F1's Vettel questions his gas-guzzling job and other environment stories you need to read this week

The New Zealand government said today (May 16) it would set up a NZ$4.5 billion ($2.83 billion) climate response fund, spending at least NZ$2.9 billion on cutting pollution over the next four years as it targets net zero emissions by 2050.

The world faces a 50% chance of warming of 1.5 degrees Celsius above pre-industrial levels, if only briefly, by 2026, the World Meteorological Organization said on 9 May. That does not mean the world would be crossing the long-term warming threshold of 1.5°C, which scientists have set as the ceiling for avoiding catastrophic climate change. But a year of warming at 1.5°C could offer a taste of what crossing that long-term threshold would be like.

Egypt plans to issue a new national target to cut its greenhouse gas emissions within weeks, Foreign Minister Sameh Shoukry said on 13 May, as it prepares to take the lead on global climate negotiations as host of a UN summit in November.

Global warming made the heavy rains behind South Africa's devastating floods last month twice as likely as they would have been if greenhouse gas emissions had never heated the planet, scientists said on 13 May. Flash floods around the east coast city of Durban killed 435 people, left tens of thousands homeless and caused 10 billion rand ($621.73 million) worth of damage to roads, power lines, water pipes and one of Africa's busiest ports.

The world needs to speed up decarbonization and not let a focus on energy security in the wake of Russia's invasion of Ukraine derail the drive to a low-carbon economy to avert disastrous climate change, leading climate envoys, including John Kerry, said on 11 May.

Ivory Coast aims to raise $1.5 billion for a five-year land restoration programme to bring back forest and increase food production, President Alassanne Ouattara said on 9 May at the start of a United Nations conference on desertification.

Lawmakers on the European Parliament's environment committee on 10 May backed an EU plan to effectively ban new petrol and diesel car sales from 2035, while voting against proposals for tougher targets to cut car CO2 emissions within this decade. The committee supported the proposal for a 100% cut in CO2 emissions by 2035, which would make it impossible to sell new fossil fuel-powered vehicles in the 27-country bloc.

Rising concerns over energy security and climate change will galvanize record new capacity to generate renewable power in 2022, the International Energy Agency forecast on 11 May. The IEA forecasts that 320 gigawatts will come online this year, equivalent to top European economy Germany's total annual demand, up from a previous record of 295 gigawatts in 2021.

Four times Formula One world champion Sebastian Vettel says climate change has made him question his job as a driver travelling the world to race cars.

Speaking on BBC Question Time, a television panel show mixing politicians and celebrities, on 12 May, the German was asked whether his position on the environment made him a hypocrite considering he was part of a "gas-guzzling" sport.

"It does, it does, and you're right when you laugh," the 34-year-old father-of-three replied. "There's questions I ask myself every day and I'm not a saint.

"Certain things are in my control and certain things are not. It's my passion to drive a car... When I get out of the car, of course I'm thinking as well 'Is this something that we should do, travel the world, wasting resources?'"

The Aston Martin driver wore a T-shirt before the Miami Grand Prix with the slogan "Miami 2060 - first grand prix underwater - Act Now or Swim Later" to highlight the effects of climate change.

Formula One is aiming to achieve a net zero-carbon footprint by 2030, with 100% sustainable fuels from 2026 when a new engine is introduced.

A growing number of chief executives consider sustainability one of the biggest challenges to act upon over the next two to three years, a new study said on 10 May.

In a global survey of 3,000 CEOs spanning over 40 countries and 28 industries, the IBM Institute for Business Value (IBV), a think tank for tech group IBM, unveiled how sustainability had progressively moved to the core of corporate agendas.

As the world rebounds from the disruption caused by the coronavirus pandemic, firms are facing increasing pressure from stakeholders to prioritize how they will adapt as the world transitions to a low-carbon economy.

The report showed sustainability was top of the list of challenges for 51% of CEOs, up from 32% in 2021, with greater demand for action coming from board members and investors.

The focus was also being driven by a growing consensus that corporate efforts around sustainability can lead to stronger business performance.

"The perception that environmental and social agendas require a tradeoff with improved business outcomes is crumbling," IBV said.

Of the CEOs surveyed, more than 80% expect investments in sustainability to deliver higher business results over the next five years, the report showed.