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We Innovate For Climate Because Our Future Depends On It

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photo: Innovate4Climate

In Frankfurt this week, Innovate4Climate brought together climate leaders who recognized and applauded the growth in climate finance and innovation but noted that much remains to be done to scale up action and get on track to meet the Paris Agreement’s 2°C goal.

The big news coming out of #Innovate4Climate was the launch by the Government of Spain of a new initiative to develop next-generation climate solutions. This represents the first step toward facilitating new climate markets using an instrument that addresses the supply and demand of mitigation outcomes, to attract private investors and new sources of financing in line with the Paris Agreement.

There was standing room only at the presentation of the World Bank’s 2018 edition of the State and Trends of Carbon Pricing report and IETA’s GHG Markets Sentiment Survey. The World Bank report shows that coverage of global greenhouse gas emissions by carbon pricing mechanisms is up by 5 percent compared to last year – now covering about 20% of emissions. There’s a growing sense of optimism about the prospects for emissions trading around the world.

“The conference successfully convened key actors on climate finance from both the private and public sector. I am glad to see that the agenda featured resilient investing and insurance-linked solutions to climate risks. These topics will gain prominence as the impacts of a changing climate require us to rethink conventional business models,” said Simone Ruiz-Vergote, Managing Director at Allianz Climate Solutions.

Participants brought latest examples of financial innovation, business, technology and policy solutions to accelerate mitigation and adaptation.  Sessions on blockchain technology and disruptive technologies to form new systems that save clients time and money drew big crowds, as did presentations at the Pitch Hub on energy efficient lighting and cooking in India by EESL.

With a new optimism and a sense that carbon markets have turned a corner – for example, the average carbon price in the EU’s emissions trading scheme is now above 14 Euros per ton– business is showing renewed interest in investing in climate-smart projects.

Innovate4Climate is about tapping the ideas and ingenuity of a growing community of business, finance, technology, civil society and policy leaders and increasing their role in driving climate action. Everyone has a part to play: governments, for example, can put policies and MRV infrastructure in place; multilateral development banks like the World Bank can help de-risk climate investments through financial and political guarantees; business can increase the use of private investment capital; and civil society can highlight progress while bringing a voice to the most vulnerable people.

“Climate Change is a challenge but also opens enormous opportunities,” said Hans Peter Lankes, IFC Vice President for Economics & Private Sector Development when closing the Summit. “To take these opportunities to their full scale, partnerships, innovation and leadership are critical. Governments must provide enabling regulations; MDBs must help mobilize investors by mitigating risks; and the private sector must come in full force with its capacity to innovate and provide solutions.“

This second Innovate4Climate conference showed, once again, the importance of bringing key climate finance players together to discuss ideas around accelerating decarbonization and presenting concrete solutions and deals.

The World Bank takes an approach it calls “Maximizing Finance for Development” and aims to harness the power of everyone in the room to unlock climate finance.  It involves redefining the approach to development finance, by leveraging the private sector in ways that optimize the use of scarce public resources. Meeting the Paris Agreement’s commitments requires investments at unprecedented speed and scale. The financing needs are monumental but so are the opportunities. Emerging market economies will need about $23 trillion to meet the Paris objectives. Unlocking this potential demands forward-looking policies, innovation and investors with capacity to take some risk.

“Blockchain has the potential to truly transform our global supply chains and create disruption but only when used in combination with other technologies to address the needs of society. We all have a role to play in defining those needs and in finding the new businesses cases to accelerate the transition and affect change.” said Deanna MacDonald, CEO and Co-Founder of BLOC.

There are major challenges ahead, but also solutions and opportunities. The message was loud and clear at I4C: private investment in climate action and green growth is good for the bottom line. And that is a message everyone can get behind.

World Bank

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Green Planet

The problems of climate change, part 1

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In recent years, increasing evidence has shown that the world is warming. Scientists’ research tells us that the cause of global warming in recent decades is most likely to be a large number of greenhouse gases released as a result of industrial production and everyday life habits.

