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Welcome to Carbon Brief’s Cropped.
We handpick and explain the most important stories at the intersection of climate, land, food and nature over the past fortnight.

This is an online version of Carbon Brief’s fortnightly Cropped email newsletter. Subscribe for free here.

Key developments

Agri-disasters costing trillions

CATASTROPHE COSTS: Disasters have caused about $3.8tn worth of lost crops and livestock production over the past three decades, according to a new report by the UN’s Food and Agriculture Organization (FAO). The report, the first of its kind, looked at the impact of disasters such as floods, droughts and wildfires on agriculture and food security. It highlighted proactive ways to address agrifood system risks and ways to “mainstream disaster risk management”, FAO director general Qu Dongyu said in the foreword of the report. Overall, disaster-related losses have “moderately” increased since the 1990s, the report said, but “they have become more widespread in terms of the countries and products that they affect”.

IMPACTS: Extreme temperatures and droughts “inflict the largest impact per event” according to the report. It is “essential” to look at the interconnected nature of risks, the report noted, adding: “Climate change, pandemics, epidemics and armed conflict are all affecting agricultural production, value chains and food security.” Losses of cereal, such as wheat and maize, caused by disasters amounted to an average of 69m tonnes per year over the past 30 years – around the same as all of France’s cereal production in 2021, the report said. Meat, dairy and eggs accrued around 16m tonnes in losses each year.

FAO FALLOUT: Meanwhile, the Guardian reported that former FAO officials said they were “censored, sabotaged, undermined and victimised” for more than a decade after writing about and investigating the extent livestock contributes to methane emissions between 2006 and 2019. The allegations date back to the years after 2006 when a landmark UN report, “livestock’s long shadow”, was published. This report “pushed farm emissions on to the climate agenda for the first time”, the newspaper said, adding: “The officials described a culture in which attempts to probe the connection between livestock and climate change were discouraged and, in some cases, suppressed, and where management attempted to sabotage research and research networks.”

RECENT CHANGES: The 2006 FAO livestock report estimated that 18% of total greenhouse gas emissions come from livestock, mostly cattle. This figure was “revised downwards to 14.5% in a follow-up paper” in 2013, the Guardian said. Dr Anne Mottet, the FAO’s livestock development officer, “stressed that the changing figures reflected best practices and evolving methodologies”, the newspaper said. She told the Guardian: “Livestock is part of the FAO’s strategy on climate change and we work with governments and farmers and industry on this programme as well. We can’t ignore the main actors of the sector but there has been no particular pressure from them.” The newspaper said that the wider FAO declined to comment, along with several meat and dairy industry lobbyists.

Bankrolling Amazon destruction

‘GREEN BONDS’ INVESTIGATION: European banks Santander and UBS have allegedly raised hundreds of millions of pounds by selling “green” bonds, but some of these funds have gone to groups linked to Amazon deforestation and human-rights abuses, according to a new investigation from Greenpeace UK’s Unearthed and O Joio e O Trigo. Unearthed reported: “Among those linked to the bonds are a farmer who allegedly held five labourers in ‘slave-like’ conditions, a soy company identified as the biggest deforester in Brazil’s Cerrado savannah, a cattle rancher fined for preventing the regeneration of 17km2 of Amazon rainforest and an ethanol producer that poisoned a river relied on by an Indigenous community.”

BANKS’ RESPONSE: According to Unearthed, the financing was made possible by tools called “CRAs”, which are bonds specifically linked to Brazilian agribusiness. A spokesperson for Santander told Unearthed that CRAs are independently regulated and that it “has strong governance processes in place to ensure that required market standards are adhered to”. A UBS spokesperson told Unearthed that the bank “does not provide finance or advisory services to companies whose primary business activity is associated with illegal logging or high conservation value forest”.

