Sustainable Finance Newsletter - Carbon markets give environmentalists hope after US elections
By Ross Kerber
Nov 13 (Reuters) -Environmentalists fear the incoming administration of U.S. president-elect Donald Trump will undo efforts to slow the pace of climate change.
But Washington State voters sent a different message with their support for a carbon market, which you can read about below. I'm also including links to a story on how at least someoil companies want the U.S. to remain in the Paris climate agreement, and to our coverage from the ongoing U.N. climate summit in Baku, Azerbaijan.
You can follow me on LinkedIn. Or you can email me at ross.kerber@thomsonreuters.com
Carbon markets give environmentalists hope after US elections
A rare bright spot for environmentalists in last week's U.S. election results came in Washington State, where voters easily defeated an attempt to end the state's carbon market by a margin of62% to 38%.
Analysts said the result was in line with widespread interest in the structures in the European Union, California and China that allow investors to put a price on emissions.
You can read my column on the topic this week by clicking here.
Company News
Top U.S. LNG exporter Cheniere Energy LNG.N favors the United States remaining in the Paris climate agreement and complying with methane emissions restrictions, cautioning the incoming Trump administration against reversals. Exxon XOM.N also said the U.S. should remain in the Paris agreement.
But the American Petroleum Institute urged the incoming Trump administration to ditch President Joe Biden's climate policies and did not mention staying in the Paris agreement in its wish list. The group's CEO Mike Sommers said oil companies were focused on both reducing emissions and meeting the world's energy needs "whether the United States is part of the agreement or not."
Consumer brands including Nestle NESN.S and Procter & Gamble PG.N said they conducted investigations after an environmental group said palm oil sourced from an illegally cleared wildlife reserve in Indonesia may have found its way into their supply chains.
Oil and gas major Shell SHEL.L won an appeal against a landmark ruling that required it to accelerate carbon reduction efforts, a blow to campaigners who have turned to legal channels to pursue climate action.
On my radar
To handle the growing energy demands of AI data centers, regulators should take steps like charging them higher fees for power and reconsidering subsidies for their construction, according to a new report from the Jack Kemp Foundation, a nonpartisan think tank.
My colleagues keep cranking out interesting stories from this year's U.N. climate summit including how the president of host country Azerbaijan lashed out at Western critics of his nation's oil and gas industry, and a post-election message from U.S. climate envoy John Podesta.
For daily updates on the summit known as COP29 you can sign up for Sharon Kits Kimathi's excellent Reuters Sustainable Switch newsletter here.
Reporting by Ross Kerber in Boston; Editing by David Gregorio
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
