“for decades, Shell has been aware of the impact of burning fossil fuels on the climate. Like ExxonMobil, Shell had studied the problem and acknowledged the danger in internal documents, yet publicly downplayed the risk while funding climate denial groups.”
"Yet amid the clamour is a single, jarring truth. Demand for oil is rising and the energy industry, in America and globally, is planning multi-trillion-dollar investments to satisfy it. No firm embodies this strategy better than ExxonMobil, the giant that rivals admire and green activists love to hate."
“In the extreme, environmental breakdown could trigger catastrophic breakdown of human systems, driving a rapid process of ‘runaway collapse’ in which economic, social and political shocks cascade through the globally linked system – in much the same way as occurred in the wake of the global financial crisis of 2007-08,” the paper warns.
Dr Paul Fisher, well known to many at Climate Alliance has written a very interesting article for the London Institute of Banking and Finance. He asks the question whether central banks should play a role in managing the risks presented by climate change.
In an Australian first, development consent for a new coal mine was refused by the Land and Environment Court of NSW (the Court) for reasons that included its material greenhouse gas (GHG) emissions and contribution to climate change.
NASA scientists announced Wednesday that the Earth’s average surface temperature in 2018 was the fourth highest in nearly 140 years of record-keeping and a continuation of an unmistakable warming trend.
"Costs will likely go far beyond tangible measures; not only will infrastructure be exposed, but so will potential economic development and growth, community health and safety and social support systems."
“We’re steadily moving toward a new normal where billion-dollar disasters are a regular occurrence,” says Emilie Mazzacurati, founder and CEO of Four Twenty Seven. “This combination of extreme weather events and growing pressure from asset owners and regulators is pushing a lot of businesses to look for a way to understand their exposure and start managing their risks.”
Extreme weather is again out on its own in the top-right (high-likelihood, high-impact) quadrant of the Global Risks Landscape 2019. The year 2018 was another one of storms, fires and floods.19 Of all risks, it is in relation to the environment that the world is most clearly sleepwalking into catastrophe.
A report from Munich Re on last year’s natural disasters pointed to “clear indications” that man-made climate change is a factor in California’s wildfires.
Yes, let’s pretend nothing has changed....
“The road has been there for 100 years and will continue to be there for many many years, decades to come.”
This diagram shows the average yearly amount of climate finance given by each OECD country on average in 2015 and 2016, and where that money went.
Donor countries are listed down the left-hand side of the diagram. The right-hand side shows the amounts which flowed to recipient countries or regions.
“It is therefore important to think realistically about how such transitions occur and how society and the market will manage this one. Separately – and it is a quite separate issue – we also need to ask if there is a realistic likelihood of today’s oil and gas companies transitioning as corporate entities. Do they have a future? Or will they just fail – as incumbents most often do when faced with such dramatic market change?”
Global investors managing $32tn issued a stark warning to governments at the UN climate summit on Monday, demanding urgent cuts in carbon emissions and the phasing out of all coal burning. Without these, the world faces a financial crash several times worse than the 2008 crisis, they said.
Major financial institutions have joined together in the U.S. Alliance for Sustainable Finance under Bloomberg’s leadership.
Paul Fisher was recently interviewed by the Financial Times as part of an article on sustainable finance. The article provides a good summery of the activities in this area as well as some useful links.
“Multiple cities will be uninhabitable and migration patterns will be far beyond those levels already creating pressure worldwide.”