Due to the huge environmental disasters it can cause on a world scale, global warming has also attracted the attention of governments, media and people in various countries. In order to avoid irreversible environmental disasters due to global warming caused by human activities, governments have convened multiple international conferences under the United Nations Framework Convention on Climate Change.

For the man in the street, global warming seems to be just an abstract concept, something far removed from him. In his view, how to deal with global warming falls within governments’ responsibility and he has nothing to do with it. Global warming, however, is something that is really happening and will affect everyone’s life on the planet.

Food, clothing, housing and transport can be affected directly or indirectly by global warming. As members of the global village, we ordinary people should also understand some basic concepts about global warming and actively respond on our own initiative.

According to the World Meteorological Organisation, the global average temperature from 2016 to 2020 was the warmest one ever recorded – approximately 1.1°C higher than in the period from 1850 to 1900 (the base period for temperature changes relative to the industrial revolution), and higher than in the 2011- 2015 period. The National Aeronautics and Space Administration (NASA) predicts that by 2100 the global temperature will increase by about 1.4-5.8°C and the global climate will undergo huge changes never seen in the last 10,000 years.

Climate change is closely related to human society as the frequency, intensity and duration of extreme weather events such as floods, droughts, hurricanes and heat waves increase. The Global Risk Report 2020 issued by the World Economic Forum underlined that environmental issues such as extreme weather events, failure to respond to related problems, and natural disasters are considered high-risk events with high probability of occurrence and greater impact.

With a view to actively responding to the climate crisis and achieving sustainable development, and to helping people fully understand the socio-economic impact of future temperature increases, scientists are carrying out a great deal of research. This theoretical and empirical evidence is of great importance for the implementation of adaptive strategies to allocate resources to ensure public safety from natural disasters.

The normal metabolism of the human body requires a constant body temperature between 36~37°C. When the human body is exposed to a high temperature environment for a long time, the metabolic function of the body decreases: the blood supply to the central nervous system decreases as the blood vessels in the skin expand; the actual volume of fluid circulating in the blood vessels becomes thinner as water loss increases, and the internal body temperature gradually rises.

When the temperature of the human body exceeds 39°C, it is not only a sign of some ongoing disease, but this temperature can cause heat-related illnesses such as exhaustion, heat cramps and heatstroke. With water loss, the body’s water and electrolytes can become unbalanced; blood viscosity and cholesterol levels increase; blood vessels dilate; blood circulation accelerates; the heart and lung systems overload, which in turn causes cardiovascular events (such as heart attack and stroke), thus increasing the likelihood of death.

It is worth noting that there are also significant differences in the impact of heat-related illnesses on different groups of people. The elderly, children and outdoor workers are more vulnerable to heat-related illnesses and accidental injuries than the rest of the population.

On days with high temperatures, older people with reduced physical function and poor health or chronic diseases are more likely to suffer. For the impact of heat-related illnesses such as stroke, kidney and respiratory diseases, the risk of death is 10.4% higher than on days with a temperate climate. Considering the accelerating ageing of population, the health risks caused by climate change in the future could be more severe in a geometric-sequential form.

Increased exposure to heat caused by climate change can also damage the health of unborn children. On the one hand, heat can directly lead to faster delivery, shorter pregnancies and lower birth weight.

A paper published in 2020 by Alan Barreca and Jessamyn Schaller in Nature Climate Change examined over 56 million births in various counties in the USA between 1969 and 1988. The results of the study showed that on days when the maximum temperature exceeded 32.2°C, the birth rate increased by 5%, the number of pregnancy days decreased by an average of 6.1 days and some births occurred as much as two weeks earlier.

A paper published in 2009 by Oliver Deschenes, Michael Greenstone and Jonathan Guryan in the American Economic Review found that the warm weather experienced during pregnancy (especially in the second and third quarter) had a worrying negative impact on the baby’s birth weight. The authors predicted that, by the end of the 21st century, the average birth weight of white babies would decrease by 0.22% (7.5 grams) and the average birth weight of black babies would decrease by 0.36% (11.5 grams).

