Newsletters > CP Daily: Monday February 5, 2024

CP Daily: Monday February 5, 2024

Published 00:38 on February 6, 2024  /  Last updated at 01:12 on February 6, 2024  / /  Newsletters

A daily summary of our news plus bite-sized updates from around the world.

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TOP STORY

PREVIEW: Brussels set to recommend emissions targets for 2040

The European Commission will on Tuesday present what is likely to be the last substantial climate action proposals before the European elections, tackling tough questions about how to decarbonise the hardest-to-abate sectors and get on track for net zero emissions by 2050.

SHIPPING

FEATURE: Shipping emissions calculations, contracts, risk affect EU ETS cost pass-through

New carbon surcharges attached to shipping fees for charterers and downstream customers reflect not only EUA prices and emissions data, but also methodological decisions, contract types, and risk management, experts have told Carbon Pulse.

Global shipowners’ body supports emissions levy to set up decarbonisation fund

The shipping sector’s main international trade association has put forward a new proposal for a global shipping climate fund, which could be filled by imposing a levy of $12.50 per tonne of CO2 equivalent, based on the need to raise $10 billion to meet emissions goals.

EMEA

European Greens call for climate neutrality by 2040 in election manifesto

The European Greens will push for full climate neutrality by 2040 – 10 years earlier than the bloc is aiming for – in an election manifesto adopted on Sunday.

Morocco carbon tax plans gain new momentum after EU CBAM

The Moroccan government reaffirmed its commitment to implementing a carbon tax on Friday, years after initially proposing it in a tax reform law and partially in response to new EU carbon tariffs.

Food processor to deploy its first green hydrogen project at manufacturing site in England

The maker of Philadelphia cheese and Capri-Sun juice is turning to green hydrogen to partially replace natural gas demand at a large manufacturing plant in northwest England, as it strives to curb its carbon footprint in line with its emissions reduction goals.

Germany set to tender for new hydrogen-ready gas-fired power plants

Germany will hold capacity auctions for gas-fired power plants that can be switched to hydrogen fuel in the 2030s, as part of a power plant strategy announced by the coalition government on Monday.

Euro Markets: EUAs struggle for direction, ease lower under gas pressure, ahead of key EU climate meeting

European carbon allowance prices were said to be “wandering” on Monday, with the daily spot auction clearing in line with benchmark futures prices, gas easing lower, and traders awaiting the outcome of a key EU policy meeting on Tuesday on the bloc’s 2040 emissions reduction target.

ASIA PACIFIC

China announces long-awaited regulations to underpin national ETS

China on Sunday published fundamental regulations that support trading in the national emissions market, with new rules set to be effective from May 1.

Korean energy firm, developer to launch carbon offset business

A major energy unit of South Korea’s GS group has teamed up with an urban greening solution provider to tap into the offset market, with a focus on the development of nature-based solutions.

Australia, South Korea agree to work on cross-border CCS projects

South Korea and Australia have agreed to cooperate on cross-border projects for carbon capture and storage (CCS).

India to launch carbon capture policy to trap coal emissions -media

The Indian government is looking to launch a carbon capture policy later this year which will aim to capture about 70% emissions generated from the use of coal, even as the South Asian nation has no immediate plans to abandon the fossil fuel, according to media reports.

Italy’s Eni signs CCUS, offsetting MoU with Indonesia, details massive fossil fuel production expansion plans

Italian oil and gas producer Eni has signed an MoU with the Indonesian government to explore CCUS and carbon offsetting opportunities, while at the same time ramping up its hydrocarbon developments in the country.

Australia unveils crediting mechanism to slash new vehicle emissions

The Australian government has released a New Vehicle Efficiency Standard (NVES) that will include a crediting mechanism for automakers, in a bid to cut carbon emissions from the transport sector by 369 MtCO2e by 2050.

Blockchain group to list digital J-Credits from April

A blockchain group that supplies digital carbon credits is planning to tap into the Japanese market through a subsidiary, seeking to bring digital J-Credits on to blockchain later this year.

Study proposes framework to include blue carbon in Singapore’s emissions reporting

A study conducted by the National University of Singapore (NUS) has recommended a framework for the city state to include blue carbon in its greenhouse gas emissions reporting under the Paris Agreement.

