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One Planet Summit Inspires Climate Action

By Sunny Lewis

PARIS, France, December 12, 2017 (Maximpact.com  News) – Two years to the day after the historic Paris Agreement on climate, more than 50 heads of state, as well as environment ministers and regional leaders, bank and finance executives and celebrities are meeting today to drive action that will finance global efforts to meet the goals of the agreement.

The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius. The agreement also aims to strengthen the ability of countries to deal with the impacts of climate change.

Today’s invitation-only One Planet Summit, convened by President of France Emmanuel Macron, was attended by British Prime Minister Theresa May, Spain’s Mariano Rajoy, European Commission President Jean-Claude Juncker, and Mexican President Enrique Peña Nieto, among many others.

President Juncker said, “The time has now come to raise our game and set all the wheels in motion — regulatory, financial and other — to enable us to meet the ambitious targets we have set ourselves. This is a necessity dictated by our current living conditions as well as those of future generations. This is the time that we must act together for the planet. Tomorrow will be too late.”

The European Commission released its 10 item Action Plan for the Planet, consisting of: putting the financial sector at the Service of the Climate, investment in Africa and the EU Neighbourhood region, urban investment support, clean energy for islands, support for the transition of coal and carbon intensive regions, youth, smart buildings, clean industrial technology and clean, connected and competitive mobility.

Prime Minister May announced a big increase in UK aid for Caribbean countries devastated by hurricanes as part of a £140 million climate change grant for the world’s least developed countries.

“Tackling climate change and mitigating its effects for the world’s poorest are among the most critical challenges that we face,” said May.

“And by redoubling our efforts to phase out coal, as well as build on our world leading electric car production, we are showing we can cut emissions in a way that supports economic growth,” she said.

U.S. President Donald Trump was not invited to the summit, as he is streamlining fossil fuel exploration and development, even removing U.S. public lands from federal protection so industry can have at them.

Trump has vowed to withdraw the United States from the Paris Agreement, a lengthy process that cannot begin until 2020, after that year’s presidential election. Countries cannot withdraw until three years after the Paris Agreement took effect on November 4, 2016. After that, the rules mandate a one-year notice period. Still, because the accord is non-binding, Trump could choose to just ignore the accord’s terms.

President Macron told NBC News in an interview in June, “I’m pretty sure that my friend President Trump will change his mind in the coming months or years, I do hope. It’s extremely aggressive to decide on its own just to leave, and no way to push the others to renegotiate because one decided to leave the floor.”

Syria last month ratified the Paris Agreement, leaving the United States as the only country to reject the accord.

President Macron unveiled the winners of the first “Make Our Planet Great Again” climate research grants established after Trump announced his intention to pull out of the Paris accord. The French president said that Trump’s decision was a “deep wake-up call for the private sector” to take action.

Thirteen of the 18 multi-year award winners are American scientists; all winners will conduct climate research in France. The three-year to five-year grants are worth up to €1.5 million each. Overall, the program totals about €60 million in direct funding and in-kind support.

Macron told the winners Monday night, “What you are showing here this evening, with your commitment, with the projects that have been chosen … is that we do not want climate change, and we can produce, create jobs, do things differently if we decide to.”

In any case, the One Planet Summit featured dire warnings, rich pledges and actions that two years ago were not even on the horizon.

“Those who fail to bet on a green economy will be living in a grey future,” United Nations Secretary-General António Guterres warned today, calling for greater ambition by governments, civil society, the private sector and finance partners to help tackle the global climate challenge.

“Green business is good business,” the UN chief said, speaking at the opening of the One Planet Summit. “Renewables are now cheaper than coal-powered energy in dozens of developed and developing countries.”

Guterres stressed that for climate action, it is not funding but trust that is lacking. To fix it, he said, first and foremost, rich countries must honor their commitment and provide US$100 billion a year through 2020 for developing countries to mitigate and adapt to the already-changing climate.

It also means that the Green Climate Fund must become an effective and flexible instrument, especially for the most vulnerable countries such as small island states and least developed countries.

“These two conditions are essential for trust between developed and developing countries,” said Guterres.

“Everyone is looking for paths to economic growth that are low carbon,” said World Bank President Jim Yong Kim, as he announced that the World Bank <worldbank.org> will no longer finance upstream oil and gas, after 2019.

In exceptional circumstances, said Kim, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within a country’s Paris Agreement commitments.

Alex Doukas, director of the Stop Funding Fossils Program at Oil Change International, said, “The World Bank’s monumental announcement that they are moving out of upstream oil and gas finance after 2019 stole the show in Paris. This move from the World Bank demonstrates real climate leadership, and could help signal a broader shift away from the tens of billions of dollars in public finance that G20 governments and multilateral development banks dump into fossil fuels each year.”

“These institutions still provide $72 billion in public finance to fossil fuels annually,” said Doukas, “which is why a shift away from fossil fuel finance is crucial if we hope to meet the aims of the Paris Agreement.”

“Government commitments to scale up climate finance are important, but they’re not enough. Others need to follow the lead of the World Bank and signal that they will stop funding fossils,” said Doukas.

Kim said that the World Bank Group is on track to meet its target of 28 percent of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan, developed following the Paris Agreement.

For instance, last week, the World Bank and the Government of Egypt signed a US$1.15 billion development policy loan aimed at reducing fossil fuel subsidies and creating the environment for low-carbon energy development.

The World Bank Group will accelerate energy efficiency in India; scale up solar energy in Ethiopia, Pakistan and Senegal; establish a West Africa Coastal Areas investment platform to build resilience for coastlines there; and introduce the City Resilience Platform with the Global Covenant of Mayors so that up to 500 cities will have access to finance for climate change resilience.

The International Finance Corporation (IFC), a subsidiary of the World Bank Group has pledged invest up to US$325 million in the Green Cornerstone Bond Fund, a partnership with the European asset management company, Amundi, to create the largest-ever green bond fund exclusively dedicated to emerging markets.

“This is a $2 billion initiative aiming to deepen local capital markets, and expand and unlock private funding for climate-related projects. The fund is already subscribed at over $1 billion,” the IFC announced.

European Bank for Reconstruction and Development (EBRD) President Sir Suma Chakrabarti said his bank intends to invest up to US$100 million in “Amundi Planet – Emerging Green One.”

The EBRD joined other global development organizations in stepping up the momentum for global climate action.

Chakrabarti told summit participants that the bank expects to meet its ambitious climate finance goals set at the 2015 Paris Climate Agreement three years ahead of time. The EBRD is already dedicating close to 40 percent of its annual investments to climate finance, a target it had initially set for 2020.

