As world leaders gathered in Dubai at the start of COP28 last December, the United Arab Emirates dropped a surprise headline-grabbing announcement. The host nation of the UN talks promised to put $30 billion into a new climate fund aimed at speeding up the energy transition and building climate resilience, especially in the Global South.
ALTÉRRA was billed as the world’s largest private investment vehicle to “focus entirely on climate solutions”. COP28 President Sultan Al-Jaber hailed its launch as “a defining moment” for creating a new era of international climate finance.
Yet four months later, one of the initial funds ALTÉRRA backed with a $300-million commitment agreed to buy a major fossil gas pipeline in North America, Climate Home has discovered.
In March, BlackRock’s “Global Infrastructure Fund IV” acquired half of the 475 km-long Portland Natural Gas Transmission System, with Morgan Stanley taking the rest in a deal worth $1.14 billion overall.
That acquisition would not have come as a surprise to the fund’s investors.
When US-based BlackRock pitched it to the State of Connecticut’s Investment Advisory Council back in 2022, the world’s biggest asset manager gave a flavour of where their money would likely end up. Its presentation – seen by Climate Home – featured a list of “indicative investments” including highly-polluting sectors such as gas power plants and transportation networks, liquefied natural gas (LNG), airports, terminals and shipping.
Climate Home does not know whether ALTÉRRA saw the same presentation, nor did the UAE firm respond directly to a question asking if it was aware before the COP28 announcement that the BlackRock fund might invest in those sectors.
An ALTÉRRA spokesperson told Climate Home its “investments seek to build the energy systems of tomorrow, while supporting the transition of existing energy infrastructure towards a just and managed clean energy ecosystem”.
In addition to the gas pipeline, BlackRock’s infrastructure fund has so far invested in carbon capture, waste management, utilities maintenance services, telecom infrastructure, data centres and the production of industrial gases, according to regulatory filings, a BlackRock job advertisement and press reports accessed by Climate Home.
A BlackRock spokesperson said its global infrastructure fund franchise “targets investments in solutions across the energy transition value chain, driven by the long-term trends of decarbonization, decentralization, and digitalization to support the stability and affordability of energy supply around the world”.
Andreas Sieber, associate director of global policy and campaigns at climate advocacy group 350.org, said Climate Home’s findings “confirm our worst fears”. “The ALTÉRRA fund uses a masquerade of green progress while funnelling investment into fossil fuel pipelines and gas projects, which are the biggest causes of the climate crisis,” he told Climate Home.
Climate finance is a hot topic at UN negotiations, with countries expected to set a new global goal at COP29 in Baku, Azerbaijan, this November, amid persistent calls for higher amounts to help poorer nations boost clean energy production.
The COP28 presidency said last year that ALTÉRRA would “drive forward international efforts to create a fairer climate finance system, with an emphasis on improving access to funding for the Global South”. Al-Jaber added that “its launch reflects… the UAE’s efforts to make climate finance available, accessible and affordable”.
But the sparse details provided at the time prompted climate justice activists to question the real impact it would have in countries that most need financial support to adopt clean energy and adapt to a warming world. Only about a sixth of the fund – $5 billion – was earmarked as “capital to incentivize investment into the Global South”.
Follow the money
ALTÉRRA is a so-called ‘fund of funds’. Instead of directly investing money in individual companies or assets, it puts its cash into a series of funds run by other investment firms. At COP28, it committed a total of $6.5 billion to funds managed by BlackRock, Brookfield and TPG, without setting out how the remaining $23.5 billion would be spent.
Since then, ALTÉRRA has not announced any further investments. Its chief executive, Majid Al Suwaidi, told Bloomberg this month that the fund is “actively planning the next phase of allocations”, without giving further details.
The launch of #ALTÉRRA marks the start of three unique alliances with global asset managers, @Brookfield, @BlackRock, and @tpg.
Together, we share the same vision, to bridge the climate investment gap and finance a new climate economy. pic.twitter.com/7yEXOyZqpK
— ALTÉRRA (@Alterrafund) December 1, 2023
Most of the funds picked by ALTÉRRA remain at an early stage and have yet to announce completed transactions or are still trying to raise more capital from investors. The most notable exception is BlackRock’s fourth Global Infrastructure Fund. By the time it won the $300-million commitment from ALTÉRRA in Dubai, the vehicle was ready to deploy its money.
