The warming world means climate stress now permeates every part of society. And so an entire financial system which has underpinned the growth of a global economy largely dependent on fossil fuels must be reoriented to deal with what is fast becoming a full-blown crisis. campaign to halt or withdraw multi-million dollar investments from industries associated with fossil fuel use is gaining momentum. And the central banks – the institutions responsible for regulating countries’ financial systems – are now taking action. Leading the charge is the venerable Bank of England (BOE), one of the oldest such institutions in the world. In December it became the first central bank to announce what it terms a banking stress test on climate change. Under the BOE’s stress test framework, banks and insurance companies will be required to go through their books to evaluate their exposure to the impacts of climate change.
Climate News Network 1st Jan 2020 read more »
DrillOrDrop’s round-up of the possible action on UK fracking and onshore oil and gas developments in 2020. Fracking moratorium: Will England see fracking in 2020? That depends on whether the government lifts its moratorium imposed in November 2019 because of the risk of earth tremors. The government said the moratorium would stay in force until “compelling new evidence” was provided that fracking could be carried out safely. So far, there’s been no indication of any new evidence, how long the moratorium will last and whether it will be challenged in court by the industry. But Cuadrilla, the company whose Lancashire fracking operations caused tremors in 2018 and 2019, said in November it would “continue to work constructively” with the Oil & Gas Authority (OGA) to provide detailed data to address the concerns and lift the moratorium. Just before Christmas, the Financial Times reported that Cuadrilla was lobbying the OGA to find “possible ways forward” for the fracking industry.
Drill or Drop 31st Dec 2019 read more »