In Paris, Chakrabarti unveiled plans to step up EBRD support for the promotion of green cities, launching the Green Cities Climate Finance Accelerator with the Global Covenant of Mayors for Climate and Energy (GCoM), an international alliance of 7,498 cities and local governments moving towards a low-emission and climate-resilient society.

Under the new partnership, the EBRD and the GCoM are seeking to drive climate action in up to 60 cities, including many that to date have not been a focus for climate support.

At the One Planet Summit, from left, President of Mexico Enrique Peña Nieto, United Nations Secretary-General António Guterres, World Bank President Jim Yong Kim. December 12, 2017 (Photo courtesy Office of President Peña Nieto) Posted for media use

At the One Planet Summit, from left, President of Mexico Enrique Peña Nieto, United Nations Secretary-General António Guterres, World Bank President Jim Yong Kim. December 12, 2017 (Photo courtesy Office of President Peña Nieto) Posted for media use

The World Bank, too, is partnering with the Global Covenant of Mayors and will lend US$4.5 billion to ensure 150 cities have the funds to implement initiatives to increase sustainability and resilience and fight climate change.

Marking the two-year anniversary of COP21 where the Paris Agreement was signed, the Global Covenant of Mayors joined with C40 Cities Climate Leadership Group, ICLEI, and various regional covenant partners, to announce the One Planet Charter – a new commitment campaign that will help cities swiftly implement actions to ensure Paris Agreement goals are met.

Through the One Planet Charter, cities will commit to specific climate action that drives investments, green public procurement, and policy decisions in renewable energy, energy efficiency, electric vehicles, and efforts for zero emission buildings and zero waste.

Cities will bring detailed descriptions of their commitments to the 2018 Global Action Summit in California.

Chakrabarti said, “We are delighted by our new financing initiative and partnership with the Global Covenant of Mayors

for Climate and Energy. … As cities around the world drive climate leadership, we are pleased that this investment will ultimately support the quality of life at the local level and contribute to addressing the global climate challenge.”

Paris Mayor Anne Hidalgo, board member of the Global Covenant of Mayors for Climate and Energy, who also chairs C40 Cities: “C40’s Deadline 2020 research revealed precisely what needs to be delivered by the cities of more than 100,000 citizens around the world, to deliver on the ambition of the Paris Agreement. The decisions being made by mayors right now on investments for sustainable and resilient infrastructure will determine the future of generations to come. The One Planet Charter will make it easier to build the argument for bold climate action and investment in these crucial months and years ahead.”

In a separate initiative, nine of Europe’s largest industrial issuers of green bonds – EDF, Enel, ENGIE, Iberdrola, Icade, Paprec, SNCF Réseau, SSE and TenneT – announced their joint pledge to further develop “one of the most dynamic segments of sustainable finance today, the green bond market.”

Their pledge came on Monday, Paris 2017 Climate Finance Day, the day before the One Planet Summit.

Ten years after the first green bond was issued, this market has turned into “an exciting place,” said the nine companies, who say they are committed to tackling climate change, to a growing awareness to environmental protection, low carbon

transport and buildings, as well as energy efficiency.

Said José Sainz Armada, chief financial officer of the Spanish public multinational electric utility Iberdrola, “Ever since incorporating Sustainable Development Goals to the company’s strategy, Iberdrola has become the largest European issuer of green bonds, the perfect source of long-term finance for projects making an environmental difference. Through independent certification, private investors guided by ethical principles ensure their funds are managed with a sustainable perspective and the strictest social criteria.”

To date, all nine companies have issued a total of €26 billion in green bonds, which accounts for over 10 percent of all the world’s outstanding green bonds.

The nine signatories of Monday’s pledge commit to a long-term presence in the market. They say that green bonds will be at the heart of their project financing and business lines, and that they will implement stringent reporting procedures. The pledge also calls upon other industrial corporations to consider issuing green bonds.

Also announced at the One Planet Summit is Climate Action 100+, a new initiative backed by 225 investors, including nearly 70 North American investors, with $26.3 trillion in assets under management.

Climate Action 100+ is a five-year global effort led by investors to scale up engagement with the world’s largest corporate greenhouse gas emitters to improve governance on climate change, curb emissions and strengthen climate-related financial disclosures.

“Moving 100 of the world’s largest corporate greenhouse gas emitters to align their business plans with the goals of the Paris Agreement will have considerable ripple effects,” said Anne Simpson, member of the Climate Action 100+ Steering Committee and investment director of sustainability at the California Public Employees’ Retirement System, the largest U.S. public pension fund.

“Our collaborative engagements with the largest emitters will spur actions across all sectors as companies work to avoid being vulnerable to climate risk and left behind,” said Simpson.

As part of today’s launch, investors released the list of the first 100 companies that they plan to engage as part of the initiative. The list includes companies in the oil and gas, electric power and transportation sectors that have been identified as the world’s largest greenhouse gas emitters.

But all these actions and promises did not go far enough for the conservationists in the Climate Action Network, a global group of over 1,200 NGOs working to promote government and individual action to limit human-induced climate change to ecologically sustainable levels.

Pointing out that 2017 is likely to be among the five-warmest years since the Industrial Revolution, and that the planet has suffered massive hurricanes in the Atlantic and the Caribbean, devastating floods in south Asia, and out of control wildfires in California, the Climate Action Network is pressing for even more urgent action.

Brett Fleishman, 350.org senior finance campaigner, said, “President Macron and other world leaders, are meeting right now to supposedly discuss shifting capital to climate solutions. But we are here to ring the alarm by bringing attention to the unabated support of the fossil fuel industry. We have research that clearly demonstrates that the French government, through its many agencies, is still invested in the energies sources of the past. This acts as a drag on the climate finance summit. This charade of caring about the planet can’t go on. Every euro and dollar spent on adaptation and mitigation is undercut by even more money spent on the fossil fuel industry.”

“Whatever the outcomes from this summit,” said Fleishman, “the global climate movement will keep on pushing through 2018 to accelerate the transition away from fossil fuels to 100 percent renewable energy for all.”

MOre than 1,000 delegates participated the summit, which will continue Wednesday with various side events.

The One Planet Summit is organized jointly by France, the United Nations and the World Bank, in partnership with the United Nations Framework Convention on Climate Change, the We Mean Business Coalition, the Global Covenant of Mayors for Climate and Energy, the European Commission, the C40 Cities Network, the OECD and Bloomberg Philanthropies.


