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Climate crisis: Government investing 'only 12%' of what is needed to reach net-zero – Yahoo Canada Sports

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The government’s upcoming 10-point plan to bring down emissions could set precedent for other nations, the IPPR said. Photo: Reuters/Morris Mac Matzen

The UK is off course to meet its target of net zero carbon emissions by 2050, but there is still an opportunity to improve those prospects.

According to the Institute for Public Policy Research (IPPR), the UK government has not yet delivered the scale of investment needed to ensure a low-carbon future.

On the eve of what would have been the start of the United Nations Climate Change Conference (COP26) in Glasgow, the progressive think tank is calling on the government to lead by example on the world stage by taking ambitious action.

The government’s upcoming 10-point plan to bring down emissions could set precedent for other nations, the IPPR said.

A new analysis shows that over the course of this parliament the government has committed to investing just 12% of what is needed to meet their net zero emissions target.

The think tank estimates that £33bn (£43.4bn) a year in additional annual investment is needed to meet the net zero target, but only around £4bn annually has so far been committed.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="READ MORE: BP CEO says net zero plan ‘not charity’” data-reactid=”29″>READ MORE: BP CEO says net zero plan ‘not charity’

The green homes grant, investment in cycling, walking infrastructure and in offshore wind announced earlier this year show the government is moving in the right policy direction, but action at a greater scale and pace is needed, according to IPPR.

Other measures that should be on the agenda to cut emissions are decarbonising homes and buildings and investment in low carbon transport. The IPPR calculates that an additional £10.3bn is needed a year to improve public transport services and efficiency, as well as boosting cycling and walking, while four times the current annual spend would bring decarbonising homes in line with targets.

Job creation schemes also have potential for an injection of green cash. The think tank has previously calculated that 1.6 million jobs could be created up to 2030 through green investment.

Carsten Jung, IPPR senior economist, said: “The pandemic will leave the UK economy weaker and unemployment starkly higher. But, with forward-looking policies, the country can bounce back in the new year. Making future-proof investments that tackle the climate crisis can boost business, generate jobs and provide people with income security.”

Among the green jobs opportunities could be: Work improving the carbon footprint of homes and buildings; nature restoration; transport and infrastructure; and work to make industry greener.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Watch: The government’s £2bn Green Homes Grant scheme explained” data-reactid=”35″>Watch: The government’s £2bn Green Homes Grant scheme explained

The IPPR report also emphasises the importance of ensuring the transition to a net zero economy is done fairly. The think tank has previously proposed a Just Transition Fund amongst other measures to support communities negatively disrupted by the changes.

The greatest growth in green jobs is expected to be in the North West, the East Midlands and Yorkshire and the Humber. IPPR also notes that investment in low emission housing would have a high impact on job creation in the North West and the South East (outside London).

Luke Murphy, IPPR associate director, said: “As the host of COP26 in 2021, the UK can use its domestic policy ambition to help inspire the rest of world and leverage greater ambition and action from other developed countries.

“As the fifth-largest contributor to cumulative global greenhouse gas emissions and given its unsustainable global environmental footprint, the UK also has a responsibility to take bolder action.”

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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