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Greenpeace Challenges Banks over $1.4 Trillion Invested in Fossil Fuels since Paris Agreement

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Since the groundbreaking Paris summit on climate change in 2015, 24 global banks have invested $1.4 trillion in the fossil fuel industry, according to Jennifer Morgan, Executive Director of Greenpeace International. Greenpeace’s report, It’s the Finance Sector, Stupid, published today, puts the blame for the climate emergency at the feet of the banks, insurers and pension funds that participate in Davos. The report adds that $1 trillion could buy 640GW of solar power, more than the current global capacity.

However, financiers on the panel, tasked with solving the “green growth equation”, argued that the international financial system is fundamentally reshaping itself around how to transition to a net-zero economy. They are responding to the demands of their clients as well as directly feeling the heat through, for example, having to reprice the cost of insurance risk.

Mark Carney, Governor of the Bank of England, said: “With major investors, the question is: what is your plan to get to net zero?” Two-thirds of questions at bank AGMs are now around these issues, he said, adding: “Everyone knows they need a plan.” Carney acknowledged Greta Thunberg’s reference at the Annual Meeting today that on our current emissions trajectory we will – in a little over eight years – most probably breach the limit required to restrict global warming to 1.5C. He called for a credible trajectory towards a green transition, based on an agreed timeframe and common metrics. This, along with public pressure and government policy, will determine where capital flows, he said

Governments are lagging behind. We are in the midst of the largest civil society protests since the Iraq and Vietnam wars, Morgan said, but “it’s actually the politics that’s holding us back on this”. She called on government leaders to take courage, sit down with experts, civil society and innovators, and put together what we know needs to be done. Carney pointed to November’s COP26 meeting in Glasgow as the opportunity to get private actors and regulators together to ensure that climate change is taken into account in every financial decision.

Speaking as a member of the board of directors for Saudi Aramco, Andrew N. Liveris agreed that governments have been slow and called for businesses to “get very serious on the financial side of KPIs”. Outcomes will only emerge if we hold people accountable to the right KPIs, he said, adding that COP26 is an opportunity to develop metrics that business will respond to.

However, governments also need to get their own houses in order, said Mariana Mazzucato, Professor of Economics of Innovation and Public Value; and Founder and Director, Institute for Innovation and Public Purpose, of University College London. Currently, governments steer three times more subsidies towards fossil fuels than towards climate solutions. The UK’s Department of Transport has a £30 billion procurement budget that is focused more on cost efficiencies than transitioning to a zero-carbon economy, she said. The German government, by contrast, has made public procurement conditional on sectors, such as the steel industry, transforming themselves. Mazzucato asked how genuine the claimed transformation of the finance sector really is. “Currently there is lots of talk, but all the walk is going in the wrong direction,” she said. What will really cause change is the way we govern businesses, she said, asking: “Why don’t we have a financial transaction tax?”

Panellists all agreed on one key issue – 2050 is far too late to achieve a net-zero economy. “We cannot get to 2030 and still have this conversation”, said Liveris.

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Muscovites Apply for 700 Trees to be Planted in Honor of Their Newborn Children

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moscow plant trees

The Our Tree project launched two years ago by Moscow’s Department of Information Technology and Department of Nature Management and Environmental Protection has quickly become very popular among Muscovites. Thanks to this annual campaign, city residents can now celebrate the happiest event in their family life – the birth of a child – by giving their baby a unique gift – their own personal tree.

Any parent who is permanently resident in Moscow can apply for a tree within three years of the birth of their child. To do so, they need only have an account on the mos.ru website. On average, 700 Muscovites apply for a tree to be planted in honor of their newborn child each month.

In two months, young parents have submitted more than 1,500 online applications to participate in the Our Tree project and plant seedlings in honor of their newborn kids in the autumn. That’s twice as many as during the same period in spring. Acceptance of applications began on January 16 and will continue until June 15.

Last autumn, more than 5,000 trees were planted as part of the project, with linden, Norway maple, pine, white willow and rowan trees being the most popular choices. Spring planting of personal saplings will soon begin.

Eduard Lysenko, Minister of the Moscow Government and Head of the Department of Information Technology, noted that interest in the Our Tree project among young parents is growing every year: in 2019, more than 2,300 trees were applied for and planted, while in 2020 the number increased to 5,000. More than 4,500 saplings will appear in Moscow’s parks this spring thanks to the project participants.

“A set of online services has been created for families with children on the mos.ru portal. The Our Tree project is another opportunity for young parents to celebrate the important milestone of the birth of their child and to contribute to the city’s ecology. Taking part in the project is very simple – just submit an online application on the portal. Some information is filled in automatically from users’ personal accounts, which makes everything even more convenient. On average, Muscovites order more than 700 seedlings to plant as family trees in their favorite park each month,” said Lysenko.

