Like most central bank governors, Mark Carney, the Governor of the Bank of England, chooses his words carefully.
So the financial community—and government policy makers—sat up and took notice earlier this month when Carney, addressing a World Bank seminar on corporate reporting standards, said he was concerned about investments in fossil fuels.
Photo credit: Shutterstock
“The vast majority of reserves are unburnable,” Carney said.
"Tragedy of horizons"
He warned companies, investors and policy makers that they need to avoid what he described as the “tragedy of horizons,” and to look further ahead to meet challenges such as climate change.
Investors are being repeatedly told that money sunk into fossil fuels is not only bad for the climate, but is also potentially seriously dangerous to financial health.
The fundamental idea espoused by a wide spread of influential voices—ranging from theInternational Energy Association (IEA) to finance funds that have many billions of dollars worth of investments under their control—is that, in order to combat climate change, a large portion of the world’s remaining fossil fuel reserves must stay in the ground.
“Not more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2˚C goal,” the IEA says.
Limiting a rise in average global temperatures to 2˚C by mid-century is considered to be the minimum necessary to prevent catastrophic climate change.
As action is taken and regulations are tightened, investments in fossil fuels, whether in a coal mine or in oil or gas exploration and production, will become frozen—or, in the parlance of the finance industry, “stranded”.
In the lead up to a major UN conference on climate change in New York last month, a group of high-roller investment funds—which, together, control more than $24 trillion worth of assets—called for an end to fossil fuel subsidies and for urgent action on climate change.
Barack Obama, the U.S. president, has joined in the chorus, calling for fossil fuels to stay in the ground. “We’re not going to be able to burn it all,” Obama said earlier this year. “Science is science. And there is no doubt that if we burned all fossil fuels that are in the ground right now that the planet’s going to get too hot, and the consequences could be dire.”
Major campaigns calling for divestment from fossil fuels have been launched. Groups such as 350.org, which campaigns for more awareness on climate issues, have had considerable success in persuading various bodies—from universities to the UK’s leading medical association—to stop investing in fossil fuels.
A number of pension funds, with billions of dollars worth of investments under their control, have said they will either cut back or stop putting money into the fossil fuel industry.
Meanwhile, giant coal, oil and gas corporations have been told they could face a public backlash if they seek to avoid or deny public pressure on climate change issues.
But for those who want to see an end to the fossil fuel industry, the battle is by no means won. It is only just starting.
A report by the Carbon Tracker Initiative and the Grantham Research Institute on Climate Change and the Environment says the world’s 200 largest publicly-quoted fossil fuel companies spent an estimated total of $674bn on exploring and developing new reserves in 2012. And that figure does not include the hundreds of billions of dollars spent on exploiting existing fossil fuel sites.
Coal, the most polluting of fossil fuels, is still king in many regions of the world, particularly in the fast-growing economies of China and India. Coal companies, urged on by politicians, are still investing billions in new facilities.
Tony Abbott, Australia’s prime minister, opening a huge new mine in Queensland that will produce about 5.5 million tonnes of coal each year, said last week: “Coal is vital for the future energy needs of the world. So let’s have no demonization of coal—coal is good for humanity.”
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By Jeff Masters, Ph.D.
Tropical Storm Josephine Also No Threat to Land<p>Meanwhile, the season's record-earliest tenth named storm, Tropical Storm Josephine, was also struggling with high wind shear as it traced out a path over the open ocean.</p><p>At 5 a.m. EDT Saturday, Josephine was located about 310 miles east of the northern Leeward Islands, moving west-northwest at 15 mph with top sustained winds at 45 mph. Josephine is expected to bring one to three inches of rain over portions of the northern Leeward Islands, the Virgin Islands, and Puerto Rico over the weekend. Josephine will encounter steadily rising wind shear through Monday, peaking at a very high 30 – 35 knots. This high shear is likely to destroy Josephine's circulation by Monday, before the storm can affect any other land areas.</p><p><em>Reposted with permission from <a href="https://yaleclimateconnections.org/2020/08/tropical-storm-kyle-forms-unlikely-to-affect-land/" target="_blank">Yale Climate Connections</a>. </em><em></em></p>
By Ute Eberle
In May 2017, shells started washing up along the Ligurian coast in Italy. They were small and purple and belonged to a snail called Janthina pallida that is rarely seen on land. But the snails kept coming — so many that entire stretches of the beach turned pastel.
The Ligurian coast has been swept by snails turning its color pastel.
A World Between Worlds<p>The neuston comprises a multitude of weird and wonderful creatures. </p><p>Many, like the Portuguese man-of-war, which paralyzes its prey with venomous tentacles up to 30 meters long, are colored an electric shade of blue, possibly to protect themselves against the sun's UV rays, or as camouflages against predators.</p><p>There are also by-the-wind sailors, flattish creatures that raise chitin shields from the water like sails; slugs known as sea dragons that cling to the water's surface from below with webbed appendages; barnacles that build bubble rafts as big as dinner plates; and the world's only marine insects, a relation of the pond skater.</p><p>They live "between the worlds" of the sea and sky, as Federico Betti, a marine biologist at the University of Genoa, puts it. From below, predators lurk. From above, the sun burns. Winds and waves toss them about. Depending on the weather, their environment may be warm or cool, salty or less so.</p>
Sea snails can make up the neuston.
