Happy Tuesday.  Iceland’s government announced a bold move to prioritise food security over cryptocurrency gains as it charts a new course for the nation's farming future.

In today’s edition:
⚡️ US EPA calls for 56% reduction in fleetwide average carbon emissions by 2032
🚜 Iceland only produces 1% of its cereal crops and wants this to change
🌳 WTO calls for reform to $500bn global agriculture subsidies

🔋 Energy (1-Min Read)
Biden announces new rule for car emissions to boost EV sector

What happened: The US Environmental Protection Agency (EPA) has finalised rules limiting auto tailpipe emissions from cars, SUVs and pickups, as part of a push to accelerate the U.S. transition to electric vehicles.

The numbers:  The rule, which calls for a 56% reduction in fleetwide average carbon emissions by 2032, constitutes the strictest-ever limit on pollution from the nation’s cars and light trucks.

Why it matters: Between 2027 and 2055, the EPA claims the rule would cut 7 billion tons of carbon emissions. This is equivalent to eliminating at least a year's worth of U.S. emissions, from all sources.

What to expect: You can expect to hear a lot about this rule as the presidential election heats up:

(Full story here).

 🚜 AgriTech (1-Min Read)
Iceland to harvest more corn and less bitcoin

What Happened: Iceland’s Prime Minister, Katrín Jakobsdóttir, emphasised the country’s need to prioritise food security over financial gain. The Icelandic government will push for policies that support food production while reigning in energy-hungry Bitcoin miners. 

Food (in)Security: Iceland produces only 1% of its cereals and 43% of its vegetables, with the island nation relying on big agricultural exporters, like France and the Netherlands, to feed its population. However, these exporters could reduce production to meet the EU’s stringent climate goals, while farming protests and geopolitical tensions also affect food supply. Iceland will boost domestic food production—particularly crops like corn—through new farm-funding systems. 

Less Bitcoin: One way the government aims to support the food industry is by diverting cheap renewable electricity towards food production and away from bitcoin datacentres which use a significant share of the country’s green energy. 

Bigger Picture: Iceland exemplifies the worldwide efforts and challenges of nations trying to balance economic interests, food and energy security, and environmental sustainability amid evolving geopolitical dynamics and global supply chains. (Full story here).

🐘 Nature (1-Min Read)
Reform farming subsidies to boost biodiversity, says Brazil’s World Trade Organisation Ambassador

What Happened: Brazil’s ambassador, Guilherme de Aguiar Patriota, said that the World Trade Organisation (WTO) must work to reform agricultural subsidies to achieve targets set out in the Kunming-Montreal Global Biodiversity Framework (GBF). 

Details: Target 18 of the GBF directly addresses the subsidies issue, calling for progressive elimination, phasing out or reforming harmful subsidies by 2030, which will also help bridge the $700bn biodiversity finance gap. 

Harmful subsidies: The UN Development Programme highlights that energy and agriculture industries account for the largest share of subsidies linked to species and habitat loss. Agriculture production receives over $500bn annually in subsidies across 54 countries, while biodiversity receives around $78-$91bn. 

Harsh realities: Calling for reform to harmful subsidies is one thing; implementing reform is another. The WTO is currently trying to negotiate the elimination of harmful fisheries subsidies. However, countries failed to reach a deal following the latest round of negotiations. Fisheries subsidies are worth $35bn per year, compared to the $500bn given to agriculture, suggesting a difficult road ahead. (Full story here)

💭 Little Bytes (1-Min Read)

💬 Quote: “There is no doubt, climate change is multiplying the risks we face.” Ursula Woodburn, director of Corporate Leaders Group Europe

📊 Stat: In 2023, more than 90% of the world’s oceans suffered heatwave conditions, glaciers lost the most ice on record, and the extent of Antarctic sea ice fell to by far the lowest levels ever measured - UN’s World Meteorological Organization

📺️ Watch: The UK’s coinmakers are reclaiming gold from old circuit boards

🛗 Snippets for your lift conversations (1-Min Read)

 🎣 Gone Phishing (1-Minute Read)

Three of these stories are true, one we've made up. Guess which: