climate change

$2.5 Trillion Worth of Global Financial Assets at Risk From Climate Change Impacts by End of Century, Study Warns

An average $2.5 trillion (£1.76trn) of the world’s financial assets would be at risk from climate change impacts if global temperatures are left to increase by 2.5°C by 2100, warns a new study by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics.

The study, published today in the journal Nature Climate Change, is the first of its kind to produce a comprehensive estimate of the total value at risk from climate change impacts. So far most of the attention has focused on the risk of climate change to fossil fuel companies.

Under the Paris climate deal, nations have agreed to limit global warming to “well below” 2°C from pre-industrial levels. However, under business as usual emissions are set to increase global average temperatures by approximately 2.5°C.

Tapping Canada's Geothermal Potential

In the midst of controversy over B.C.’s Peace River Site C dam project, the Canadian Geothermal Energy Association released a study showing the province could get the same amount of energy more affordably from geothermal sources for about half the construction costs. Unlike Site C, geothermal wouldn’t require massive transmission upgrades, would be less environmentally disruptive and would create more jobs throughout the province rather than just in one area.

Despite the many benefits of geothermal, Canada is the only “Pacific Ring of Fire” country that doesn’t use it for commercial-scale energy. According to Desmog Canada, “New Zealand, Indonesia, the Philippines, the United States and Mexico all have commercial geothermal plants.” Iceland heats up to 90 per cent of its homes, and supplies 25 per cent of its electricity, with geothermal.

Nearly $1 Trillion Wasted Globally on Unnecessary New Coal Plants

Nearly $1 trillion (£700bn) is being invested in new coal-fired power plants worldwide despite the fact that the demand for electricity generated from coal has declined for two years in a row, shows a new report released today.

The report, by Greenpeace, the Sierra Club and CoalSwarm, warns that this problem of overbuilding is creating an “increasingly severe capacity bubble”.

Last year the global power sector added at least 84 gigawatts (GW) of new coal power capacity. This is a 25 percent increase from 2014.

Where Do The Remaining Presidential Candidates Stand On Climate Issues?

We are now officially through half of the United States Presidential election primary and caucus season, and there are currently 5 contenders left in the Republican and Democratic parties vying for their party’s respective nomination. Delegate math shows that Governor John Kasich has no chance to become the Republican nominee, so we’re left with four real candidates to examine.
 
The differences between the candidates of the two major parties could not be greater. On the Democratic side, there are two candidates who proudly embrace science and agree that action on climate issues is sorely needed. On the Republican side, both of the remaining candidates reject the scientific consensus and instead argue that climate change is nothing more than a series of unfortunate weather events.
 
It is important to remember that acceptance of climate science is not necessarily limited to one political party. Recent polls show that majorities of voters within both the Democratic and Republican parties (as well as Independent voters) accept that climate change is real and that human activity is a contributing factor. The discrepancy between the desires of voters and the views of the candidates can best be seen in the contributions from the fossil fuel industry, which will be described in detail later.
 
As for the candidates remaining in the race, only Republican frontrunner Donald Trump lacks a record to verify his statements on climate change. But judging on his statements alone, he will not be a friend to the environment if he secures the nomination and subsequently wins the White House.

February's Global Temperature Spike is a Wake-Up Call

By Steve Sherwood, UNSW Australia and Stefan Rahmstorf, Potsdam Institute for Climate Impact Research

Global temperatures for February showed a disturbing and unprecedented upward spike. It was 1.35℃ warmer than the average February during the usual baseline period of 1951-1980, according to NASA data.

This is the largest warm anomaly of any month since records began in 1880. It far exceeds the records set in 2014 and again in 2015 (the first year when the 1℃ mark was breached).

In the same month, Arctic sea ice cover reached its lowest February value ever recorded. And last year carbon dioxide concentration in our atmosphere increased by more than 3 parts per million, another record.

What is going on? Are we facing a climate emergency?

