Goldman Sachs Is First U.S. Big Bank to Divest From Arctic Oil and Gas
Citing the importance of the Arctic's fragile ecosystem and its importance to indigenous populations, the investing giant said it will decline investing in any oil exploration in the Arctic, including the Arctic National Wildlife Refuge.
"Oil development in the Arctic Circle is prone to harsh operating conditions, sea ice, permafrost coverage, and potential impacts to critical natural habitats for endangered species," Goldman Sachs said in its Environmental Policy Framework. "The unique and fragile ecosystems of the Arctic region also support the subsistence livelihoods of indigenous peoples groups that have populated certain areas in the region for centuries."
Goldman Sachs also said in its policy framework that it would not finance any new thermal coal mines or any mountaintop removal projects. It added that where it has already invested, it would work with companies to diversify their strategies and reduce their carbon emissions.
"Companies' diversification strategy and carbon emissions reduction initiatives will be a key consideration in our evaluation of future financings with the goal of helping their transition strategy," the Environmental Policy Framework says. "We will phase out our financing of thermal coal mining companies that do not have a diversification strategy within a reasonable timeframe."
Goldman Sachs follows a dozen global banks, based largely in Europe and Australia, that pledged not to finance Arctic oil and gas development in the arctic. Several of the policies mention Arctic National Wildlife Refuge specifically, as NPR reported. Goldman is the first U.S. headquartered bank to make the same promise, as CNN reported.
"Goldman Sachs's updated policy shows that US banks can draw red lines on oil and gas, and now other major US banks, especially JPMorgan Chase – the world's worst banker of fossil fuels by a wide margin – must improve on what Goldman has done," said Jason Opeña Disterhoft, a climate and energy campaigner at Rainforest Action Network, which helped to lobby for the change, as The Guardian reported.
The move did win praise from environmental activists, including the Sierra Club, though it did not extend to fracking, which environmentalists had campaigned for. Nevertheless, the Sierra Club, which had lobbied Goldman Sachs to stop funding Arctic exploration, praised the bank's pledge.
"The Trump administration may not care about ignoring the will of the American people or trampling Indigenous rights, but a growing number of major financial institutions are making it clear that they do," said Ben Cushing, a Sierra Club campaign representative, as The Guardian reported. "We hope other American banks will follow their lead."
BREAKING: @GoldmanSachs just became the first major American bank to prohibit financing for new Arctic oil, thermal coal mining, and coal power projects worldwide! 👏👏 #DefundClimateChange https://t.co/y023bKh2Gr— Ben Cushing (@bmcushing) December 15, 2019
The divestment movement scored another large victory last week when insurance giant Liberty Mutual announced new policies that will see the company move away from protecting the coal industry. Liberty Mutual became the 18th global insurance company to put tighter restrictions on underwriting coal, according to the trade publication Property Casualty 360.
Liberty Mutual said it will no longer underwrite risk for companies where more than a quarter of their risk comes from coal, nor will it invest in the stock of companies that have more than 25 percent of their portfolio in coal, and it will phase out its coverage and its investments in any country that does not meet that threshold, according to a company statement.
"We are committed to being a responsible global corporate citizen with a focus on environmental sustainability, supporting the transition to a low-carbon economy and investing in companies that show proven progress in this evolution," said Francis Hyatt, the company's newly appointed Chief Sustainability Officer, in the statement. "We understand the shift from coal to clean energy is a journey and we recognize the role the insurance industry plays in supporting that evolution for our customers.
Activists welcomed the commitment from Liberty Mutual, but worried about the loopholes it created for itself.
"While Liberty Mutual's new policy sets out strong restrictions on insuring coal companies, it apparently does not rule out covering new coal-fired power plants or coal mines from companies with less than a 25 per cent stake in coal," said Elana Sulkshana, Rainforest Action Network's energy finance campaigner, in a statement, as Business Green reported. "This is a major loophole because, to keep warming below 1.5C, the science is clear that the climate cannot withstand any new coal projects."
"Liberty Mutual must strengthen its policy to clearly rule out insuring any new coal mines or power plants, fully phase out coal across all insurance and investment activities in line with 1.5 C, and stop insuring the destructive tar sands sector," she added.