AMAZON DROUGHT: Elsewhere, unprecedented drought in the Amazon continued to intensify. Earlier this month, the Negro River – the Amazon’s second-largest tributary – reached its lowest level since official measurements began 121 years ago, the Associated Press said. Reuters reported that human faces sculpted into stone up to 2,000 years ago have appeared at the edge of the Amazon River amid extremely low water levels. Bloomberg spoke to Brazilian atmospheric scientist Prof Paulo Artaxo, who said the drought is expected to “get worse” as no rainfall is projected “in the immediate horizon”.

Spotlight

COP15 official finale

In this spotlight, Carbon Brief examines the reaction to the conclusion of the COP15 meetings last week in Nairobi.

Although it has been almost one year since countries agreed to “halt and reverse” biodiversity loss by 2030, the meetings behind the UN agreement officially drew to a close last week.

Almost every country in the world signed up to the landmark Kunming-Montreal Global Biodiversity Framework (GBF) at the COP15 biodiversity summit in Montreal in December 2022.

Bernadette Fischler Hooper, the head of global advocacy at WWF International, said there “were no major breakthroughs, but also no catastrophes” at the talks. She told Carbon Brief:

“They couldn’t finish some of the outstanding business in Montreal, so they had to reopen the COP15 here [in Nairobi]. Then there were some elections that were still to be done and some other general orders of business.”

More than 700 people attended the meetings in Nairobi. The talks were two-fold – one was the resumed COP15 discussions and one was the 25th meeting of the Subsidiary Body on Scientific, Technical and Technological Advice (SBSTTA-25).

A number of elections were also held for different positions within the COP.

The SBSTTA discussions brought together scientific and technical experts to give advice on the implementation of the GBF. A global review of progress, which will take place in 2026, was among the key discussion points, Fischler Hooper said.

This review is “the equivalent of the global stocktake in the climate COPs”, she said, which will see nations assess movement toward climate goals at COP28 in Dubai this year. Fischler Hooper said:

“The technical experts and scientific experts discussed what should be in this report. So it was very focused on what that report should contain.”

There was “significant progress” in providing scientific, technical and technological guidance on implementation, according to the SBSTTA chair, Hesiquio Benitez, who ended his five-year run as chair last week.

The recent assessment on invasive alien species was also discussed, alongside sustainable wildlife management plans and conservation.

Countries welcomed the sixth assessment report from the Intergovernmental Panel on Climate Change (IPCC) and “expressed alarm” about the “accelerating negative impact of climate change on biodiversity”, a Convention on Biological Diversity (CBD) press release said.

The interconnected nature of climate change and biodiversity was “hotly debated”, Fischler Hooper added. Delegates approved a draft recommendation on biodiversity and climate change in Nairobi.

Nature-based solutions (NBS) continue to be a “contentious” topic causing “a lot of frustration on many sides”, Fischler Hooper said. The controversial concept was a dividing issue at previous COP15 discussions.

NBS are essentially actions to protect, conserve and use ecosystems to address different challenges and provide benefits. (Read Carbon Brief’s Q&A on whether nature-based solutions help address climate change.)

A location has yet to be confirmed for the next UN biodiversity summit, COP16, due to take place next autumn. Turkey withdrew as host due to the three earthquakes that hit the country in February this year, killing more than 50,000 people and displacing millions.

The CBD said discussions are being held with other potential host countries. But if no frontrunner emerges by this December, the summit will likely be held again in Montreal, where the CBD is based.

David Cooper, the acting executive secretary of the CBD, said in a press release that the biodiversity framework is “well and truly on the way to implementation” following last week’s meetings.

But Avaaz, the campaign group, said documents remain with “a substantial number of brackets to be sorted out and resolved” at COP16 and earlier discussions next May.

The proposed indicators to measure implementation “risk being weak, especially for reviewing policies”, the Avaaz campaign director, Oscar Soria, said on Twitter.

