Wild Europe launches RECCS Report at COP29
The RECCS Report, Renewable Energy and Climate Change Strategy, was launched at COP 29 on 14th November, with a summary leaflet and a main document. It was produced by Trinomics Consultants, energy advisors to the European Commission and national governments, and commissioned by Wild Europe.
Some 65,000 delegates registered at COP29 climate summit in Baku, with key issues at stake including agreement on climate funding for developing countries, and the impact of withdrawal from the Paris Agreement by the forthcoming US Trump regime.
RECCS: better alternatives to commercial forest bioenergy
Over the last 10 years solid (forest) energy has become the largest element of so-called ‘renewable’ energy in Europe – from where it is now expanding globally.
Subsidies for forest bioenergy in Europe are likely to total over 35 billion EUR per year by 2050 if BECCS (Bioenergy with Carbon Capture & Storage) proceeds.
The RECCS Report calls for these subsidies to be reallocated, together with incentivised matched funding, to costed alternative approaches for addressing climate change:
- Genuine renewables (wind power, solar, marine, together with heat pumps, storage and transmission capacity)
- Demand reducing enterprises (insulation, recycling, fuel efficiency, emission reducing tech)
- Investment in carbon absorbent ecosystems – eg forest, wetland, salt marsh
RECCS offers massive benefits, economic as well as environmental, and has been developed since its inception at Wild Europe’s 2019 Bratislava Conference.
It is far more than a representation from climate and biodiversity campaigners. Broad input has also been provided from economic, investment, enterprise, consumer and healthcare perspectives. As such it represents a call from a broad and growing coalition of interests.
Principal findings of the RECCS Report
These findings are collated in the summary leaflet, with some of them listed below:
- Forest bioenergy produces higher CO2 equivalent emissions than the fossil fuels it is intended to replace, even coal, and makes Paris Agreement targets much harder to achieve
- Forest bioenergy is the least cost-efficient source of power generation and can be replaced by genuine renewables at roughly 30% of the cost, freeing up massive funding for effective alternative means of addressing climate change
- The direct and opportunity costs of proceeding with BECCS, in both environmental and economic terms, would be colossal
- By 2050 reallocation of resources from forest bioenergy with BECCS to the above alternative means of addressing climate change could create carbon savings of 870 million tons of CO2 equivalent – 26% of the EU net zero goal
- Boosted investment through RECCS could deliver 94 billion EUR pa in Gross Value Added by 2050, together over 1.6 million in higher tech employment
- Instead of destroying large areas of carbon reservoirs and biodiversity rich ecosystems using forest bioenergy, large new ecosystems can be restored and protected
Promoting implementation for RECCS
Liaison on RECCS was arranged by Wild Europe with the following entities, among others, during COP 29 and the parallel World Climate Summit in Baku:
- National government delegations (including energy, environment and finance ministries)
- The UK Transition Plan & Finance network and associated organisations
- EU – European Commission / Directorates General
- UNFCC and consultants; related organisations including the Climate Champions Team, IPCC, UNESC energy departments, PRI, CEET, ZAOA, SDS network together with IEA and IFRS
- Key climate policy and research institutes
- Global Carbon Capture & Storage Institute and associated network
- OECD, World Bank, IFC, IBRD, EBRD, regional development banks together with private sector finance & consultancy networks
- Renewable energy sector representatives
- Organisations linking to COP30 in Belem: Brazilian Development Bank, CEBRI, PNF etc
Closer networking links to “End Carbon Fuels”
Wild Europe will also be seeking to promote closer partnerships at the COP, building on the telecoms it first organised in October 2021 to share experience and objectives between some 30 key forest bioenergy and fossil fuel campaign NGOs.
With presentations from Ville Niinisto MEP, then Rapporteur for LULUCF Reform (Land Use, Land Use Change and Forestry) in the European Parliament, and Professor Mike Norton, Environmental Programme Director for the European Academy of Sciences Advisory Council, the aim was to secure great coordination between two networks with their similar objectives.
Five key aims included:
- For the bioenergy campaigners to learn from economic and financial lobbying expertise in the fossil fuel campaigns
- For fossil fuel campaigners to learn that just ending fossil fuel burning, whilst entirely laudable, can lead to more higher emission forest bioenergy burning
- To highlight the dangers of co-firing, creating so-called ‘abated coal by mixing it with wood. The resulting emission may be even higher than coal alone, but the process labelled ‘green’ and eligible for subsidy – thus prolonging use of coal
- To thus agree a joint campaign slogan “End Carbon Fuels”, widening the existing “End Fossil Fuels” banner
- To introduce RECCS to the fossil fuel campaign NGOs, offering an alternative renewable energy strategy that could apply costed substitutes for fossil fuels as well as forest bioenergy
It is hoped that further coordination between the two networks can be secured to mutual benefit.
Shareholder Action Plan
This involves extending existing arrangements whereby NGOs acquire shareholdings in key corporates involved in the forest bioenergy sector, thus gaining greater insight into their mode of operation and having opportunity to represent in the presence of other investors.
The process can quite positive, involving suggestions for business plan diversification away from higher risk solid bioenergy into a broader product of renewables and other alternative industrial process approaches that are both more climate friendly and offer a potentially higher rate of return on capital employed (ROCE), being much less dependent on subsidy and often inherently profitable by comparison.
Wild Europe is conducting a consultancy on a related issue. Could institution of Clean Energy/Tech Indices in individual international Stock Exchanges help facilitate the financing of this process, which also has potential to bring new issue business to those exchanges involving high growth enterprise?