Featured Image: President of France Emmanual Macron and British Prime Minister Theresa May at the One Planet Summit, Paris, France, December 12, 2017 (Photo courtesy #10 Downing Street) Creative Commons license via Flickr

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The Cancer Risk of Carbon Capture

The International Energy Agency hosted a CCS meeting in June: From left: Jim Carr, Minister of Energy, Canada; Wan Gang, Minister of Science and Technology, China; Dr. Fatih Birol, Executive Director, International Energy Agency; Rick Perry, Secretary of Energy, USA; Terje Søviknes, Minister of Petroleum and Energy, Norway (Photo courtesy IEA) Posted for media use

The International Energy Agency hosted a CCS meeting in June: From left: Jim Carr, Minister of Energy, Canada; Wan Gang, Minister of Science and Technology, China; Dr. Fatih Birol, Executive Director, International Energy Agency; Rick Perry, Secretary of Energy, USA; Terje Søviknes, Minister of Petroleum and Energy, Norway (Photo courtesy IEA) Posted for media use.

 

 

 

 

By Sunny Lewis

OSLO, Norway, August 3, 2017 (Maximpact.com News) – China has decided to develop and implement carbon capture and storage (CCS) on a massive scale. But there is a problem. The process of capturing carbon can lead to the formation of carcinogenic chemicals.

To resolve this issue, Chinese researchers are collaborating with Norwegian scientists from the Department of Chemistry at the University of Oslo (UiO) and the Norwegian Technology Centre Mongstad (TCM), the world’s largest facility for testing and developing CO2 capture technologies.

“China is now the world’s most progressive nation when it comes to research on CCS, and they also have the most comprehensive plans for implementation,” says Professor Claus Jørgen Nielsen at the UiO Department of Chemistry.

“They have in fact decided that China is going to be the first nation in the world to implement CCS on a large scale. The reason is of course that CCS is one of the technologies that have the potential to save the global climate,” said Nielsen.

Current short-term, medium-term and long-term projections for global energy demand still point to fossil fuels being burned in quantities incompatible with levels required to stabilize greenhouse gas concentrations at safe levels in the atmosphere, according to the International Energy Agency (IEA).

The IEA defines carbon capture and storage as, “…a family of technologies and techniques that enable the capture of CO2 from fuel combustion or industrial processes, the transport of CO2 via ships or pipelines, and its storage underground, in depleted oil and gas fields and deep saline formations.”

“CCS can have a unique and vital role to play in the global transition to a sustainable low-carbon economy, in both power generation and industry,” the IEA says.

Still, the capturing part of the technology comes with a problem that has not been much studied in China, and certainly not in the United States, but where Norway is at the forefront of research.

“The problem is that the process for capturing carbon can give rise to carcinogenic chemicals in the environment. This is a problem that we Norwegians can help the Chinese to avoid, and at the same time we are making an important contribution towards reducing global climate problems,” said Nielsen.

Earlier this year, Nielsen was part of a Norwegian delegation to China that included UiO Senior Executive Officer Kari Kveseth and researcher Liang Zhu from the Amine Research and Monitoring project (ARM).

“China is today the world’s largest investor in research and development overall. The USA remains in the lead of R&D investments per capita, but China is in second place and is still growing. China has developed a remarkable policy with leaders who are convinced that research is going to lead to a renewed nation, and they are thus on the road to becoming the world’s leading R&D nation,” said Kveseth.

CCS falls into two parts. First, carbon in the form of CO2 gas must be captured or separated from the exhaust flue gases produced by combustion in, for example, fossil fueled power stations. After separation, the gas must be stored in a safe and permanent manner, so that it does not escape into the atmosphere.

The Sino-Norwegian cooperation is all about reducing the environmental impact of the technology for capture.

“The common way to capture CO2 from gases makes use of an old technology where amines, which are chemical bases, capture the acidic CO2 gas. When used to capture CO2 from exhaust in a chimney, some of the amines are emitted into the air,” explains Professor Rolf David Vogt, one of the pioneers in the Norwegian-Chinese research collaboration.

But in 2008, Nielsen and colleagues pointed out that amines emitted to air from CO2 capture plants can be broken down into nitroamines and nitrosamines.

The nitrosamines are known for being carcinogenic but short-lived, so they should not be released into the air in densely populated areas. The nitramines are more stable, and little is known about their effects on human health – but there is a risk that they are as bad as the nitrosamines.

The persistence of the nitramines makes it necessary to map their presence in the environment around CCS plants. Where do they end up? Are they stored in soils, so that they can affect the bacterial flora – or are they washed out so that they may be bio-accumulated in the aquatic food chain?

Are there other important sources for nitramines and nitrosamines in the environment?

The Norwegian researchers agree that these questions must be answered before choosing the best technology for capturing CO2.

“If we are to reach the IPCC target of only 2 ºC global warming the CCS technology must account for roughly 30 % of the solution. Then we are going to need qualified researchers, who are going to be educated both in Norway and China in a joint program,” says Nielsen.

The Sino-Norwegian cooperation is already underway. UiO researchers have collaborated with Chinese environmental research institutions for almost 30 years, with projects on acid rain, mercury and water quality. But the collaboration ground to a halt when the late Chinese dissident Liu Xiaobo received the Nobel Peace Prize in 2010. By the end of 2016, relations between China and Norway were normalized after Minister of Foreign Affairs Børge Brende visited China.

The largest Chinese partners in the renewed cooperation are the Air Pollution Control Division at Tsinghua University; Huaneng Power International, which is China’s largest energy producer; and the Institute of Engineering Thermodynamics (IET) at the Chinese Academy of Sciences .

Tsinghua holds a leading role in research on air pollution, especially in Beijing and northern China. During the summer of 2017, their instrument park will be supplemented with measuring instruments from the Department of Chemistry in Oslo. Dr. Liang Zhu will contribute to this in Beijing.

But Norway is not the only country working with China on capturing and storing carbon.

The energy ministers of Canada, China, Norway, and the United States, as well as heads of delegation from Australia and the European Commission, along with leaders from the industry and key organizations, were invited by the International Energy Agency and China to review how to increase collaboration in order to drive further deployment of carbon capture, utilization and storage (CCUS).

The meeting was held in June ahead of the 8th Clean Energy Ministerial, in Beijing. Ministers and panellists discussed the factors that have attracted investment to current CCUS projects and highlighted the importance of identifying where these factors could converge to replicate recent success with CCUS projects.

The discussion centred on the vital role of CCUS in reducing carbon dioxide emissions while ensuring energy security. Participants acknowledged the importance of revenue streams, such as from CO2 utilisation, available transport and storage options, and political leadership in securing investment in CCUS projects.

Hosting the event, IEA Executive Director Dr. Fatih Birol said the IEA would undertake detailed analysis of the conditions and factors that have led to the investment in existing CCUS projects, and how they may be replicated.

The countries represented in the discussion host 19 of the 22 projects currently in operation or construction globally.

China, the host of the 8th Clean Energy Ministerial, recently announced the beginning of construction on the country’s first large-scale CCUS project in Shaanxi Province. China’s Minister for Science and Technology Wan Gang, co-hosted the discussion.

