Mia Mottley, the prime minister of Barbados who is leading efforts to overhaul global financial institutions, voiced support for two of the contenders with development experience to reform the World Bank as its new president.” It continues: “Rockefeller Foundation president Rajiv Shah and Ngozi Okonjo-Iweala, the World Trade Organization director-general, were both ‘more than qualified’ for the top job at the World Bank, Mottley said in an interview with the Financial Times.” Reuters says the US, which traditionally nominates the World Bank president, “could announce its nominee as early as Thursday, two sources familiar with the matter said”. It adds: “The World Bank’s executive board expects to select a new president by early May.”

COP28 president designate Sultan al-Jaber of the United Arab Emirates told an event in Indian capital New Delhi yesterday that the 1.5C target was “non-negotiable”, the Hindustan Times reports. The paper quotes al-Jaber saying at the event: “It is also clear that business as usual won’t get us there. We need a paradigm shift in our approach to mitigation, adaptation, finance, and loss and damage.” The publication continues: “Al-Jaber is the first serving oil firm chief executive to take the post of heading the UN Climate Conference (COP). His nomination raised concerns about the potential conflict of interest his selection as the top climate negotiator may create, but al-Jaber has sought to put those to rest.” It quotes him saying: “Ladies and gentlemen, the step change in the progress we need will require lots of capital – not just billions, but trillions. And we must make sure that this capital is accessible and affordable. A key enabler will be the reform of the international financial institutions and multilateral development banks.” Reuters reports that the UAE “will explore all partnership opportunities with India to help the south Asian country’s growth and low carbon plans”, citing comments from al-Jaber.

Meanwhile, the Financial Times “moral money” newsletter says the “public relations battle” around COP28 has started. It says: “When it emerged last month that Sultan al-Jaber…would lead the COP28 climate discussions, many green activists were horrified…al-Jaber is now conducting a self-styled ‘listening’ – and persuasion – campaign in a bid to quell the criticism, speaking to business groups, energy conferences and media.” It continues: “Sadly the UAE COP28 public relations team has not yet permitted him to conduct free-flowing ‘on the record’ interviews (which is at odds with its professed love of transparency.) However, judging from comments that al-Jaber has offered in formal (controlled) public sessions – and private conversations – there are at least six key themes in this UAE public relations pitch.” These themes are, the paper says: inclusion; the private sector; green innovation and climate tech; biodiversity; climate finance, including via reform of global financial institutions; and keeping “1.5C alive”.

Europe has “not yet won its energy war with Russia”, the Financial Times reports, citing comments from the head of the International Energy Agency (IEA) Fatih Birol. The paper quotes Birol saying in an interview: “Russia played the energy card and it did not win…but it would be too strong to say that Europe has won the energy battle already…I think Europe did a good job, [its strategy has] been a big success. But being overconfident for next winter is risky and it is time to continue and step up efforts for 2023.” Reuters reports that Germany’s gas supply is secure for next winter, according to an economic institute. The Guardian reports: “US oil and gas companies are pushing to solve the short-term problem of a tight European gas supply, driven by Russia’s invasion of Ukraine, with long-term liquefied natural gas (LNG) contracts, a new report shows.” Another Reuters article says France has had its “driest winter since 1959” and that this will mean low hydro power output this spring and summer. Elsewhere, Le Monde has an article titled: “The war in Ukraine is a catalyst for the energy transition.” The Bloomberg “Zero” podcast has an episode titled: “How Europe ditched Russian fossil fuels.” Meanwhile, Bloomberg reports: “The European Union’s plan to rapidly scale up renewable energy to help it meet its climate goals and end its dependence on Russian fossil fuels has become bogged down over the burning of trees.” It says the proposal to raise the EU target for renewable energy to 45% by 2030 has stalled over the definition of which kinds of biomass will count towards the goal. Separately, Reuters reports in an “exclusive” that Russia “plans deep March oil export cuts, sources say”, adding that the move is “a bid to lift prices for its oil”.

Finally, Politico says Ukraine has made a “last-ditch appeal for EU sanctions to target Russia’s nuclear industry”. Reuters reports: “Sanctions against Russia over nuclear energy would harm Hungary’s interests and should not be brought forward by the European Union, Hungarian foreign minister Peter Szijjarto said on Wednesday.”