News and views

VOICED OUT: An Australian referendum to set up an Indigenous advisory body to parliament failed with more than 60% of voters against the proposal, the Sydney Morning Herald reported. Indigenous groups described the outcome as “an unparalleled act of racism by white Australia”, according to the Guardian. The Central Land Council, one of four regional groups representing Indigenous affairs in the Northern Territory of the country, said: “We will keep fighting for equality, fighting for land, fighting for water, fighting for housing, infrastructure, good jobs, education, closing the gap – a future for our children.” (Indigenous peoples around the world play a key role in protecting as much as 80% of the world’s biodiversity.)

FOREST FOCUS: Civil-society groups are calling for “urgent” collective action to preserve three major tropical forest basins at a summit this week, Afrik 21 reported. The Three Basins summit – taking place over 26-28 October in Brazzaville, Republic of the Congo – aims to bring together leaders from the Amazon, Congo and Borneo-Mekong-south-east Asia regions to form a “global coalition”. Afrik 21 said the Eboko Foundation, a Congolese organisation, posted an “online call to action” with five priority areas, including the conservation and restoration of biodiversity in these regions. Carbon Brief will publish an in-depth article on the summit after it concludes. 

‘CASH-FOR-CARBON HUSTLE’: The New Yorker has published a detailed long-read into how South Pole, the world’s largest carbon-offsetting firm based in Switzerland, “sold millions of credits for carbon reductions that weren’t real”. The article includes multiple interviews with the firm’s chief executive, Renat Heuberger, who told the publication: “We’re here to save the climate”. Previous media coverage investigating the practices of South Pole is included in Carbon Brief‘s map of the impacts of carbon-offsetting projects around the world.

‘ECO-CITY’ STAND-OFF: Around 7,500 Indigenous people could be forced off their land on the Indonesian island of Rempang to make way for a government-led “eco-city” project, BBC News reported. According to the publication, the government has secured Chinese investment to transform the island into an economic and tourist hub covering 7,000 of the island’s 17,000 hectares. The remaining 10,000 hectares will be protected forest cover, according to the plans. BBC News reported: “These ambitious plans require everyone who calls Rempang their home to leave. Many of them belong to seafaring Indigenous communities who have lived here for more than two centuries.” The broadcaster spoke to multiple families who are refusing to leave.

DELTA ‘EXTINCTION’: Coastal communities living in Nigeria’s low-lying Niger delta are at risk of “extinction” because of climate change, local civil-society groups have warned, according to a report in the Nigerian publication Business Day. It reported: “Godson Jim-Dorgu, executive director of Mac-Jim Foundation, said the coastal communities within the Niger delta would be wiped away sooner or later due to the effect of climate change.” The comments were made during a one-day meeting on climate change and gender in Port Harcourt, the capital of Nigeria’s Rivers State.

Watch, read, listen

MAYAN MISERY: An interactive feature from Reuters explored how climate change is contributing to hunger in Guatemala’s Mayan highlands.

PLANET EARTH III: The first episode of the third series of Planet Earth, presented by Sir David Attenborough, is available for UK viewers on the BBC iPlayer. For those outside the UK, the trailer and other clips can be viewed on the BBC Earth YouTube channel.

GREEN AND PLEASANT LAND: The Financial Times published an in-depth interactive exploring how the UK’s countryside might transform to meet its climate and nature goals.

FARMING WOES: Biman Mukherji, writing in the South China Morning Post, interviewed Himalayan farmers about the disruptive effects of climate change.

New science

Climate casualties or human disturbance? Shrinking distribution of the three large carnivores in the Greater Himalaya
Climatic Change

A new study found that the distribution of three large animals in the Greater Himalayas has shrunk since the early 1990s. The researchers analysed the effects of habitat traits, human disturbances and climatic factors to understand the distribution changes of the common leopard, snow leopard and Asiatic black bear in an Indian national park from the early 1990s until 2016-17. They found distribution reductions for all three animals within this timeframe. Snow leopards moved upwards, away from human settlements, while the common leopard and Asiatic black bear “suffered higher rates of local extinctions at higher altitudes” and moved to lower areas with more vegetation – even if this meant they were closer to humans.