U.S. Energy Secretary Rick Perry said, “I don’t believe you can have a real conversation about clean energy without including CCUS. The United States understands the importance of this clean technology and its vital role in the future of energy production.”

“We have already seen the success of projects like Petra Nova in Texas, which is the world’s largest post-combustion carbon-capture system,” Perry said. “Our experience with CCUS proves that you can do the right thing for the environment and the economy too.”

The system at Petra Nova can capture 1.6 million tons of CO2 each year from an existing coal-fired power plant unit, a capture rate of up to 90 percent from a supplied slipstream of flue gas. By using CO2 captured from the plant, oil production at West Ranch oilfield is expected to increase from around 500 barrels per day to up to 15,000 barrels per day.

Canada’s Minister of Natural Resources Jim Carr said, “Carbon capture, use and storage holds enormous potential to enable economic growth and create jobs, while ensuring the environment is protected.”

“Canada hopes to continue working with domestic and international partners — including through the Clean Energy Ministerial and Mission Innovation — to help us all address the technical and policy challenges around wide scale implementation of this important technology.”

The IEA has consistently highlighted the importance of CCUS in low carbon energy systems. “Our analysis consistently shows that CCUS is a critical part of a complete clean energy technology portfolio that provides a sustainable path for mitigating greenhouse gas emissions while ensuring energy security,” said Dr. Birol.

“Investment has flowed to CCUS projects where there is a confluence of factors which constitute a viable business case,” he said. “We need to find more such opportunities, where a commercial case for CCS can be built with reasonably modest, well targeted public interventions.”


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 Featured Image: View of rooftops and smokestacks, China. (Photo by Curt Carnemark / World Bank) Creative Commons license via Flickr)

Transforming Africa

TanzaniaChildren

Children in Tanzania wait for peanut butter and jelly sandwiches. (Photo by Derek Hansen) Creative Commons license via Flickr

 By Sunny Lewis

BADEN BADEN, Germany, March 21, 2017 (Maximpact.com News) – Following a meeting with G20 finance ministers and central bank governors on Sunday in Baden Baden, World Bank Group President Jim Yong Kim announced a record US$57 billion in financing for Sub-Saharan African countries over the next three years.

KimJimYong

President of the World Bank Group Jim Yong Kim of the United States (Photo by Simone D. McCourtie/World Bank) Creative Commons license via Flickr

Kim said the fresh infusion of funds will scale up investments and de-risk private sector participation for accelerated growth and development across Sub-Saharan Africa .

This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” he said.

With this commitment,” he said, “we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform.

Kim then left to visit Rwanda in the central Sub-Saharan region and Tanzania in the east to emphasize the Bank Group’s support for the entire region.

With a population of just over one billion people, Sub-Saharan Africa is defined as those African countries situated south of the Sahara Desert.

Economic growth in Sub-Saharan Africa remains strong,” the World Bank stated three years ago, in March 2014. “Almost a third of countries in the region are growing at six percent.

But income inequality is extreme in the Sub-Saharan region. Some of these countries, such as Nigeria and South Africa, are rich in oil or mineral wealth, but many others are desperately poor.

First Priorities: Food and Water

Earlier this month, the World Bank president issued a warning on the “devastating levels of food insecurity” in sub-Saharan Africa and Yemen. “Famine is a stain on our collective conscience,” Kim said. “Millions of lives are at risk and more will die if we do not act quickly and decisively.

We at the World Bank Group stand in solidarity with the people now threatened by famine,” Kim said March 8. “We are mobilizing an immediate response for Ethiopia, Kenya, Nigeria, Somalia, South Sudan, and Yemen. Our first priority is to work with partners to make sure that families have access to food and water.

Much of the newly announced financing, $45 billion, will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries.

In December, development partners agreed to a record $75 billion for IDA, based on an innovative move to blend donor contributions to IDA with World Bank Group internal resources, and with funds raised through capital markets.

The IDA financing for Africa is targeted to addressing roadblocks that prevent the region from reaching its potential. The scaled-up IDA financing will build on a portfolio of 448 ongoing projects across the continent.

A $1.6 billion financing package is being developed to tackle the impending threat of famine in parts of Sub-Saharan Africa.

Expected IDA outcomes include essential health and nutrition services for up to 400 million people, access to improved water sources for up to 45 million, and 5 GW of renewable energy generating capacity.

Next: Building Resilience

In support of countries’ own development priorities, the scaled-up investments will focus on tackling conflict, fragility, and violence; building resilience to crises including forced displacement, climate change, and pandemics; and reducing gender inequality.

The new financing for Sub-Saharan Africa will include an estimated $8 billion in private sector investments from the International Finance Corporation (IFC), a private sector arm of the World Bank Group.

IFC will deepen its engagement in fragile and conflict-affected states and increase climate-related investments.

In addition, there will be $4 billion in financing from the International Bank for Reconstruction and Development (IBRD), its non-concessional public sector arm.

IBRD priorities will include health, education, and infrastructure projects such as expanding water distribution and access to power.

Efforts will also promote governance and institution building, as well as jobs and economic transformation.

This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises,” Kim said.

While much of the estimated $45 billion in IDA financing will be dedicated to country-specific programs, Kim says significant amounts will be available through special “windows” to finance regional initiatives and transformative projects, support refugees and their host communities, and help countries in the aftermath of crises.

This will be complemented by a newly established Private Sector Window, especially important in Africa, where many sound investments go untapped due to lack of capital and perceived risks.

The Private Sector Window will supplement existing instruments to spur sound investments through de-risking, blended finance, and local currency lending.

The priorities for private sector investment will include infrastructure, financial markets, and agribusiness.

Powering Africa, Both On and Off the Grid

In the western sub-Saharan African country of Côte d’Ivoire last week, former UN Secretary-General

Kofi Annan, secretary-general of the United Nations from 1997 to 2006, was awarded the Nobel Peace Prize in 2001. Born in Ghana, was the first UN Secretary-General from Sub-Saharan Africa. Annan now heads the Africa Progress Panel, and serves as chair of the Kofi Annan Foundation and chair of The Elders. (Photo courtesy Africa Progress Panel) Posted for media use

Kofi Annan, secretary-general of the United Nations from 1997 to 2006, was awarded the Nobel Peace Prize in 2001. Born in Ghana, was the first UN Secretary-General from Sub-Saharan Africa. Annan now heads the Africa Progress Panel, and serves as chair of the Kofi Annan Foundation and chair of The Elders. (Photo courtesy Africa Progress Panel) Posted for media use

Kofi Annan issued a new report, “Lights Power Action: Electrifying Africa” that calls for investment in quickly solving Africa’s energy crisis.