Reuters reports that a “team of influential economists has urged China to adopt a new development model based on ‘wellbeing’ rather than GDP growth in order to fulfil its 2060 net-zero emissions goals and head off the mounting threats of climate change”. The newswire continues: “In a report published on Thursday, the team – which includes two former chief economists of the World Bank – also called on China to cap total fossil fuel consumption and establish a detailed ‘pathway’ for reducing emissions. The report and its recommendations have already been submitted to the Chinese government. Co-author Nicholas Stern, chair of Britain’s Grantham Research Institute on Climate Change and the Environment, told reporters he hoped it would play a constructive role in China’s 2026-2030 ‘five-year plan’…China is aiming to bring emissions to a peak by 2030, though it currently remains unclear at what level they will peak. Stern said it needed to set a specific numerical target in order to bring ‘clarity’ to its decision-making. The report also called on China to give greater prominence to public transport and set a timetable for the elimination of fossil-fuel vehicles. China should also promote low-carbon agriculture, including plant-based meat and dairy, it said.”

In other China news, lithium prices have “slumped by almost a third in the past three months after weaker demand in the world’s largest market for electric vehicles has punctured a two-year rally for the key battery component”, reports the Financial Times. It adds that prices have dropped 29% from November highs to ¥425,000 ($61,795) per tonne, according to pricing agency Fastmarkets, driven by concerns over the strength of EV demand in Asia’s largest economy. Separately, S&P Global Commodity Insights writes that China has “started buying Australian coal this month, signalling the end of an unofficial ban that ran for over two years”, citing market sources and S&P Global Commodity Insights data. 

Meanwhile, the state news agency Xinhua reports on Pakistani experts and officials’ comments that the country “should learn from the green development initiative of China to mitigate its own climate change challenges”. Pakistani senator Mushahid Hussain Syed is quoted saying that “we are very grateful to China and its leadership for taking the climate change issue forward because many developed countries are still in denial of it”. He added that, “apart from its shift to renewable energy, China also introduced green technology that generated millions of jobs”. State-run China Daily carries a comment piece by Ann Buel, the author is a former officer of the European Commission, who writes: “Europe-China relations are facing many constraints now, and it is not easy to change course. What both sides could do is to enhance open, in-depth, and effective communication through all channels, keep the business relationship going and ensure it is mutually beneficial, while increasing cooperation and coordination on global challenges such as climate change and ocean governance.”

Finally, the South China Morning Post reports that “several Chinese energy and steel companies – all of them state owned – have been singled out for breaking pollution rules after the country’s environment chief made a surprise inspection tour of Henan province this week”, according to the environment ministry.

The head of an investment manager’s industry group has called for a rethink of the UK financial regulator’s plan to “curb greenwashing”, Reuters reports, citing the comments of Chris Cummings at a parliamentary hearing. It says the regulator, the Financial Conduct Authority, “rejected concern among lawmakers the new regime would create ‘bubbles’ as money flocked to the fewer funds that qualify as sustainable”. The Times reports Cummings’ comments under the headline: “Plan to ban greenwashing ‘risks disrupting markets’.” Another Reuters story reports: “Britain risks falling behind in the race to attract green capital if its sustainable finance legislation diverges too far from rules emerging in Europe and the US, a group of advisers to the government warned on Thursday.”

Separately, Reuters reports: “A coalition of Republican-led states has asked a federal judge to block a Biden administration rule allowing retirement plans to consider environmental, social and corporate governance (ESG) factors in selecting investments pending the outcome of their legal challenge.” Elsewhere, the South China Morning Post reports: “Asia’s listed companies face increasing scrutiny on their climate-related disclosure and commitments, as fund managers and institutional investors use their voting power to pressure them to act to mitigate effects on a warming climate.”

The UK government is “poised to help more than 300 energy-intensive companies to cope with the debilitating cost of power as ministers seek to stem a wave of job losses in the steel sector”, the Financial Times reports. It says business secretary Kemi Badenoch will announce support today for firms in sectors including “steel, metals, paper and chemicals that are among those most exposed to the high cost of electricity”. It adds: “The package comes on top of an offer of subsidies to Britain’s two biggest steel companies to prevent them closing their blast furnaces.” The paper explains: “The government will hold a consultation in the spring on three main measures: reducing the network charges that industrial users pay for their supply of electricity; cutting costs associated with maintaining generating capacity; and looking at whether to increase exemptions on costs arising from renewable energy obligations from 85% to 100%.” Reuters reports: “The government said the measures, which it will consult on ahead of an expected roll out from Spring 2024, would bring the energy costs of Britain’s energy intensive industries in line with those charged in the world’s major economies.” Another Reuters article reports: “Chinese-owned British Steel on Wednesday said it could cut up to 260 jobs after announcing the planned closure of its coke ovens in northern England, saying steelmaking in Britain was uncompetitive despite efforts to reduce costs.”

Meanwhile, an editorial in the Daily Mirror says: “British Steel’s decision to close its coking ovens in Scunthorpe at the cost of up to 260 jobs is another blow for a once-proud industry. The sector has been struggling in the face of soaring energy costs, a lack of investment and increased competition from abroad. Yet steel could have a prosperous future if the government would help firms with the transition to greener forms of production.” Separately, Press Association says a coalition of health and fitness groups has called for greater support for energy costs at sports and leisure facilities.