On the other hand, high temperatures will affect the yield potential of major crops, threaten food security and increase food prices, thus indirectly affecting health issues such as nutrition (also considering the obvious decrease in available water on the planet), immunity, and the birth of infants and the growth of young children.

Health is one of the important elements of human capital. Many research findings confirm that exposure to high temperatures during the foetal period has a significant negative impact on an individual’s cognitive abilities and long-term human capital accumulation. In 2019 the Journal of Environmental Economics and Management edited a paper by Ram Fishman, Paul Carrillo and Jason Russ in 2019, based on a group of employees in an Ecuadorian education department born between 1950 and 1980. The temperature has a negative impact on the level of education and income in adulthood: for every 1°C increase in the average monthly temperature during pregnancy, the probability that a person receives secondary education will decrease by 0.2% and the level after adulthood will decrease by 0.7%, with women being the most affected (0.86% compared to 0.59% for men).

Finally, high temperature will also have a great impact on workers’ productivity. When the human body is exposed to a high-temperature environment, the increase in internal body temperature will stimulate the nerve centre, leading to self-protective fatigue, decreased strength and muscle endurance, thus reducing productive efficiency.

A paper published in 2018 by Peng Zhang, Olivier Deschenes, Kyle Meng, Junjie Zhang in the Journal of Environmental Economics and Management used the detailed production data of 500,000 workers from 1998 to 2007 and adopted the fixed-effect model of data to study the effect of temperature on the total factor of firm-level productivity (TFP) and the influence of input and output factor. It is demonstrated that the productive efficiency of both labour-intensive and capital-intensive firms shows sensitivity to high temperatures: compared to a standard of 10-15.6 °C, when the maximum daytime temperature exceeds 32.2°C, TFP will be reduced by 0.56%.

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The Only Way to Stop Global Warming

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One way exists to stop global warming, but the mutual feedback cycles that are now accelerating global warming might already have achieved enough speed of increasing temperature so as to prevent even that one way from working, and therefore the planet might already be doomed. Since the only way to stop global warming hasn’t yet even been proposed (much less tried), I shall now publicly propose it here, in accord with the adage “Better late than never.”

The way to stop global warming (if it still can be stopped) is to ban purchases of stocks and of bonds — i.e., of all forms of investment securities (corporate shares and even loans being made to the corporation) — of enterprises that extract from the ground (land or else underwater) fossil fuels: coal, oil, and/or gas.

For examples: in 2017, the world’s largest fossil-fuels extractors were, in order: 1. Saudi Aramco (Saudi Arabia billionaires); 2. Chevron (U.S. billionaires); 3. Gazprom (Russia billionaires); 4. ExxonMobil (U.S. billionaires); 5. National Iranian Oil Co. (Iran billionaires); 6. BP (UK billionaires); 7. Shell (Netherlands billionaires); 8. Coal India (India billionaires); 9. PEMEX (Mexico billionaires); 10. Petroleos de Venezuela (Venezuela billionaires); 11. PetroChina/CNPC (China billionaires); and 12. Peabody Energy (U.S. billionaires). (NOTE: U.S. billionaires, allied with Saudi, UK, Netherlands, and India, billionaires, are trying to absorb, into their team, Russia, Iran, Mexico, Venezuela, and China, each of which latter nations had actually nationalized their fossil fuels, so that those nations’ Government, instead of any billionaires, would own those assets, in the name of all of the given nation’s residents. Though Russia ended its side of the Cold War in 1991, the U.S.-and-allied side of the Cold War secretly continued, and continues, today. Consequently, the U.S.-led team failed to achieve total conquest of the Russia-led team, and is now increasingly trying to do that: achieve total global hegemony, so that the entire world will be controlled only by U.S.-and-allied billionaires. This explains a lot of today’s international relations.)  All fossil-fuels extractors compete ferociously, as producers of a basic global commodity, but the proposal that is being made here will affect all of them and all countries, even if it is done by only one country.

