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Newsletter (copy 45)
China's EV shift dents oil demand; ING shuns big oil
Happy Thursday, dear reader.
Some good news to kick things off:
In June, renewables and nuclear accounted for 53% of electricity generation across all OECD countries, the International Energy Agency says. Output from fossil fuels declined from a year before.
In July, wind and solar accounted for 70% of Lithuania’s electricity generation, according to Ember data.
The Hague has become the first city in the world to ban ads promoting fossil fuels and carbon-intensive services, including air travel.
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Thanks for reading.
Nick Hedley
Editor, The Progress Playbook
China’s rapid shift to electric vehicles and high-speed rail is already meaningfully curbing the world’s thirst for oil, new data from the International Energy Agency (IEA) and Bloomberg NEF shows.
Globally, EVs are displacing close to 1.8 million barrels of oil every day — roughly the same amount as Mexico consumes, according to BloombergNEF. China is responsible for more than half of that total, with its EV fleet effectively trimming worldwide oil use by over 1%.
- Read the full story here.
London’s Oxford Street will be fully pedestrianised as part of a strategy to transform it into “the leading retail destination in the world,” says mayor Sadiq Khan.
The famed high street welcomes more than 500,000 visitors every day and generates around 5% of the capital city’s economic output. Pedestrianisation will increase visitor numbers and local jobs at a time when competition from e-commerce and out-of-town shopping centres is ramping up, the city says.
- Read the full story here.
Dutch banking group ING says it will stop lending to companies that aren’t decarbonising fast enough, and will immediately halt financing for those that continue to develop new oil and gas fields.
- Read the full story here.
The programme lowered the cost of an average solar system from nearly $16,000 to about $13,800.
- Read the full story here.
The dehorning of rhinos in South Africa’s Hluhluwe-iMfolozi Park, in the eastern province of KwaZulu-Natal, has resulted in an 80% drop in poaching since the operation began in April this year, according to the organisations behind the programme.
- Read the full article here.
Weaning crops gradually off chemicals, versus an abrupt stop, is the best way to improve plant health, reduce the need for inputs, and boost yields and profitability, writes John Kempf.
- Read the full article here.
Other articles you might find interesting:
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