Great Britain’s National Grid Electricity System Operator is to reform rules around access to the system “to make it easier and faster to ramp up renewable capacity”, Bloomberg reports. Meanwhile, the Times reports on the results of the UK’s latest “capacity market auction”, in which Czech firm EPH won a subsidy contract to build “a new gas-fired power plant and battery storage project”. The paper says: “[EPH] intends to build a highly efficient, 1,700-megawatt combined-cycle gas turbine plant, the biggest new thermal power station to be built in Britain in more than a decade, and a battery that can hold enough electricity to discharge up to 299MW of power for two hours.” It explains: “The [capacity market] auction, held on Tuesday, awarded contracts for power delivery beginning in 2025-26 at a price of £63 per kilowatt of capacity, more than double the previous record price set last year, and secured 43 gigawatts of capacity.” The Daily Telegraph also covers EPH’s plans.

Separately, BusinessGreen reports: “The UK solar industry has enjoyed a record breaking start to the year, with over 16,000 new rooftop solar installations registered during January, representing a three-fold increase on last year and a new post-subsidy monthly record.” Another article in the Times reports that the UK government has been urged to build more new nuclear plants in a letter from 57 Conservative MPs including former prime minister Boris Johnson and former home secretary Priti Patel.

UK opposition leader Keir Starmer is to give a speech today in Manchester setting out his five national “missions” – his objectives for a Labour government if they win the next election, Press Association reports. The Guardian reports: “The ‘missions’ cover five broad themes: the economy, the NHS, crime, the climate crisis and education. They will be long-term objectives, rather than consumer pledges, but will be ‘measurable’ so voters can check against performance.” It explains: “Starmer is expected to set out some policy detail [today] on how Labour would grow the UK’s stalled economy… pledges in the other areas will follow in the early summer.”

Carmaking giant Stellantis has reported “stronger annual earnings”, Le Monde reports, saying “a push in electric vehicles led to a jump in sales even as it faces growing competition from an industry-wide shift to more climate-friendly offerings”. The paper adds: “Stellantis plans to convert all of its European revenue and half of its sales in the United States to battery-electric vehicles by 2030. Quartz says the firm’s “record year” was “driven by a 41% rise in electric vehicles sales”. Reuters reports the comments of Stellantis head Carlos Tavares, criticising the part of new EU car emissions rules that applies to internal combustion engines. It explains: “Tavares has previously criticised the Euro 7 standards as a waste of time and money, as they would require carmakers to invest money in technology to cut emissions in fossil-fuel models that the European Union intends to ban as of 2035 anyway.”

Meanwhile, in the UK, the Daily Telegraph reports: “Motorists are rapidly losing interest in electric cars as the cost of power surges and petrol and diesel prices continue to fall, the AA has suggested. The proportion of car buyers considering purchasing an electric model this year has slumped to less than a fifth compared with one in four a year ago, its research found.” A comment in the Daily Telegraph from chief city commentator Ben Marlow is titled: “British drivers have been betrayed in the electric car race.” Marlow writes: “If fears are correct that the electric car market is stalling, then much of the blame has to be laid, once again, squarely at the door of a government that abandoned any pretence of a coherent industrial strategy long ago.”

Indian prime minister Narendra Modi has “pitch[ed] for collective efforts to deal with critical issues of climate change and pollution”, the Times of India reports. It quotes Modi saying at an event in New Delhi: “We are striving to meet an increased portion of our demand for electricity from renewable and alternative sources of energy.” Meanwhile, the Hindu reports under the headline: “German, Danish visits to India to focus on climate change, Ukraine and China.” Separately, the Financial Times carries an interview titled: “Disha Ravi: India is trying to criminalise climate activism.”

An editorial in the Financial Times says the World Bank is “under mounting pressure” thanks to a combination of “international threats to poverty – from global warming, the spread of disease and war” at a time of “surg[ing]” global debt and geopolitical “rifts”. It continues: “Estimates suggest $125tn of climate investment is needed by 2050 to meet net-zero targets. The world is looking to the multilateral development bank (MDB) to provide leadership and finance. With its president David Malpass stepping aside early, now is a vital moment to reform the bank and find the right leader to take it forward.” The piece says the Bank “has undergone several shifts” in the past and that its “strategic direction needs refreshing once more”. It adds: “The World Bank needs, then, to take a leading role in addressing climate change at scale and with urgency. Its own estimates suggest that if left unchecked, rising sea levels, droughts, and other harmful effects could drive over 130mn people into poverty in the next decade. Raising its efforts on the green transition and adaptation is key.”