AMERICAS

Canadian asset manager raises $10 bln in first round of second net zero transition fund

A Toronto-headquartered alternate asset management firm has raised $10 billion in the first closing of its second private equity fund investing in global net zero opportunities, and is on track to exceed its predecessor fund size, the company announced Monday.

US DOE awards four large pilot projects $304 mln for power, industrial CCS

The US Department of Energy (DOE) announced Friday funding of up to $304 million towards large-scale carbon capture and storage (CCS) demonstration projects located at power and industrial sites across four states.

Washington releases full state-owned volumes for 2024 cap-and-invest auctions

Washington’s Department of Ecology (ECY) released Friday a notice detailing the full number of current and future vintage permits available on offer from the state at quarterly auctions for the rest of 2024.

Mining surveys for precious metals will prevent deforestation, says Guyanese minister

The 2024 budget for Guyana’s Ministry of National Resources will allocate more funding to mineral mapping than to land reclamation and reforestation, but this will ultimately help prevent deforestation, according to recent remarks by the agency’s minister.

RGGI Market: RGAs rocket to record highs again, market in programme review limbo

RGGI allowances (RGAs) broke all-time highs for the third consecutive week on particularly low volumes, as markets continue to await direction in the form of development from the ongoing but overdue Third Program Review.

VOLUNTARY

VCM Report: Corporates not waiting for ICVCM’s CCP label to retire carbon credits

News of the Integrity Council for Voluntary Carbon Markets (ICVCM)’s progress report dominated the voluntary market that, for the second week running, was thin on activity but high on retirement volumes.

Verra begins publication of average processing times in reform efforts

Credit certifier Verra has begun publishing average processing times for project review requests, disaggregated by type, in a bid to improve performance and provide transparency under its New Era for Verra initiative, per a company press release.

Kenyan court orders investigation into land dispute between carbon trader and local community

A court in Kenya has mandated a commission to investigate the acquisition of around 4,000 acres of land by a company “involved in carbon trade” and operating in parts of a Kasigau Corridor REDD project, according to legal documents.

CORRECTION: More than 900 mln voluntary carbon credits under ICVCM review for high-integrity CCP label

Some 905 million carbon credits could be in line to be awarded the ICVCM’s Core Carbon Principles (CCPs) high-integrity stamp in an initial review of methodologies, the stakeholder initiative revealed to Carbon Pulse.

INTERNATIONAL

Banks, fund managers disconnected from Scope 3 emissions when making investment decisions, survey finds

Shareholders are prone to overlooking the Scope 3 emissions of their investment decisions, and are more concerned by regulatory and reputational risks than the climate impacts of those decisions, according to a report published Monday.

BIODIVERSITY (FREE TO READ)

German billionaire sets up $1.5-bln nature fund

A German fintech billionaire has set up a $1.5-billion nature conservation fund through his family office to combat the mass extinction of species and help meet the Global Biodiversity Framework target of protecting 30% of the world’s land and oceans by 2030.

Biodiversity credits to play a critical role in boosting private investments in nature, study says

Further developing the biodiversity credit markets and reforming subsidies harmful to nature are among the top priorities to bridge the biodiversity finance gap, researchers have said.

Nordic companies lag behind on biodiversity risk management, study finds

Three out of four of the largest Nordic companies are struggling to assess their biodiversity risks and integrate nature into their business models, a paper has found.

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BITE-SIZED UPDATES FROM AROUND THE WORLD

Dark is the new black – We have implemented a new ‘dark mode’ feature on our website aimed at those who prefer to consume a bit less electricity (or use up a bit less mobile/tablet battery life) while reading our news or who find our all-white background a bit hard on the old eyes.  Just look for the sun/moon button to toggle between light and dark modes.  For desktop users, you can also drag and drop that button to your preferred location on your screen.

EMEA

The situation with solar – As China swamps the global market with heavily subsidised solar panels, Euractiv reports that Brussels is mulling a bailout package for the European PV manufacturers. This evening, the EU Parliament discussed the current price crisis facing the solar industry with EU Finance commissioner Mairead McGuinness. She noted the Net Zero Industry Act (with negotiations expected to be finalised tomorrow) and the EU Solar Strategy can help. According to Walburga Hemetsberger, CEO of SolarPower Europe, today’s discussion was an important step as it is reassuring to hear that the Commission will carefully weigh the impact of any potential trade defence measures against Europe’s energy and climate targets. Thomas Pellerin-Carlin, director at the Institute for Climate Economics (I4CE), already highlighted that trade defence would be a bad idea, resilience has a price tag, and that the EU needs a trade diversification strategy. Read more on the predicted rise of solar PV capacity across Europe this year.

