Fossil Fuel Industry Is Now 'in the Death Knell Phase': CNBC's Jim Cramer
By Andrea Germanos
Cramer added that "the world's turned on" the industry as they did with tobacco.
"They're done," Cramer said of fossil fuels on the network's "Squawk Box." "We're starting to see divestment all over the world. We're starting to see ... big pension funds saying, 'We not going to own them anymore."
"The world's changed," Cramer continued. While companies like BP still mark profits, "nobody cares," because "new money managers want to appease younger people who believe that you can't ever make a fossil fuel company sustainable."
"You can tell that the world's turned on them, and it's actually kind of happening very quickly," said Cramer. "You're seeing divestiture by a lot of different funds. It's going to be a parade ... that says look, 'These are tobacco, and we're not going to own them.'"
Oil stocks are in the death knell phase, says @jimcramer. "The world is turning on them...new kinds of money manage… https://t.co/0xhVgbKKLO— Squawk Box (@Squawk Box)1580489834.0
Author and climate activist Naomi Klein said Cramer's comments showed the power of fossil fuel divestment campaigners.
Watch this entire thing: it doesn't matter how well oil stocks are doing, the next generation sees them as toxic an… https://t.co/OV5aABzbQr— Naomi Klein (@Naomi Klein)1580486799.0
350.org founder and author Bill McKibben had a similar takeaway, writing on Twitter Friday, "Thanks to all who fight so hard."
Oil Change International also weighed in on Cramer's comments.
We're glad to see @JimCramer calling out fossil fuel companies as bad investments. Another good reason to ditch: th… https://t.co/psvpn6SzPz— Oil Change International (@Oil Change International)1580488918.0
Cramer's comments on "Squawk Box" came two days after he tweeted that he was "taking a hard pass on anything fossil" — a comment welcomed by Sierra Club executive director Michael Brune.
Smart call, @jimcramer. The @SierraClub agrees! https://t.co/YJkeSJD6yF— Michael Brune (@Michael Brune)1580423801.0
Lindsay Meiman, a spokesperson for 350.org — which has spearheaded the global movement to demand pension funds, university endowments, and other institutions divest from oil, coal and gas companies — said Cramer is only confirming what many market observers already understand.
"The financial tides are turning away from fossil fuels. Coal, oil and gas companies are not only the perpetrators of the climate crisis we're now experiencing, but have also dangerously underperformed markets over the last decade," Meiman told Common Dreams. "As we enter the climate decade, we're demanding polluters pay for their destruction, and that all institutions and politicians cut ties from toxic fossil fuels to reinvest in a world that puts our health and safety first."
Reposted with permission from Common Dreams.
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By Melissa Hawkins
After sustained declines in the number of COVID-19 cases over recent months, restrictions are starting to ease across the United States. Numbers of new cases are falling or stable at low numbers in some states, but they are surging in many others. Overall, the U.S. is experiencing a sharp increase in the number of new cases a day, and by late June, had surpassed the peak rate of spread in early April.
