[yt_dropcap type=”square” font=”” size=”14″ color=”#000″ background=”#fff” ] T [/yt_dropcap]he People’s Climate March on Saturday, April 29, 2017, flooded Washington, DC, with over 100,000 protesters. Organizers claimed 150,000, with marches in 330 other cities across the country and in three dozen solidarity events abroad. Coinciding with President Trump’s 100th day in office, the marchers also protested his anti-environmental actions.
The previous Saturday (April 22, 2017), thousands of scientists marched to protest the Trump administration’s belittling of science. The demonstrations were planned for Earth Day to signal a particular concern with the enormity of current climate policy. Across the US and in hundreds of cities across the globe, more than 600 actions on every continent including Antarctica, they excoriated the president with disparaging signs likening him to all kinds of toxins generally orange colored. When have scientists marched like this? They are clearly worried.
Contrary to the administration’s cavalier attitude, climate change is not a belief; it is a determined fact, measurable and rationally undeniable. Just about every major international scientific academy endorses it, including the US National Academy of Sciences.
The melting Arctic ice, the plight of polar bears, the pollution registered even in Arctic snow … none of it has been enough to deter this president. He asked theEnvironmental Protection Agency (EPA) in January to remove the climate change page from its website, which also carried links to emission data and scientific research. He wants to withdraw from the Paris Agreement, arrived at after great effort and now ratified by 144 countries out of the 197 participants. In typical Trump fashion, he later added he might stay on if the US got a better deal.
On March 28, he signed an executive order attempting to roll back the Clean Power Plan (CPP) and its restrictions on coal. He said it would bring jobs back to the coal mining communities.
While of much concern, it may not be as easy as he thinks. One might also have noticed the power companies (the main users of coal) are not rushing in to support Mr. Trump.
There is a good reason. The CPP generated discussion at all levels of society when it was proposed. The initial draft produced more than 4.3 million comments because the Environmental Protection Agency made extraordinary efforts to inform, conduct public hearings, hold joint discussions between regulators and power producers, and encourage collaborations between federal energy bodies. It was all designed to change the perspectives and motivations of stakeholders. In this, the EPA succeeded, so much so that even if the Trump administration prevails in its roll back, it is unlikely to find many takers.
At present, a full 44 percent of the US power supply is generated in coal-fired power plants. As of 2012, there were 572 such operational stations generating an average of 547 megawatts.
The pollution from this coal burning comes in many forms: toxic emissions, smog, soot, acid rain and global warming. To those who deny man-made CO2 as a contributor to global warming, there is an irrefutable answer. Carbon in CO2 released from the burning of fossil fuels presents a unique signature through delta13C negation. This is because plants have less of the 13C isotope of carbon than that in the atmosphere so that the burning of fossil fuels reduces the isotope in the atmosphere. It is measured as negative delta13C. The more negative the delta13C (as atmospheric CO2 increases), the higher the proportion of carbon from fossil fuels. Since 1980, delta13C has been on a consistent negative slope from -7.5 per mil to a -8.3 per mil in 2012 imputing human hands. Before the industrial revolution, it was -6.5 per mil. Put another way, our fingerprints are all over this crime scene.
The current EPA administrator, Scott Pruitt, has repeatedly expressed doubts about the issue. Yet the Intergovernmental Panel on Climate Change Fifth Assessment Report (2013) has enough detail to convince any rational skeptic.
For the Trump administration’s climate change deniers, one can only present measurable, undeniable facts. The latest Arctic Report Card released December 13, 2016, by the National Oceanic and Atmospheric Administration does exactly that. The peer-reviewed report brings together the work of 61 scientists from 11 nations, and is key to tracking changes in the Arctic.
Even Indonesian farmers are responding to the effects of climate change. Surely the American public has the right to expect public officials to be better informed than farmers, although the latter naturally observe the problems first hand.
What is happening in the Arctic is frightening. The region has experienced record-setting surface temperatures for three years in a row accelerating the ice and snow melt. In the past quarter-century it has lost two-thirds of the volume of sea ice as well as snow cover. The result is increased exposure of water to sunlight and greater absorption of heat, which in turn melts more ice and snow in a vicious cycle (Martin Jeffries, James Overland and Don Perovich, Physics Today, October 2013). Worth noting of course is that the Antarctic is not immune.
