European Investment Bank Will Stop Funding Fossil Fuel Projects by the End of 2020
When the calendar turns over to 2021, fossil fuel companies won't have the European Investment Bank (EIB) to turn to for loans anymore. The EU's lending arm has decided to use its money to help stop the climate crisis by no longer funding fossil fuel projects and to ramp up its investments in clean energy, according to Bloomberg.
The EIB's plans will stop companies that rely on coal, oil or gas in their infrastructure projects from applying for funding. The move dovetails with the EU's sense of urgency in stopping the global climate crisis that has the continent sweltering this summer under record-setting temperatures. Besides the heat, European countries have also seen an increase in storms and floods linked to the climate crisis, which fossil fuels contribute to.
"This transition will be profound. Solidarity is required to ensure that potentially vulnerable groups or regions are supported," the report said, as The Guardian reported.
The bank plans to create an energy transitions fund to support projects that will help member states transition to cleaner energy. The strategy paper sets a markedly different strategy for the lender, which has heavily funded fossil fuel projects for the past six decades, including the Transadriatic gas pipeline and oil storage facilities in Cyprus.
The move away from fossil fuels comes after a growing wave of pressure bearing down on financial institutions to cut their ties to projects that increase greenhouse gas emissions.
In June, for example, 80 civil society organizations and academics published an open letter to the EIB demanding that it end its fossil fuel financing, which was nearly $3 billion in 2018. The letter accused the bank of "lagging behind the science" underpinning the climate crisis, according to The Guardian.
Environmental activists praised the EIB's plan.
"The EIB's proposal to end financing for fossil fuels by 2020 is a massive step forward in climate leadership," said Alex Doukas, from Oil Change International, as The Guardian reported. "With this move, the world's largest multilateral lender is now poised to leave oil, gas and coal in the past. The EU member states who control the bank must now stand behind the EIB's ambitious climate vision, and other financial institutions should quickly follow suit to stop funding fossils."
Colin Roche, a campaigner at Friends of the Earth Europe called the proposal is "a crack of light in the darkness," as The Guardian reported. "While the EU and national governments are floundering as the planet burns, the EU's public bank has made the brave, correct and just proposal to stop funding fossil fuel projects. We are now urging the European Investment Bank's board to endorse this step forward, and ensure there are no loopholes for fossil fuel funding."
The EIB board, which is made up mostly of EU finance ministers, will discuss the proposals at a meeting in September, though a final decision could take longer, according to Reuters.
- Bank Funding of Fossil Fuels Soars - EcoWatch ›
- Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in ... ›
EcoWatch Daily Newsletter
By Joe Roman and Taylor Ricketts
The COVID-19 pandemic in the United States is the deepest and longest period of malaise in a dozen years. Our colleagues at the University of Vermont have concluded this by analyzing posts on Twitter. The Vermont Complex Systems Center studies 50 million tweets a day, scoring the "happiness" of people's words to monitor the national mood. That mood today is at its lowest point since 2008 when they started this project.
The Hedonometer measures happiness through analysis of key words on Twitter, which is now used by one in five Americans. This chart covers 18 months from early 2019 to July 2020, showing major dips in 2020. hedonometer.org<p>These same tweets also indicate a potential salve. Before pandemic lockdowns began, doctoral student <a href="https://scholar.google.com/citations?user=0P0ZYbIAAAAJ&hl=en" target="_blank">Aaron Schwartz</a> <a href="https://doi.org/10.1002/pan3.10045" target="_blank">compared tweets before, during, and after visits to 150 parks, playgrounds and plazas</a> in San Francisco. He found that park visits corresponded with a spike in happiness, followed by an afterglow lasting up to four hours.</p><p>Tweets from parks contained fewer negative words such as "no," "not" and "can't," and fewer first-person pronouns like "I" and "me." It seems that nature makes people more positive and less self-obsessed.</p><p>Parks keep people happy in times of global crisis, economic shutdown and public anger. Research has also shown that transmission rates for COVID-19 are <a href="https://www.sfchronicle.com/news/article/Is-risk-of-coronavirus-transmission-lower-15287602.php" target="_blank">much lower outdoors than inside</a>. As scholars who study <a href="https://scholar.google.com/citations?user=yFzb2EUAAAAJ&hl=en" target="_blank">conservation</a> and how nature <a href="https://scholar.google.com/citations?user=CCnUeN8AAAAJ&hl=en" target="_blank">contributes to human well-being</a>, we see opening up parks and creating new ones as a straightforward remedy for Americans' current blues.</p>
Park Visits Are Up During the Pandemic<p>According to the Hedonometer, sentiments expressed online started trending lower in mid-March as the impacts of the pandemic became clear. As lockdowns continued, they registered the lowest sentiment scores on record. Then in late May, effects from George Floyd's death in police custody and the following protests and police response once again could be seen on Twitter. May 31, 2020 was the saddest day of the project.</p><p>Recent surveys of park visitors around the University of Vermont have shown people <a href="https://osf.io/preprints/socarxiv/sd3h6" target="_blank">using green spaces more</a> since COVID-19 lockdowns began. Many people reported that parks were highly important to their well-being during the pandemic.</p>
