Boris Johnson says it will be ‘tough’ to meet climate finance targets ahead of COP26

Published

3 years ago

September 21, 2021

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September 19, 2021: Prime Minister Boris Johnson boards RAF Voyager at Stansted Airport ahead of a visit to the United States.

Stefan Rousseau – PA Images | PA Images | Getty Images

There is a six out of 10 chance an agreement on climate finance will be reached before the forthcoming COP26 climate change summit, U.K. Prime Minister Boris Johnson has said.

In remarks made to the media during a flight to New York over the weekend, Johnson was asked about securing commitments related to climate finance and, according to the BBC, environmental targets over the next few days.

“Getting it all done this week is going to be a stretch,” he is reported to have said. “But I think getting it all done by COP, six out of 10. It’s going to be tough, but people need to understand that this is crucial for the world.”

Discussions around finance are set to play a key role at COP26, which will be hosted by the U.K. in the Scottish city of Glasgow between Oct. 31 and Nov. 12.

More from CNBC Climate:

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At least half of climate finance must be spent on helping countries adapt to climate change, says UN secretary-general

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Climate migration is already happening — for homeowners who can afford it

According to the U.N., developed nations have previously said they would “jointly mobilize $100 billion per year by 2020 in support of climate action in developing countries.”

This target is proving to be a challenge. Last week, the OECD said climate finance provided and mobilized by developed countries amounted to $79.6 billion in 2019. This represents a rise compared to the figure of $78.3 billion in 2018 but still falls short of the $100 billion.

“The limited progress in overall climate finance volumes between 2018 and 2019 is disappointing, particularly ahead of COP26,” Mathias Cormann, the OECD’s secretary-general, said in a statement reacting to the numbers.

“While appropriately verified data for 2020 will not be available until early next year it is clear that climate finance will remain well short of its target,” Cormann said. “More needs to be done.”

Johnson’s remarks were published by a number of outlets and on Monday morning the BBC broadcast an excerpt of the discussion. Johnson said while the U.K. had made a “big, big pledge” and “greatly reduced our CO2,” it needed other countries to step up to the plate.

“We’ve been emitting for centuries and these newly industrialized countries say ‘well, why should we pay such a big price?’ So the $100 billion a year that we need to raise is to support those countries [to] make the transition.”

The U.K.’s official website for COP26 states it will “bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.”

Described by the United Nations as a legally-binding international treaty on climate change, the Paris Agreement aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.”

Monday will see Johnson and U.N. Secretary-General António Guterres hold what’s being described as an “informal leaders roundtable on climate action.”

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

Published

8 hours ago

November 5, 2024

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

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This ‘supercharger on wheels’ brings fast charging to you [update]

Published

10 hours ago

November 4, 2024

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This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

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Marqeta shares plunge more than 30% on big forecast miss

Published

10 hours ago

November 4, 2024

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Marqeta shares plunge more than 30% on big forecast miss

Marqeta celebrates its initial public offering at the Nasdaq on June 9, 2021.

Source: The Nasdaq

Marqeta shares tumbled more than 30% in extended trading on Monday after the company issued weaker-than-expected guidance for the fourth quarter.

Here’s how the company did compared with Wall Street estimates, based on a survey of analysts by LSEG:

Loss per share: 6 cents adjusted vs. a loss of 5 cents expected
Revenue: $128 million vs. $128.1 million expected

While third-quarter results showed a slight disappointment on the top and bottom lines, Marqeta’s forecast for the current period was more concerning.

The payment processing firm said revenue in the fourth quarter will increase 10% to 12% from a year earlier. Analysts were looking for growth of more than 17%, according to LSEG.

Marqeta, which primarily functions as a card-issuing platform, attributed the guidance miss to “heightened scrutiny of the banking environment and specific customer program changes.” The company has been struggling for a while, and its stock is now down more than 80% from its peak in 2021, the year it went public. The stock was down 15% for the year prior to the report.

Total processing volume of $74 billion was up more than 30% from a year earlier. Net revenue and gross profit were up 18% and 24%, respectively.

Marqeta’s digital commerce business sells payment technology designed to detect potential fraud and ensure that money is properly routed. It also issues customized physical cards that look like a credit or debit card that can be used for point-of-sale purchases.

The company has been trying to break into the buy now, pay later business with a recently launched product called Marqeta Flex. The service brings BNPL from lenders such as Affirm or Klarna to any credit card wherever Mastercard and Visa are accepted.

“It’s an orchestration layer, but it’s tied to issuing and processing and disputes and chargebacks,” CEO Simon Khalaf told CNBC at Money2020 in Las Vegas last week. “So it is not actually a Wild West in BNPL. It is actually very well established. And there is a reason why a lot of people are jumping to it.”