Speaking March 13 at African Development Bank headquarters in Abidjan, Annan said, “Achieving universal access to modern energy is critical to Africa’s transformation.”

Nearly two-thirds of Africans – 620 million people – still do not have access to ‘affordable, reliable, sustainable and modern electricity,‘” said Annan, the energy goal that is central to Agenda 2030 for Sustainable Development.

The core message of “Lights Power Action” emphasizes that grid-connected mega projects such as large dams and power pools are essential to scale up national and regional energy generation and transmission, but they are slow and expensive.

Through the report, Annan is urging governments to increase investment in off-grid and mini-grid solutions, which are cheaper and quicker to install.

What we are advocating is for African governments to harness every available option, in as cost-effective and technologically efficient a manner as possible, so that everyone is included and no one is left behind” said Annan, who chairs the Africa Progress Panel that wrote the report.

Of the 315 million people who will gain access to electricity in Africa’s rural areas by 2040, it is estimated that only 30 percent will be connected to national grids. Most will be powered by off-grid household or mini-grid systems.

Annan told the audience in Abidjan, “As well as leading the way in promoting wider use of off-grid and mini-grid technology, African governments must continue to work hard to transform national energy grids that are often unreliable and financially fragile.

Many energy utilities are mismanaged and inefficient. A lack of accountability and transparency in their governance also nurtures corruption,” he warned.

Electricity theft at staggering scale is often the result of this malpractice; rolling black-outs are the result of mismanagement,” said Annan. “All continue to feed a deep sense of frustration among citizens.”

It’s not just energy mismanagement, Annan explained. “Poor energy governance reflects the wider governance deficit that threatens to derail development efforts in a number of countries.

Governments need to intensify their efforts to put in place regulatory environments that give the energy sector incentives to deliver on its transformative potential,” he said.

Africa’s leadership, in both public and private sectors, need to “champion the energy for all agenda,” Annan urged.

The private sector, African and non-African,” said the former secretary-general, “should be encouraged to enter energy generation, transmission and distribution markets, deepen linkages throughout the value chain, and build the investment partnerships that can drive growth and create jobs.

He is not saying countries should immediately stop using fossil fuels and switch to renewables. The cost of transitioning to renewables may be prohibitively high in the short term, especially for countries that use their sizable endowments of coal and other fossil fuels to generate energy.

The report advocates that African governments harness every available energy option, so that no one is left behind. Said Annan, “Each country needs to decide on the most cost-effective, technologically efficient energy mix that works best for its own needs.

As widespread adoption of mobile phone technology has already helped Africa leapfrog over conventional technology and improve financial and social inclusion, Annan predicts that “innovation will bring millions of Africans into the energy loop,” setting the stage for improved quality of life.

The ultimate goal should be to interlink Africa’s numerous and fragmented power initiatives to create a single pan-African power grid,” he said in Abidjan.

We know what is needed to reduce and ultimately eliminate Africa’s energy deficit,” declared Annan. “Now we must focus on implementation. The time for excuses is over. It’s time for action.


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Europe’s ‘Clean Energy Revolution’

solarpowertower

Gemasolar was the first commercial-scale plant in the world to apply central tower receiver and molten salt heat storage technology. The molten salt storage tank permits independent electrical generation for up to 15 hours without any solar feed. May 7, 2009, Seville, Spain. (Photo by Markel Redondo / Greenpeace)

By Sunny Lewis

BRUSSELS, Belgium, December 8, 2016 (Maximpact.com News) – To keep the EU competitive as renewables displace fossil fuels, shaking up global energy markets, the European Commission has proposed a new package of measures to “equip all European citizens and businesses with the means to make the most of the clean energy transition.”

The “Clean Energy for All Europeans” legislative proposals are designed to show that, as the Commission said, “the clean energy transition is the growth sector of the future – that’s where the smart money is.”

The measures are aimed at establishing the EU as a leader of the clean energy transition, not just a country that adapts to a renewable energy future as required by the 2015 Paris Agreement on Climate, which more than 100 nations have now formally joined.

In October 2014 the European Council, composed of the heads of state or government of the EU member states, agreed on the 2030 climate and energy policy framework for the EU.

That’s why the EU has committed to cut emissions of the greenhouse gas carbon dioxide (CO2) by at least 40 percent by 2030, less than 15 years away.

Europe is on the brink of a clean energy revolution,” said Commissioner for Climate Action and Energy Miguel Arias Cañete.

And just as we did in Paris, we can only get this right if we work together.

With these proposals, said Cañete, the Commission has cleared the way to a more competitive, modern and cleaner energy system. “Now,” he said, “we count on European Parliament and our Member States to make it a reality.”

If the new proposals become law, EU consumers of the future may have the possibility of producing and selling their own electricity, a better choice of supply, and access to reliable energy price comparison tools.

Increased transparency and better regulation give civil society more opportunities to become more involved in the energy system and respond to price signals.

The package also contains several measures aimed at protecting the most vulnerable consumers.

The EU is consolidating the enabling environment for the transition to a low carbon economy with a range of interacting policies and instruments reflected under the Energy Union Strategy, one of the 10 priorities of the Juncker Commission.

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Caption: Commission President Jean-Claude Juncker briefs the European Parliament, Oct. 26, 2016 (Photo © European Union 2016 – European Parliament”) Creative Commons license via Flickr.

In his State of the Union Address to the European Parliament, September 14, President Jean-Claude Juncker emphasized investment.

The €315 billion Investment Plan for Europe, which we agreed just 12 months ago, has already raised €116 billion in investments in its first year of operation. And now we will take it further,” said President Juncker, doubling down on the EU’s future.

We propose to double the duration of the Fund and double its financial capacity to provide a total of at least €500 billion of investments by 2020,” Juncker said.

The Commission has already offered CO2 reduction proposals. In 2015, the executive body proposed to reform the EU Emission Trading System to ensure the energy sector and energy intensive industries deliver the needed emissions reductions.

Last summer, the Commission proposed ways of accelerating the low-carbon transition in other key sectors of the European economy.

Today’s proposals present the key remaining pieces to fully implement the EU’s 2030 climate and energy framework on renewables and energy efficiency.

All the Energy Union related legislative proposals presented by the Commission in 2015 and 2016 need to be addressed as a priority by the European Parliament and Council.

Modernising the EU’s economy is key, said Vice-President for Energy Union Maroš Šefcovic. “Having led the global climate action in recent years,” he said, “Europe is now showing by example by creating the conditions for sustainable jobs, growth and investment.

Clean energies, in total, attracted global investment of over €300 billion in 2015, and the Commission sees opportunity for the EU in the clean energy wave of the near future.

