The IPCC is clear. If we keep burning fossil fuels in the manner we do now, huge problems await. The latest devastation caused by forest fires in North America and south-eastern Europe, and floods from China to Germany offer a glimpse of this future of increasingly extreme weather. And yet, as analysts at S&P Global Platts points out, consumers’ immediate response has been to increase fossil use, not reduce it: heatwaves are driving unprecedented demand for air conditioning, pushing up fossil fuel power generation. The priority of many oil companies remains to produce their fossil fuels more cheaply, not to cut back on production. Investors will reward greener, cheaper oil production. But, as the International Energy Agency argued earlier this year, this will not matter in the long run. The implication of the IPCC’s report — to be confirmed by the forthcoming UN climate summit in Glasgow — is that burning fossil fuels is incompatible with efforts to stop climate change, however green the production.
FT 10th Aug 2021 read more »
More than 600 people have now been arrested or received citations over protests amid growing opposition to the Line 3 oil sands pipeline currently under construction through Minnesota. Native American tribes including the Red Lake Band of Chippewa Indians, the White Earth Band of Ojibwe and indigenous-led environmental organisations such as Honor the Earth are leading opposition efforts in court and on the ground, mobilizing ‘water protectors’ to try to halt the project.
Guardian 10th Aug 2021 read more »
There’s a £16 trillion problem that’s been keeping central bankers past and present up at night: “stranded assets”. It’s one made all the more stark by the UN’s Intergovernmental Panel on Climate Change (IPCC) warning on Monday that time’s nearly up if the world’s to avoid extreme climate crisis. Investment in fossil fuels has made the world more polluted. Now the world’s biggest money managers are trying to work out how investments can help mitigate and limit the impact of climate change. Quantifying and tackling the issue of stranded assets are a big part of that calculation, and so is working out what actually makes an investment meaningfully “green”.
Independent 10th Aug 2021 read more »