ALTÉRRA told Climate Home its investment in the BlackRock vehicle is in line with its goals of getting climate finance “flowing quickly and at scale” and of partnering “with funds that invest in the energy transition and accelerate pathways to net-zero”.
Announcing its first $4.5-billion closing in October 2022, BlackRock said the fund would “continue to target investments in climate solutions, while also supporting the infrastructure needed to ensure a stable, affordable energy supply during the transition”.
In private conversations with potential investors, the asset manager spelled out more clearly what that meant.
Its presentation to the State of Connecticut in December 2022 showed that the fund would not only invest in things like renewable energy, electrification and battery storage, but also in fossil gas power plants and pipelines, LNG and transportation infrastructure like airports, shipping and terminals.
In line with this strategy, BlackRock agreed a deal this March for its Global Infrastructure Fund IV to acquire half of the Portland Natural Gas Transmission System (PNGT), a fossil gas pipeline stretching from the Canadian border across New England in the United States to Maine and Massachusetts.
When it began operations in 1999, the pipeline helped shift New England’s power generation away from coal and oil, but it has also created a stronger dependency on fossil gas, leaving citizens vulnerable to price spikes. The region is now planning to accelerate the rollout of renewable energy sources.
The PNGT was not the first fossil fuel infrastructure the BlackRock team behind the Global Infrastructure Fund had snapped up. In a written testimony submitted this March to the State of New Hampshire, a senior executive listed a dozen oil and gas pipelines backed by earlier rounds of the fund. They included one operated by ADNOC, the UAE state-owned oil company whose CEO is Sultan Al-Jaber, COP28 president and chair of ALTÉRRA’s board.
Responding to Climate Home’s findings on where ALTÉRRA’s money is going, Mohamed Adow, director of Nairobi-based think-tank Power Shift Africa, said it is “extremely concerning to see a fund hailed by a COP president as a solution to the climate crisis investing in fossil fuels”.
“This needs to be a wake-up call to the world that these funds created by COP hosts are little more than PR stunts designed to greenwash the activities of fossil fuel-producing nations,” he added.
Oil-backed carbon capture
BlackRock does not disclose the infrastructure fund’s complete portfolio, but it has invested another $550 million in Stratos, the world’s biggest direct air capture (DAC) project being developed in a joint venture with oil giant Occidental. The plant under construction in Texas promises to suck as much as 500,000 tonnes of carbon dioxide out of the atmosphere annually and bury it underground.
Its proponents see DAC as a key technology to balance out emissions in the race to achieve net zero by 2050, although so far it remains expensive and largely unproven at scale. Stratos won a grant from the US government to fast-track the construction of the facility, and it has struck deals to sell carbon offsets generated in future from the plant with corporate giants like Amazon.
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When the DAC partnership was announced last November, BlackRock CEO Larry Fink said Stratos “represents an incredible investment opportunity for BlackRock’s clients… and underscores the critical role of American energy companies in climate technology innovation”.
But Stratos’ critics have questioned Occidental’s motivations and dismissed its DAC investments as a greenwashing ploy to keep pumping oil and slow down the transition away from fossil fuels.
“We believe that our direct capture technology is going to be the technology that helps to preserve our industry over time,” Vicki Hollub, Occidental’s chief executive, told the CERAWeek energy industry conference last year. “This gives our industry a license to continue to operate for the 60, 70, 80 years that I think it’s going to be very much needed.”
Call for safeguards
While BlackRock’s infrastructure fund deploys its cash largely in the Global North, ALTÉRRA’s promised investments in developing countries are still taking shape.
Brookfield in June launched a new “Catalytic Transition Fund” backed by ALTÉRRA with a $1-billion commitment. The fund’s stated focus is “directing capital into clean energy and transition assets in emerging economies”.
Climate Home asked ALTÉRRA if it had adopted any exclusion policies that would, for example, rule out investment in certain types of fossil fuels.
The UAE fund did not respond to the question, but a spokesperson said its investment approach is aligned with the goal “of accelerating the climate transition, with a focus on clean energy, industry decarbonization, sustainable living, and climate technologies”.

