The energy crisis is set to spark a 25 per cent rise in renewables investment in 2022, a leading bank predicts, as ‘extremely hot’ years are likely to be experienced by most countries every other year by 2030. Meanwhile, Prince William has appealed for nominations for his £1 million Earthshot Prize, Sony is to launch an electric car company, and Chanel has launched its first refillable beauty product. It’s the Good With Money weekly news brief.
Renewables investment set to see 25 per cent rise
The energy crisis is set to spark a 25 per cent rise in renewables investment in 2022, according to Nordic investment bank SEB.
Global investment in renewables is likely to pass the $400 billion (£294 billion) mark this year as governments and corporates ramp up investments in clean energy, the bank predicts.
Thomas Thygesen, head of research of SEB’s climate and sustainable finance division, said: “We think 2022 could be the year when the world finally breaks with a decade of stagnation in renewable energy investment and starts moving back to a more Paris-aligned transition path.”
Heat extremes every second year for most countries
Almost every country on Earth could experience extremely hot years every second year by 2030, according to a new study.
The research combined data on historical emissions and pledges made before the COP26 climate summit for cuts from the top five emitters – China, the United States, the European Union, India and Russia – to make regional warming predictions by 2030.
It found that 92 per cent of 165 countries studied are likely to experience extremely hot annual temperatures, defined as a ‘once-in-one-hundred-year hot year’ in the pre-industrial era, every two years.
Prince William appeals for Earthshot entrants
Prince William has appealed for innovators around the world to submit nominations for his Earthshot Prize, a competition aimed at finding new ways to tackle climate change.
The Royal launched the prize through his charity The Royal Foundation in 2020. It’s inspired by US President John F. Kennedy’s 1962 ‘Moonshot’ speech that challenged Americans to travel to the moon by the end of the decade.
The prize, to be awarded to five winners every year until 2030, comes with a grant of £1 million to develop and scale up ideas.
This year’s prizes will go to projects aimed at “tipping point” issues where there are opportunities to create significant benefits over the next few years. These include personal transportation, agriculture that restores the environment, buildings designed to minimise pollution and energy use, and initiatives that extend the life of clothing, food and plastic products.
Sony to launch electric car firm
Electronics giant Sony has revealed plans to start an electric car company.
The Japanese firm is “exploring a commercial launch” of electric vehicles, with its new company Sony Mobility Inc to be launched this spring, its chairman and president Kenichiro Yoshida has said.
Sony’s prototype sport utility vehicle, the Vision-S 02 will use the same electric vehicle platform as its previously announced Vision-S 01, a coupe that began testing on public roads in Europe from December 2020.
Yoshida said: “With our imaging and sensing, cloud, 5G and entertainment technologies combined with our content mastery, we believe Sony is well positioned as a creative entertainment company to redefine mobility.”
Chanel launches refillable beauty products
Chanel has launched its first refillable beauty product as part of its ‘most environmentally conscious line to date.’
The product range – called Chanel No. 1 – will have no outer plastic wrapping or inner paper leaflets.
Chanel has also done away with all plastic components in the bottles and jars, opting instead for glass and urging customers to recycle the packaging once it is empty.
Non-glass packaging components are bio-based, made using by-products generated by the processing of camellias for Chanel’s product formulas. Chanel No. 1 includes serums, foundations, lip and cheek colourings and a new ‘Revitalising Cream’ – the firm’s first refillable beauty product.