đ± The Grumpy Optimists #158
"Extinct" things returning, the real cost of doing nothing, and 94% recycling rates
Happy Monday. đ
Spring is doing its thing at the moment and the sunshine is great for the soul and very very much needed.
The good news is there are plenty of optimistic stories from around the world to bring to you, so letâs dig in.
đ Reaching net zero by 2050 âcheaper for UK than one fossil fuel crisisâ. The Climate Change Committee found this week that the total net cost of reaching net zero by 2050 is roughly ÂŁ100bn. Thatâs approximately what the UK paid during a single fossil fuel price shock after Russia invaded Ukraine. They also modelled a future equivalent crisis in 2040. What this shows is that if we stay dependent on gas, household bills rise 59%. With policies to support net zero, they rise 4%.
đ My thoughts? Weâre living through another fossil fuel spike, this one driven by conflict in the Middle East, and the CCC just handed politicians the clearest possible argument for going faster. Itâs a win-win for the planet and for energy security.
Perhaps a similar argument that gets levelled is that we should be drilling in the North Sea. This report from Carbon Brief showcases why thatâs not really the solution. You can read more here.
đš Construction finishes on a major offshore wind farm, the first during Trumpâs tenure. Vineyard Wind completed construction off Massachusetts this weekend, becoming the first major US offshore wind project to finish during Trumpâs second term. This is the same project the administration tried to halt in December on national security grounds. Federal judges said no. A second halted project, Revolution Wind, started sending power to the New England grid for the first time on Friday.
đ Construction on Milford Haven hydrogen production plant to begin. A ÂŁ50m green hydrogen plant has been given the green light in Milford Haven, built on the site of a former oil refinery. Itâs one of the first projects from the UKâs Hydrogen Allocation Round to reach this stage, with commissioning targeted for early 2028. Turning a refinery site into a hydrogen hub is not nothing.
đ 90% of companies no longer in CSRD scope plan to maintain, expand sustainability reporting. The EU scaled back its CSRD requirements last year, removing thousands of companies from scope. A survey this week found 90% of those companies are keeping or expanding their sustainability reporting anyway. The infrastructure is built, the teams are in place, and walking it back is harder than it looks.
đŠ Japan lenders see rising demand for ESG finance as decarbonisation investment grows. Japanese banks are reporting rising demand for ESG-linked financing as corporate investment in decarbonisation picks up. Not a flashy story, but Japanâs financial sector moving in this direction at scale matters.
đžđŹ Singapore sets climate risk management expectations for banks, investors, insurers. Singaporeâs financial regulator has set formal climate risk management expectations across its banking, insurance and investment sectors. Part of a steady drumbeat of financial regulators embedding climate into the plumbing, regardless of whatâs happening at the political level elsewhere.
â»ïž Romaniaâs recycling revolution lifts off. Romaniaâs deposit return scheme launched in November 2023 with a recycling rate of around 11%. It now sits at 94%, with over 8 billion containers returned. The CEO of RetuRO said âYou go to Romania now, you donât see a bottle anywhere.â The UK launches its own version in October 2027 but itâs proving to be very problematic.
đČ âIt has changed my lifeâ: how a dose of nature is treating mental illness. A London charity called Dose of Nature is prescribing time outdoors as a direct treatment for mental illness, and an LSE randomised controlled trial backs it up. 64% recovery rate versus 50% for standard NHS talking therapies, with social welfare benefits estimated at eight times the cost. GPs are going as far as referring patients directly. I donât know about you, but I am a huge believer in spending time in nature, itâs actually something I donât feel like I do enough living in central London. Take this as a reminder to get outside today!
đŠ âExtinctâ large tortoiseshell butterfly spotted across southern England. The large tortoiseshell, classed as regionally extinct in Britain since the 1980s, has been photographed across Kent, Hampshire, Sussex, Dorset, Cornwall and the Isle of Wight. Caterpillars have been found feeding on trees in the wild since 2020, which means these arenât just tourists blown over from the Netherlands.
Thatâs all for this week folks. My music recommendation to take you into the week is Walking Through The Water by John Vincent III. Have a great week all.
George, the Grumpy Optimist đ