Climate change costs the world 12% of GDP for every 1°C of warming

Dear reader,

a new report on the effects of climate change assumes that these damages are up to six times greater than previous estimates. According to the report, every 1 degree Celsius increase in global temperature may be associated with a 12% decline in global gross domestic product (GDP).

The report, entitled “The macroeconomic impact of climate change: Global vs. local temperature“, is a working paper by the National Bureau of Economic Research (NBER). It states that the “social cost of carbon” could be around $1,056 per tonne of carbon dioxide emissions.

The findings are much higher than previous estimates; the Interagency Working Group estimated the cost to be about $51 per metric ton, while the U.S. Environmental Protection Agency (EPA) estimated $190 per metric ton of carbon emissions, E&E News reported. According to Statista projections, the amount of global carbon emissions for 2023 was about 37.55 billion metric tons. Further, the new NBER report found that if the world continues at a business-as-usual warming scenario, it could lead to a welfare loss of about 31%, emphasizing the economic importance of reducing emissions.

“There will still be some economic growth, but by the end of the century people could be 50% poorer than they would be without climate change,” said Adrien Bilal, co-author of the report.

According to NASA, the world has already warmed by 1.36 degrees Celsius by 2023, compared to the pre-industrial average temperature from 1850 to 1900. In a Guardian poll published earlier this month, hundreds of leading climate scientists from around the world said they expect global warming to reach at least 2.5 degrees Celsius by the end of the century.

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The Danish company Vestas will be trialling the use of sustainable aviation fuel (SAF) at the Baltic Eagle wind farm in the Baltic Sea in 2024. The pilot project will see Vestas’ technicians and jack-up vessel crews using helicopters, some of which will be fuelled with SAF, to transport themselves to and from the Baltic Eagle wind farm during the construction phase of 50 offshore wind turbines. https://www.vestas.com/en/media/company-news/2024/vestas-to-test-sustainable-aviation-fuel-c3985693

The Hague Airport (RTHA) and the Port of Rotterdam Authority seal SAF cooperation. The memorandum of understanding emphasises the further development of supply chains for sustainable fuels such as SAF and hydrogen as aviation fuel. https://www.portofrotterdam.com/en/news-and-press-releases/collaboration-between-port-rotterdam-authority-and-rotterdam-hague-airport

The IFC (International Finance Corporation) and the Italian Climate Fund announced an investment of USD 210 million in Eni S.p.A.’s Kenyan subsidiary to expand the production and processing of advanced biofuels to support the decarbonisation of the global transport industry and the livelihoods of up to 200,000 Kenyan oilseed smallholder farmers. https://www.esteri.it/en/sala_stampa/archivionotizie/retediplomatica/2024/05/kenya-ifc-e-fondo-italiano-per-il-clima-collaborano-per-sostenere-la-produzione-di-biocarburanti-ponendo-le-basi-per-la-prima-iniziativa-pilota-del-piano-mattei-nel-paese/

Clean Energy Fuels Corp. and Maas Energy Works announced a new joint development agreement to build nine renewable natural gas (RNG) generation facilities on dairy farms in seven states. The nine projects, each of which must undergo final testing before construction can begin, are expected to be completed in 2026 and will produce up to an estimated 4 million gallons of ultra-clean RNG, a negative carbon intensity fuel, annually, which will be fed into Clean Energy’s nationwide network of RNG refuelling stations. https://www.cleanenergyfuels.com/press-room/clean-energy-and-maas-energy-works-join-forces-to-build-nine-renewable-natural-gas-dairy-production-facilities-across-seven-states

India’s leading full stack technology & engineering company for clean fuels, GPS Renewables, has partnered with Dubai-based SAF One, a platform for developing global sustainable aviation fuel solutions, to build and develop sustainable aviation fuel projects in India. https://energy.economictimes.indiatimes.com/news/renewable/gps-renewables-saf-one-to-build-30-million-liter-sustainable-aviation-fuel-facility-in-india/110331684

In Indiana, Verbio has begun construction of its ethanol plant in South Bend, which will become the second integrated biorefinery in North America. Members of Verbio management and public officials gathered in South Bend on 24 May to break ground on this next milestone.