<div id="4c7e4" class="rm-shortcode" data-rm-shortcode-id="bc0ac146ab2a94228f32d973fc2ab272"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1289428912879964160" data-partner="rebelmouse"><div style="margin:1em 0">#Goldengatepark #sf #quarantinemood https://t.co/9l3ufnbkt6</div> — Suvd (@Suvd)<a href="https://twitter.com/Suvd19486406/statuses/1289428912879964160">1596258783.0</a></blockquote></div><p>The powerful effects of nature are strongest in large parks with more trees, but smaller neighborhood parks also provide a significant boost. Their impact on happiness is real, measurable and lasting.</p><p>Twitter records show that parks increase happiness to a level similar to the bounce at Christmas, which typically is the happiest day of the year. Schwartz has since expanded his <a href="https://arxiv.org/pdf/2006.10658.pdf" target="_blank">Twitter study</a> to the 25 largest cities in the U.S. and found this bounce everywhere.</p><p>Parks and public spaces won't cure COVID-19 or stop police brutality, but they are far more than playgrounds. There is growing evidence that parks contribute to mental and physical health in a range of communities.</p><p>In a 2015 study, for example, Stanford researchers sent people out for one of two walks: through a local park or on a busy street. Those who walked in nature showed <a href="https://doi.org/10.1016/j.landurbplan.2015.02.005" target="_blank">improved moods and better memory performance</a> compared to the urban group. And a team led by <a href="https://penniur.upenn.edu/people/eugenia-gina-south" target="_blank">Gina South</a> of the University of Pennsylvania showed in a 2018 study that greening and cleaning up blighted vacant lots in Philadelphia <a href="http://dx.doi.org/10.1001/jamanetworkopen.2018.0298" target="_blank">reduced local residents' feelings of depression, worthlessness and poor mental health</a>.</p>
Creative Strategies<p>It isn't easy to create new parks on the scale of San Francisco's Golden Gate Park or the Washington Mall, but smaller projects can expand outdoor space. Options include greening vacant lots, closing streets and investing in existing parks to make them safer, greener and shadier and support wildlife.</p><p>These initiatives don't have to be capital-intensive. In the University of Pennsylvania study, for example, renovating a vacant lot by removing trash, planting grass and trees and installing a low fence cost only about US$1,600.</p><p>Urban green space is most needed in neighborhoods that have lacked funding for parks, especially given <a href="https://www.nytimes.com/2020/04/08/nyregion/coronavirus-race-deaths.html" target="_blank">COVID-19's disproportionate impact on Black and Latinx people</a>.</p><p>Cities can also create parklike spaces by <a href="https://theconversation.com/with-fewer-cars-on-us-streets-now-is-the-time-to-reinvent-roadways-and-how-we-use-them-140408" target="_blank">closing streets to cars</a>. Many cities worldwide are currently retooling their transportation systems for the post-COVID-19 world in order to <a href="https://thecityfix.com/blog/bicycles-slower-speeds-livable-city-paris-mayor-anne-hidalgo-plans-ambitious-second-term-dario-hidalgo/" target="_blank">reallocate public space</a>, widen sidewalks and make more space for nature.</p><p>Urban designers, artists, ecologists and other citizens can play a direct role, too, creating pop-up parks and green spaces. Some advocates <a href="https://www.bloomberg.com/news/articles/2017-09-15/a-brief-history-of-park-ing-day" target="_blank">transform parking spaces into mini-parks</a> with grass, potted trees and seating for just the time on the meter, to make a larger point about turning so much public space over to cars.</p><p>Or cities can invest a little more. Minneapolis, Cincinnati and Arlington, Virginia, have won <a href="https://www.tpl.org/parkscore" target="_blank">national recognition</a> for their ambitious investments in public park systems. These areas could serve as models for neighborhoods that lack access to parks.</p>
<div id="25fd0" class="rm-shortcode" data-rm-shortcode-id="383f0d2df0237e9359c30dcce6cd6c42"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1276558744835379201" data-partner="rebelmouse"><div style="margin:1em 0">Looking to safely get outside? Check out the best parks for social distancing in this year's top ten ParkScore citi… https://t.co/HJjEtDsrTD</div> — The Trust for Public Land (@The Trust for Public Land)<a href="https://twitter.com/tpl_org/statuses/1276558744835379201">1593190296.0</a></blockquote></div>
A New Park Deal?<p>The United States has historically driven economic recovery with major infrastructure investments, like the New Deal in the 1930s and the 2009 <a href="https://www.investopedia.com/terms/a/american-recovery-and-reinvestment-act.asp" target="_blank">American Reinvestment and Recovery Act</a>. Such investments could easily include nature-positive spaces.</p><p>Parks are not panaceas, as evidenced by the widely publicized <a href="https://www.nytimes.com/2020/07/06/nyregion/amy-cooper-false-report-charge.html" target="_blank">racist confrontation between a white woman and a Black birder</a> in New York's Central Park in early July. But Hedonometer data add to a <a href="https://advances.sciencemag.org/content/5/7/eaax0903?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news" target="_blank">growing body of evidence</a> that they provide <a href="https://doi.org/10.1073/pnas.1807504116" target="_blank">clear mental health benefits</a>. Creating and expanding parks also <a href="https://www.nrpa.org/contentassets/f568e0ca499743a08148e3593c860fc5/economic-impact-study-summary.pdf" target="_blank">generates jobs and economic activity</a>, with much of the money spent locally.</p><p>We believe investments in nature are well worth it, offering both short-term solace in difficult times and long-term benefits to health, economies and communities.</p>
- Growing Up Near Nature Is Good for Your Adult Mental Health, New ... ›
- Doctors Prescribe Spending Time In Parks - EcoWatch ›
- This Is the Best Type of Green Space for Your Mental Health ... ›
New York State Attorney General Letitia James announced Thursday that she will attempt to dismantle the National Rifle Association (NRA), arguing that years of corruption and mismanagement warrant the dissolution of the activist organization, as CNN reported.
