EU Aims to Tackle Climate Change With Newly Adopted 'Green Finance' Guidelines
Newly adopted guidelines set forth by the European Commission Tuesday aim to tackle climate change by way of the financial sector. The move comes to bolster the success of the Sustainable Action Plan published last year to reorient capital flows toward sustainable investment and manage financial risks from climate change, environmental degradation and social issues.
In short, the guidelines help define an environmentally friendly investment by providing companies with recommendations on how to report the impact of their activities on the climate, as well as how climate change impacts their business.
"The climate emergency leaves us with no choice but transit to a climate-neutral economy model," said Valdis Dombrovskis, vice-president responsible for financial stability, financial services and capital markets union. "Today's new guidelines will help companies to disclose the impact of the climate change on their business as well as the impact of their activities on climate and therefore enable investors make more informed investment decisions."
Efforts will ensure that 6,000 European Union (EU) companies, banks and insurance agencies transition to a climate-neutral economy, furthering 2030 climate and energy framework seeking to cut carbon emissions by 2030. The European Commission takes that goal one step further by seeking to reduce emissions to zero by 2050, which will require many sectors to find an additional annual investment of between 175 and 290 billion euros.
Public and private investments are needed to transform the continent's ability to deliver on climate-focused goals, according to the EU. To do this, financial planners have defined sustainable finance as a viable method of achieving climate change-related objectives, including climate change mitigation and adaptation, sustainable use and protection of water and marine resources, the transition to a circular economy, waste prevention and recycling, pollution prevention and promoting healthy ecosystems.
Among other things, the new guidelines classify sustainable activities to create a "common language," establish EU labels for green financial products and strengthen the transparency of companies' impacts on the environment. The report sets parameters on how businesses can qualify as "green" based on their contributions to the EU's six environmental objectives without negatively affecting other businesses, reports Reuters.
The guidelines do not include coal and nuclear power and instead support 2030 goals that agree to establish at least one-third share of renewables in final energy consumption, a one-third energy savings when compared to business-as-usual scenarios, and establish a minimum cut of 40 percent in greenhouse gas emissions when compared to 1990 levels.
"The aim of these guidelines is to help companies disclose high quality, relevant, useful, consistent and more comparable non-financial (environmental, social and governance-related) information in a way that fosters resilient and sustainable growth and employment, and provides transparency to stakeholders," reads the report text, adding that the "non-binding guidelines could represent best practice for all companies that disclose non-financial information."
EcoWatch Daily Newsletter
As protests are taking place across our nation in response to the killing of George Floyd, we want to acknowledge the importance of this protest and the Black Lives Matter movement. Over the years, we've aimed to be sensitive and prioritize stories that highlight the intersection between racial and environmental injustice. From our years of covering the environment, we know that too often marginalized communities around the world are disproportionately affected by environmental crises.
- Lead Poisoning Reveals Environmental Racism in the US - EcoWatch ›
- First-of-Its-Kind Study Finds Racial Gap Between Who Causes Air ... ›
- Pollution, Race and the Search for Justice - EcoWatch ›
By Peter Beech
Using waste food to farm insects as fish food and high-tech real-time water quality monitoring: innovations that could help change global aquaculture, were showcased at the World Economic Forum's Virtual Ocean Dialogues 2020.
Fly fishing. nextProtein
BiOceanOr's AquaREAL system. BiOceanOr
- Environmental Innovation Will Transform Business as Usual ... ›
- How an Army of Ocean Farmers Is Starting an Economic Revolution ... ›
The big three broadcast channels failed to cover the disproportionate impacts of extreme weather on low-income communities or communities of color during their primetime coverage of seven hurricanes and one tropical storm over three years, a Media Matters for America analysis revealed.
Researchers at the pharmaceutical giant Eli Lilly announced yesterday that it will start a trial on a new drug designed specifically for COVID-19, a milestone in the race to stop the infectious disease, according to STAT News.
- Dogs Can Smell COVID-19 - EcoWatch ›
- Drugs Touted by Trump for COVID-19 Increase Heart Risks, Studies ... ›
- Coronavirus Vaccine Candidate Shows Promise in Mice - EcoWatch ›
The sixth mass extinction is here, and it's speeding up.
Terrestrial vertebrates on the brink (i.e., with 1,000 or fewer individuals) include species such as (A) Sumatran rhino (Dicerorhinus sumatrensis; image credit: Rhett A. Butler [photographer]), (B) Clarion island wren (Troglodytes tanneri; image credit: Claudio Contreras Koob [photographer]), (C) Española Giant Tortoise (Chelonoidis hoodensis; image credit: G.C.), and (D) Harlequin frog (Atelopus varius; the population size of the species is unknown but it is estimated at less than 1,000; image credit: G.C.).
- Humanity 'Sleepwalking Towards the Edge of a Cliff': 60% of Earth's ... ›
- New Border Wall Construction Threatens 8 Species With Extinction ... ›
- The Insect Apocalypse Is Coming: Here Are 5 Lessons We Must Learn ›
By Cathy Cassata
With more than 1.7 million confirmed cases of COVID-19 in the United States and more than 100,000 deaths from the virus, physicians face unprecedented challenges in their efforts to keep Americans safe.
They also encounter what some call an "infodemic," an outbreak of misinformation that's making it more difficult to treat patients.