Why Investing in Fossil-Fuel Extractors Must Be Outlawed

It needs to be outlawed (in some major country, perhaps even just one) in order to save our planet. Here’s how and why doing that in even just a single country might save the planet (this is a bit long and complicated, but avoiding global catastrophe is worth the trouble, so, you might find it worth your while to read this):

These companies exist in order to discover, extract, refine, and market, fossil fuels, in order for these fuels to be burned — but those activities are killing this planet. Buying stock in, and lending money to, these firms doesn’t purchase their products, but it does incentivize all phases of these firms’ operations, including the discovery of yet more fields of oil, gas, and coal, to add yet more to their existing fossil-fuel reserves, all of which are discovered in order to be burned. Unless these companies’ stock-values are driven down to near zero and also no investor will be lending to them, all such operations will continue, and the Earth will therefore surely die from the resulting over-accumulation of global-warming gases, and increasing build-up of heat (the “greenhouse-effect”), from that burning.

To purchase stock in a fossil-fuel extractor — such as ExxonMobil or BP — or to buy their bonds or otherwise lend to them, is to invest in or fund that corporation’s employment of fossil-fuel explorers to discover new sources of oil, gas, or coal, to drill, and ultimately burn. Such newly discovered reserves are excess inventories that must never be burnt if this planet is to avoid becoming uninhabitable. But these firms nonetheless continue to employ people to find additional new places to drill, above and beyond the ones that they already own — which existing inventories are already so enormous as to vastly exceed what can be burnt without destroying the Earth many times over. To buy the stock in such corporations (or else lend to them) is consequently to fund the killing of our planet. It’s to fund an enormous crime, and should be treated as such. To invest in these companies should be treated as a massive crime. 

The only people who will suffer from outlawing the purchase of stock in, and lending to, fossil-fuel extractors, are individuals who are already invested in those corporations. Since we’ve already got vastly excessive known reserves of fossil fuels, discovering yet more such reserves is nothing else than the biggest imaginable crime against all future-existing people, who can’t defend themselves against these activities that are being done today. Only our government, today, can possibly protect future people, and it will be to blame if it fails to do so. The single most effective way it can do this, its supreme obligation, is to criminalize the purchase of stock in fossil-fuels extractors, and to bar loans to them. Here’s why (and please follow this closely now):

The IMF says that “To limit the increase in global temperature to 2 degrees Celsius — the more conservative of the goals agreed to by governments at the 2015 climate change talks in Paris — more than two-thirds of current known reserves, let alone those yet to be discovered (see Table 1), must remain in the ground (IEA 2012). Obviously, then, what the oil and gas and coal companies are doing by continuing exploration is utterly idiotic from an economic standpoint — it’s adding yet more to what already are called “unburnable reserves.” Thus, waiting yet longer for a technological breakthrough, such as fossil-fuels corporations have always promised will happen but nobody has ever actually delivered (and such as is exemplified here), is doomed, because if and when such a real breakthrough would occur, we’d already be too late, and the uncontrollably spiralling and accelerating feedback-loops would already be out of control even if they weren’t uncontrollable back then. We’d simply be racing, then, to catch up with — and to get ahead of — an even faster rise in global temperatures than existed at that previous time. Things get exponentialy worse with each and every year of delay. Consequently, something sudden, sharp, and decisive, must happen immediately, and it can happen only by a fundamental change becoming instituted in our laws, not in our technology. The solution, if  it comes, will come from government, and not even possibly come from industry (technological breakthroughs). For governments to instead wait, and to hope for a “technological breakthrough,” is simply for our planet to die. It’s to doom this planet. It’s to abandon the government’s obligation to the future (its supreme obligation). The reason why is that what’s difficult to achieve now (preventing the murder of our planet), will soon be impossible to achieve.

