The Paris Climate Agreement will officially become a reality
It was announced yesterday that the European Union has formally backed the ratification of the Paris climate deal, paving the way for the world’s first global climate agreement.
The European Parliament approved the deal — which will aim to limit the global temperature rise to below 2C — with 610 votes in favour, 38 against and 31 abstentions. To go into force, the Paris Agreement needs at least 55 countries totalling 55 percent of global greenhouse gas emissions to have ratified the measures.
UN Secretary General Ban Ki-moon attended the vote. "With the action taken by the EU parliament, I am confident that we will be able to cross the 55 percent threshold very soon, in just a matter of a few days," he said. “I am extremely honoured to be able to witness this historic moment.”
Until today, 62 parties accounting for 52 percent of global emissions had ratified the Paris Agreement, which will go into action 30 days after the ‘55 parties, 55 percent’ threshold has been crossed. The EU’s ratification means that the UN can now tick the 55 percent box, too. The Paris Agreement is going to become a reality.
"Today the European Union turned climate ambition into climate action,” said European Commission President Jean-Claude Juncker. “The Paris Agreement is the first of its kind and it would not have been possible were it not for the European Union. Today we continued to show leadership and prove that, together, the European Union can deliver."
Crucially, India also ratified the Paris Agreement on Sunday. While doubts remain about whether the deal is ‘too little, too late’, this is nonetheless an important step in limiting the damage that fossil fuels will do to people and the environment.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.