Home News Global Briefing: General Motors powers up $20bn EV investment plan

Global Briefing: General Motors powers up $20bn EV investment plan

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Global Briefing: General Motors powers up $20bn EV investment plan

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‘All in’: GM unveils fast-expanding EV fleet

US car giant General Motors (GM) this week given a broad upgrade on its challenging electric vehicle (EV) plan, equaling to invest more than $20bn through to 2025 on its own next production all-electric and autonomous vehicles as it unveiled 11 new electrical models during its annual’EV Day’.

“This is a huge opportunity for us,” GM President Mark Reuss told reporters. “The biggest opportunity any of us has ever seen for this company, certainly. And we are all-in. It represents a chance to reinvent the company and reset our brands. It will change this company and people’s perception of it forever.”

GM said its new EVs would send at least 400 miles of scope, charge more than 100 kilometers in 10 minutes, and also accelerate from zero to 60 mph in as few as three minutes, as the auto giant seeks to go head-to-head with EV pioneer Tesla. The new range comprises multiple models, carrying in pickups, SUVs, and also a”flagship” Cadillac, also a new version the provider’s existing Bolt EV.

The company stressed the models are rewarding, highlighting the battery costs have dropped.

“There is much, much more to come,” GM chairman and CEO Mary Barra stated. “I really believe this is a historic moment for General Motors. We changed the world before and we’re going to do it again. We are aggressively going after every aspect of the EV ecosystem because we need millions of EVs on the roads to make a meaningful impact toward building a zero-emission world.”

Olympic Games announces’climate positive’ vision

All eyes may be on whether this summer’s Tokyo Olympics will probably soon likely be derailed from the coronavirus outbreak, but this week the International Olympic Committee (IOC) announced a significant new push to strengthen the environmental credentials of its summer and winter games.

The Committee announced plans to make sure all of Olympic Games have been”climate positive” from 2030 onwards, while also unveiling plans tocreate a’Olympic Forest’, within the UN-backed Great Green Wall project in Africa.

“Climate change is a challenge of unprecedented proportions, and it requires an unprecedented response,” said IOC President Thomas Bachsaid “Looking ahead, we want to do more than reducing and compensating our own impact. We want to ensure that, in sport, we are at the forefront of the global efforts to address climate change and leave a tangible, positive legacy for the planet. Creating an Olympic Forest will be one way in which we will work to achieve this goal.”

Under the new plan from 2030 onwards, every Organising Committee for the Olympic Games (OCOG) will be asked to go past the present responsibility of decreasing and also compensating carbon emissions directly linked to their operations.

Therefore, they’ll be asked to build on previous efforts to curb emissions from their operations, including Tokyo’s plans to deploy a massive scale zero emission fleet and also exploit renewable energy production, and measure up plans to curb emissions across the value chain for the Games. In precisely the same time they’ll be tasked with executing”lasting zero-carbon solutions for the Olympic Games and beyond”.

ICAO believes carbon offset rules

The International Civil Aviation Organisation (ICAO) is mulling tighter limitations on the use of carbon credits during its projected carbon counter system, based on Reuters reports.

The news agency noted that the UN agency is considering excluding carbon credits from several historical endeavors from its own soon to be established Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), after warnings from campaigners that a glut of reduced price credits from based jobs could undermine the integrity of this scheme.

ICAO’s Technical Advisory Board (TAB) is supposedly advocating six programs such as CORSIA’s pilot phase, but would exclude jobs that carbon credits issued before 2016 and could just recognise emission reductions through the end of 2020, according to a document seen by Reuters.

However, the suggestions are most likely to be the subject of fierce discussion with a few nations viewing a chance for CORSIA to make need for historical carbon credits issued through the UN’s Clean Development Mechanism (CDM), which was dogged by oversupply in the last several years. But some nations and several campaigners remain sceptical that offset projects have delivered guaranteed emissions savings and fear that enabling drivers to buy emissions from historical jobs will sabotage strategies to mobilise investment in new emissions reduction projects.

Dutch dual renewables subsidy pot

Under pressure from the courts to provide on its own climate targets, the Dutch government this week announced it’s to double the funds bud for the second form of renewable energy auctions to €4bn.

“By increasing the budget for the spring round, a larger proportion of available projects with a short realisation period, such as solar projects, can happen in the short term,” Eric Wiebes, ministry of economic affairs and climate policy, wrote in a letter to parliament on Wednesday. “This way, projects that could not be awarded in the autumn round of 2019 will have a chance of receiving a subsidy in the short term.”

The move comes after the state’s Supreme Court last year ruled the government had a legal responsibility to satisfy its stated target to reduce emissions from a quarter against 1990 levels at the end of 2020, which it stays on track to miss.

BP and Santos ink Australian CCS partnership

Oil giant BP has this week inked a non-binding arrangement with Australia-based gas pro Santos that may observe the two businesses work togeyther on the development of the projected Moomba carbon capture and storage (CCS) project in South Australia.

The venture is subject to the finalisation of terms and a final investment decision targeted for the end of 2020, but it could see BP invest lead to BP invest A$20m in service of Santos’ efforts to develop a project capable of capturing the 1.7 million tonnes of carbon dioxide currently separated from natural gas at the Moomba gas processing plant each year and reinject it into the same geological formations that have held oil and gas in place for tens of millions of years.

“We welcome this arrangement with BP which brings the Moomba CCS project closer to fruition,” said Santos managing director and CEO Kevin Gallagher. “We estimate the price of the abatement at under A$30 per tonne and our purpose is to drive these costs lower with scale and experience. Australia requires inexpensive, large-scale abatement to keep our position as a top energy exporter and producer of energy-intensive materials such as cement and steel, as well as to enable new industries such as hydrogen. Santos’ Moomba CCS project is an important first step.”

Reports: China to set up growth finance that is green

With speculation mounting as to just how much China goes in strengthening its climate targets ahead of the crucial COP26 Summit in Glasgow this fall, local state press this week reported plans have been already underway to ramp up green growth spending by the financial superpower.

Xinhua noted that China’s State Council is working on plans to establish a new green growth finance to improve financial aid for environmental security, while programs are also being designed to set up an environmental insurance policy program for”high risk” businesses.

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