It’s electrifying – The Swedish government has granted ports operator Ports of Stockholm approval to submit three project applications to the EU Connecting Europe Facility (CEF) for grant funding in collaboration with other ports in Germany, Denmark, Norway, Poland, Lithuania, Latvia, and Estonia. Project goals focus on electrifying port infrastructure to meet the EU 2030 target for onshore power and to reduce the climate impact of passenger terminals by upgrading port infrastructure in Stockholm and relocating a ferry terminal in Riga.

UK boiler tax – The UK government is set to scrap the “boiler tax” – a fine it would have imposed on boiler manufacturers who miss targets for low-carbon heat pumps – to the disappointment of environmentalists, The Guardian reported. At present, manufacturers will need to meet a quota for heat pump installations relative to their gas or oil boiler installations from April, and reach a target of installing 600,000 heat pumps a year by 2028. They face a fine of £3,000 for every installation they fall short by. Energy Secretary Claire Coutinho, however, is reportedly planning to cancel the target and fines, saying it is bad for consumers. This would be the latest in a series of moves by Prime Minister Rishi Sunak to weaken the country’s policies for reaching net zero emissions by 2050.

EU ETS endgame – The US-based nonprofit Clean Air Task Force and Danish think-tank CONCITO are working together to explore the “endgame” of emissions trading in the EU and understand the potential for integrating carbon removals, pricing biomass, and managing carbon capture and utilisation. The project aims to recommend solutions for a climate-proof, effective, and environmentally sound ETS, and should help with the development of trading schemes outside the EU, too.

Investment clarity – Greater policy clarity on a plan to incentivise investment in the green transition is being called for by UK business lobby group, the CBI, reports the Times. The group calls on chancellor Jeremy Hunt to set out a clear net-zero emissions investment plan in the budget to give companies an incentive to spend money on the green transition. The letter states that, the government’s adoption of a ‘net-zero investment plan’ should ‘identify where green investment gaps lie and where private finance can be crowded in to close sectoral financial gaps, address market barriers and hit our net-zero targets’.

Easing the way – The European Commission has approved, under EU state air rules, €300 mln to support workers affected by coal and lignite-fired power plants and lignite mines in Poland. Workers will receive a one-year severance payment. Paid leave up to four years for employees close to pension age until their retirement will also be provided. The scheme will run for 10 years until Feb. 2034.

Market interest – Italy’s Snam is gauging demand for hydrogen and CO2 transport and storage in Italy, Reuters reports. The market test for hydrogen demand and collection of expressions of interest for CO2 transport and storage are part of its broader activities to support Italy’s energy transition. Snam and Eni announced a project last year to set up a CCS hub offshore Ravenna to help decarbonise high-emitting industrial activities, while Snam is also supporting a plan to build a pipeline to carry green hydrogen from North Africa to Italy, Austria and Germany known as the SoutH2 Corridor.

Save our solar – European solar panel manufacturers are warning that they may have to shut down their manufacturing lines unless emergency measures are taken by the EU to save the sector, Euractiv reports. The manufacturers are facing a critical situation due to an influx of cheaper solar panels from China, which has led to a buildup of inventories. The EU aims to boost domestic production of solar panels and other key technologies to reduce dependence on China, but industry representatives are concerned that these efforts may come too late. Some manufacturers have already threatened to close production in Europe and move to the US if no action is taken.

Gravity power – One of Europe’s deepest mines will be transformed into a green energy store by Gravitricity, an Edinburgh-based company that raises and lowers heavy weights in underground shafts to store and discharge energy. The gravity energy storage system will be installed in a 1,444-metre deep mine some 450 km north of Helsinki in Finland, transforming it into a 2 MW prototype of the technology. The technology works by using excess renewable electricity to winch the weight to the top of the shaft to generate power, which is then released when required, turning generators to produce electricity when renewable power is needed. (Recharge News)

ASIA PACIFIC

CCS hopeful raises funds – Australia-listed Dotz is to raise up to A$12 mln to progress its carbon capture and storage (CCS) work via issue of convertible notes. It has entered into an agreement with the US-based investment fund Mercer Street Capital Partners, it said Monday. The company will issue three tranches totalling A$5 mln. The third tranche is subject to shareholder approval. In addition to the spend on its DotzEarth work, money also goes to the repayment of an unsecured loan and general working capital. “The backing of Mercer provides the Company with the runway needed in the near-term so that we can accelerate the development of DotzEarth carbon capture technology and execute our plans for growth,” Dotz CEO Sharon Malka said. Dotz uses a solid sorbent for CCS, which can be deployed at power stations that emit CO2 to capture it in place of the more common scrubber. 