By mobilising up to €177 billion of public and private investment a year from 2021, this package can generate up to one percent increase in GDP over the next decade and create 900,000 new jobs, the Commission said.

The Clean Energy for All Europeans legislative proposals cover energy efficiency, renewable energy, the design of the electricity market, security of electricity supply and governance rules for the Energy Union.

The Commission also proposes a new way forward for Ecodesign, the law that sets minimum mandatory requirements for the energy efficiency of household appliances, information and communication technologies and engineering.

The package includes actions to accelerate clean energy innovation, to renovate Europe’s buildings and a strategy for connected and automated mobility.

Commissioner Cañete said, “I’m particularly proud of the binding 30 percent energy efficiency target, as it will reduce our dependency on energy imports, create jobs and cut more emissions.

Our proposals provide a strong market pull for new technologies,” he said, “set the right conditions for investors, empower consumers, make energy markets work better and help us meet our climate targets.

Links to all documents in the Clean Energy package:


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Children Sue for Climate Justice

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The 21 young plaintiffs backed by Our Children’s Trust and climate expert Dr. James Hansen, back row with hat. (Photo courtesy Our Children’s Trust) Posted for media use

By Sunny Lewis

EUGENE, Oregon, August 18, 2016 (Maximpact.com) – A pioneering constitutional climate change lawsuit  is being brought by children, ages 8-19, against the federal government in the U.S. District Court for the District of Oregon in Eugene.

The children argue that in causing climate change, the U.S. government has violated the youngest generation’s constitutional rights to life, liberty and property, and has failed to protect essential public trust resources. 

Acting as one of the plaintiffs is world-renowned climate scientist Dr. James E. Hansen, former director of the NASA Goddard Institute for Space Studies (NASA), and currently adjunct professor, Columbia University’s Earth Institute, both in New York City. Dr. Hansen is serving as guardian for future generations and his granddaughter, Sophie, a teenaged plaintiff in this lawsuit.

The plaintiffs are suing the federal government for violating their constitutional rights to life, liberty and property, and their right to essential public trust resources, by permitting, encouraging, and otherwise enabling continued exploitation, production, and combustion of fossil fuels.

The case is one of multiple related legal actions brought by youth in several states and countries, all supported by Our Children’s Trust , seeking science-based action by governments to stabilize the climate system.

Our Children’s Trust is a nonprofit organization, elevating the voice of youth, those with most to lose, to secure the legal right to a healthy atmosphere and stable climate on behalf of present and future generations.

 The nonprofit leads a coordinated global human rights and environmental justice campaign to implement enforceable science-based Climate Recovery Plans that will return atmospheric carbon dioxide concentration to below 350 parts per millions by the year 2100.

Julia Olson, lead counsel for the plaintiffs and executive director of Our Children’s Trust, told a magistrate judge in March, “Defendants in essence ask this court to ignore the undisputed scientific evidence, presented in our complaint and in opposing this motion, that the federal government has, and continues to, damage plaintiffs’ personal security and other fundamental rights. But these young plaintiffs have the right to prove the government’s role in harming them has been knowing and deliberate.

In April, U.S. Magistrate Judge Thomas Coffin of the U.S. District Court in Eugene ruled in favor of the 21 young plaintiffs.

This ruling is now under review by U.S. District Court Judge Ann Aiken, with oral arguments scheduled for September 13, after which the case will either proceed to trial or to appeal.

I am excited that Judge Aiken is interested in hearing our oral argument this September,” said plaintiff Kiran Oommen, a 19-year-old from Eugene, Oregon. “The U.S. government’s continued support of the fossil fuel industry, despite the obvious high risks, is hurting people all the time and it’s getting worse. … The longer this case lasts, the greater the evidence will be condemning their actions.

Olson said, “The more these brave young climate advocates appear in court, with the tremendous public support we anticipate for this September 13 hearing, the better. This is another chance to tell the egregious story of this case: that for more than 50 years our government has exploited fossil fuels, hand in hand with industry, knowing it would destroy our climate system and the healthy futures for these young people. We are eager to show the court how these youth’s fundamental constitutional rights are being infringed.

 Now, three groups representing the fossil fuel industry have joined the federal case as intervenors: the American Petroleum Institute, which includes BP, Chevron, ExxonMobil, and Shell; the National Association of Manufacturers; and the American Fuel and Petrochemical Manufacturers, which includes DuPont and Koch Industries.

The intervors argue that the lawsuit is “extraordinary” and “a direct threat to [their] businesses” and that, if the kids win, “massive societal changes” and an “unprecedented restructuring of the economy” could result.

They will try to persuade the judge that the young plaintiffs in this case do not have standing, because climate change is mostly a prediction of harm, and that, even if they are being harmed, climate change is a question for Congress, not the courts, to decide.

Recently, the Massachusetts Supreme Judicial Court and the King County Superior Court in Seattle, Washington, also ruled in favor of youth plaintiffs in related actions.

Pakistan is feeling the influence of Oregon in its own children’s climate case. It takes the form of legal coaching and counseling from the nongovernmental organization Environmental Law Alliance Worldwide (ELAW), based in Eugene.

ELAW Executive Director Bern Johnson said “ELAW is pleased to collaborate with Our Children’s Trust on this case to raise the voices of youth around the world calling for climate justice. It’s one of many U.S. and international cases in Our Children’s Trust’s global youth-led climate campaign. “We owe it to children and future generations to leave them a healthy climate.”

 Last month, the Pakistan Supreme Court heard arguments from ELAW partner Qazi Ali Athar and ruled in favor of seven-year-old youth petitioner Rabab Ali – Ali’s daughter, overturning an initial ruling from the Court’s Registrar that her lawsuit was inadmissible.

In an interview with Third Pole Net, Rabab said, “I want the government to give me and my friends a safe environment to grow up in. I want it to help me conserve it for future generations.

Rabab’s suit asserts that coal and other polluting fossil fuels violate the Public Trust Doctrine and the youngest generation’s fundamental rights to life, liberty, property, human dignity, information, and equal protection under the law.

 The Court allowed Rabab’s climate case to proceed on behalf of present and future generations.

Our Children’s Trust attorneys worked with Ali to prepare the petition as part of the coordinated youth-led legal climate campaign, with the support of ELAW staff. In particular, ELAW Staff Scientist Mark Chernaik submitted an affidavit to the court in support of Rabab’s case.

Ali has said, “I am invoking the ancient Public Trust Doctrine passed from the Romans into English common law. It’s very simple and states that things like water, air and the seas, which belong to every citizen, have to be protected. The government, as the custodian of our natural resources, cannot exploit it.