A comment for BusinessGreen by exchequer secretary to the Treasury James Cartlidge says that businesses “must get ready for a global economy where decarbonisation is the norm”. He writes: “Set to be worth £1tn by the end of the decade, no one can deny that our green industries are a big growth area, bringing high paid jobs and huge export opportunities. We want to capitalise on this, maximising opportunities across the UK.” Another BusinessGreen comment from Conservative MP Selaine Saxby is titled: “The chancellor needs to lock in the UK’s clean energy leadership.” Separately, BusinessGreen reports the comments of UK chancellor Jeremy Hunt, who it says “touted green businesses as critical to the wider economy and the government’s ambitions to return the UK to growth and improve productivity both this year and over the long-term”. Hunt called green industries “absolutely strategic” for the UK, the outlet adds. In other UK reporting, the Daily Telegraph has a feature titled: “Why Sir Jim Ratcliffe has abandoned UK fracking in favour of the US.”

BusinessGreen editor James Murray continues coverage of yesterday’s report from a House of Lords committee, which said the UK’s heat pump rollout plans were “seriously failing”. He writes: “But are the BUS [boiler upgrade scheme grants for heat pumps] and the government’s wider heat pump plans really performing as badly as peers and environmental campaigners suggest?” Murray continues: “What is not in dispute is that the raw numbers do not look great. In 2021, less than two per cent of homes in England and Wales had low-carbon heating systems and only around 50,000 heat pumps were installed across the UK…the UK still lags far behind the 500,000 heat pumps installed by European market leader Italy last year.” He adds: “Few would contest that more and longer term funding would be helpful, but there was also a sense this morning in some quarters that some aspects of the BUS are working and that the various teething problems can yet be addressed.” Murray concludes: “[I]t is also clear the heat pump market is moving in the right direction, has a lot more near-term potential than the only other option for decarbonising domestic heating, and is well placed to accelerate in the coming years. The BUS grant scheme may have got off to a disappointing start, but the various teething problems are very fixable.” In contrast, the Daily Telegraph continues its reporting on the Lords report under the headline: “How Britain’s heat pump revolution turned out to be a lot of hot air.” A comment for the Daily Telegraph by climate-sceptic columnist Matthew Lynn is titled: “Nobody is buying heat pumps because they’re an awful product.” Elsewhere, the New York Times reports on a “major milestone” last year when more heat pumps were sold in the US than gas boilers. It asks if heat pumps still work in sub-zero temperatures. It concludes: “Experts and electrification advocates say that they do – and that even in cold weather, they can still be more efficient, and better for the climate, than furnaces and boilers that run on fossil fuels.”

An International Energy Agency (IEA) commentary explains its new analysis exposing the stark global inequalities between per capita carbon dioxide (CO2) emissions, both within and between countries. It says: “Wealth, energy use, and the consumption of goods and services are unevenly distributed across the world. CO2 emissions are no exception. Emissions vary across countries and across generations, but even more so across income groups.” The commentary explains: “In 2021, the average North American emitted 11 times more energy-related CO2 than the average African. Yet variations across income groups are even more significant. The top 1% of emitters globally each had carbon footprints of over 50 tonnes of CO2 in 2021, more than 1,000 times greater than those of the bottom 1% of emitters.”  As highlighted in a Tweet by Carbon Brief’s Simon Evans, the analysis also shows that the world’s top 10% of emitters are responsible for nearly half the global total, while the bottom half – some 4 billion people – make up less than 7% of emissions.

A feature from Deutsche Welle ahead of Nigeria’s upcoming elections writes: “Nigeria has been badly hit by climate change, resulting in desertification, a shrinking Lake Chad in the north, flooding in the centre and coastal erosion in the south. Yet the issue hasn’t played a role in campaigning.” (Carbon Brief recently updated its in-depth profile of Nigeria, covering policies, politics, energy, emissions and climate impacts.)

Flood events in China’s Yellow River basin have become almost an order of magnitude more frequent over the last millennium, according to a new study. The authors use “sedimentary and documentary data of levee overtops and breaches” to compile a 12,000 year long record of flood events from the Yellow River. They conclude that 81% of the increased flood frequency can be “ascribed to anthropogenic disturbances”. 

New research estimates that 50% of seagrass meadows have disappeared in the last two decades. Using seagrass distribution maps over 2000-18, the authors mapped carbon sequestration by the seagrass Cymodocea nodosa in the Canarian archipelago and assessed the future capacity of the sea grass to store carbon in four “plausible future scenarios”. If the current rate of seagrass degradation continues, the species could completely disappear in 2036, the authors find. “The impact of these losses in 2050 would reach 1.43m tonnes (MT) of CO2 equivalent emitted with a cost of €126.3m,” they add. However, if current seagrass levels are maintained, “0.75MT of CO2 equivalent would be sequestered from now to 2050, which corresponds to a social cost saving of €73.59m,” they say.