Seven day rolling average of number of people confirmed to have COVID-19, per day (not including today). This chart gets updated once per day with data by Johns Hopkins. Johns Hopkins university doesn't provide reliable data for March 12 and March 13. Johns Hopkins CSSE Get the data
To Have a Second Wave, the First Wave Needs to End.<p>A wave of an infection describes a large rise and fall in the number of cases. There isn't a precise epidemiological definition of when a wave begins or ends.</p><p>But with talk of a <a href="https://www.theguardian.com/world/2020/jun/27/new-covid-19-clusters-across-world-spark-fear-of-second-wave" target="_blank">second wave in the news</a>, as an <a href="https://www.american.edu/cas/faculty/mhawkins.cfm" target="_blank">epidemiologist and public health researcher</a>, I think there are two necessary factors that must be met before we can colloquially declare a second wave.</p><p>First, the virus would have to be controlled and transmission brought down to a very low level. That would be the end of the first wave. Then, the virus would need to reappear and result in a large increase in cases and hospitalizations.</p><p>Many countries in <a href="https://doi.org/10.1038/s41562-020-0908-8" target="_blank">Europe and Asia have successfully ended the first wave</a>. <a href="https://www.theguardian.com/world/2020/jun/08/new-zealand-abandons-covid-19-restrictions-after-nation-declared-no-cases" target="_blank">New Zealand</a> and <a href="https://www.newyorker.com/magazine/2020/06/08/how-iceland-beat-the-coronavirus" target="_blank">Iceland</a> have also made it through their first waves and are now essentially coronavirus-free, with very low levels of community transmission and only a handful of active cases currently.</p>
Different States, Different Trends<p>Looking at U.S. numbers as a whole hides what is really going on. Different states are in <a href="https://www.nytimes.com/interactive/2020/us/coronavirus-us-cases.html" target="_blank">vastly different situations right now</a> and when you look at states individually, four major categories emerge.</p><ol><li>Places where the first wave is ending: States in the Northeast and a few scattered elsewhere experienced large initial spikes but were able to mostly contain the virus and substantially brought down new infections. <a href="https://www.nytimes.com/interactive/2020/us/new-york-coronavirus-cases.html" target="_blank">New York</a> is a good example of this.</li><li>Places still in the first wave: Several states in the South and West – see <a href="https://www.nytimes.com/interactive/2020/us/texas-coronavirus-cases.html" target="_blank">Texas</a> and <a href="https://www.nytimes.com/interactive/2020/us/california-coronavirus-cases.html" target="_blank">California</a> – had some cases early on, but are now seeing massive surges with no sign of slowing down.</li><li>Places in between: Many states were hit early in the first wave, managed to slow it down, but are either at a plateau – like <a href="https://www.nytimes.com/interactive/2020/us/north-dakota-coronavirus-cases.html" target="_blank">North Dakota</a> – or are now seeing steep increases – like <a href="https://www.nytimes.com/interactive/2020/us/oklahoma-coronavirus-cases.html" target="_blank">Oklahoma</a>.</li><li>Places experiencing local second waves: Looking only at a state level, <a href="https://www.nytimes.com/interactive/2020/us/hawaii-coronavirus-cases.html" target="_blank">Hawaii</a>, <a href="https://www.nytimes.com/interactive/2020/us/montana-coronavirus-cases.html" target="_blank">Montana</a> and <a href="https://www.nytimes.com/interactive/2020/us/alaska-coronavirus-cases.html" target="_blank">Alaska</a> could be said to be experiencing second waves. Each state experienced relatively small initial outbreaks and was able to reduce spread to single digits of daily new confirmed cases, but are now all seeing spikes again.</li></ol><p>The trends aren't surprising based on how states have been dealing with reopening. The virus will go wherever there are susceptible people and until the U.S. stops community spread across the entire country, the first wave isn't over.</p>
What Could a Second Wave Look Like?<p>It is possible – though at this point it seems unlikely – that the U.S. could control the virus before a vaccine is developed. If that happens, it would be time to start thinking about a second wave. The question of what it might look like depends in large part on everyone's actions.</p><p>The <a href="https://dx.doi.org/10.1086%2F592454" target="_blank">1918 flu pandemic</a> was characterized by a mild first wave in the winter of 1917-1918 that went away in summer. After restrictions were lifted, people very quickly went back to pre-pandemic life. But a second, deadlier strain came back in fall of 1918 and third in spring of 1919. In total, <a href="https://www.cdc.gov/flu/pandemic-resources/1918-commemoration/1918-pandemic-history.htm" target="_blank">more than 500 million people were infected</a> worldwide and upwards of <a href="https://theconversation.com/compare-the-flu-pandemic-of-1918-and-covid-19-with-caution-the-past-is-not-a-prediction-138895" target="_blank">50 million died</a> over the course of three waves.</p><p>It was the combination of a quick return to normal life and a mutation in the flu's genome that made it more deadly that led to the horrific second and third waves.</p><p>Thankfully, the coronavirus appears to be much more <a href="https://doi.org/10.1016/j.meegid.2020.104351" target="_blank">genetically stable</a> than the influenza virus, and thus less likely to mutate into a more deadly variant. That leaves human behavior as the main risk factor.</p><p>Until a <a href="https://theconversation.com/what-needs-to-go-right-to-get-a-coronavirus-vaccine-in-12-18-months-136816" target="_blank">vaccine or effective treatment is developed</a>, the tried-and-true public health measures of the last months – <a href="https://theconversation.com/this-simple-model-shows-the-importance-of-wearing-masks-and-social-distancing-140423" target="_blank">social distancing,</a> <a href="https://theconversation.com/masks-help-stop-the-spread-of-coronavirus-the-science-is-simple-and-im-one-of-100-experts-urging-governors-to-require-public-mask-wearing-138507" target="_blank">universal mask wearing</a>, frequent hand-washing and avoiding crowded indoor spaces – are the ways to stop the first wave and thwart a second one. And when there are surges like what is happening now in the U.S., further reopening plans need to be put on hold.</p>
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By Emma Charlton
Gluts of food left to rot as a consequence of coronavirus aren't just wasteful – they're also likely to damage the environment.
