SUSTAINABLE INVESTMENT

World Bank climate-related spending lacks independent verification

The World Bank has come under fire for failing to show that its claimed spending on the climate crisis is real, in a report suggesting up to 40% of its climate-related spending cannot be verified. Of $17.2 billion that the World Bank reported it spent on climate finance in 2020, up to $7 billion cannot be independently verified, according to research by global NGO Oxfam. The research found that the bank’s figures could be inaccurate by as much as 40% on either side of $17 billion. Oxfam said the bank could also be spending more than it claims, but the difficulty of accounting for the money devoted to climate-related activities meant it was impossible to say. Oxfam’s research states that the bank’s calculations of co-benefits could be overstating its climate spending. (The Guardian)

WASTE

Waste management reform could reduce 1.4bn tonnes of emissions

Effective waste management policies could play a major role in the effort to stabilise global temperatures at safer levels, according to a new report calculating that 1.4 billion tonnes of greenhouse emissions could be slashed annually through improved recycling, composting and waste separation. Published by the campaign group Global Alliance for Incinerator Alternatives, the research found that improved waste management could cut emissions from the waste sector by more than 80% in addition to having a ‘ripple effect’ of significantly reducing other sectors’ emissions. Models found that waste reduction policies could enable net-negative emissions by 2030 in eight cities around the world, including Sao Paolo and Detroit. The report notes that a reformed waste sector could also cut methane by 13% globally. (Business Green)*

DEFORESTATION

Investigation finds Drax sources pellets from Canadian primary forests

Electric services company Drax that received billions of pounds in green energy subsidies from UK taxpayers is cutting down environmentally important forests, a BBC Panorama investigation has found. Drax, which runs Britain’s biggest power station, burns millions of tonnes of imported wood pellets – classed as renewable energy. The BBC has discovered some of the wood comes from primary forests in Canada. Panorama analysed satellite images, traced logging licences, and used drone filming to prove its findings. Investigators also followed a truck from a Drax mill to verify it was picking up whole logs from an area of precious forest. Ecologists said Drax was destroying forests that had taken thousands of years to develop. Drax has already received £6 billion in green energy subsidies. (BBC News)

POLICY

UK sanctions Russian businesses from buying professional services

The UK has placed new sanctions on Russia, blocking its citizens and businesses from purchasing an array of services from British firms, over the Kremlin’s decision to annex four regions of Ukraine. The new sanctions seek to further damage Russia’s economy by hindering the country’s access to IT consultancy, architectural, engineering, accounting, and commercial legal services from UK firms. Russia currently imports 67% of its services from countries that have already sanctioned the Russian Federation over its invasion of Ukraine. The Russian Federation is particularly dependent on the UK for audit and commercial legal services due to London’s position as one of the world’s leading professional services hubs. The new sanctions expand on the UK’s May package that banned service firms including consultancies and PR agencies from working with Russia. (City AM)

ENERGY

EU countries agree power demand reduction targets to reduce costs

EU ministers have agreed on new emergency measures to tackle the energy crisis, including a mandatory target to reduce electricity consumption by 5% at peak hours and two levies to protect consumers. The measures aim to shield consumers by seizing the record profits made by some energy firms and using those to support households or help them invest in green technologies. The three measures include flexibility for member states to implement them. EU countries now have more freedom to meet the 10% voluntary reduction target for electricity consumption, and Malta and Cyprus are exempted from the 5% mandatory demand reduction target. Governments will be able to set higher revenue limits for producers with investment and operating costs and exempt chosen suppliers from mandatory electricity demand reduction targets. (edie)

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