There is a disturbing photograph of the Arctic showing a large green area in the middle. Ice cover is now so thin, sunlight is able to penetrate through, enabling plankton to grow in the water below.The effect of Arctic warming on weather in the mid-latitudes is another issue. As yet the scientific community is ambivalent because mathematical computer simulations have not proved significant, at least not on a global scale. Local effects are another matter: Loss of sea ice in the Barents and Kara Seas in the Arctic have been linked to cold, stormy conditions in Eastern Asia through both simulations and field observations. It can, of course, be a harbinger of future global effects when the Arctic ice melts further.
The effect of Arctic warming on weather in the mid-latitudes is another issue. As yet the scientific community is ambivalent because mathematical computer simulations have not proved significant, at least not on a global scale. Local effects are another matter: Loss of sea ice in the Barents and Kara Seas in the Arctic have been linked to cold, stormy conditions in Eastern Asia through both simulations and field observations. It can, of course, be a harbinger of future global effects when the Arctic ice melts further.
Whether all the evidence and the logic will gather much traction among the climate change deniers of the Trump administration is another matter. That is why the People’s Climate March protesters were marching. So were the scientists. Their discipline, resilient yet based on fact, theoretical yet based on empirical evidence, bringing benefits to society as a whole, forces them to.
Author’s note: This article appeared originally on truth-out.org
When Sea Levels Rise And Coastal Waters Darken…
Authors: Dr. Arshad M. Khan and Meena Miriam Yust
The coastal waters by Wilmington, Delaware, the president’s home base, have risen a record 3 mm in the past year. Worse, the rate of increase is itself increasing portending a foot or more in the next century. It means a rebuilding of docks plus barriers to prevent serious tidal flooding.
The Virginia Institute of Marine Sciences (VIMS), affiliated with the College of William and Mary, has been collecting data on sea levels for the past 52 years. It released its latest annual report recently, noting sea level rising by historic amounts — as in the case of Wilmington — as well as the accelerating rate of increase.
There are 32 tide gauges placed along the US coasts all the way to Alaska. Maintained by the National Oceanic and Atmospheric Administration (NOAA), these measure levels every six minutes. Researchers at VIMS take a monthly average to avoid a skewed analysis due to unusual weather patterns like storms.
The Institute’s report presents sea level changes, assesses future trends, and tries to explain the increases or even decreases at particular localities. Sea level changes are relative to the adjoining land. For example, the rates are actually falling in Alaska but that is caused by shifting tectonic plates raising land and off-setting the sea level rise.
Researchers describe the persistent sea level rise as a “slow emergency” — not a storm that will be hitting tomorrow but trouble ahead and the report cards can help local authorities plan for the future.
Wetlands Watch works to preserve wetlands in Virginia’s coastal areas. Rising sea level is a particular concern because it is expected to affect most of the state’s coastal wetlands. Therefore in addition to policy advocacy, Wetlands Watch has developed Sea Rising Solutions, which helps in mapping out where flooding is likely.
Spreading the word about sea level rise and its consequences engages the whole community and motivates legislators and developers to adapt to the new norm and prepare ahead for a changing environment.
There is another problem with coastal areas: a gradual darkening of the sea water. It is serious for such a change in color and clarity poses a significant threat to marine life. The Coastal Ocean Darkening Project at the University of Oldenburg in Germany simulated the effects by filling huge metal vats with water and phytoplankton and hanging lamps above them to simulate sunlight. They then darkened the water using low, medium and high concentrations of a brown liquid extracted from peat to simulate decaying organic matter. The phytoplankton were all negatively affected but particularly in the vats with medium and high concentrations which blocked off more light. Also some phytoplankton were affected more than others.
The adverse consequences to the elemental base of the ocean’s food threatens marine species up the chain, and especially those relying on the phytoplankton types most affected. Moreover, reduced vision hinders those species, like fish, relying on vision to hunt, while not affecting those that do not, like jellyfish.
Why is the water darkening? One hint might be that environmental regulation of fertilizer use goes along with improvements in the Mediterranean, the North Sea and parts of the North American coast. And of course reducing global warming would decrease ice melt and subsequent sea level rise.
Promoting Green Finance in Qatar: Post-Pandemic Opportunities and Challenges
The recent COVID-19 pandemic had significant implications for both national economies and the global financial system, in addition to hindering the achievement of the sustainable development goals agenda. The UNDP estimates global human development—a combination of education, health, and living standards—could fall this year for the first time since 1990, which highlights how the effects of the pandemic present both an enormous challenge and tremendous opportunities for reaching the 2030 Agenda and the Sustainable Development Goals (SDGs).
