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By Ishika Mookerjee and Alastair Marsh
Vehicles
damaged by flash floods in Spain Photographer:
Angel Garcia/Bloomberg
A widely-referenced
study that calculated the impacts of climate
change on the global economy has
been retracted after criticism from peers.
Scientists from the
Potsdam Institute for Climate Impact Research
took down the paper — published in April 2024
in Nature — citing
“substantial” issues.
The authors
initially reviewed and amended the study in
August this year after an article published in
the same journal said its findings were
exaggerated. But the amendments, which indicated
a smaller economic impact than first suggested,
were ultimately judged to be too fundamental to
be addressed through a simple correction. What’s
more, the corrected paper showed that the
conclusions were prone to greater uncertainty
than first indicated.
The original paper
was cited by the World Bank and the Organisation
for Economic Co-operation and Development, among
others, and served as a foundation for climate
scenarios used by policymakers across the
globe.
The decision to
retract the paper will also have repercussions
for the Network for Greening the Financial
System, an influential global coalition of
central banks and financial supervisors. When
NGFS last year updated its scenarios for
modeling the economic toll of climate risks,
it used the Potsdam research for its new
so-called damage function on which estimated
economic impacts are based.
Read the full
story on Bloomberg.com.
Chefs cook
on induction stoves. Photographer: Andy
Sewell/Bloomberg
California is
joining New York and Boston to spur a
market for affordable electric heat pumps
and induction stoves to decarbonize housing,
with the state’s Public Utilities Commission allocating $115
million over six years to generate
business for makers of small heat pumps and
battery-equipped induction stoves that can be
plugged into standard outlets without requiring
expensive electrical upgrades.
The project is part
of a program approved
in 2019 to lower the barriers to the adoption of
new energy-efficient technologies, which are
often more expensive than their less-efficient
counterparts. The program is particularly
focused on improving accessibility for
lower-income residents.
Meanwhile the Trump
administration is
eliminating incentives for
energy-efficient appliances and wants to “unleash”
industrial diesel generators to meet
rising power demand from data centers. The US
government is also making moves to revoke
a permit for the New England 1 wind farm
off the coast of Massachusetts.
Read the full
story to find out how the program will
work for multifamily homes.
A computer
rendering of the inside of TerraPower's
traveling wave reactor.
TerraPower is
planning to begin construction on a next-generation
nuclear reactor in Wyoming by the second
quarter after completing key regulatory
steps six months ahead of schedule.
The company,
founded by billionaire Bill Gates, expects the
Nuclear Regulatory Commission to issue a
construction permit by February for its
345-megawatt reactor, Chief Executive
Officer Chris Levesque said in an interview. The
agency completed safety reviews for the project
Monday and an environmental impact statement in
October.
The
faster-than-expected review follows US
President Donald Trump’s efforts to encourage
wider deployment of nuclear power to meet
surging demand for electricity. He’s pushed the
NRC to streamline its approval process, which is
widely seen by the industry as a major
bottleneck. The move is raising some concerns
from critics.
Read the full
story on Bloomberg.com and subscribe for
unlimited access to stories on how the US is
responding to the AI-driven increase in energy
demand.
Thailand’s government
set out plans for new
carbon taxes and an emissions trading
system under the country’s first formal climate
change legislation, which aims to cut greenhouse
gas emissions 47% by 2035, from 2019 levels.
Vietnamese
authorities plan to use
AI-integrated traffic cameras and other
remote monitoring systems to clamp down on
polluting or expired vehicles and the illegal
burning of garbage.
Poland, the EU’s most
coal-reliant state, would be better off putting
its ambitious offshore plans on the backburner
and to
prioritize cheaper land wind power, said
Grzegorz Onichimowski, chief executive officer
of state power grid PSE.
Floods in
Sri Lanka Source: European Union,
Copernicus Emergency Management Service
Cyclone Ditwah made
landfall in Southeast Asia over the weekend,
claiming nearly 1,000
lives across the region. Authorities in
Sri Lanka say it’s the “largest and most
challenging natural disaster” the nation’s ever
faced, with flooded roads and inhabited areas
visible from space.
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