On 13 November 2019, the International Energy Agency reported that “the momentum behind clean energy is insufficient to offset the effects of an expanding global economy and growing population,” and “The world urgently needs to put a laser-like focus on bringing down global emissions. This calls for a grand coalition encompassing governments, investors, companies and everyone else who is committed to tackling climate change.” Obviously, we are all heading the world straight to catastrophe. Drastic action is needed, and it must happen now — not in some indefinite future. But the IEA was wrong to endorse “calls for a grand coalition encompassing governments, investors, companies and everyone else,” which is the gradual approach, which is doomed to fail. And it also requires agreement, which might not come, and compromises, which might make the result ineffective. 

I have reached out to Carbon Tracker, the organization that encourages investors to disinvest from fossil fuels. Their leader, Mark Campanale, declined my request for them to endorse my proposal. He endorses instead “a new fossil fuel non-proliferation treaty supported by movements calling to leave fossil fuels in the ground.” When I responded that it’s vastly more difficult, for states (individual governments) to mutually pass, into their respective nation’s laws, a treaty amongst themselves (since it requires unanimity amongst all of them instituting into each one of their legal systems exactly that same law), than it is for any state ON ITS OWN to institute a law (such as I propose), he still wasn’t interested. I asked him why he wasn’t. He said “I’ve chosen a different strategy for my organization.” I answered: “All that I am seeking from you is an ENDORSEMENT. I am not asking you to change your ‘strategy’ (even if you really ought to ADD this new strategy to your existing one).” He replied simply by terminating communication with me and saying, without explanation, “We don’t always agree.”

Here is that “treaty supported by movements calling to leave fossil fuels in the ground”. As you can see there, it was posted in 2012, and as of now (nine years later) it has been signed by 8 individuals, no nations (and not even by any organizations). Mark Campanale isn’t among these 8.

Carbon Tracker is secretive of the identities, and size of donations, of its donors, but its website does make clear that it’s a UK organization that has designed itself so as to be as beneficial for tax-write-offs to U.S. billionaire donors as possible, and “Our UK organisation has an Equivalency Determination (‘ED’) which allows it to be recognised by the IRS as a 501(c)3 US Public Charity.  We have held the ED since February 2016 and is maintained annually by NGO Source on behalf of our major US donors.” In short: it’s part of the U.S.-led team of billionaires. Perhaps this organization’s actual function is that (since the nations that have nationalized their fossil fuels haven’t yet been able to be taken over as outright colonies or vassal-states controlled by the U.S.-led group) the residents inside those outside countries will be paying the price (in reduced Government-services, etc.) from a gradual transition to a ‘reduced carbon’ world. (Everybody but those billionaires will be paying the price.) This mythical aim, of a ‘reduced-carbon’ ‘transition’, would then be a veiled means of gradually impoverishing the residents in those nations, until, ultimately, those people there will support a coup, which will place U.S.-and-allied billionaires in charge of their Government (such as happened in Ukraine in 2014). This appears to be their policy regarding Venezuela, Iran, and several other countries. If it is additionally influencing the ‘transition to a low-carbon economy’, then it’s actually blocking the needed change in this case (which isn’t, at all, change that’s of the gradual type, but is, instead, necessarily decisive, and sudden, if it is to happen at all). However, Carbon Tracker is hardly unique in being controlled by U.S.-and-allied billionaires, and there are, also, many other ways to employ the gradual approach — an approach which is doomed to fail on this matter. A few other of these delaying-tactics will also be discussed here.

Some environmental organizations recommend instead improving labelling laws and informing consumers on how they can cut their energy-usages (such as here), but even if that works, such changes, in consumers’ behaviors, are no more effective against climate-change than would be their using buckets to lower the ocean-level in order to prevent it from overflowing and flooding the land. What’s actually needed is a huge jolt to the system itself, immediately. Only systemic thinking can solve such a problem.