Methane on the Rise<p>Not only is this a tragic waste of food at a time when many are going hungry, it is also an <a href="https://donatedontdump.net/2014/07/07/the-effects-of-food-waste-on-the-environment-by-junemy-pantig/" target="_blank">environmental hazard</a> and could contribute to global warming. Landfill gas – <a href="https://www.epa.gov/lmop/basic-information-about-landfill-gas" target="_blank">roughly half methane and half carbon dioxide (CO2)</a> – is a natural byproduct of the decomposition of organic material.</p>
Food decay leads to production of greenhouse gases, methane and carbon dioxide. EPA<p>Methane is a potent greenhouse gas, 28 to <a href="https://www.ipcc.ch/site/assets/uploads/2018/02/SYR_AR5_FINAL_full.pdf" target="_blank">36 times more effective than CO2 at trapping heat</a> in the atmosphere over a 100-year period, according to the Intergovernmental Panel on Climate Change.</p><p>"Many export-oriented producers produce volumes far too large for output to be absorbed in local markets, and thus <a href="https://unctad.org/en/pages/newsdetails.aspx?OriginalVersionID=2333" target="_blank">organic waste levels have mounted substantially</a>," says Robert Hamwey, Economic Affairs Officer at UN agency UNCTAD. "Because this waste is left to decay, levels of methane emissions, a greenhouse gas, from decaying produce are expected to rise sharply in the crisis and immediate post-crisis months."</p>
Food supply chains are easily disrupted. UN FAO<p>Dumping food was already a problem before the crisis. In America alone, <a href="https://www.refed.com/?sort=economic-value-per-ton" target="_blank">$218 billion is spent growing, processing, transporting</a> and disposing of food that is never eaten, estimates ReFED, a collection of business, non-profit and government leaders committed to reducing food waste. That's equivalent to around 1.3% of GDP.</p><p>Since the pandemic took hold, <a href="https://www.bbc.co.uk/news/world-52267943" target="_blank">farmers are dumping 14 million liters</a> of milk each day because of disrupted supply routes, estimates Dairy Farmers of America. A chicken processor was forced to <a href="https://www.nytimes.com/2020/04/11/business/coronavirus-destroying-food.html" target="_blank">destroy 750,000 unhatched eggs a week</a>, according to the New York Times, which also cited an onion farmer letting most of his harvest decompose because he couldn't distribute or store them.</p>
Food Prices Collapsing<p>The excess has also seen prices collapse. The <a href="http://www.fao.org/worldfoodsituation/foodpricesindex/en/" target="_blank">FAO Food Price Index</a> (FFPI) averaged 162.5 points in May 2020, down 3.1 points from April and reaching the lowest monthly average since December 2018. The gauge has dropped for four consecutive months, and the latest decline reflects falling values of all the food commodities – dairy, meat, cereal, vegetable – except sugar, which rose for the first time in three months.</p><p>All this while the pandemic is exacerbating other global food trends.</p><p>"This year, some 49 million extra people may fall into extreme poverty due to the COVID-19 crisis," said António Guterres, Secretary-General of the UN. "The number of people who are acutely food or nutrition insecure will rapidly expand. <a href="https://www.youtube.com/watch?v=fGhLKAbNDiY&feature=youtu.be" target="_blank">Even in countries with abundant food, we see risks of disruptions in the food supply chain</a>."</p>
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