Buzz at Australia’s Beehive – The offshore environmental regulator in Australia last week approved a seismic acquisition plan by EOG Resources to capture data at its undrilled offshore permit, which has an oil prospect called Beehive. EOG took the permit from the tiny Melbana Energy over two years ago after the Australian explorer lost its larger partners TotalEnergies and Santos, which would have carried its costs for drilling the carbonate structure. The US giant also has an environmental plan before the same regulator to drill and plans to be spinning the drill bit either this, or next year. After an extremely long lull there are now two EPs before the regulator for offshore exploration, which has been falling off in Australia for some years. 

Jet offset go! – Airlines in South Korea are mandated to report their annual CO2 emissions to the government from August of this year. Last week, the national assembly passed the international aviation emission bill as part of efforts to comply with the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), The Korea Times reported. While CORSIA will become mandatory from 2027, under the domestic emissions law, carriers will have to report their CO2 emissions to the ministry of transport from the second half of this year, failing which a fine will be imposed on them. A total of eight local carriers are obliged to the CORSIA as well as domestic emissions law. Currently, a few airlines have either adopted or are in the process of adopting sustainable aviation fuel for their flights, the media added.

Digging for change – Australia’s nickel and lithium producers are begging the government for tax relief warning that the recent slump in prices could crush aspirations to supply minerals for the energy transition, Renew Economy reports. Operating costs have soared while the nickel price has halved, while the price of lithium has crashed more than 80% since the peaks of 2022. BHP Nickel West chief Jessica Farrell held crisis talks with state and federal governments, with relief from paying state royalties, federal tax incentives for investment, emergency cash injections, and production tax credits all on the bale. Resources Minister Madeleine King committed to ‘accelerate’ Treasury’s work on production tax credits and how they might be applied in the nickel industry and more widely across the minerals sector.

More (H2) power to you – The Indian government on Friday issued guidelines for the use of green hydrogen in the shipping and steel sectors in order to promote clean and sustainable energy practices in these sectors. The guidelines have been issued under the National Green Hydrogen Mission by the Ministry of New and Renewable Energy. Under the pilot projects in the shipping sector, green hydrogen and its derivatives will be used for the development of refuelling stations, storage, and distribution networks. These pilot projects will be implemented through the Ministry of Ports, Shipping, and Waterways. Total budget allocated for the Scheme is 1.2 bln rupees ($14 mln) till the financial year 2025-26. Meanwhile, for the steel sector, Ministry of Steel will be the implementation agency. Green hydrogen will be used in direct reduced ironmaking process, in the blast furnace, and in the substitution of fossil fuels in a gradual manner. Steel plants could begin with blending a small percentage of green hydrogen, considering the high costs of green hydrogen at present and increase the blending proportion progressively, the government stated. Further, the guidelines will ensure that new steel plants are capable of operating with green hydrogen. Total budget allotted for the scheme is 4.5 bln rupees ($54 mln) till the financial year 2029-30.

AMERICAS

RGGI repeal – Pennsylvania State Senator Gene Yaw (R) introduced legislation Monday to repeal the state’s participation in the RGGI power sector cap-and-trade system. Senate Bill 1508 (SB 1508) would abrogate the state’s RGGI regulation from the Department of Environmental Protection (DEP) and Environmental Quality Board (ERB). In Nov. 2023, a Pennsylvania court halted the state’s plans to join RGGI, ruling that it constitutes an illegal tax and that the state does not have the authority to collect revenue through the cap-and-trade scheme. However, later that month, Governor Josh Shapiro (D) announced that his administration would appeal the decision, a move soon followed by environmental groups. These cases are still pending, and Yaw cited energy reliability and costs concerns as his reasons for introducing SB 1508.