Brownfield Ag News reports that some U.S. ethanol plants are coming out of scheduled maintenance ahead of schedule to take advantage of the summer driving season that begins next week. As a result, ethanol production increased slightly, surpassing the 1 million barrels per day mark. Inventories almost returned to the level of a month ago. Ethanol producers are close to the break-even point and processing margins are approaching positive territory. https://www.brownfieldagnews.com/news/ethanol-production-stocks-creep-higher/

ENGIE’s Research and Innovation Fund for innovative start-ups accelerating the energy transition announces that it has participated in a €4 million financing round with GTT Strategic Ventures to support the development of CryoCollect. CryoCollect is a French start-up developing gas treatment, purification and liquefaction technologies that are particularly suitable for CO2 capture from biogas. https://www.engieventures.com/press-releases/engie-new-ventures-and-gtt-strategic-ventures-co-invest-in-cryocollect-a-start-up-that-has-developed-a-unique-co2-capture-technology-for-biogas/

IVECO continues its partnership with the legendary Metallica in Italy for the European leg of the band’s M72 World Tour. As Metallica prepares to thrill fans across Europe, IVECO is ready to support the tour with eco-friendly transport solutions, trucker engagement initiatives and projects to support local communities. https://www.ivecogroup.com/media/corporate_press_releases/2024/may/iveco_on_the_road_with_metallica_for_the_m72_tour_in_europe

The Australian Government has announced a series of major investments to boost Australia’s clean energy sector, including plans to invest $5.3 billion in hydrogen production and sustainable fuel technology over the next decade. According to the report, the new investments were announced with the release of the government’s 2024-2025 budget, which also allocates funding through the Australian Renewable Energy Agency (ARENA) to support the commercialisation of technologies that support the transition to net zero energy and outlines plans to support the development of the sustainable finance sector. https://www.esgtoday.com/australia-invests-over-5-billion-to-develop-clean-hydrogen-sector/

Vega Biofuels, Inc. has filed a provisional patent application in Georgia for its fourth generation (G4) fuel torrefaction plant. Vega recently announced that its Generation 4 torrefaction plant will increase production capacity by approximately twenty-five percent. Vega believes that parts of the process for the new machine are unique in the current market and has therefore filed the provisional patent application with the US Patent and Trademark Office under the title “Method and Apparatus for Torrefying Biomass”. The disclosure of the application relates generally to wood used as fuel and more specifically to systems, methods and apparatus for torrefying biomass, such as wood or other agricultural biomass. https://uk.news.yahoo.com/finance/news/vega-biofuels-files-provisional-patent-180000164.html

Major Chinese companies such as Junheng Industry Group Biotech plan to produce 1 million tonnes of sustainable jet fuel over the next 18 years as the world’s second-largest aviation market seeks to decarbonise. This new production would account for around 2.5% of the country’s aviation fuel needs. A large proportion of these plants would use used cooking oil as a feedstock and help to offset much of the UCO imports from the US and EU that cause market volatility in these countries. https://theelectricityhub.com/china-anticipating-blending-rule-as-increased-investment-in-saf/

In France, Air Liquide is taking a proactive approach to sustainable biomethane production with the adoption of an internal charter drawn up in collaboration with various experts and WWF France. By adopting this charter, which goes beyond current regulations, the Group is committed to measuring and monitoring progress towards more sustainable production while contributing to the development of a global production framework. https://www.airliquide.com/group/press-releases-news/2024-05-22/air-liquide-takes-step-further-sustainable-biomethane-production-charter-built-collaboration-wwf

In the Philippines, following the recommendations by the National Biofuels Board (NBB), the Department of Energy has released guidelines for adopting a higher biofuels blend. This move aims to decrease dependence on imported fuels, reduce greenhouse gas emissions, and bolster the local biodiesel and bioethanol sectors. https://www.biobased-diesel.com/post/the-philippines-mandates-higher-biodiesel-blend-beginning-oct-1

BIOTECH ENERGY provides a technology that addresses the global challenges of environmental protection, climate protection and food security in one. The biotech company extracts renewable energy from biotechnological processes, thereby reducing greenhouse gas emissions. At the same time, it promotes sustainable food production and processing in order to meet the global demand for food.

BIOTECH ENERGY liefert eine Technologie, die die globalen Herausforderungen Umweltschutz, Klimaschonung und Ernährungssicherheit in hilft zulösen. Das Biotech-Unternehmen extrahiert erneuerbare Energie aus biotechnologischen Prozessen und reduziert damit Treibhausgasemissionen. Gleichzeitig fördert sie nachhaltige Lebensmittelproduktion und -verarbeitung, um die weltweite Nachfrage nach Nahrungsmitteln zu decken.

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