Featured image: Steam rising from the Chesterfield electricity-generating facility of Dominion Virginia Power in Dutch Gap, Chesterfield Virginia, July 12, 2015 (Photo by Bill Dickinson)  Creative Commons license via Flickr

Earth Hour: Going Dark to ‘Change Climate Change’

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Engro Green Office Program personnel celebrate Earth Hour 2015 with a candlelight vigil in Karachi, Pakistan. March 27, 2015. (Photo by Green Office Engro) creative commons license via Flickr

By Sunny Lewis

SINGAPORE, March 17, 2016 (Maximpact.com News) – On Saturday evening, March 19 at exactly 20:30 local time, millions of people around the world will switch off their non-essential lights for one hour to show their commitment to cooling the over-heated planet. This is Earth Hour, a WWF initiative to inspire climate change action.

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Earth Hour Global Executive Director Sid Das joined Earth Hour from Google in 2009, when he lived in Sydney, Australia. He moved to Singapore with the Earth Hour organizing team in 2012. (Photo courtesy Earth Hour)

“The world is at a climate crossroads,” said Siddarth Das, executive director, Earth Hour Global, based in Singapore. “While we are experiencing the impacts of climate change more than ever, we are also witnessing a new momentum in climate action transcending borders and generations.”

“From living rooms to classrooms and conference rooms, people are demanding climate action,” said Das. “This 10th edition of Earth Hour is our time to ensure people are empowered to be a part of climate solutions.”

In 2007, WWF-Australia inspired Sydney residents to show their support for climate change action in the first Earth Hour event. More than 2,000 businesses and 2.2 million individuals turned their lights out for an hour to take a stand against runaway climate change.

Over Earth Hour’s 10-year history, an increasing number of businesses, individuals, institutions and landmarks have participated.

Last year, 7,000 cities in more than 170 countries and territories got involved.

This year, WWF Earth Hour organizers believe their campaign has helped persuade people to cool their demand for electricity generated by fossil fuels after 195 nations agreed in December to limit their greenhouse gas emissions under the United Nations Paris Climate Agreement.

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As Vice President of the WWF Climate Change Program, Lou Leonard is the organization’s strategic leader on fighting climate change. (Photo courtesy WWF-US)

Based in Washington, DC, Lou Leonard is vice president, climate and energy, World Wildlife Fund, which is WWF in the United States. “Earth Hour arrives at a pivotal moment. The threat has never been clearer but the momentum has never been so clearly on our side,” he said. “Last year was the warmest year on record and the first year the entire world agreed to act together to turn back the climate threat.”

“But we can’t stop here,” warned Leonard. “As the lights go out from New Zealand to New York, it’s time to do the work needed to make the Paris Agreement come alive. From the Clean Power Plan in America to a national cap-and-trade law in China, to a global system to tackle international aviation pollution, 2016 is the year where we can prove that a zero-carbon future is within our grasp. It’s up to all of us to do our part.”

In the United States alone, many landmarks and businesses have pledged to go dark for Earth Hour. They include: the Empire State Building and many Broadway theatres in New York City, the Smithsonian Institute in Washington, DC, San Francisco’s Golden Gate Bridge, the Space Needle in Seattle, and dozens of the casinos on the Las Vegas Strip and in other cities across the country. See a complete list here.

Around the world, more than 350 of the world’s most iconic landmarks will be turning out the lights on Saturday evening, including the Sydney Opera House, the Eiffel Tower in Paris and Taipei 101 in Taiwan.

WWF’s Earth Hour City Challenge is mobilizing action and support from cities throughout the world in the global transition towards a climate-friendly future by offering recognition as a reward.

Cities are invited to report inspiring and credible commitments and actions that build climate resilient communities based on renewable energy and low carbon development.

One city will be crowned as the 2016 global Earth Hour Capital, selected by an international jury of experts from among 124 participating cities across 21 countries.

The Earth Hour City Challenge began in 2012, when WWF invited cities from six countries – Canada, India, Italy, Norway, Sweden and the United States – to participate. A total of 66 cities accepted WWF’s challenge – the winner, announced in 2013, was Vancouver, Canada.

Last year, Seoul, South Korea was the global winner of WWF’s Earth Hour City Challenge out of 166 participating cities in 17 countries. An ambitious initiative by the city to reduce greenhouse gas emissions by 10 million tons and to achieve 20 percent electricity self-reliance by 2020 was acclaimed by the international jury of experts.

As part of the 2015 Earth Hour City Challenge, the city of Balikpapan, Indonesia was recognized as the Most Loveable City. Balikpapan was one of 47 green city finalists selected through the social media platform We Love Cities . The We Love Cities site enables visitors to vote for the city they love the most this year. The most loveable city will be announced April 9.

WWF explains, “The Earth Hour City Challenge is not about rewarding cities for the most impressive, hi-tech plans, but about commitment and innovative thinking that promotes attractive, one-planet lifestyles, and provides solutions to the challenges of food, water and energy security.”

To date, Earth Hour has powered more than 530,000 individual actions taken “to help change climate change.”

WWF and Earth Hour teams across six continents are working right now to mobilize public action on climate change in the lead-up to the hour and throughout the year.

They are rallying individuals to participate in reforestation efforts in Georgia and Indonesia, promoting a switch to renewables in Uganda and India, spreading awareness on sustainable food in Italy and Australia and encouraging sustainable lifestyles in Chile and China.

For the first time this year, supporters have been invited to share their commitment to the planet by donating their own personal landmarks – their Facebook feeds and social media profile pictures – to Earth Hour to inspire their friends and communities to join the movement. Click here to donate.

Follow Earth Hour and/or comment on Twitter at #ChangeClimateChange.

Das said, “Whether it is the flick of a switch or the click of a mouse, Earth Hour’s enduring appeal lies in its ability to connect people and show them that we all stand united in our ambition to change climate change.”EarthHourWebBanner


Award-winning journalist Sunny Lewis is founding editor in chief of the Environment News Service (ENS), the original daily wire service of the environment, publishing since 1990.

 

Fossil Fuels: To Invest or Divest – That Is the Question

GlobalMapHottest2015

By Sunny Lewis

WASHINGTON, DC, January 21, 2016 (ENS) – The year 2015 was Earth’s hottest by widest margin on record, and in December 2015 the temperature was the highest for any month in the 136-year record, according to scientists with the U.S. space agency, NASA, and the U.S. oceanic and atmospheric agency NOAA.

Those who blame the burning of coal, oil and gas for this unprecedented warming are urging investors to pull their money out of fossil fuel companies and urging fossil fuel companies to reconsider their business activities.

This week, a group of investors led by New York State Comptroller Thomas P. DiNapoli and the Church of England demanded that ExxonMobil, the world’s largest publicly traded international oil and gas company, disclose the climate resilience of its business model.