In good standing – The Circuit Court of Floyd County Virginia has allowed a lawsuit from trade group the Association for Energy Conservation Professionals (AECP) to proceed, a Virginia local outlet WHRO reported Monday. AECP was the only petitioner located in Floyd County, allowed to continue its lawsuit against the repeal of Virginia’s RGGI cap-and-trade programme as it has standing, the court said. In November, Judge David Oblon had concluded that AECP’s members could suffer a direct financial loss on Virginia’s exit from RGGI, while dismissing claims from three other plaintiffs – non-profits Appalachian Voices, Virginia Interfaith Power & Light (VIPL), and Faith Alliance for Climate Solutions (FACS) – as they lacked concrete interest in the outcome of the litigation and particular harms to support constitutional standing.

Waiting game – Washington Democrats are yet to allow a hearing on any of the half-dozen Republican-backed initiatives that could impact future public policy in the state, including ballot initiative 2117 that would repeal the Climate Commitment Act that created the cap-and-trade system, The Chronicle reported Monday. Democrats are researching initiatives and having internal conversations, the outlet noted, but have not made commitments to debate any of the six initiatives in a public forum. Senate Majority Leader Andy Billig (D) said lawmakers want to have firm numbers of the costs of the initiatives if enacted, as well as legal advice about how to temper or tweak the laws. Market participants have expressed diverging perspectives on whether Initiative 2117 would ultimately be enacted, considering the odds for legislation to pass a state with a Democratic trifecta.

Nearly there – A bill to establish a clean transportation fuel standard in New Mexico passed in the state’s House of Representatives on Saturday in a close vote of 36-33, reported the Albuquerque Journal on Saturday. House Bill 41, sponsored by Representative Kristina Ortez (D), aims to reduce the carbon intensity of the state’s fuels by 20% below 2018 levels by 2030, and 30% by 2040. HB 41 faced Republican concern that the legislation would increase gas prices, to which Ortez countered, noting no evidence to demonstrate the relationship in other states with clean fuel programmes. It will head to New Mexico Senate where it must pass before becoming law.

Saving face – Washington Governor Jay Inslee (D) announced 560 new EV charging sites across the state, funded by revenues from carbon auctions facilitated by the state’s Climate Commitment Act, local radio station Kuow reported last Thursday. The press event saw Governor Inslee stir up support for the Climate Commitment Act, which is presently facing a swath of legislative opposition. Mike Fong, director of the department of commerce, announced that half of the projects are funded for low-income communities most at risk of negative environmental health impacts, while Matthew Hepner, executive director of trade group Certified Electricinas of Washington, celebrated the opportunity for job security.

About that – The Bank of America will subject new coal mines, coal-burning power plants, or Arctic drilling projects to “enhanced due diligence”, reversing course from policy two years ago, which announced that the bank would not finance the aforementioned projects, reported the New York Times on Friday. The updated policy is symbolic of growing backlash to environmental, social, and governance (ESG) considerations – often led by Republican lawmakers – particularly as global conflicts prompt banks to prioritise energy security, the Times reported.

Lula’s office – The Amazon Fund, a multinational donation effort created by the Brazilian government to conserve the Amazon, reached R$1.3 bln ($260.8 mln) in approvals for projects for 2023, marking an all-time high in the 15 years of the fund’s existence, and following four years without approval of new initiatives or receipt of donations during the Bolsonaro administration. The fund ended 2023 with R$3.5 bln in donations, as major contributors include Norway representing 89.9% of funds, followed by Germany at 8.4%, Switzerland at 0.8%, national oil firm Petrobras at 0.5%, and the US at 0.4%.

VOLUNTARY

Thoughts welcome – Verra is inviting the public to comment on whether projects seeking to register in one or more of its standards programs meet the requirements of that programme, with the projects in question listed here and the opportunity to post comments closing in the next month.

ICAO evaluation – The International Civil Aviation Organization (ICAO) is seeking applications from emissions unit programmes to be evaluated against the CORSIA Emissions Unit Criteria for the provision of CORSIA Eligible Emissions Units for the 2024-26 compliance period. The Technical Advisory Body, which will be reviewing applications, will accept submissions beginning Feb. 5 till Mar. 4, 2024.