Making such a change — outlawing the purchase of stock in, and prohibiting loans to, fossil-fuel extractors — would impact enormously the stock-prices of all fossil fuels corporations throughout the world, even if it’s done only in this country. It would quickly force all of the fossil-fuel extractors to eliminate their exploration teams and to increase their dividend payouts, just in order to be able to be “the last man standing” when they do all go out of business — which then would occur fairly soon. Also: it would cause non-fossil-energy stock-prices to soar, and this influx of cash into renewable-energy investing would cause their R&D also to soar, which would increasingly reduce costs of the energy they supply. It would transform the world, fairly quickly, and very systematically. And all of this would happen without taxpayers needing to pay tens or hundreds of trillions of dollars, or for governments to sign onto any new treaties. And if additional nations copy that first one, then the crash in market-values of all fossil-fuels corporations will be even faster, and even steeper.

As regards existing bonds and other debt-obligations from fossil-fuels extractors, each such corporation would need to establish its own policies regarding whether or not, and if so then how, to honor those obligations, since there would no longer be a market for them. Ending the market would not be equivalent to ending the obligations. The law would nullify the obligations, but the corporation’s opting to fulfill those obligations wouldn’t be illegal — it would merely be optional.

This would be a taking from individuals who have been investing in what the overwhelming majority of experts on global warming say are investments in a massive crime against future generations, and we are now in an emergency situation, which is more than merely a national emergency, a global one, so that such governmental action would not be merely advisable but urgently necessary and 100% in accord with the public welfare and also in accord with improving distributive justice.

The only way possible in order to avoid getting into the uncontrollable feedback-cycles (feedback-loops) that would set this planet racing toward becoming another Mars is to quickly bring a virtual end to the burning of fossil fuels. That can happen only  if fossil fuels become uneconomic. But common methods proposed for doing that, such as by imposing carbon taxes, would hit consumers directly (by adding a tax to what they buy), and thereby turn consumers into advocates for the fossil-fuel industries (advocates on the fossil-fuels-companies’ side, favoring elimination of that tax upon their products). In this key respect, such proposals are counterproductive, because they dis-incentivize the public to support opposition to fossil-fuel extraction. Such proposals are therefore politically unacceptable, especially in a democracy, where consumers have powerful political voice at the ballot-box. Any carbon tax would also anger the consuming public against environmentalists. Turning consumers into friends of the fossil-fuels extractors would be bad. What I am proposing is not like that, at all. Investors are a much smaller number of voters than are consumers. Everyone is a consumer, but only a relatively tiny number of people are specifically fossil-fuel investors. To terminate the freedom those investors have to sell their stock, by making illegal for anyone to buy  that stock, is the most practicable way to prevent global burnout (if it still can be prevented). This needs to be done right now.

How was slavery ended in the United States? It became illegal for anyone to own slaves — and the way that this was done is that it became illegal for anyone to buy a slave. The same needs to be done now in order to (possibly) avoid runaway global heat-up.

Once it’s done, those firms will go out of business. (First, these firms will increase their dividend-payouts to their stockholders while they lay off their explorers, but then they’ll cut their other costs, and then they’ll fold. But the objective isn’t that; it’s to make their products uneconomic to produce, market, and sell; and this will do that, even before all of those firms have become eliminated.) All of today’s existing economies-of-scale in the fossil-fuels-producing-and-marketing industries will then be gone, and will become replaced by new economies-of-scale that will rise sharply in non-carbon energy, as R&D there will be soaring, while the fossil-fuels producers fade out and fade away. 

This is the only realistically possible way to avoid global burnout. It must be done. And even some top executives in fossil-fuels extractors harbor personal hopes that it will be done. For example:

Shell CEO Says Governments, Not Firms, Are Failing on Climate Change

On Monday, 14 October 2019, Reuters headlined “Exclusive: No choice but to invest in oil, Shell CEO says” and reported:

Ben van Beurden expressed concern that some investors could ditch Shell, acknowledging that shares in the company were trading at a discount partly due to “societal risk”.

“I am afraid of that, to be honest,” he said.

