The Know Daily - Monday 21 July 2025

_{Read in 4m 29s ∙ Listening to Nathan Evans ∙}

Heavy metal legend Ozzy Osbourne has surprised fans by collaborating with chimpanzees on a series of abstract expressionist paintings. The final works are to be sold at auction, with the money raised set to be given to Save the Chimps – a sanctuary in Florida for chimpanzees.

🌍 Carbon trading

Earlier this month, new legislation was announced aiming to reduce Europe’s emissions by 90% before 2040, with international carbon trading proposed to help achieve this.

What is carbon trading?
Carbon trading is a system where companies can buy and sell “carbon credits”. One credit equals one tonne of carbon dioxide (or the equivalent of a similar gas) removed from the atmosphere – in context this is roughly the amount of carbon dioxide released during a round trip flight between London and Tenerife. If a company emits too much, it can buy extra credits from another company that has reduced its emissions and has credits to spare. There’s usually a limit on how many credits each company gets, and that limit is lowered over time to help reduce overall pollution.

Who’s doing it?
55 countries currently have variations of this system, including the UK, Canada, China, Australia, Japan and the European Union. Plus, voluntary schemes mean individuals and companies can choose to offset their own emissions. This is most commonly seen when people travel and can donate to have trees planted or invest in renewable energy and carbon capture initiatives to balance emissions. It’s predicted the global voluntary carbon market will reach around $24bn by 2030. 

What’s the benefit of it?
It’s incentivising both short-term and long-term efforts to reduce emissions. Some companies may not have the means or finances to immediately upgrade to greener practices or infrastructure, so this is a way they can be climate conscious in the meantime. For those selling credits, it’s raising funds to support innovation in sustainable technologies. 

Are there any downsides?
Buying credits can help a company emitting more than their allowance avoid fines or other penalties, leaving some concerned that this means companies don’t feel they have to cut emissions themselves. Careful monitoring is needed to make sure the carbon trading system is fair and transparent for everyone, including local communities who could be affected by environmental projects.

The takeaway.
As more global governments develop environmental protection legislation, the carbon trading landscape is likely to grow. Through being mindful of our carbon footprint – including using handy calculators like this – and the green solutions used to offset emissions, countries, businesses and individuals can make a difference in Earth’s future.

💰 Money Monday: ‘Buy Now, Pay Later’ services like Klarna and Clearpay may soon face stricter affordability checks under new UK regulations.

• The bigger story: With one in five Britons using the services to borrow money, the Financial Conduct Authority aims to reduce the risk of unaffordable debt, especially among younger users. The changes mean providers must assess a customer’s ability to repay before approving credit, bringing ‘Buy Now, Pay Later’ more in line with traditional lending rules.

⚽ ️ Lionesses reach the semis: England will play Italy tomorrow in Geneva for a spot in the Euro 2025 final – their third in a row if they win.

🇺🇦 Peace progress: Ukrainian president Volodymyr Zelensky has offered Russia’s president Vladimir Putin a fresh round of peace talks to be held this week.

🎥 HollywoodGPT: Netflix has used visual effects created by generative AI in one of its original shows for the first time.

💧 Solving spillages: The UK environment secretary has pledged to halve sewage pollution from water companies by 2030 and eliminate spills within ten years.

🚂 Full steam ahead: Any trainspotters amongst us? This glass-roof train has just been named the world’s best rail journey.

🔗 Last week’s most clicked: A jazzy street party, French homes for €1 and the BBC’s top earners.

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Trivia answer: A) Some of the hype surrounding Carrie’s looks can be attributed to the release of the third season of And Just Like That.

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