The group of investors, including co-filers the Vermont State Employees’ Retirement System, the University of California Retirement Plan and The Brainerd Foundation, represents nearly $300 billion in assets under management and more than $1 billion in Exxon shares.

Their demand follows the Paris Agreement on climate change reached by 195 nations in December.

“The unprecedented Paris agreement to rein in global warming may significantly affect Exxon’s operations,” said DiNapoli, who is Trustee of the New York State Common Retirement Fund, the third largest public pension fund in the United States, with $184.5 billion in assets under management as of March 31, 2015.

The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.

“As shareholders, we want to know that Exxon is doing what is needed to prepare for a future with lower carbon emissions,” said DiNapoli. “The future success of the company, and its investors, requires Exxon to assess how it will perform as the world changes.”

The Church of England’s investment fund, the Church Commissioners, manages a fund of some £6.7 billion, held in a diversified portfolio including equities, real estate and alternative investment strategies.

“Climate change presents major challenges to corporate governance, sustainability and ultimately profitability at ExxonMobil,” said Edward Mason, the Head of Responsible Investment for the Church of England’s investment fund.

“As responsible investors we are committed to supporting the transition to a low carbon economy,” said Mason. “We need more transparency and reporting from ExxonMobil to be able to assess how they are responding to the risks and opportunities presented by the low carbon transition.”

ExxonMobil says “Society faces a dual energy challenge: We need to expand energy supplies to support economic growth and improve living standards, and we must do so in a way that is environmentally responsible.”

The oil and gas giant says it is relying on developing new technologies to reduce greenhouse gas emissions.

“We believe that carbon emissions will plateau and start to decrease starting around 2030 as energy efficiency spreads and as various carbon-reduction policies are enacted around the world,” ExxonMobil says in a position statement on its website.

“ExxonMobil leads in one of the most important next-generation technologies: carbon capture and sequestration (CCS). CCS is the process by which carbon dioxide gas that would otherwise be released into the atmosphere is separated, compressed and injected into underground geologic formations for permanent storage.

In addition, ExxonMobil says it continues to fund and conduct research on advanced biofuels. “This work is part of our many investments in new technologies with the transformative potential to increase energy supplies, reduce emissions, and improve operational efficiencies.”

Across Europe, the year 2015 was the second hottest on record, with mean annual temperatures just above the 2007 average and below the record set in 2014, according to an analysis by one of the World Meteorological Organization’s regional climate centers. Much of eastern Europe was exceptionally warm, with temperatures higher than in 2014.

The negative climate trend is expected to continue for at least the coming five decades, says WMO Secretary-General Petteri Taalas, who took office at the start of the year. He predicted a growing number of weather-related disasters and a continuing increase in sea level rise.

In the first global effort to avert the worst impacts of climate change, under the Paris Climate Agreement world leaders committed to holding the rise in global temperatures well below two degrees Celsius and to seek to restrict warming to 1.5 degrees.

The shareholder proposal filed by Comptroller DiNapoli and the Church of England’s investment fund asks ExxonMobil to publish an assessment of how its portfolio would be affected by a two degree target through, and beyond, 2040.

Specifically, the assessment should include an analysis of the impacts of a two-degree scenario on the company’s oil and gas reserves and resources, assuming a reduction in demand resulting from carbon restrictions.

Exxon’s peers, Shell and BP, have already agreed to disclose how they will be impacted by efforts to lower greenhouse gas emissions in response to similar shareholder proposals co-filed in 2015 by the Church of England and other investors and endorsed by the boards of both companies.

More recently, 10 global oil and gas companies, including Shell and BP, announced their support for lowering greenhouse gas emissions to help meet the 2 degree goal.

In addition, the global movement seeking to encourage investor divestment of fossil fuel stocks is gathering strength, says Brett Fleishman of the global climate action group Fossil Free, a project of the nonprofit 350.org.

“If it is wrong to wreck the climate, it is wrong to profit from that wreckage,” declares Fossil Free.

Fleishman cites a recent report (CISL_Report) by the University of Cambridge that details the material risk of climate change to investment portfolios. The report found that, “Short-term shifts in market sentiment induced by awareness of future climate risks could lead to economic shocks and losses of up to 45 percent in an equity investment portfolio value.”

The University of Cambridge report was not alone. The growing risk to the economy and investment funds because of climate change has been reported by the financial giants of the world – HSBC, Deutsche Bank, Standard and Poor’s, CitiBank and The Bank of England, among others.

The dire forecasts are already affecting investors. California’s pensions systems lost more than $5 billion on their fossil fuel holdings last year. The Massachusetts state pension fund lost $521 million in value from their fossil fuel stocks over the past year, a 28 percent decline.

Those major losses are advancing the divestment dialogue this year.

“While each [Fossil Free divestment] campaign is independently run and may bring different emphases and asks depending on their local context,” says Fleishman, the majority of campaigns are asking institutions to “immediately freeze any new investment in fossil fuel companies, and divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within five years.”

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African Catholic groups associated with 350.org have called on Pope Francis to support the divestment movement.

In a December letter to the Pope they wrote, “Because of the grave threat of climate change and the fossil fuel sector’s unyielding refusal to change, it is no longer right for religious groups to profit from investments in such companies. We appeal for your support for the global divestment movement from the fossil fuel industry and to call for a just transition towards a world powered by 100 percent renewable energy.”

They felt that Pope Francis acknowledged their concerns in his speech to the United Nations Environmental Programme in Nairobi, where he stated that the Paris climate conference, “represents an important stage in the process of developing a new energy system which depends on a minimal use of fossil fuels, aims at energy efficiency and makes use of energy sources with little or no carbon content.”

Now, 350 Africa intends to broaden its sphere of influence to include divestment activists of all faiths, saying in December, “We need to change the idea that the climate change crisis is to only be tackled by environmental organizations. The recent resolution of the Anglican Church of Southern Africa to explore withdrawing their investments from companies that exploit fossil fuels, is an example of how faith groups can do their part in the climate movement through divestment.”


Award-winning journalist Sunny Lewis is founding editor in chief of the Environment News Service (ENS), the original daily wire service of the environment, publishing since 1990.

Header image: 2015 was the warmest year since modern record-keeping began in 1880, finds a new analysis by NASA’s Goddard Institute for Space Studies. The record-breaking year continues a long-term warming trend – 15 of the 16 warmest years on record have now occurred since 2001. (Image: Scientific Visualization Studio courtesy NASA Goddard Space Flight Center) public domain
Featured image: New York State Comptroller Thomas DiNapoli, April 2015 (Photo courtesy New York State Comptroller) Public Domain via Flickr
Image 01: African Catholics advocate for divestment from fossil fuel companies, December 2015, Nairobi, Kenya (Photo courtesy Go Fossil Free.org)