With the additional challenges arising from climate change, governments have committed to several policy measures which promote a green recovery to rebuild their economies, while benefiting the people and the planet. The Organisation for Economic Co-operation and Development (OECD) estimates that the public resources committed by governments to support a green recovery amount to at least USD 312 billion. These measures present tremendous opportunities for green finance in general, and Islamic green finance in particular, in the context of Muslim-majority countries.
The State of Qatar, in light of its National Vision 2030 and in order to enhance the diversification of its economy away from hydrocarbon, has taken several measures to mitigate climate change. These include increasing the use of solar energy to more than 20% of its energy mix by 2030, the optimal use of water, improving air quality, waste recycling, increasing green spaces, in addition to the country’s commitment to organizing the first “carbon neutral” tournament featuring the use of solar-powered stadiums and water and energy-saving cooling and lighting technology. The State is also a signatory of the Paris Agreement on Climate Change and supports a number of global initiatives in relation to climate change mitigation.
All these initiatives could be funded via green finance. In this regard, there are four global trends in the financial industry that the State of Qatar can leverage to promote green finance for green recovery:
Growth of SRI and ESG awareness:
Socially responsible investing (SRI) and environmental, social, and governance (ESG) investing are two of the fastest growing investing areas globally. Both are driven by the increasing awareness of social and environmental responsibility. According to the Global Sustainable Investment Alliance, global sustainable investment reached $30.7 trillion in the five major markets at the start of 2018, a 34 percent increase in two years. These include Europe, United States, Japan, Canada, Australia, and New Zealand. Developing green finance instruments and products can attract a growing SRI investor base that seeks to align social and environmental values with its investment portfolios.
Upward trend of Islamic Finance:
According to the Islamic Financial Services Board (IFSB), the total worth of the Islamic Financial Services Industry across its three main segments (banking, capital markets, and takaful) is estimated at $2.44 trillion in 2019, marking a year-on-year 11.4% growth in assets in US dollar terms. According to Thomson Reuters, the industry is projected to reach $3.8 trillion by 2022. Qatar is one of the global Islamic finance hubs with Islamic finance assets representing more than 20% of the local financial system’s assets. With the recent development of Islamic green finance, Qatar has the opportunity to position itself as a sustainable finance leader in the region by promoting synergies between Islamic and green finance growing markets.
Financial innovation for sustainability:
The United Nations Conference on Trade and Development (UNCTAD) highlights that achieving the Sustainable Development Goals (SDGs) will take between $5 and $7 trillion, with an investment gap in developing countries of about $2.5 trillion and the additional net investment required to implement renewable energy solutions standing at $ 1.4 trillion, or about $100 billion per year on average between 2016 and 2030, according to the International Renewable Energy Agency (IRENA). Mitigating this funding gap requires an engaged private sector to make green investments. That is why several green instruments and products were developed across the various segments of the financial industry. These include green retail banking products, including green loans and green mortgages, green corporate and investment products, green project finance, and green venture capital and private equity, as well as green capital market instruments, like green investment funds, green bonds, and sukuk.
Integration of sustainability objectives into national strategies:
Several governments around the world have integrated sustainability objectives and green finance roadmaps into their national strategies, either through a top-down approach, whereby green finance frameworks and taxonomies are harmonized at the country level (as with China), or via market-led collaborative actions. In addition, to overcome private sector investment barriers, such as high up-front costs, long investment timelines, and higher perceived risks, several countries have put in place incentives in the form of subsidies and tax exemptions. The State of Qatar can leverage these experiences through collaborations and partnerships to develop a unique green finance model in the region
Green Sukuk: A Fast Growing Market
Green sukuk is an innovative instrument for financing green infrastructure. It has the potential to become a new asset class targeting both Islamic and socially responsible investors.
Since the issuance of the first green sukuk in 2017 in Malaysia, the market has grown significantly, with twelve issuers in Indonesia, Malaysia, and the United Arab Emirates tapping the market, in addition to the Islamic Development Bank. About $7.6 billion in four currencies (EUR, IDR, MYR, and USD) was raised up to September 2020, with tenors ranging from two to 21 years. The amounts raised were allocated to green construction, energy efficiency, and clean transportation projects.