Wilderness areas under threat from global redistribution of agriculture
Current Biology

As the climate warms, conditions suitable for growing crops are likely to shift into wilderness areas, potentially posing a new threat to these biodiversity-rich areas, new research suggested. Using climate model output and a crop suitability model, the study found that, over the next 40 years, 2.7m km2 of wilderness land will become newly suitable for agriculture – equivalent to 7% of all wilderness land outside of Antarctica. It added that the increase in potentially cultivable land in wilderness areas is “particularly acute” at higher latitudes in the global north, where 76% of wilderness areas will become suitable for growing crops. The researchers said: “Our results highlight an important and previously unidentified possible consequence of the disproportionate warming known…Without protection, the vital integrity of these valuable areas could be irreversibly lost.”

Increasing meteorological drought under climate change reduces terrestrial ecosystem productivity and carbon storage
One Earth

Increasing droughts with climate change may turn the world’s forests and plants from “a carbon sink into a carbon source [net emitter of CO2]”, a study found. The world’s “terrestrial biosphere” – plants and trees – currently absorbs around 30% of the emissions that humans release into the atmosphere, making it a carbon sink. However, increasing droughts under climate change could reduce the activity of plants, hence reducing their ability to absorb CO2. Using high-resolution climate models, the research found that drought-associated reductions in plant activity are projected to increase 2.3 times under a “sustainable development scenario” and 3.5 times under a “fossil-fuelled development scenario”. These losses are greater than the expected boost to plant growth from higher levels of CO2 in the atmosphere (a phenomenon known as the “CO2 fertilisation effect”), according to the research.

In the diary

Cropped is researched and written by Dr Giuliana Viglione, Aruna Chandrasekhar, Daisy Dunne, Orla Dwyer and Yanine Quiroz. Please send tips and feedback to cropped@carbonbrief.org

The post Cropped 25 October 2023: Agri-disasters costing trillions; Bankrolling deforestation; COP15 official finale appeared first on Carbon Brief.

Cropped 25 October 2023: Agri-disasters costing trillions; Bankrolling deforestation; COP15 official finale

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Curbing methane is the fastest way to slow warming – but we’re off the pace

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Gabrielle Dreyfus is chief scientist at the Institute for Governance and Sustainable Development, Thomas Röckmann is a professor of atmospheric physics and chemistry at Utrecht University, and Lena Höglund Isaksson is a senior research scholar at the International Institute for Applied Systems Analysis.

This March scientists and policy makers will gather near the site in Italy where methane was first identified 250 years ago to share the latest science on methane and the policy and technology steps needed to rapidly cut methane emissions. The timing is apt.

As new tools transform our understanding of methane emissions and their sources, the evidence they reveal points to a single conclusion: Human-caused methane emissions are still rising, and global action remains far too slow.

This is the central finding of the latest Global Methane Status Report. Four years into the Global Methane Pledge, which aims for a 30% cut in global emissions by 2030, the good news is that the pledge has increased mitigation ambition under national plans, which, if fully implemented, could result in the largest and most sustained decline in methane emissions since the Industrial Revolution.

The bad news is this is still short of the 30% target. The decisive question is whether governments will move quickly enough to turn that bend into the steep decline required to pump the brake on global warming.

What the data really show

Assessing progress requires comparing three benchmarks: the level of emissions today relative to 2020, the trajectory projected in 2021 before methane received significant policy focus, and the level required by 2030 to meet the pledge.

The latest data show that global methane emissions in 2025 are higher than in 2020 but not as high as previously expected. In 2021, emissions were projected to rise by about 9% between 2020 and 2030. Updated analysis places that increase closer to 5%. This change is driven by factors such as slower than expected growth in unconventional gas production between 2020 and 2024 and lower than expected waste emissions in several regions.

