Bank of England Governor Mark Carney said investors need to wake up to the potential for huge losses from a sudden shift in regulations designed to curb global warming and the use of fossil fuels.
The world appears to have bought itself a little time in the fight to avoid climate catastrophe, according to a new analysis.
Virtually every major country has made pledges to limit or reduce carbon pollution in advance of the Paris climate talks this December. These pledges generally end in 2025 or 2030, and so they only matter if the world keeps ratcheting down its greenhouse gas emissions in future agreements until we get near zero by century’s end. Otherwise we will blow past the 2°C line of defense against very dangerous-to-catastrophic global warming, and hit 3.6°C warming by 2100.
At a White House press conference Friday afternoon, U.S. President Barack Obama and Chinese President Xi Jinping announced a suite of wide-ranging actions that clarify how serious the world’slargest greenhouse gas emitter is about cutting greenhouse gas emissions. These include prioritizing green energy on China’s grid, a cap-and-trade or emissions trading system for China, additional low-carbon financing to developing countries, and emissions standards for heavy duty vehicles. The fact that these announcements were made during the world’s most important bilateral meeting and official state visit lends them further significance.
In his first public address during his visit to the United States, Pope Francis spent the majority of his time harping on one issue: Climate change.
Glaciers aren’t static, they are like rivers of ice. They flow, they grow, they shrink. They even can flood valleys, depending on the temperatures and snow each season. They vary a lot from one year to another. But the Mer de Glace has never shrunk as rapidly as it has in the last 15 years. There can only be one cause, says Luc Moreau, a glaciologist at Grenoble University, who has studied the Mer de Glace for many years.
The world’s most valuable pollinator is under attack.
Bees, responsible for an estimated $15 billion of crop output in the U.S. alone, play an essential role in almond production. With the nut fetching record prices, the insects have become the asset to own — or steal — in Australia’s biggest almond-producing region.
Investors representing $2.6 trillion in assets have pledged to cut fossil fuels from their portfolios, a fifty-fold increase from last year. At least 436 institutions have pledged to stop investing in fossil fuels — for moral or financial reasons. Large pension funds and private companies make up 95 percent of the assets, according to analysis released Tuesday by Arabella Advisors.
Rich western countries and the world’s leading developing nations are spending up to $200bn (£130bn) a year subsidising fossil fuels, according to a report from the Organisation for Economic Cooperation and Development.
The Paris-based thinktank said its 34 members plus six of the biggest emerging economies – China, India, Brazil, Indonesia, Russia and South Africa – were spending money supporting the consumption and production of coal, oil and gas that should be used to tackle climate change.
Volkswagen AG lost almost a quarter of its market value after it admitted to cheating on U.S. air pollution tests for years, risking billions in potential fines and a backlash from consumers in the world’s second-biggest car market.
The shares plunged as much as 23 percent to 125.40 euros in Frankfurt, extending the stock’s slump for the year to 31 percent. The drop wiped out about 15.4 billion euros ($17.4 billion) in value.
What if we melted all the ice?