Promoting Green Finance in Qatar
Although the green finance market is still in an early stage of development in the country, the market has witnessed several initiatives by local institutions that might pave the way to the development of a more dynamic market. In September 2020, Qatar National Bank (QNB) issued the first ever green bond in Qatar, a $600 million tranche, under its MTN Program, with a maturity of five years under its established Green, Social, and Sustainability Bond Framework.
In addition, Qatar Stock Exchange (QSE) introduced an ESG Guidance in 2017 to assist listed companies wishing to incorporate ESG reporting into their existing reporting processes.
While Bond and sukuk issuance in Qatar reached $28 billion in 2019, the market is largely driven by government issuance and commercial banks for corporate issuances, with the exception of Ezdan Sukuk in 2016 and 2017. The development of green sukuk in the country with the enabling ecosystem could facilitate corporate sukuk issuance, thus enhancing market liquidity.
In conclusion, promoting a green recovery in line with the country’s economic diversification objectives and climate mitigation strategies will require the development of an enabling ecosystem for the development of green finance in Qatar. Developing a pipeline of bankable green projects at the country level, market awareness, and promoting synergies between Islamic and green finance will provide the basis for further innovation and policy action, such as green labels, frameworks, and incentives.
2021 will be defined by the more long-term crisis facing humanity: Climate change
Rather than low-tech and often unworkable solutions (reduced or no travel, mass vegan diets) governments are increasingly embracing technology to help us understand and influence the climate – rather than merely respond to it. This should become the norm for public authorities across the world.
China’s weather modification programme, for example, could be a lifeline for workable solutions to climate change globally. The technique, known as cloud-seeding, uses silver iodide and liquid nitrogen to thicken water droplets in the cloud, leading to increased rain or snowfall.
The technology has been used to prevent droughts and regulate weather before major events, like in the run up to the 2008 Beijing Olympics.
The Chinese cabinet has announced that its weather modification programme will cover half the country by 2025, with the aim to revitalize rural regions, restore ecosystems, minimize losses from natural disasters and redistribute water throughout the country.
And China’s ambitious ‘Sky River’ programme could eventually divert 5 billion cubic meters of water annually across regions, which could protect millions of people from the effects of drought and water scarcity.
Although critics have, without evidence, described these projects as ‘weaponization of the weather’, the humanitarian and development potential is huge.
Necessity is the mother of invention, and this is truer than ever with regards to the climate. The world faces a climate-change induced water crisis, with 1.5 billion people affected globally.
The UN predicts that at the current water usage levels, water scarcity could displace 700 million people by 2030.
Carbon emissions are unlikely to be eliminated in high growth economies in regions like Asia, meaning that the world must develop a way to manage emissions’ effects on the climate.
Whilst it is true that the basic solutions of eating less meat, cycling to work and cutting back on international flights can help to curb our carbon output in the long-run, it does nothing to help those who suffer from flooding or water scarcity today.
Ultimately, technology is an essential part of the solution.
Big Tech is leading the charge in tackling climate change through the use of Big Data and machine learning. In November 2019, a group of data scientists published a paper entitled ‘Tackling Climate Change with Machine Learning’. The paper laid out 13 different applications of using machine learning to tackle the impacts of climate change. One such application was using machine-learning to predict extreme weather events.
Such an application is already being put into action. For example, Bangladesh is one of the most flood-prone countries in the world; approximately 5 million people were negatively affected by flooding last year alone. In order to help combat this, Google teamed up with the Bangladesh Water Development Board and the Access to Information (a2i) Programme to develop a flood notification app that is approximately 90% accurate.
The app, which is enabled by AI flooding simulation, provides the population with timely, updated, and critical information that can help users make informed decisions on the safety of their families and friends.
The same technology has been used in both India and South Africa, and has the potential to save thousands of lives and livelihoods. It is these sorts of innovations that we must rely on to help those who are most vulnerable to the impact of climate change.
It is not only cloud-seeding and weather prediction technologies that will provide humanity with a route out of its biggest existential threat. Breakthrough battery technology, green hydrogen, 5G-based smart grids and carbon-negative factories are set to become commonplace in our fight against rising CO2 levels.
As a global society, we must set our political divisions and some critics’ technophobia aside, and step forward in a spirit of international collaboration.
Similarly to how the pandemic showed the need for united global action, climate change will do the same. And just as technology and science was a key part in how the pandemic was brought under control, climate change can only be addressed through tech-based solutions.
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