Countries fall short on climate pledges, what now?

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Hello readers,

There have been many climate protests and rallies happening across the globe recently (you probably saw videos of climate activists throwing tomato soup on one of Vincent Van Gough’s most famous paintings).

These activists are turning up the heat on governments ahead of this month’s COP27 summit, where world leaders will gather in Egypt to review what has (or hasn’t, for that matter) been done over the past year.

It’s not looking so good. For one, most countries haven’t updated their emission reduction targets in the past year.

In this week’s issue, we take a look at the latest United Nations climate report. In it, the organization spells out why the world needs to take more ambitious steps against climate change as well as why a vital source of clean energy is drying up.

Enjoy reading!

– Nicole

THE BIG STORY

Indonesia’s ‘Uber for waste’ finds profits in garbage collection

Image credit: Timmy Loen

Jakarta-based tech startup Octopus managed to grow by 26x in the past year, mainly through trading electronic waste. It is now expanding its other revenue streams like data collection.

DEEP READS

World on track for up to 2.6C temperature rise by 2100, reports UN
The world’s progress in cutting carbon emissions has been inadequate since COP26, according to the latest Emissions Gap Report by the UN Environment Programme (UNEP).

The new analysis, which takes into account climate targets announced by 194 nations, concluded that there is “no credible pathway” in place to limit temperature rises to 1.5 C above pre-industrial levels. The current pledges will only limit the temperature rise to 2.4-2.6 C by the end of the century. This, in UN secretary-general António Guterres’s words, will be a “global catastrophe.”

While big emitters, namely the US and China, have sped up the deployment of clean energy, they have not improved their climate goal. Most G20 countries have not updated climate targets since last year — Australia, Indonesia, and South Korea are the only exceptions.

Image credit: Wikimedia

The world’s biggest source of clean energy is evaporating fast
Many parts of the world have experienced exacerbated heat waves, and droughts this summer have shrunk reservoirs. This is making hydropower, one of the most dominant carbon-free energy sources, a less reliable option to fight against climate change.

China’s Yangtze river, which feeds hydroelectric stations like the Three Gorges Dam, dropped to the lowest level for this time of year since records began in 1865. In Europe, hydroelectricity output fell by 75 terawatt-hours (TWh) this year through September.

To put things into context, hydropower stations across the continent generated around 660 TWh of electricity in 2021. In the US, hydropower output was expected to fall to the lowest level in six years in both September and October.

Countries heavily reliant on hydroelectricity have resorted to dirtier power sources. Brazil, for example, increased its fossil fuels imports amid a historic drought to make up for the shortfall.

TRENDING NEWS

You can also check out Tech in Asia’s coverage of Asia’s greentech scene here.

1️⃣ EU approves effective ban on new fossil fuel cars from 2035
The European Union will effectively ban the sale of new gasoline and diesel cars starting 2035. Automakers will be required to cut the emissions of new cars sold by 55% in 2030 – compared to 2021 – before achieving a 100% drop five years later.

Why it matters:
Regulators in the EU have been increasing pressure on carmakers to cut emissions. Transportation is one of the few sectors where carbon emissions have increased over the past few decades.

Image credit: Unsplash

2️⃣ Germany’s last nuclear plants
Chancellor Olaf Scholz has decided to keep Germany’s remaining three nuclear power plants operational until mid-April next year.

Why it matters:
The country has been dealing with an energy crisis after Russia cut off a major natural gas pipeline. The nuclear power reactors are expected to provide some relief to the shortage.

Image credit: Wikimedia

3️⃣ Singapore unveils plan to target net-zero emissions by 2050
Singapore has pledged to reduce peak emissions to 60 million tons before 2030 and achieve net neutrality by mid-century.

Why it matters:
The country improved its previously announced peak emission goal by five million tons and set a firm deadline for reaching net zero for the first time.

4️⃣ Bill Gates’ climate investment firm will put more money into adapting to climate change
Breakthrough Energy Ventures will start focusing more on companies working to help people and businesses adapt to climate change, executives said.

Why it matters:
The investment firm’s portfolio was heavily focused on companies working on mitigation. As the urgency to tackle the climate crisis grows, it is now looking to invest in solutions that both mitigate and adapt to the crisis simultaneously.

5️⃣ China’s Evergrande delivers first electric vehicles
The electric car unit of Chinese property developer China Evergrande has begun delivering its first model, the Hengchi 5, to the initial batch of buyers. The firm aims to start the mass production of its second electric car model next year.

Why it matters:
China Evergrande plans to shift its primary business from property development to electric vehicles. However, its car unit has in recent years struggled to secure investments and repeatedly missed its production targets.

STARTUP WATCH

1️⃣ Form Energy wins $450m to rust iron for multiday energy storage
Iron-air battery developer Form Energy has raised US$450 million in a series E round led by TPG Rise, with participation from investors including GIC, CPP Investments, ArcelorMittal and Breakthrough Energy Ventures.

Image credit: Wikimedia

2️⃣ GIC backs Indian EV startup Euler Motors in $60m funding
Delhi-based EV maker Euler Motors has raised US$60 million in a series C round led by investment firm GIC Singapore. Other investors in the round include Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures, and Moglix.

3️⃣ AM Batteries raises $25m in series A funding led by Anzu Partners
Boston-based lithium dry-electrode technology startup AM Batteries has raised US$25 million in a series A round led by Anzu Partners, with participation from TDK Ventures, Foothill Ventures, Toyota Ventures, Zeon Ventures, SAIC Capital, VinFast, Doral Energy-Tech Ventures, and Creative Ventures.

Image credit: Unsplash

4️⃣ Personal carbon-cutting app Joro raises $10m series A from Sequoia, Jay-Z’s Arrive
Carbon tracker startup Joro has raised US$10 million in a series A round led by existing investors Sequoia Capital and Amasia. Other investors, including Norrsken, Nest co-founder Matt Rogers’ Incite, Jay-Z’s Arrive, and Mike Einziger – the lead guitarist of Incubus – also participated.

5️⃣ Biofuel startup energized by Proterra investment
Singapore-based biofuel startup Apeiron Bioenergy raised an undisclosed amount of funding from new strategic investor Proterra Investment Partners Asia. The current fundraising follows the company’s equity financing round, which it raised from Mitsui Chemicals in August.

That’s it for this edition – we hope you liked it! Do subscribe to continue receiving The Offset.

See you next month!

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