<div id="7eb49" class="rm-shortcode" data-rm-shortcode-id="83819841e380a7072ec66d3186c160e8"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1291705003984510977" data-partner="rebelmouse"><div style="margin:1em 0">🚨RESPONSE to #Mauritius #OILSpill 🚨 “Once again we see the risks in oil: aggravating the #ClimateCrisis, as well as… https://t.co/PBLioZat6X</div> — Greenpeace Africa (@Greenpeace Africa)<a href="https://twitter.com/Greenpeaceafric/statuses/1291705003984510977">1596801446.0</a></blockquote></div><p>"There is no guaranteed safe way to extract, transport and store fossil fuel products. This oil leak is not a twist of fate, but the choice of our twisted addiction to fossil fuels. We must react by accelerating our withdrawal from fossil fuels," Greenpeace Africa Senior Climate and Energy Campaign Manager Happy Khambule said in a <a href="https://www.greenpeace.org/africa/en/press/11864/greenpeace-africa-response-to-mauritius-oil-spill/?utm_campaign=oil&utm_source=t.co&utm_medium=post&utm_content=single-image&utm_term=mauritius-oil-spill-reactive" target="_blank">statement Friday</a>. "Once again we see the risks in oil: aggravating the <a href="https://www.ecowatch.com/tag/climate-crisis" target="_self">climate crisis</a>, as well as devastating oceans and <a href="https://www.ecowatch.com/tag/biodiversity" target="_self">biodiversity</a> and threatening local livelihoods around some of Africa's most precious lagoons."</p>
- Which Country Will Be First to Go Completely Underwater Due to ... ›
- Overfishing Starts Here - EcoWatch ›
By Gianna-Carina Grün
While the first countries are easing their lockdowns, others are reporting more and more new cases every day. Data for the global picture shows the pandemic is far from over. DW has the latest statistics.
What's the Current Global Trend?<p>The goal for all countries is to make it to the blue part of the chart and stay there. Countries and territories in this section reported zero new cases both this week (past seven days) and the week before.</p><p>Currently, that is the case for 14 out of 209 countries and territories. </p>
How Has the Covid-19 Trend Evolved Over the Past Weeks?<p>The situation has improved slightly: 87 countries report more cases this week than last week. </p>
- Coronavirus Has Infected More Than 60,000 Worldwide, New ... ›
- Apple Fire Forces 7,800 to Seek Shelter in Coronavirus-Ravaged ... ›
- CDC Expands List of Those With Higher COVID-19 Risks - EcoWatch ›
- The South Isn't Prepared for a COVID-19 Surge - EcoWatch ›
- Until Teachers Feel Safe, Widespread In-Person K-12 Schooling ... ›
- Teens and Tweens Are Fastest COVID-19 Spreaders, New Study ... ›
- How Other Countries Reopened Schools During the Pandemic ... ›
- Young Children May Have Higher Coronavirus Levels, Raising ... ›
- COVID-19: What Experts Think About Reopening Schools - EcoWatch ›
Hurricane forecasters predict the 2020 hurricane season will be the second-most active in nearly four decades.
Three years ago, scientists predicted it would happen. Now, new NASA satellite imagery confirms it's true: two ice caps in Canada's Nunavut province have disappeared completely, providing more visual evidence of the rapid warming happening near the poles, as CTV News in Canada reported.
- Climate Explained: What the World Was Like the Last Time Carbon ... ›
- Polar Bears Could Be Nearly Gone by 2100, Study Finds - EcoWatch ›
- Greenland's Ice Sheet Is Melting at Rate That Surpasses Scientists ... ›