“But I don’t think they will flee for the justified concern of stranded assets … (It is) the continued pressure on our sector, in some cases to the point of demonisation, that scares asset managers.”

“It is not at a scale that the alarm bells are ringing, but it is an unhealthy trend.”

Van Beurden put the onus for achieving a transformation to low-carbon economies on governments.

He didn’t suggest any specific policies which governments should take, but he did say “that not enough progress had been made to reach the Paris climate goal of limiting global warming to ‘well below’ 2 degrees Celsius above pre-industrial levels by the end of the century.” Furthermore:

Delaying implementation of the right climate policies could result in “knee-jerk” political responses that might be very disruptive to society, he said. “Let the air out of the balloon as soon as you can before the balloon actually bursts,” van Beurden said.

He is, in a sense, trapped, as the head of one of the world’s largest fossil-fuel extractors. He doesn’t want to be “demonised,” but he is professionally answering to — and obligated to serve — investors who are still profiting from destroying the world. Though he acknowledges that consumers cannot initiate the necessary policy-change, and that investors aren’t yet; and though he doesn’t want government to do anything which “might be very disruptive to society,” he does want governments to “Let the air out of the balloon as soon as you can before the balloon actually bursts,” and he’s therefore contemplating — and is even advising — that governments must do the job now, and not wait around any longer to take the necessary decisive action. 

Here’s what that type of governmental action would be (and unlike the Paris Climate Agreement, it doesn’t require an international consensus — which doesn’t actually exist among the nations), and therefore I am asking readers here to give me an endorsement of it, so that I can publicly move forward with pushing for it. Please send the endorsement to the.eric.zuesse@gmail.com, with “ENDORSEMENT” in the Subject line; “Investing in fossil-fuel extractors must be outlawed” as the message; and indicate any appropriate identifiers of yourself that are especially relevant to the matter (so as to impress your Senators, etc.). In addition, after that, push, on your own, by urging your Senators and Representative to draft a law to ban purchases of investments in fossil-fuels extractors.

Why is this the ONLY way? No other proposals can even possibly work: 

The “Bridge Fuels” Concept Is a Deceit

The concept of “bridge fuels,” such as methane as being a substitute for petroleum, is a propaganda device (another delaying-tactic) by the fossil-fuels industry and its agents, in order to slow the decline of those industries. For example, on 16 November 2019, Oil Price Dot Com headlined “Why Banning Fossil Fuel Investment Is A Huge Mistake”, and Cyril Widdershoven, a long-time writer for and consultant to fossil-fuel corporations, argued against an effort by the European Investment Bank to “put more pressure on all parties to phase out gas, oil and coal projects.” Widdershoven’s argument is that “experts seem to agree that the best way to target lower CO2 emissions in the EU is to substitute oil and coal power generation in Eastern Europe with natural gas.” He says, “Even in the most optimistic projections, renewable energy options, such as wind or solar, are not going to be able to counter the need for power generation capacity. If the EIB blocks a soft energy transition via natural gas, the Paris Agreement will almost certainly fail.” 

The unstated “experts” that Widdershoven cited are, like himself, hirees of the fossil-fuels industries. Furthermore, this go-slow approach is already recognized by the IMF and IEA to be doomed to fail at avoiding global burnout.

Furthermore — and this is perhaps the most important fact of all — government-support has largely been responsible for the success of fossil-fuel corporations (especially now for natural gas), and, if fully replaced by government-support going instead to non-fossil-fuel corporations, there will then be a skyrocketing increase in R&D in those non-fossil-fuel technologies, which skyrocketing R&D, there, is desperately needed, if any realistic hope is to exist, at all, of avoiding global burn-out. 

So, to each reader of this, I ask: If this is not what you propose, then what do you propose? Your endorsement is therefore requested. Please send the endorsement to the.eric.zuesse@gmail.com, with “ENDORSEMENT” in the Subject line; “Investing in fossil-fuel extractors must be outlawed” as the message; and indicate any appropriate identifiers of yourself. I shall then try, again, but this time with emails that will have all of those signatories, not merely myself, as the person who is requesting action (or at least requesting the person’s reasons for continued inaction). And keep on pushing for this, on your own, in any way you can.