Climate activists protest against fossil fuels during COP28 in Dubai in December 2023. REUTERS/Thomas Mukoya
350.org’s Sieber called on Al-Jaber – who was widely criticised by green groups for his dual role as president of COP28 and head of a fossil fuel corporation – to “act swiftly to enforce stringent safeguards” for ALTÉRRA’s investments.
“The UAE is on the brink of losing the little credibility it still has left in addressing the urgency of the climate emergency,” Sieber added. “The world, especially communities who are being hit the hardest by climate impacts every day, cannot afford to have one more cent invested in fossil fuels.”
The key question now is whether Azerbaijan – the host of COP29 and itself a substantial producer and exporter of oil and gas – will do things differently. Last week, it announced a new voluntary fund that it said will invest at least $1 billion for emissions reduction projects in developing countries. Baku is hoping to secure contributions for it from fossil-fuel producing nations and companies.
Power Shift Africa’s Adow said developing countries need state-backed climate finance from rich nations, negotiated through the UN climate process, and “not just cooked up in voluntary schemes”. That funding “can be used where the need is greatest, not just where it might make most money for some private profit-seeking businesses,” he added.
(Reporting by Matteo Civillini; fact-checking by Sebastián Rodríguez; editing by Megan Rowling and Sebastián Rodríguez)
The post UAE’s ALTÉRRA invests in fund backing fossil gas despite “climate solutions” pledge appeared first on Climate Home News.
UAE’s ALTÉRRA invests in fund backing fossil gas despite “climate solutions” pledge
Climate Change
Guest post: Why 2024’s global temperatures were unprecedented, but not surprising
Human-caused greenhouse gas (GHG) emissions in 2024 continued to drive global warming to record levels.
This is the stark picture that emerges in the third edition of the “Indicators of Global Climate Change” (IGCC) report, published in Earth System Science Data.
IGCC tracks changes in the climate system between Intergovernmental Panel on Climate Change (IPCC) science reports.
In doing so, the IGCC fills the gap between the IPCC’s sixth assessment (AR6) in 2021 and the seventh assessment, expected in 2028.
Following IPCC methods, this year’s assessment brings together a team of over 60 international scientists, including former IPCC authors and curators of vital global datasets.
As in previous years, it is accompanied by a user-friendly data dashboard focusing on the main policy-relevant climate indicators, including GHG emissions, human-caused warming, the rate of temperature change and the remaining global carbon budget.
Below, we explain this year’s findings, highlighting the role that humans are playing in some of the fundamental changes the global climate has seen in recent years.

(For previous IGCC reports, see Carbon Brief’s detailed coverage in 2023 and 2024.)
An ‘unexceptional’ record high
Last year likely saw global average surface temperatures hit at least 1.5C above pre-industrial levels. This aligns with other major assessments of the Earth’s climate.
Our best estimate is a rise of 1.52C (with a range of 1.39-1.65C), of which human activity contributed around 1.36C. The rest is the result of natural variability in the climate system, which also plays a role in shaping global temperatures from one year to the next.
Our estimate of 1.52C differs slightly from the 1.55C given by the World Meteorological Organisation (WMO) state of the global climate 2024 report, published earlier this year. This is because they make slightly different selections on which of the available global land and ocean temperature datasets to include. (The warming estimate has varied by similar amounts in past years and future work will aim to harmonise the approaches.)
The height of 2024’s temperatures, while unprecedented in at least the last 2,000 years, is not surprising. Given the high level of human-induced warming, we might currently expect to see annual temperatures above 1.5C on average one year in six.
However, with 2024 following an El Niño year, waters in the North Atlantic were warmer than average. These conditions raise this likelihood to an expectation that 1.5C is surpassed every other year.
From now on, we should regard 2024’s observed temperatures as unexceptional. Temperature records will continue to be broken as human-caused temperature rise also increases.
Longer-term temperature change
Despite observed global temperatures likely rising by more than 1.5C in 2024, this does not equate to a breach of the Paris Agreement’s temperature goal, which refers to long-term temperature change caused by human activity.
IGCC also looks at how temperatures are changing over the most recent decade, in line with IPCC assessments.