Velella velella jellyfish living on the surface of the ocean.<p>But now, they face another — manmade — threat from nets designed to catch trash. A project called <a href="https://theoceancleanup.com/" target="_blank">The Ocean Cleanup</a>, run by Dutch inventor Boyan Slat, has raised millions of dollars in donations and sponsorship to deploy long barriers with nets that will drift across the ocean in open loops to sweep up floating garbage. </p>
Collecting With the Current<p>"Plastic could outweigh fish in the oceans by 2050. To us, that future is unacceptable," <a href="https://www.dw.com/en/green-entrepreneur-sets-sights-on-great-pacific-garbage-patch/a-38855785" target="_blank">The Ocean Cleanup</a> declares on its website.</p><p>But Rebecca Helm, a marine biologist at the University of North Carolina, and one of the few scientists to study this ecosystem, fears that The Ocean Cleanup's proposal to remove 90% of the plastic trash from the water could also virtually wipe out the neuston.</p><p>One focus of Helm's studies is where these organisms congregate. "There are places that are very, very concentrated and areas of little concentration, and we're trying to figure out why," says Helm.</p><p>One factor is that the neuston floats with ocean currents, and Helm worries that it might collect in the exact same spots as marine plastic pollution. "Our initial data show that regions with high concentrations of plastic are also regions with high concentrations of life."</p>
Waste collection in the Pacific Ocean heralded by The Ocean Cleanup.<p>The Ocean Cleanup says Helm's concerns are based on "misguided assumptions."</p><p>"It's true that neustonic organisms will be trapped in the barriers," says Gerhard Herndl, professor of Aquatic Biology at the University of Vienna and one of project's scientific advisors. "But these organisms have dangerous lives. They're adapted to high losses because they get washed ashore in storms and they have high reproductive rates. If they didn't, they'd already be extinct."</p><p>Helm says they just don't know how quickly these creatures reproduce, and in any case recovering from passing storm is very different from surviving The Ocean Clean Up's systems which could be in place for years.</p>
Communication Breakdown<p>The Ocean Cleanup invited Helm to a symposium on the topic in December, where both sides presented their points of views and didn't seem to find much common ground. Since then, direct communication between them has stopped, says Helm. "They're not interested in talking to me anymore."</p><p>Both sides agree that much is still unknown about the neuston. But one thing that has been established is that most of the oceans' fish spend part of their lifecycle in the neuston. "More than 90% of marine fish species produce floating eggs that persist on the surface until hatching," Betti says.</p><p>The Ocean Cleanup has undertaken one of the few studies into this ecosystem, collecting data on the neuston on the relative abundance of neuston and floating plastic debris in the eastern North Pacific Ocean during a 2019 expedition to the Pacific Garbage Patch, an area where plastic pollution has accumulated on a vast scale. But it is not yet sharing what it has found. The information was being prepared for publication in an as of yet unspecified journal, probably some time next year, an Ocean Cleanup spokesperson said. </p>
Inshore Solution?<p>Helm believes the best way to tackle the marine plastic problem would be to position the barriers closer to land — across river mouths and bays — to catch garbage before it reaches the sea.</p><p>"Stopping the flow of plastic into the ocean is the most cost-effective — and literally effective — way to ensure that it's not entering our environment," she says. </p><p>As for the plastic already floating in open waters, she does not believe it is worth sacrificing parts of neuston and wants to see more research first. </p><p>The Ocean Cleanup has made barriers across rivers a part of its mission. But it is also going ahead with its original vision of pulling trash from the open water. In late 2018, the project deployed a 600-meter, u-shaped prototype net into the <a href="https://www.dw.com/en/environment-conservation-plastic-oceans/a-54436603" target="_blank">Great Pacific Garbage Patch</a>. </p><p>The system ran into difficulties, failing to retain plastic as hoped, and needing to be brought shore for repairs and a design upgrade, after which Ocean Cleanup says it gathered haul of plastic that it will recycle and resell to help fund future operations.</p><p>Over the next two years, the project hopes to deploy up to 60 such barriers to collect drifting flotsam. Helm isn't the only one concerned about these plans.</p><p><span></span>"We should think twice about every action we take in the sea," Betti says. "In nature, nothing is as easy as we think, and often, we've done a lot of damage while trying to do a good thing."</p><p><em>Reposted with permission from <a href="https://www.dw.com/en/environment-conservation-plastic-oceans/a-54436603" target="_blank">Deutsche Welle</a>.<a href="https://www.ecowatch.com/r/entryeditor/2646992655#/" target="_self"></a></em><em></em></p>
By Hope Dickens
Molly Craig's day begins with feeding hungry baby birds at 6 a.m. The birds need to be fed every 15 minutes until 7 at night. If she's not feeding them, other staff at the Fox Valley Wildlife Center in Elburn, Illinois take turns helping the hungry orphans.
By Douglas Broom
"Forests are the lungs of our land, purifying the air and giving fresh strength to our people," said former U.S. president, Franklin Roosevelt.
So the FAO is using Twitter to remind the world of these five hidden benefits of forests.
A Michigan bald eagle proved that nature can still triumph over machines when it attacked and drowned a nearly $1,000 government drone.
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