Sincerely,

Eric Zuesse

P.S. In January, I had sent this (the above emailed letter) to (and never received any answer from any of) the:

Dear EU Climate Commissioners:

Re: He [Timmermans] said right wing countries like Canada, the USA and Brazil were preventing the EU from reiterating the Paris Agreement requirements in the COP conclusions.

What is needed is a method which (unlike international agreement on carbon-trading credits) won’t require agreement among nations, which are too corrupt to take the necessary collective action to avert catastrophe. Here’s the solution which could be implemented by, say, the EU, or even just by Germany, or just by India, or just by China, alone, if not by any of the far-right countries (such as U.S. and Brazil), which action, taken by any one of them, would create the necessary cascading-effect among all nations, that could transform the world and perhaps save the future (and please do follow closely the argument here, and click onto any link here wherever you might have any questions, because this is a truly new idea, and every part of it is fully documented here):

[That message was then followed by the letter that’s printed above it here, and no one responded to it.]

Author’s note: first posted at Strategic Culture

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Floods in Europe, Turkey, China and India

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The residents of Erfurt in Thuringia, where Martin Luther lived and studied, had never seen anything like it.  The main street became a raging river washing away parked cars and anything else besides that emerged from flooded first floors.

The flooding in northwest Germany and Belgium as the gentle meandering Ahr River transformed into a torrent, overflowing its banks and devastating this wine producing region stunned  Angela Merkel  by the extent of damage in the towns and valleys.  Close by in Schuld nearly half of the houses are completely destroyed, many simply disappeared, washed away, and the rest suffered serious damage.

West of Cologne, the Erft River submerged streets and houses in Blessem.  The sides of a gravel pit gave way as it filled with water and parts of a castle and several houses collapsed into the huge hole.  Southwest of Cologne in the Eifel region, the charming old-world tower of Ban Munstereifel was inundated and the charming pedestrian mall lined with centuries old buildings was ripped up by the waters.

The story was repeated in Liege, Belgium’s third largest city, as the Meuse River spilled over its banks and into the city turning the streets into rushing waters and carrying away cars, furniture and unfortunately, people.  The river had risen by about 10 feet in one day.  Almost all of Belgium was under flood alert as other rivers rose.  By the time it was over at least 20 had died, many were missing and the prime minister had declared a day of mourning.

Across the channel, a fierce storm flooded West London and affected subway tunnels bringing transport to a stop.  Again, roads turned into rivers as a month’s rain fell in one day.  Affecting large portions of southern England, it flooded rail lines even in Southampton.

Earlier in the month, tropical storm Elsa flooded subways in parts of New York.  Meanwhile, torrential rains have flooded subways in Zhengzhou, the capital of Henan province, trapping passengers.

The rains have battered the Chinese province for almost a week.  Home to more than 99 million, the region has suffered an estimated $190 million of damage.  At least 33 people are feared dead, 12 in the Zhengzhou subway when it was flooded.  Terrified survivors on Line 5 report water slowly rising up to their necks as they stood on the seats.  Dams have burst, reservoirs have overflowed as have rivers, affecting almost a half billion people according to People’s Daily. 

Catastrophic floods in Artvin Province in Turkey, this week repeat the story.  Cars washed away down streets turned into torrents when the cities of Artvin and Arhavi were inundated.  Also this week in India the monsoon season in Maharashtra has brought extremely heavy rains with flooding. 

The terms being used for these floods are ‘once-in-a-lifetime’ or ‘once-in-a-thousand-year events.  But the coincidence of so many of these across the globe begs the question of whether the climate crisis has altered the norm.  Will another of these ‘thousand-year’ events hit us next year or decade?  Time will tell.  Our hearts go out to the people who are suffering… those who have lost loved ones and those who have lost what they owned and their peace of mind.

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