Gas flaring soars in Niger Delta post-Shell, afflicting communities  

This updated trajectory still does not deliver the reductions required, but it does indicate that the curve is beginning to bend. More importantly, the commitments already outlined in countries’ Nationally Determined Contributions and Methane Action Plans would, if fully implemented, produce an 8% reduction in global methane emissions between 2020 and 2030. This would turn the current increase into a sustained decline. While still insufficient to reach the Global Methane Pledge target of a 30% cut, it would represent historical progress.

Solutions are known and ready

Scientific assessments consistently show that the technical potential to meet the pledge exists. The gap lies not in technology, but in implementation.

The energy sector accounts for approximately 70% of total technical methane reduction potential between 2020 and 2030. Proven measures include recovering associated petroleum gas in oil production, regular leak detection and repair across oil and gas supply chains, and installing ventilation air oxidation technologies in underground coal mines. Many of these options are low cost or profitable. Yet current commitments would achieve only one third of the maximum technically feasible reductions in this sector.

Recent COP hosts Brazil and Azerbaijan linked to “super-emitting” methane plumes

Agriculture and waste also provide opportunities. Rice emissions can be reduced through improved water management, low-emission hybrids and soil amendments. While innovations in technology and practices hold promise in the longer term, near-term potential in livestock is more constrained and trends in global diets may counteract gains.

Waste sector emissions had been expected to increase more rapidly, but improvements in waste management in several regions over the past two decades have moderated this rise. Long-term mitigation in this sector requires immediate investment in improved landfills and circular waste systems, as emissions from waste already deposited will persist in the short term.

New measurement tools

Methane monitoring capacity has expanded significantly. Satellite-based systems can now identify methane super-emitters. Ground-based sensors are becoming more accessible and can provide real-time data. These developments improve national inventories and can strengthen accountability.

However, policy action does not need to wait for perfect measurement. Current scientific understanding of source magnitudes and mitigation effectiveness is sufficient to achieve a 30% reduction between 2020 and 2030. Many of the largest reductions in oil, gas and coal can be delivered through binding technology standards that do not require high precision quantification of emissions.

The decisive years ahead

The next 2 years will be critical for determining whether existing commitments translate into emissions reductions consistent with the Global Methane Pledge.

Governments should prioritise adoption of an effective international methane performance standard for oil and gas, including through the EU Methane Regulation, and expand the reach of such standards through voluntary buyers’ clubs. National and regional authorities should introduce binding technology standards for oil, gas and coal to ensure that voluntary agreements are backed by legal requirements.

One approach to promoting better progress on methane is to develop a binding methane agreement, starting with the oil and gas sector, as suggested by Barbados’ PM Mia Mottley and other leaders. Countries must also address the deeper challenge of political and economic dependence on fossil fuels, which continues to slow progress. Without a dual strategy of reducing methane and deep decarbonisation, it will not be possible to meet the Paris Agreement objectives.

Mottley’s “legally binding” methane pact faces barriers, but smaller steps possible

The next four years will determine whether available technologies, scientific evidence and political leadership align to deliver a rapid transition toward near-zero methane energy systems, holistic and equity-based lower emission agricultural systems and circular waste management strategies that eliminate methane release. These years will also determine whether the world captures the near-term climate benefits of methane abatement or locks in higher long-term costs and risks.

The Global Methane Status Report shows that the world is beginning to change course. Delivering the sharper downward trajectory now required is a test of political will. As scientists, we have laid out the evidence. Leaders must now act on it.

The post Curbing methane is the fastest way to slow warming – but we’re off the pace appeared first on Climate Home News.

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World leaders invited to see Pacific climate destruction before COP31

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The leaders and climate ministers of governments around the world will be invited to meetings on the Pacific islands of Fiji, Palau and Tuvalu in the months leading up to the COP31 climate summit in November.

