In a move that’s likely to cause consternation in some of the world’s most powerful corporate boardrooms, the Bank of England has disclosed that it is launching an inquiry into the risks fossil fuel companies pose to overall financial stability.
A growing number of senior figures in the financial community—some of them controlling many millions of dollars worth of investment funds—have been pressing fossil fuel companies to disclose how investments would be affected if energy reserves became frozen or stranded by regulatory moves associated with tackling climate change. Photo credit: Ellen Gibson / Fossil Free Future
Mark Carney, governor of the UK’s central bank, has written to British Members of Parliament telling them that his officials have been discussing whether or not coal, oil and gas reserves held by the fossil fuel industry are, in fact, unburnable.
“In light of these discussions, we will be deepening and widening our inquiry into the topic,” Carney says.
The burning of fossil fuels releases hundreds of thousands of tons of climate-changing greenhouse gases into the atmosphere.
The idea is that if global warming is to be tackled and catastrophic climate change averted, such energy resources will have to be left where they are—under the ground. They will, in effect, become frozen or stranded financial assets.
Carney tells the Committee—which has been carrying out its own investigation into the frozen assets question—that a special unit within the Bank of England responsible for identifying and reducing risks in the financial system, will also be considering the issue “as part of its regular horizon-scanning work on financial stability risks”.
Joan Walley, the head of the Audit Committee, told London’s Financial Times that investors should consider what effect regulatory action on climate change would have on their fossil fuel investments.
“Policy makers and now central banks are waking up to the fact that much of the world’s oil, coal and gas reserves will have to remain in the ground unless carbon capture and storage technologies can be developed more rapidly,” Walley said.
A growing number of senior figures in the financial community—some of them controlling many millions of dollars worth of investment funds—have been pressing fossil fuel companies to disclose how investments would be affected if energy reserves became frozen or stranded by regulatory moves associated with tackling climate change.
Carbon Tracker, a not-for-profit thinktank based in London, has been warning of what it sees as the dangers to investors and to the entire financial system of continued investment in the fossil fuel industry.
Vulnerability of assets
“The Bank of England has set a new standard for all central banks and financial regulators on climate risks by agreeing to examine, for the first time, the vulnerability that fossil fuel assets could pose to the stability of the financial system in a carbon constrained world,” Carbon Tracker says.
The question of stranded or frozen assets has been raised at the latest round of global negotiations on climate change taking place in Lima, Peru.
Christiana Figueres, the head of the UN’s Climate Change Secretariat, told the Reuters news agency that the long-term goal of negotiations must be the elimination of all greenhouse gas emissions by 2100—a goal that could not be achieved unless most fossil fuels were left in the ground. “We just can’t afford to burn them,” Figueres said.
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Where Does the Deficiency Begin?<p>Nobody knows exactly how much vitamin D a person actually needs. The question of when a deficiency starts is correspondingly controversial. However, vitamin D is becoming increasingly popular.Not only is the pseudo-scientific literature on the "sun vitamin" experiencing an upswing, but the number of published studies has also increased enormously in recent years. For example, in 2019 <a href="https://academic.oup.com/edrv/article/40/4/1109/5126915" target="_blank">a study found that</a> Vitamin D is responsible for keeping the skeleton functional and is associated with cardiovascular diseases, type 2 diabetes and various types of cancer. <br></p>
An All-Rounder<p>Vitamin D levels in the body rise and fall according to sun exposure. If sufficient UV rays reach the skin, the body is able to produce the vitamin itself. However, the human body only derives an estimated 10 to 20 percent of its daily requirement from food.</p><p>The vitamin D that we synthesize from sunlight or food is not biologically active at first. Before the kidneys can produce the biologically active form of the vitamin, known as calcitriol, and release it into the blood, some metabolic processes must take place beforehand.</p><p>In addition, many organs have receptors to which the precursor of calcitriol binds. Further, this substance is also present in blood.</p><p>From this precursor, the organs then produce calcitriol themselves, which the body then uses for countless other processes in the body. This form of vitamin D thus regulates insulin secretion, inhibits tumor growth, and promotes the formation of red blood cells as well as the survival and activity of macrophages, which are important for the <a href="https://www.mdpi.com/2072-6643/5/7/2502/htm" target="_blank">immune system.</a></p>
Low Vitamin D, Severe COVID-19 Disease?<p>A research study carried out <a href="https://www.sciencedirect.com/science/article/pii/S2352364620300067?via%3Dihub" target="_blank">at the University of Hohenheim</a> has now established a link between vitamin D deficiency, certain previous diseases, and severe cases of COVID-19.</p><p>According to the study, "there is a lot of evidence that several non-communicable diseases (high blood pressure, diabetes, cardiovascular diseases, metabolic syndrome) are associated with low vitamin D plasma levels. These comorbidities, together with the often accompanying vitamin D deficiency, increase the risk of severe COVID-19 events."</p><p>"This statement is completely correct," said Martin Fassnacht, head of endocrinology at the University Hospital of Würzburg. However, he qualifies that it is a pure association, "i.e. a mere observation that these events occur together.</p><p>Dr. Fassnacht is very critical of the hype surrounding vitamin D, but not because he denies the vitamin serves important functions. However, studies on humans have not been able to show that vitamin D has the healing powers many often propagate.</p><p>Fassnacht says, "If you take a closer look, the hopes that the administration of vitamin D has a healing effect have not been confirmed so far."</p>
Association Versus Intervention Studies<p>Many studies on the vitamin are association or observational studies. "By definition, these studies cannot prove the causal relationship, but only point to mere correlations," said Fassnacht. The physician tries to illustrate this with an example:</p><p>"Imagine two groups of 80-year-olds. One group is spry, active and does sports. If you compare them with another group living in nursing homes, the difference in vitamin D levels will be dramatic. Life expectancy would also be extremely different."</p><p>But to try to explain the difference in fitness by vitamin D status alone is far too simplistic. "Vitamin D levels are a good measure of how sick someone is. But not more," says Fassnacht. </p><p>According to Fassnacht, none of the intervention studies carried out to date -- that specifically examined the effect of vitamin D on various diseases -- has been able to confirm the previous association and laboratory studies or the presumed positive effect of vitamin D.</p>
Further Research Is Needed<p>"If a coronavirus infection is suspected, it is therefore absolutely necessary to check the vitamin D status and quickly correct any possible deficit," said the recommendation of the paper published by the University of Hohenheim.</p><p>"Studies are underway to see whether vitamin D helps in COVID-19 infection, but I personally do not believe that this is really the case," says endocrinologist Fassnacht. Nevertheless, he says it is of course useful to carry out these studies.<br></p><p>"I don't want to rule out that there are actually subgroups of people who benefit from an additional vitamin D dose," he says. After all, this has been proven to be the case with a severe deficit.</p><p>In view of the study situation, Fassnacht does not think much of preventive, nationwide vitamin D substitutes. "My belief that the vitamin helps somewhere is very low. But, of course, I can be wrong."</p>
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