Over 2015-24, global average temperatures were 1.24C higher than pre-industrial levels. Of this, 1.22C was caused by human activity. So, essentially, all the global warming seen over the past decade was caused by humans.
Observed global average temperatures over 2015-24 were also 0.31C warmer than the previous decade (2005-14). This is unsurprising given the high rates of human-caused warming over the same period, reaching a best estimate of 0.27C per decade.
This rate of warming is large and unprecedented. Over land, where people live, temperatures are rising even faster than the global average, leading to record extreme temperatures.
But every fraction of a degree matters, increasing climate impacts and loss and damage that is already affecting billions of people.
Driven by emissions
Undoubtedly, these changes are being caused by GHG emissions remaining at an all-time high.
Over the last decade, human activities have released, on average, the equivalent of around 53bn tonnes of CO2 into the atmosphere each year. (The figure of 53bn tonnes expresses the total warming effect of CO2 and other greenhouse gases, such as methane and nitrous oxide, using CO2 as a reference point.)
Emissions have shown no sign of the peak by 2025 and rapid decline to net-zero required to limit global warming to 1.5C with no or limited “overshoot”.
Most of these emissions were from fossil fuels and industry. There are signs that energy use and emissions are rising due to air conditioning use during summer heatwaves. Last year also saw high levels of emissions from tropical deforestation due to forest fires, partly related to dry conditions caused by El Niño.
Notably, emissions from international aviation – the sector with the steepest drop in emissions during the Covid-19 pandemic – returned to pre-pandemic levels.
The amount of CO2 in the atmosphere, alongside the other major GHGs of methane (CH4) and nitrous oxide (N2O), is continuing to build up to record levels. Their concentrations have increased by 3.1, 3.4 and 1.7%, respectively, since the 2019 values reported in the last IPCC assessment.
At the same time, aerosol emissions, which have a cooling effect, are continuing to fall as a result of important efforts to tackle air pollution. This is currently adding to the rate of GHG warming.
Notably, cutting CH4 emissions, which are also short-lived in the atmosphere, could offset this rise. But, again, there is no real sign of a fall – despite major initiatives such as the Global Methane Pledge.
The effect of all human drivers of climate change on the Earth’s energy balance is measured as “radiative forcing”. Our estimate of this radiative forcing in 2024 is 2.97 Watts per square metre (W/m2), 9% above the value recorded in 2019 that was quoted in the last IPCC assessment.
This is shown in the figure below, which illustrates the percentage change in an array of climate indicators since the data update given in the last IPCC climate science report.

Continued emissions and rising temperatures are meanwhile rapidly eating into the remaining carbon budget, the total amount of CO2 that can be emitted if global warming is to be kept below 1.5C.
Our central estimate of the remaining carbon budget from the start of 2025 is 130bn tonnes of CO2.
This has fallen by almost three-quarters since the start of 2020. It would be exhausted in a little more than three years of global emissions, at current levels.
However, given the uncertainties involved in calculating the remaining carbon budget, the actual value could lie between 30 and 320bn tonnes, meaning that it could also be exhausted sooner – or later than expected.
Beyond global temperatures
Our assessment also shows how surplus heat is accumulating in the Earth’s system at an accelerating rate, becoming increasingly out of balance and driving changes around the world.
The data and their changes are displayed on a dedicated Climate Change Tracker platform, shown below.

The radiative forcing of 2.97 W/m2 adds heat to the climate system. As the world warms in response, much of this excess heat radiates to space, until a new balance is restored. The residual level of heating is termed the Earth’s “energy imbalance” and is an indication of how far out of balance the climate system is and the warming still to come.
This residual rate of heat entering the Earth system has now approximately doubled from levels seen in the 1970s and 1980s, to around 1W/m2 on average during the period 2012-24.
Although the ocean is storing an estimated 91% of this excess heat, mitigating some of the warming we would otherwise see at the Earth’s surface, it brings other impacts, including sea level rise and marine heatwaves.
Global average sea level rise, from both the melting of ice sheets and thermal expansion due to deep ocean warming, is included in the IGCC assessment for the first time.
We find that it has increased by around 26mm over the last six years (2019-24), more than double the long-term rate. This is the indicator that shows the clearest evidence of an acceleration.