Congress Is Infected With Climate Change Deniers, But Their Constituents Understand The Dangers

Here’s an inconvenient truth for the fossil fuel industry: The majority of Americans accept the scientific consensus that climate change is real and that it is a threat that must be addressed. This includes a majority of Democrats, a majority of Republicans, and a majority of citizens who do not identify with a specific political party.
 
But here’s a sad truth for Americans who believe in science: The majority of members of the ruling GOP party in Washington, D.C. refuse to accept the science that climate change is happening and that human beings are to blame.
 
According to a new report by the Center for American Progress Action Fund, 59% of the House Republican caucus and 70% of Senate Republicans refuse to accept the reality of climate change. This means there are a total of 182 climate change deniers in the House and Senate who collectively represent more than 200 million American citizens (based on their district/state size that they represent in Congress.)

Should Kids Be Able to Sue For a Safe Climate? This Federal Court is About to Decide

This is a guest post by Clayton Aldern, originally co-published by BillMoyers.com and Grist.

EUGENE, OREGON — Courtrooms usually aren’t jovial places, but with 21 youth plaintiffs and two busloads of supporting junior high-school students in tow, the air in the US District Courthouse here on Wednesday felt more field trip than federal court.

The occasion for the youthful energy was a hearing on a complaint filed on behalf of the plaintiffs, aged 8–19, by Oregon nonprofit Our Children’s Trust. The kids’ lawyers assert that their clients, and the younger generation as a whole, have been deprived of key rights by their own government. By failing to act on climate change, they argue, the United States government — including President Obama and a baker’s dozen federal agencies — has valued its own generation more than future generations, who will bear a greater burden with respect to the climate crisis.

Emissions From Global Food Production Threaten To Overwhelm Efforts To Combat Climate Change

Rice fields in the Kashmir region

By Pep Canadell, CSIRO and Hanqin Tian, Auburn University

Each year our terrestrial biosphere absorbs about a quarter of all the carbon dioxide emissions that humans produce. This a very good thing; it helps to moderate the warming produced by human activities such as burning fossil fuels and cutting down forests.

But in a paper published in Nature today, we show that emissions from other human activities, particularly food production, are overwhelming this cooling effect. This is a worrying trend, at a time when CO2 emissions from fossil fuels are slowing down, and is clearly not consistent with efforts to stabilise global warming well below 2C as agreed at the Paris climate conference.

To explain why, we need to look at two other greenhouse gases: methane and nitrous oxide.

Following Sudden Death of Indicted Former Chesapeake Energy CEO, Justice Department Investigation into Collusion Continues

Last Tuesday, the Justice Department announced criminal charges against former Chesapeake Energy CEO Aubrey McClendon, stemming from an alleged lease bid-rigging conspiracy between McClendon and another unidentified oil and gas company. The felony count against McClendon carried up to a decade in prison and $1 million in fines.

Shortly after 9 AM the next day, McClendon crashed his SUV at over 50 mph into a concrete highway overpass and died instantly of blunt force trauma. Police are continuing to investigate McClendon's cause of death, awaiting toxicology results and other data, and have not ruled out the possibility that the car wreck may have been a suicide.

“He pretty much drove straight into the wall,” Oklahoma City Police Department Capt. Paco Balderrama told a local NBC affiliate. “There was plenty of opportunity for him to correct and get back on the roadway and that didn’t occur.”

The dramatic exit of one of the most flamboyant wildcatters in the shale rush stunned many observers — and his abrupt death may serve to pull attention away from the underlying crimes that McClendon was so recently accused of committing. The acts McClendon, age 56, stood accused of occurred at the height of the shale land rush and were committed in his role as then-CEO of Chesapeake Energy, the nation's second largest natural gas producer.

Before McClendon died, Forbes writer Chris Helman noticed something very interesting in the former CEO's response to his indictment: McClendon didn't deny the acts underlying the charges, he simply argued that others in oil and gas industry also engaged in the same conduct.

Bonner Cohen

Bonner R. Cohen

 Credentials

  • Ph.D. University of Munich
  • B.A. University of Georgia
Source: [1]

 Background

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