Under a deal struck between Pacific nations, Fiji will host the official annual pre-COP meeting, at which climate ministers and negotiators discuss contentious issues with the COP Presidency to help make the climate summit smoother.

This pre-COP, expected to be held in early October, will include a “special leaders’ component” hosted in neighbouring Tuvalu – 2.5-hour flight north – according to a statement issued by the Australian COP31 President of Negotiations Chris Bowen on LinkedIn on Thursday.

Bowen said this “will bring a global focus to the most pressing challenges facing our region and support investment in solutions which are fit for purpose for our region.” Australia will provide operational and logistical support for the event, he said.

    Like many Pacific island nations, Tuvalu, which is home to around 10,000 people, is threatened by rising sea levels, as salt water and waves damage homes, water supplies, farms and infrastructure.

    Dozens of heads of state and government usually attend COP summits, but only a handful take part in pre-COP meetings. COP31 will be held in the Turkish city of Antalya in November, after an unusual compromise deal struck between Australia and Türkiye.

    In addition, Pacific country Palau will host a climate event as part of the annual Pacific Islands Forum (PIF) – which convenes 18 Pacific nations – in August.

    Palau’s President Surangel Whipps Jr told the Australian Broadcasting Corporation (ABC) that this meeting would be a “launching board” to build momentum for COP31 and would draw new commitments from other countries to help Pacific nations cut emissions and adapt to climate change.

    “At the PIF our priorities are going to be 100 per cent renewables, the ocean-climate nexus and … accelerating investments that build resilience from climate change,” he told ABC.

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    There is hope for Venezuela’s future – and it isn’t based on oil

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    Alejandro Álvarez Iragorry is a Venezuelan ecologist and coordinator of Clima 21, an environmental NGO. Cat Rainsford is a transition minerals investigator for Global Witness and former Venezuela analyst for a Latin American think tank.

    In 1975, former Venezuelan oil minister Juan Pablo Pérez Alfonzo gave a now infamous warning.

    “Oil will bring us ruin,” he declared. “It is the devil’s excrement. We are drowning in the devil’s excrement.”

    At the time, his words seemed excessively gloomy to many Venezuelans. The country was in a period of rapid modernisation, fuelled by its booming oil economy. Caracas was a thriving cultural hotspot. Everything seemed good. But history proved Pérez right.

    Over the following decades, Venezuela’s oil dependence came to seem like a curse. After the 1980s oil price crash, political turmoil paved the way for the election of populist Hugo Chávez, who built a socialist state on oil money, only for falling prices and corruption to drive it into ruin.

      By 2025, poverty and growing repression under Chávez’s successor Nicolás Maduro had forced nearly 8 million Venezuelans to leave the country.

      Venezuela is now at a crossroads. Since the US abducted Maduro on January 3 and seized control of the country’s oil revenues in a nakedly imperial act, all attention has been on getting the country’s dilapidated oil infrastructure pumping again.

      But Venezuelans deserve more than plunder and fighting over a planet-wrecking resource that has fostered chronic instability and dispossession. Right now, 80% of Venezuelans live below the poverty line. Venezuelans are desperate for jobs, income and change. 

      Real change, though, won’t come through more oil dependency or profiteering by foreign elites. Instead, it is renewable energy that offers a pathway forward, towards sovereignty, stability and peace.

      Guri Dam and Venezuela’s hydropower decline

      Venezuela boasts some of the strongest potential for renewable energy generation in the region. Two-thirds of the country’s own electricity comes from hydropower, mostly from the massive Guri Dam in the southern state of Bolívar. This is one of the largest dams in Latin America with a capacity of over 10 gigawatts, even providing power to parts of Colombia and Brazil.

      Guri has become another symbol of Venezuela’s mismanagement. Lack of diversification caused over-reliance on Guri for domestic power, making the system vulnerable to droughts. Poor maintenance reduced Guri’s capacity and planned supporting projects such as the Tocoma Dam were bled dry by corruption. The country was left plagued by blackouts and increasingly turned to dirty thermoelectric plants and petrol generators for power.