Sea level rise is making storm surges more damaging and causing more coastal erosion, having the greatest impact on low-lying coastal areas. The 2019 IPCC special report on the oceans and cryosphere estimated that more than one billion people would be living in such low-lying coastal zones by 2050.
Multiple indicators
Overall, our indicators provide multiple lines of evidence all pointing in the same direction to provide a clear and consistent – but unsurprising and worsening – picture of the climate system.
It is also now inevitable that global temperatures will reach 1.5C of long-term warming in the next few years unless society takes drastic, transformative action – both in cutting GHG emissions and stopping deforestation.
Every year of delay brings reaching 1.5C – or even higher temperatures – closer.
This year, countries are unveiling new “nationally determined contributions” (NDCs), the national climate commitments aimed at collectively reducing GHG emissions and tackling climate change in line with the Paris Agreement.
While the plans put forward so far represent a step in the right direction, they still fall far short of what is needed to significantly reduce, let alone stop, the rate of warming.
At the same time, evidence-based decision-making relies on international expertise, collaboration and global datasets.
Our annual update relies on data from NASA and the National Oceanic and Atmospheric Administration (NOAA) and input from many of their highly respected scientists. It is this type of collaboration that allows scientists to generate well-calibrated global datasets that can be used to produce trusted data on changes in the Earth system.
It would not be possible to maintain the consistent long-term datasets employed in our study if their work is interrupted.
At a time when the planet is changing at the fastest rate since records began, we are at risk of failing to track key indicators – such as greenhouse gas concentrations or deep ocean temperatures – and losing core expertise that is vital for understanding the data.
The post Guest post: Why 2024’s global temperatures were unprecedented, but not surprising appeared first on Carbon Brief.
Guest post: Why 2024’s global temperatures were unprecedented, but not surprising
Climate Change
Guest post: How the world’s rivers are releasing billions of tonnes of ‘ancient’ carbon
The perception of how the land surface releases carbon dioxide (CO2) typically conjures up images of large-scale deforestation or farmers churning up the soil.
However, there is an intriguing – and underappreciated – role played by the world’s rivers.
Right now, plants and soils absorb about one-third of the CO2 released by human activity, similar to how much the oceans take up.
Over thousands to millions of years, some of this land-fixed carbon can end up being buried in sediments, where it eventually forms rocks.
The waters that feed rivers flow through plants, soils and rocks in landscapes, picking up and releasing carbon as they go.
This process is generally considered to be a sideways “leakage” of the carbon that is being taken up by recent plant growth.
However, the age of this carbon – how long it resided in plants and soils before it made it into rivers and then to the atmosphere – has remained a mystery.
If the carbon being released by rivers is young, then it can be considered a component of relatively quick carbon cycling.
However, if the carbon is old, then it is coming from landscape carbon stores that we thought were stable – and, therefore, represents a way these old carbon stores can be destabilised.
In our new study, published in Nature, we show that almost 60% of the carbon being released to the atmosphere by rivers is from these older sources.
In total, this means the world’s rivers emit more than 7bn tonnes of CO2 to the atmosphere each year – more than the annual fossil-fuel emissions from North America.
This means that there is a significant leak of carbon from old stores that we thought were safely locked away.
Previous work has shown that local land-use change, such as deforestation and climate-driven permafrost thaw, will directly release old carbon into rivers. Whether this is happening at the global scale remains a significant unknown for now.
Who are you calling old?
How do you tell how old carbon is? We employ the same technique that is used to determine the age of an archaeological relic or to verify the age of a vintage wine – that is, radiocarbon dating.
Radiocarbon is the radioactive isotope of carbon, which decays at a known rate. This enables us to determine the age of carbon-based materials dating back to a maximum age of about 60,000 years old.
We know that some of the carbon that rivers release is very young, a product of recent CO2 uptake by plants.
We also know that rivers can receive carbon from much older sources, such as the decomposition of deep soils by microbes and soil organisms or the weathering and erosion of ancient carbon in rocks.
Soil decomposition can release carbon ranging from a few years to tens of thousands of years. An example of very old soil carbon release is from thawing permafrost.
Rock weathering and erosion releases carbon that is millions of years old. This is sometimes referred to as “radiocarbon-dead” because it is so old all the radiocarbon has decayed.