What makes you TICS? – Website Karbon Offsets has launched The Index of Carbon Sentiment (TICS). TICS is a weekly sentiment analysis of the voluntary carbon market, asking a single question: What is the sentiment of social media participants regarding the market? They use a Python script with keyword(s) related to the carbon market (e.g., ‘Voluntary Carbon Markets’) to measure weekly sentiment from posts and comments within the last seven days. They analyst the posts and comments based on whether they are positive, neutral, or negative. “The key finding is that Natural Language Processing (NLP) is an excellent and inexpensive tool to gauge and build a confidence barometer, comprehending collective viewpoints about carbon market participants, while monitoring for varying thought patterns and overall awareness of the emission offset market, as the call to lower carbon emissions amongst and above triple helix groups accelerates globally.” While many surveys are conducted by industry groups and private consulting firms semi-annually or annually, carbon market participants can now access the weekly TICS report to measure market sentiment.

INVESTMENT

Out of this world – Planetary Technologies is in the process of raising approximately $10 mln in Series A funding to further its innovative carbon removal method, which involves adding antacids made from industrial byproducts to the Earth’s oceans. This approach aims to reduce ocean acidity, enhancing its capacity as the largest carbon sink on the planet. The startup, a recipient of a $1 mln grant from Elon Musk’s X Prize competition in 2022, installs its equipment at industrial sites like power plants and water treatment facilities to introduce alkalinity into the ocean, a process compatible with existing permits. With a pilot project in Halifax, Canada demonstrating the potential to improve ocean carbon removal by 12,000 tonnes per year, Planetary Technologies is expanding its operations. Having already secured $5 mln in equity investments and $7 mln in non-dilutive capital, the Nova Scotia-based company is targeting additional installations, including one in Virginia, with plans to generate revenue through tech licensing and the sale of carbon credits. (Axios)

Stealth to wealth – Climate-tech startup Loamist has emerged from stealth mode, announcing its innovative Biomass Explorer product alongside securing $1 mln in pre-seed financing from climate-focused firms like Third Sphere, VoLo Earth, and WovenEarth. Loamist’s software solutions are designed to streamline the process for companies to find and assess low-carbon biomass feedstocks, a critical component for producing carbon-negative and carbon-neutral fuels, chemicals, and materials. Biomass Explorer, addressing the challenge of accessing 2 bln tonnes of biomass residues that contribute to 18% of global CO2 emissions when pile burned, offers real-time mapping and data visualisation to facilitate efficient resource evaluation. By aiming to enable the use of 100 Mt of waste biomass by 2030, Loamist said it is setting a bold vision for the future, positioning itself as a key player in accelerating the development of climate-tech projects and moving towards sustainable feedstock solutions.

SCIENCE & TECH

Carbon removal bet – Google co-founder Sergey Brin, Google parent company Alphabet Inc., and San Francisco 49ers co-owner Gideon Yu are among the big-name backers of 280 Earth, an under-the-radar startup developing direct air capture (DAC) technology, Bloomberg reported. 280 Earth received $15 mln from Catalyst4, a non-profit launched recently by Brin using proceeds from the sale of Tesla shares. The startup started buildings its commercial demonstration. The startup is developing DAC through the moonshot lab X, the cutting-edge technology division under Alphabet Inc. 280 Earth started building its commercial demonstration facility in August 2023, expected to start operating this year and have a capacity to capture 500 tonnes of CO2 per year. It is also developing a module that could capture 5,000 tonnes per year.

AND FINALLY…

Cover your eyes – Elon Musk has introduced his new right-wing fans to the idea of implementing a carbon tax, and it went about as well as you would expect. The billionaire electric car tycoon this weekend tweeted: “The only action needed to solve climate change is a carbon tax”, and it didn’t go down too well.  Notching some 22 mln views and counting, the suggestion was met with the typical ‘climate change is a hoax’ and analogies about paying the government money to ‘fix the weather’. However, some of his followers appeared to go a bit further, deciding that Musk is actually a globalist in bed with the other elites at the UN or the World Economic Forum who want to depopulate the world, destroy national economies, redistribute the developed world’s wealth to poorer nations, and force everyone to eat bugs… or something like that. Anyway, it wasn’t a pretty sight for the more rational segment of the population or those who understand and support the argument behind pricing negative externalities (namely Carbon Pulse readers!). And despite Musk’s recent ‘right turn’ in embracing conservative ideologies and shunning liberal ones, it was also possibly a stark reminder to many of his fans that the leader of this particular cult made his fortune selling a product that by its nature is seen as a key tool in the fight against climate change and/or efforts to reduce the world’s dependency on fossil fuels.

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