When Leaders and Doctors Spread Misinformation<p>When people in charge of towns, cities, states, and countries spread misinformation, the potential for belief in misinformation to result in policies can have harmful effects.</p><p><a href="https://www.northwell.edu/find-care/find-a-doctor?q=Bruce+E.+Hirsch%2C+MD&insurance=&location=&query_type=provider&physician_partners=false&default_view=list&gender=&language=&sort=relevancy" target="_blank">Dr. Bruce E. Hirsch</a>, attending physician and assistant professor in the infectious disease division of Northwell Health in Manhasset, New York, says an example of this is when President Trump informed the public he was taking hydroxychloroquine as a preventive measure.</p><p>"To approach this enormous challenge, we need some intellectual honesty and clarity, and to disregard expertise and to make decisions and model decisions based on hunches is inviting us to handle challenges on the basis of rumor and uninformed opinion. The magnitude of that error is epic," Hirsch told Healthline.</p><p>Stukus agrees, noting that the harm of this proclamation is documented.</p><p>"Early on when the president touted the benefits of hydroxychloroquine and azithromycin, people started to hoard this medicine, and state boards had to shut it down because they were getting so many prescriptions for this unproven therapy that it was not available for those who truly needed it, such as those who have lupus and autoimmune conditions," Stukus said.</p><p>He adds that calls to poison control centers increased after the president suggested using disinfectant to prevent contracting the new coronavirus.</p>
Listen to Science, Even When it Changes<p>When recommendations change or evidence flip-flops, skepticism may arise. However, Stukus says change is the beauty of science.</p><p>"That shows us that we can evolve, and if the evidence shows that our prior thoughts were incorrect, we need to be able to change our recommendations and advice based upon the best quality of evidence at the time," he said.</p><p>Pierre agrees.</p><p>"Science is an iterative process, whereby we arrive at facts and truth through repeated and controlled observations. That means that it's inherently self-correcting as we revise conclusions based on ongoing research. Scientific facts aren't immutable dogma chiseled on a tablet. They change based on the best available evidence we have at a given point in time," he said.</p><p>Because research of COVID-19 has only been underway for 6 months, information is evolving rapidly, and new information may contradict old.</p><p>"There's still much we don't know about exactly how [COVID-19] spreads, what effects it has on the body, or how to best treat it. That means that the best available evidence is preliminary, but that doesn't mean that we should ignore it or turn to other sources of information or opinion as if they're just as valid," Pierre said.</p><p>He explains that conspiracy theories based on mistrust lead to vulnerability to misinformation.</p><p>If people mistrust science because it sometimes "changes its mind," Pierre said, "that shouldn't be used to embrace other opinions based on no evidence at all, which are typically selected based on confirmation bias: what we want to believe rather than what the objective evidence supports."</p>
Where to Find the Best Information<p>Stukus says to start with the <a href="https://www.cdc.gov/coronavirus/2019-nCoV/index.html" target="_blank">CDC</a> and <a href="https://www.nih.gov/health-information/coronavirus" target="_blank">NIH</a>. Then check with your local health officials, because COVID-19 guidelines may vary depending on where you live.</p><p>If you can't find information you need or have questions specifically related to you, call your primary care doctor.</p><p>"Your personal doctor should always be a resource for individual specific questions because they know best how to apply all the nuances retaining to your health, and how to incorporate all the other general [COVID-19] recommendations," Stukus said.</p><p><a href="https://www.eehealth.org/find-a-doctor/b/boyd-laura-b/" target="_blank">Dr. Laura Boyd</a>, primary care physician at Edward-Elmhurst Health Center in Elmhurst, Illinois, says her clinic receives a lot of calls about COVID-19.</p><p>"Most doctors' offices are receiving calls and answering questions, and doing phone or video visits to help clarify and/or order testing over the phone based on patients' symptoms. It is always best to call your doctor's office first instead of worrying about symptoms and waiting too long to seek treatment," she told Healthline.</p><p>If your primary care doctor has limited testing, she suggests looking on your state's public health website for available testing sites.</p><p>With a lot of unknowns related to this virus and disease, Boyd says many patients are feeling overwhelmed and anxious for a treatment.</p><p>"Unfortunately, there is no specific medication recommended for COVID for outpatient. There are a lot of ongoing studies with various drugs going on within the hospital setting. Patients should always contact their doctors about their specific symptoms as they can treat the symptoms that go along with COVID, but there is no cure," Boyd said.</p><p>While we wait for treatment and a vaccine, Hirsch, who treats patients hospitalized for COVID-19 complications on a daily basis, says everyone can do their part by washing hands, wearing a mask, and staying 6 feet apart.</p><p>"As an infectious disease doctor working in the hospital, I see the damage of the pandemic and the worst cases of what's happening. We are trying to get the best possible outcome and confronting this overwhelming biologic reality of this terrible epidemic the best we can," Hirsch said.</p><p>Everyone at home can help in the fight too, he adds.</p><p>"Follow information that is science- and evidence-based, and avoid that which is not," he said.</p>
- WHO Declares Global Health Emergency as Coronavirus Cases ... ›
- Here's What We Know About Ibuprofen and COVID-19 - EcoWatch ›
- Trump's Budget Plan: A Push for Even Greater Environmental ... ›
- Trump Pushed for Mining Project That Could Destroy Alaska Salmon ... ›