A "green premium" that few are willing to pay to make cars, food and washing machines by sustainable means is holding back the fight against climate change, a UN summit has heard.
Demand for clean but pricey alternatives to steel, cement and fertilisers - used to make consumer goods, build homes and grow food - is too low for green factories to be built at scale, insiders say, thwarting efforts to cut heavy industry’s CO2 problem.
The extra costs of materials mean a house made with alternative cement could cost five per cent more in 2030, while using green fertiliser could add a cent to every dollar in the cost of a loaf of bread, according to estimates published on Thursday. Air fares could double if fully sustainable jet fuel were used.
A car would cost 1.4 per cent more and a washing machine 1.5 per cent extra due to markups on plastics and steel, says the Industrial Transition Accelerator, an initiative set up at Cop28 in the UAE and backed by billionaire Mike Bloomberg. It is calling on governments to step in and push commercial buyers to go green.
“Voluntary demand, voluntary action, is insufficient,” its deputy director James Schofield told The National at Cop29 in Baku. He said buyers given a choice between green and carbon-heavy (or “grey”) products were bound to act in the interests of their shareholders and customers when “every cent counts”.
“It’s understandable: if you have, as a procurement manager, two products that essentially have the same utility in the moment that you use them, you tend towards going for the cheapest,” he said. “There is no essential difference in its utility between green steel and grey steel. It does what it says on the tin. It’s steel.”
Voter anger over inflation was a prime grievance leading to Donald Trump's US election victory and governments being removed from office around the world. Mr Schofield said higher costs should be weighed against the alternative of letting climate change wreak economic havoc.
“The alternative is costs coming from a different direction. Impacts on the country physically but then also on jobs when the economy is hit hard by the effects of climate change,” he said. “It’s not that there is an alternative, no-cost route here. The question is how quickly can we make these changes happen in a way that does not particularly strongly impact consumers?”
What can be done?
In 124 pages of advice to governments, the Industrial Transition Accelerator said much of the markup of 20 to 40 per cent on steel, aluminium, concrete and plastics would be “diluted” to what it called a manageable level before it reaches consumers. Food subsidies could be offered if necessary, Mr Schofield said.
It said that out of 700 potential projects that could help drive down emissions, fewer than 150 are fully under way and just eight have secured funding since April. About 35 years would be needed to build them all if rates continued. The desired climate action would require them to be up and running by 2030.
Heavy industries, aviation and shipping account for about 30 per cent of global emissions and are considered hard to decarbonise because it is hard to run blast furnaces or jet engines on electricity. Many sectors are looking at hydrogen, which is currently expensive, as an alternative fuel.
In a letter to governments, steel maker Thyssenkrupp and energy company Vattenfall warned the eco-friendly projects were “struggling to reach” the stage of a final investment decision. They said “uncertainty over the scale of demand” was holding back finance.
Cop29 in Azerbaijan – in pictures
Their proposals to increase demand include putting a carbon price on aluminium, cement and steel that makes the green version competitive. They also propose enforcing mandatory quotas for the use of hydrogen and sustainable jet fuel, and governments buying green products directly. There are also issues around certifying goods as green.
The initiative is working in the UAE and Bahrain to cut emissions from industry, which accounts for an estimated 40 per cent of the Middle East and North Africa's carbon footprint. The hope is that costs eventually fall as rising demand brings economies of scale.
“By driving demand in the way we're suggesting with our policies, that process happens quicker,” Mr Schofield said.
“There is appetite, there are projects on the table, projects that have been designed, but so few of them are reaching that investment point because of these frictions or the lack of demand. What got us there won't get us to order of magnitude two or three which is what's now needed.”
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
more from Janine di Giovanni
More on Quran memorisation:
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UAE currency: the story behind the money in your pockets
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
WWE Evolution results
- Trish Stratus and Lita beat Alicia Fox and Mickie James in a tag match
- Nia Jax won a battle royal, eliminating Ember Moon last to win
- Toni Storm beat Io Shirai to win the Mae Young Classic
- Natalya, Sasha Banks and Bayley beat The Riott Squad in a six-woman tag match
- Shayna Baszler won the NXT Women’s title by defeating Kairi Sane
- Becky Lynch retained the SmackDown Women’s Championship against Charlotte Flair in a Last Woman Standing match
- Ronda Rousey retained the Raw Women’s title by beating Nikki Bella
WORLD'S%2010%20HIGHEST%20MOUNTAINS
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MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
Sholto Byrnes on Myanmar politics
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
