The end of combustion engines, melting glaciers and Africa’s biodiversity crisis

US Supreme Court curb’s EPA authority in blow to Biden’s climate agenda, Bloomberg reports. The court restricted the Environmental Protection Agency’s ability to curb power-plant emissions and said Congress would have to act to give the agency more authority. The 6-3 ruling interpreting the US Clean Air Act will keep the administration from imposing the type of wide-ranging emissions-cutting plan the EPA tried to put in place when Barack Obama was president. The majority said that, while the EPA can regulate plant emissions, it can’t try to shift power generation away from fossil-fuel plants to cleaner sources. “A decision of such magnitude and consequence rests with Congress itself, or an agency acting pursuant to a clear delegation from that representative body,” Chief Justice John Roberts wrote for the court.

EU gets landmark deal to phase out the combustion engine by 2035, Bloomberg says. European Union countries endorsed a push to eliminate carbon emissions from new cars by 2035. Environment ministers struck a deal on the proposal after Italy gave up demands for a five-year delay. The agreement – which effectively spells the end of the era of combustion-engine cars in Europe − defines member states’ negotiating stance for further talks with Parliament and the European Commission on the final version of the EU’s Fit for 55 emissions-reduction targets. Interested in learning more on how we are aligning our portfolios with net-zero goals? Click here to learn more about our proprietary science-based tools.

Global emissions from 'food miles’ are higher than previously thought, study shows. The study, published in Nature Food, estimates the carbon footprint of the global food transport system, with the authors assessing the entire food supply chain. They find that in a single year, global food miles were responsible for 3 billion tonnes of CO₂-equivalent emissions – as much as 7.5 times larger than previous estimates. “Food-miles emissions are driven by the affluent world,” the study says. It finds that while wealthier nations represent about 12.5% of the world’s population, they are responsible for 52% of international food miles and 46% of associated emissions.

Europe’s extreme heat leads to 'brutal’ sea temperature rise, Bloomberg reports. The extreme heat wave on land unleashed a marine heat wave that’s still ongoing, according to Melanie Juza, a researcher at the Balearic Islands Coastal Observing and Forecasting System. “There has never been such an intense marine heat wave so early in the year,” said Juza. “We’re talking 26 degrees Celsius and more on the Balearic Sea on June 19 — it’s brutal.” Marine heat waves are relatively unknown to scientists but have become another worrying signal of climate change.  

The consequences of climate change in the Alps are visible from space. According to ScienceDaily, researchers from the University of Lausanne and the University of Basel used satellite data to show that vegetation above the tree line has increased in nearly 80% of the Alps. Melting glaciers have become a symbol of climate change, with the reduction in snow cover already visible from space. Working with colleagues in the Netherlands and Finland, the researchers investigated the change in snow cover and vegetation using high-resolution satellite data from 1984 to 2021. Over this period, plant biomass above the tree line increased in more than 77% of the observed area. This phenomenon of "greening" due to climate change is already well documented in the Arctic and is starting to be detected in mountains.

Scientists are investigating the effects of climate change on Atlantic salmon, says BBC News. University of the Highlands and Islands (UHI) researchers are working with the Department of Fisheries and Oceans in Canada to study the genetic makeup of the fish. They will also examine how different migratory populations may be responding to marine and freshwater conditions, which can be affected by temperature and rainfall levels. The scientists believe climate change could be having a significant impact on migration. Looking to learn more about the challenges and opportunities climate change can present investors? Click here to register for our upcoming webinar.

The amount of GHG leaking from Australian coal mines has been immensely under-reported, BBC News says. According to a new report, the leaking could prevent the country from reaching emission-reduction targets unless quick action is taken. It analysed methane being released from coal mines, discovering the amount is twice official estimates. Australia's new government has pledged to cut emissions faster than its predecessor but has not ruled out supporting new coal mines. The US, the EU and Indonesia - the world's biggest coal exporter - were among more than 100 countries that last year promised a 30% cut in methane emissions by 2030. Australia ranks second for coal exports and is among the world's top methane emitters but did not sign on to the pledge.

Nearly half of the planet’s land is in need of ‘conservation attention’ to halt biodiversity crisis, says The Guardian. A new study has found that at least 64.7 million square km (25 million square miles) needs “conservation attention”, but overlaps with areas where 1.8 billion people live, raising critical human rights challenges. Later this year, countries are expected to agree to new targets to protect 30% of land and ocean under the UN’s Convention on Biological Diversity (CBD). Dr James Allan, who led the new research at the University of Amsterdam, says it shows the urgency of the biodiversity crisis, as well as the opportunity to act: “There is pressure now on governments at the next CBD meeting to move from talk to action.” To learn more about climate risk and opportunity by sector and geography, click here to access our infographic with key insights from our recent Sustainable Finance Leadership Course.

Europe’s rubber addiction is destroying Africa’s tropical forests, Bloomberg reports.  A new satellite data study by non-profit Global Witness¹ has linked European Union rubber imports to the deforestation of 520 square kilometres in Cameroon, Gabon, Ghana, Ivory Coast, Liberia and Nigeria since the start of the millennium. Rubber poses a larger threat to Africa than the bloc’s imports of palm oil, yet it is not included in a law designed to stop trees being cut down outside of the EU. The findings highlight the damage that demand for commodities has on ecosystems crucial to combatting climate change. Forests in West and Central Africa absorb about three times as much carbon dioxide per year as France emits, according to World Bank data.