Rivers are emitting old carbon
In our new study, we compile new and existing radiocarbon dates of the CO2 emissions from around 700 stretches of river around the world.
We find that almost 60% of the carbon being released to the atmosphere by rivers is from older sources (hundreds to thousands of years old, or older), such as old soil and ancient rock carbon.
In the figure below, we suggest how different processes taking place within a landscape can release carbon of different ages into rivers, driving its direct emission to the atmosphere.
So, while rivers are leaking some modern carbon from plants and soils as part of the landscape processes that remove CO2 from the atmosphere, rivers are also leaking carbon from much older landscape carbon stores.
One major implication of this finding is that modern plants and soils are leaking less carbon back to the atmosphere than previously thought, making them more important for mitigating human-caused climate change.
We find that the proportion of old carbon contributing to river emissions varies across different ecosystems and the underlying geology of the landscapes they drain.
In the figure below, we show that landscapes underlain by sedimentary rocks, which are the most likely to contain substantial ancient (or “petrogenic”) carbon, also had the oldest river emissions. We also show that the type of ecosystem (biome) was also important, although the patterns were less clear.

What is obvious is that at least some old carbon was common across most of the rivers we observed, regardless of size and location.
We provide evidence that there is a geological control on river emissions. And the variability in the ecosystem also indicates important controlling factors, such as soil characteristics, vegetation type and climate – especially rainfall patterns and temperature which are known to impact the rate of carbon release from soils and rock weathering.
Are old carbon stores stable?
Long-term carbon storage in soils and rocks is an important process regulating global climate.
For example, the UK’s peatlands are important for regulating climate because they can store carbon for thousands of years. That is why restoring peatlands is such a great climate solution.
Rivers emit more than 7bn tonnes of CO2 to the atmosphere each year – that’s equivalent to about 10-20% of the global emissions from fossil fuel burning annually.
If 60% of river carbon emissions are coming from old carbon stores, then this constitutes a significant leak of carbon from old stores we thought were safely locked away.
Another major implication of our study is that these old carbon stores can be mobilised and routed directly to the atmosphere by rivers, which would exacerbate climate change if these stores are further destabilised.
As can be seen in the figure below, we found that river carbon emissions appeared to be getting older since measurements first began in the 1990s (lower F14Catm means older radiocarbon ages).
We found that river carbon emissions appeared to be getting older since measurements first began in the 1990s.
While there are several caveats to interpreting this trend, it is a warning sign that human activities, especially climate change, could intensify the release of carbon to the atmosphere via rivers.
Given the strong link between soil carbon and river emissions, if this trend is a sign of human activity disturbing the global carbon cycle, it is likely due to landscape disturbance mobilising soil carbon.

Using rivers to monitor global soil carbon storage
Rivers collect waters from across the landscapes they flow through and therefore provide a tool to track processes happening out of sight.
A drop of water landing in a landscape travels through soils and rock before reaching the river, and its chemistry, including its radiocarbon age, reflects the processes occurring within the landscape.
Monitoring the age of carbon in rivers can therefore tell you a lot about whether their landscapes are storing or releasing carbon.
This has been shown to help identify carbon loss in degraded tropical peatlands, thawing Arctic permafrost and due to deforestation.
River radiocarbon is sensitive to environmental change and could therefore be a powerful monitoring tool for detecting the onset of climate tipping points or the success of landscape restoration projects, for example.
While we present data spread out across the world, there are quite a few gaps for important regions, notably where glacier change is happening and others where droughts and flood frequencies are changing.
These include areas with low amounts of data in Greenland, the African continent, the Arctic and Boreal zones, the Middle East, eastern Europe, western Russia, Central Asia, Australasia and South America outside of the Amazon.
All these regions have the potential to store carbon in the long-term and we do not yet know if these carbon stores are stable or not under present and future climate change.
River radiocarbon offers a powerful method to keep tabs on the health of global ecosystems both now and into the future.
The post Guest post: How the world’s rivers are releasing billions of tonnes of ‘ancient’ carbon appeared first on Carbon Brief.
Guest post: How the world’s rivers are releasing billions of tonnes of ‘ancient’ carbon
Climate Change
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This story was published in partnership with Northern Journal and is the second in a two-story series.
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