The net impact of Internet use | Alan Pears for Renew Magazine

Alan Pears would like you to know that your Zoom meeting is not, in fact, going to destroy the planet. All the CO2 that’s already in the atmosphere, however...

I get a bit tired of repeated, breathless articles “exposing” how almost every action that helps our transformation towards a low-carbon, advanced global economy is actually a problem. Nothing is perfect, but a lot of changes are positive—if they are well-managed.

For example, I often hear expressions of concern about the carbon (and broader) environmental impacts of digitalisation. The International Energy Agency has looked at this issue and found that, overall, the net benefits of digitalisation (through energy savings and productivity improvements) usually far outweigh the impacts.

The graph here provides insights into the worst-case environmental impacts of some internet apps, but it doesn’t put them into context. For example, an hour spent on Zoom generates less CO2 than driving a car a kilometre. Avoiding a five-kilometre car trip cuts emissions by more than a two-hour, “worst case” Netflix video.

Keep reading

Second Annual Global Survey of Climate Risk Management at Financial Firms | GARP

Green Swan 2 - Climate change and Covid-19: reflections on efficiency versus resilience | BIS

"It suggests that climate-related risks and pandemics such as Covid-19 have similarities. Both are massive global negative externalities and both are related to changes in our natural ecosystems. In addition to the extensive economic and financial damage they both produce, both directly affect human lives and thus could be classified as Green Swans. And, for both, there is a discrepancy between how scientists warn us about the quasi-certainty of their occurrence and how we fail to systematically consider their potentially huge costs and integrate them into risk frameworks and final prices."

BHP puts powerful lobby groups on notice over climate change | The Age

BHP said it would work with its industry associations to establish public standards and plans for how and what they would advocate for by the end this year, and would then monitor their activities in real-time for consistency with BHP's own positions. The new standards will require industry groups each year to outline which policy areas they intend to advocate.

Australia is third largest exporter of fossil fuels behind Russia and Saudi Arabia | The Guardian

And more on that topic: “On any reasonable assessment of the data, the climate impact of Australia’s fossil fuel industry are immense,” said Richie Merzian, Climate & Energy Program Director at the Australia Institute.

“Many argue Australia’s emissions are small on a global scale, but this research shows the complete opposite: our domestic emissions are large and our exported emissions are even larger.”

https://www.tai.org.au/content/new-analysis-australia-ranks-third-fossil-fuel-export

ASIC updates guidance on climate change related disclosure

‘While disclosure is critical, it is but one aspect of prudent corporate governance practices in connection with the mitigation of legal risks. Directors should be able to demonstrate that they have met their legal obligations in considering, managing and disclosing all material risks that may affect their companies. This includes any risks arising from climate change, be they physical or transitional risks.’ Mr Price said.

Download and read the update here.

Kenneth Hayne says trust in politics and institutions 'damaged or destroyed' | The Guardian

"These ideas of independence, neutrality, publicity and reasoned reports may be contrasted with what some, perhaps many, would see as the characteristics of modern political practice with its emphasis on party difference, and with decision-making processes that not only are opaque but also, too often, are seen as skewed, if not captured, by the interests of those large and powerful enough to lobby governments behind closed doors. "

Transport chaos across England and Wales after major power cuts | The Guardian

Passengers were shut out of some of the country’s busiest train stations during the Friday evening rush hour, while hundreds of thousands of homes were left without electricity after what the National Grid described as a problem with two generators.

Ratings giant Moody's buys big chunk of California climate-risk data | GreenBiz

The acquisition is therefore aimed at solidifying Moody's commitment to "promoting transparent and globally consistent standards for evaluating environmental, social and governance (ESG) risks and opportunities," the company announced last week.

How Mackenzie turned BHP into a force for good | AFR

Climate change made Europe’s 2019 record heatwave up to ‘100 times more likely’ | Carbon Brief

The hot weather seen in the Netherlands and France was made up to “100 times more likely” by climate change, the study finds.

And the heat in Cambridge in the UK – which saw a new country-wide record of 38.7C in July – was made around “20 times more likely” by human-caused warming

Companies that fail to adapt to climate change risk will go bust, Carney warns | Isle of Wite County Press

Companies that don’t adapt, including companies in the financial system, will go bankrupt without question

Why Climate related financial disclosures matter | Insights - The London Institute of Banking & Finance

Dr Paul Fisher: “It will take some time, but the disclosure of climate-related risks is going to become mainstream.”

It's the end of the earth as we know it. Read all about it! | The Guardian

“In a nutshell, the findings suggest that emissions drive climate changes that trigger abrupt changes to Earth systems when they cross certain thresholds. Ten of these feedback loops are identified in the report, including the release of methane trapped in Siberian permafrost and the impact of melting ice in Greenland on the Antarctic.”

IAIS calls on insurers to intensify climate risk scrutiny | Property Casualty

“Climate change is now recognized as a critical emerged risk facing the insurance sector."

By 2030, Renewable Energy Costs Could Be "Effectively Zero" | Inverse

The Battery Boom Could End Up Burning Some Investors | Bloomberg

Investors call for ambition shortfall to be addressed in the NEG | IGCC

Insurance firms could face fines over climate reporting failure | ClientEarth

“We think the law is quite clear on this and by omitting financially material climate risks from their annual reports, these companies are not giving the full picture. Without this information, how can investors make a fully-formed investment decision?”

‘Peak coal’ is getting closer, latest figures show | Carbon Brief

"The amount of coal power capacity in pre-construction stages has declined every year since 2015."