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Norwegian scientists finally find good news from Norilsk Nickel

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The state of the environment in the border areas is the main topic of the «Pasvikseminaret 2021», organized by the public administrator in Troms county and Finnmark in cooperation with the municipality of Sør-Varanger municipality.

The purpose of the annual Pasvik seminar is to provide the local population and local politicians all information about the environmental situation in the border area Norway – Russia. Program focused on pollution from the Nickel Plant and monitoring of the environment in the border area.

The activities of Norilsk Nickel have been the main focus of the workshop for many years.

For the first time in many years, Norwegian scientists have found only positive news from Russia.

Tore Flatlandsmo Berglen, a researcher at the Norwegian Institute for Atmospheric Research (NILU), noted a significant improvement in air quality in the border area. Berglen remembered the 70-80s of the last century, when one of the divisions of Norilsk Nickel “Pechenganikel” annually emitted 400 thousand tons of sulfur dioxide into the atmosphere, in the 90s this figure dropped to 100 thousand tons. After the closure plant in Nikel in December 2020, the content of sulfur dioxide and heavy metals in the atmosphere at the border between Norway and the Murmansk region meets all international requirements.

“And I know that these emissions from the Kola MMC will continue to decline. Compared to 2015, this figure will be 85 percent. This is very positive news. Air quality issues are being addressed in the right direction. We have been talking about this for many years and finally the problem has been resolved, emissions significantly reduced. This is the most excellent presentation I have ever make! ” – said Tore Berglen.

Earlier it was reported that Russia’s Norilsk Nickel, the world’s largest producer of nickel and palladium, closed its smelter in the city of Nickel in northern Russia at the end of 2020. Kola is a subsidiary of Norilsk Nickel on the Kola Peninsula with mines, processing plants and pellets in Zapolyarny, as well as metallurgical plants in Monchegorsk and a plant in Nikel, which closed at the end of December 2020.

The Norwegian environmentalists who participated in the workshop also noticed positive changes.

“The smelter is closed and Norilsk Nickel is working hard to become a ‘green’ metallurgical company – it reduces emissions, uses advanced technology and cooperates with Pasvik nature reserve which is our good partner in Russia. Today, a lot of interesting things are happening in the border areas. We have many common interests and there is a certain key to ensuring that everything works out for us – this is good coordination, cooperation, a large knowledge base,” said the representative of the environmental center NIBIO Svanhovd.

Other studies examining water resources, fish, berries, also prove that nature in the border area is recovering. All this testifies to the work of ecologists who care about the environment.

“We see examples of what has already been done. And this allows us to plan with confidence our future joint work, projects,” says senior adviser representative Anne Fløgstad Smeland at the county governor in Finnmark.

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New project to help 30 developing countries tackle marine litter scourge

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Litter is removed from a beach in Watamu in Kenya. UNEP/Duncan Moore

A UN-backed initiative aims to turn the tide on marine litter, in line with the global development goal on conserving and sustainably using the oceans, seas and marine resources. 

The GloLitter Partnerships Project will support  30 developing countries in preventing and reducing marine litter from the maritime transport and fisheries sectors, which includes plastic litter such as lost or discarded fishing gear. 

The project was launched on Thursday by the Food and Agriculture Organization (FAO) and the International Maritime Organization (IMO), with initial funding from Norway. 

Protecting oceans and livelihoods 

“Plastic litter has a devastating impact on marine life and human health”, said Manuel Barange, FAO’s Director of Fisheries and Aquaculture.  “This initiative is an important step in tackling the issue and will help protect the ocean ecosystem as well as the livelihoods of those who depend on it.” 

Protecting the marine environment is the objective of Sustainable Development Goal 14, part of the 2030 Agenda to create a more just and equitable future for all people and the planet. 

The GloLitter project will help countries apply best practices for the prevention and reduction of marine plastic litter, in an effort to safeguard the world’s coastal and marine resources. 

Actions will include encouraging fishing gear to be marked so that it can be traced if lost or discarded at sea. Another focus will be on the availability and adequacy of port reception facilities and their connection to national waste management systems.  

“Marine litter is a scourge on the oceans and on the planet”, said Jose Matheickal, Head of the IMO’s Department for Partnerships and Projects. “I am delighted that we have more than 30 countries committed to this initiative and working with IMO and FAO to address this issue.” 

Five regions represented 

The nations taking part in the GloLitter project are in Asia, Africa, the Caribbean, Latin America and the Pacific. 

They will also receive technical assistance and training, as well as guidance documents and other tools to help enforce existing regulations. 

The project will promote compliance with relevant international instruments, including the Voluntary Guidelines for the Marking of Fishing Gear, and the International Convention for the Prevention of Pollution from Ships (MARPOL), which contains regulations against discharging plastics into the sea.

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