      Today, industry analysis suggests that Venezuela is producing at about 30% of its hydropower capacity. Rehabilitating this neglected infrastructure could re-establish clean power as the backbone of domestic industry, while the country’s abundant river system offers numerous opportunities for smaller, sustainable hydro projects that promote rural electrification.

      A fisherman walks down the coast from the Paraguana Refining Center (CRP) following a crude spill in September from a pipeline that connects production areas with the state-run PDVSA’s largest refinery, in Punta Cardon, Venezuela October 2, 2021. Picture taken October 2, 2021. REUTERS/Leonardo Fernandez Viloria

      A fisherman walks down the coast from the Paraguana Refining Center (CRP) following a crude spill in September from a pipeline that connects production areas with the state-run PDVSA’s largest refinery, in Punta Cardon, Venezuela October 2, 2021. Picture taken October 2, 2021. REUTERS/Leonardo Fernandez Viloria

      Venezuela also has huge, untapped promise in wind power that could provide vital diversification from hydropower. The coastal states of Zulia and Falcón boast wind speeds in the ideal range for electricity generation, with potential to add up to 12 gigawatts to the grid. Yet planned projects in both states have stalled, leaving abandoned turbines rusting in fields and millions of dollars unaccounted for.

      Solar power is more neglected. One announced solar plant on the island of Los Roques remains non-functional a decade later, and a Chávez-era programme to supply solar panels to rural households ground to a halt when oil prices fell. Yet nearly a fifth of the country receives levels of solar radiation that rival leading regions such as northern Chile.

      Developing Venezuela’s renewables potential would be a massive undertaking. Investment would be needed, local concerns around a just and equitable transition would have to be navigated and infrastructure development carefully managed.

      Rebuilding Venezuela with a climate-driven energy transition 

      A shift in political vision would be needed to ensure that Venezuela’s renewable energy was not used to simply free up more oil for export, as in the past, but to power a diversified domestic economy free from oil-driven cycles of boom and bust.

      Ultimately, these decisions must be taken by democratically elected leaders. But to date, no timeline for elections has been set, and Venezuela’s future hangs in the balance. Supporting the country to make this shift is in all of our interests.

      What’s clear is that Venezuela’s energy future should not lie in oil. Fossil fuel majors have not leapt to commit the estimated $100 billion needed to revitalise the sector, with ExxonMobil declaring Venezuela “uninvestable”. The issues are not only political. Venezuela’s heavy, sour crude is expensive to refine, making it dubious whether many projects would reach break-even margins.

      Behind it all looms the spectre of climate change. The world must urgently move away from fossil fuels. Beyond environmental concerns, it’s simply good economics.

      People line up as others charge their phones with a solar panel at a public square in Caracas, Venezuela March 10, 2019. REUTERS/Carlos Garcia Rawlins

      People line up as others charge their phones with a solar panel at a public square in Caracas, Venezuela March 10, 2019. REUTERS/Carlos Garcia Rawlins

      Recent analysis by the International Renewable Energy Agency finds that 91% of new renewable energy projects are now cheaper than their fossil fuel alternatives. China, the world’s leading oil buyer, is among the most rapid adopters.

      Tethering Venezuela’s future to an outdated commodity leaves the country in a lose-lose situation. Either oil demand drops and Venezuela is left with nothing. Or climate change runs rampant, devastating vulnerable communities with coastal loss, flooding, fires and heatwaves. Meanwhile, Venezuela remains locked in the same destructive economic swings that once led to dictatorship and mass emigration. There is another way.

      Venezuelans rightfully demand a political transition, with their own chosen leaders. But to ensure this transition is lasting and stable, Venezuela needs more – it needs an energy transition.

      The post There is hope for Venezuela’s future – and it isn’t based on oil appeared first on Climate Home News.

      There is hope for Venezuela’s future – and it isn’t based on oil

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