US banks are pledging to help fight the climate crisis alongside the Biden administration, but their boards are dominated by people with climate-related conflicts of interest, and they continue to invest deeply in fossil fuel projects. Three out of every four board members at seven major US banks (77%) have current or past ties to climate-conflicted companies or organizations – from oil and gas corporations to trade groups that lobby against reducing climate pollution, according to a first-of-its-kind review by climate influence analysts for the blog DeSmog.
Guardian 6th April 2021 read more »
A big increase in coal-fired power stations opening in China offset all the closures in the rest of the world last year, a report says. Coal plants with a collective capacity of 37.75 gigawatts were retired globally last year, with the US shutting down 11.3 gigawatts and the European Union 10.1 gigawatts, according to analysis by Global Energy Monitor, a group that monitors fossil fuel trends. The total reduction was close to the record of 37.8 gigawatts that closed in 2015. However, China opened 38.4 gigawatts of new plants in the same period, just over three quarters of the global total of 50.3 gigawatts of new coal-fired capacity. China is building 88.1 gigawatts of coal power and a further 158.7 gigawatts are planned, totalling 246.8 gigawatts, half of all new coal plant capacity in development globally.
Times 7th April 2021 read more »