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By Alexandra Rowles
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By Emily Grubert
Natural gas is a versatile fossil fuel that accounts for about a third of U.S. energy use. Although it produces fewer greenhouse gas emissions and other pollutants than coal or oil, natural gas is a major contributor to climate change, an urgent global problem. Reducing emissions from the natural gas system is especially challenging because natural gas is used roughly equally for electricity, heating, and industrial applications.
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What RNG Is and Why it Matters<p>Most equipment that uses energy can only use a single kind of fuel, but the fuel might come from different resources. For example, you can't charge your computer with gasoline, but it can run on electricity generated from coal, natural gas or solar power.</p><p>Natural gas is almost pure methane, <a href="https://www.eia.gov/energyexplained/natural-gas/" target="_blank">currently sourced</a> from raw, fossil natural gas produced from <a href="https://www.eia.gov/energyexplained/natural-gas/where-our-natural-gas-comes-from.php" target="_blank">deposits deep underground</a>. But methane could come from renewable resources, too.</p><p><span></span>Two main methane sources could be used to make RNG. First is <a href="https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-emissions-and-sinks" target="_blank">biogenic methane</a>, produced by bacteria that digest organic materials in manure, landfills and wastewater. Wastewater treatment plants, landfills and dairy farms have captured and used biogenic methane as an energy resource for <a href="http://emilygrubert.org/wp-content/uploads/2019/02/eia_860_2017_map.html" target="_blank">decades</a>, in a form usually called <a href="https://www.eia.gov/energyexplained/biomass/landfill-gas-and-biogas.php" target="_blank">biogas</a>.</p><p>Some biogenic methane is generated naturally when organic materials break down without oxygen. Burning it for energy can be beneficial for the climate if doing so prevents methane from escaping to the atmosphere.</p>
Renewable Isn’t Always Sustainable<p>If RNG could be a renewable replacement for fossil natural gas, why not move ahead? Consumers have shown that they are <a href="https://www.nrel.gov/analysis/green-power.html" target="_blank">willing to buy renewable electricity</a>, so we might expect similar enthusiasm for RNG.</p><p>The key issue is that methane isn't just a fuel – it's also a <a href="https://www.eia.gov/environment/emissions/ghg_report/ghg_overview.php" target="_blank">potent greenhouse gas</a> that contributes to climate change. Any methane that is manufactured intentionally, whether from biogenic or other sources, will contribute to climate change if it enters the atmosphere.</p><p>And <a href="http://doi.org/10.1126/science.aar7204" target="_blank">releases</a> <a href="https://doi.org/10.1016/j.wasman.2019.07.029" target="_blank">will happen</a>, from newly built production systems and <a href="https://theconversation.com/why-methane-emissions-matter-to-climate-change-5-questions-answered-122684" target="_blank">existing, leaky transportation and user infrastructure</a>. For example, the moment you smell gas before the pilot light on a stove lights the ring? That's methane leakage, and it contributes to climate change.</p><p>To be clear, RNG is almost certainly better for the climate than fossil natural gas because byproducts of burning RNG won't contribute to climate change. But doing somewhat better than existing systems is no longer enough to respond to the <a href="https://doi.org/10.1038/nclimate2923" target="_blank">urgency</a> of climate change. The world's <a href="https://www.ipcc.ch/sr15/chapter/spm/" target="_blank">primary international body on climate change</a> suggests we need to decarbonize by 2030 to mitigate the worst effects of climate change.</p>
Scant Climate Benefits<p><a href="https://iopscience.iop.org/article/10.1088/1748-9326/ab9335/meta" target="_blank">My recent research</a> suggests that for a system large enough to displace a lot of fossil natural gas, RNG is probably not as good for the climate as <a href="https://investor.southerncompany.com/information-for-investors/latest-news/latest-news-releases/press-release-details/2020/Southern-Company-Gas-grows-leadership-team-to-focus-on-climate-action-innovation-and-renewable-natural-gas-strategy/default.aspx" target="_blank">is publicly claimed</a>. Although RNG has lower climate impact than its fossil counterpart, likely high demand and methane leakage mean that it probably will contribute to climate change. In contrast, renewable sources such as wind and solar energy do not <a href="https://www.eia.gov/environment/emissions/carbon/" target="_blank">emit climate pollution directly</a>.</p><p>What's more, creating a large RNG system would require building mostly new production infrastructure, since RNG comes from different sources than fossil natural gas. Such investments are both long-term commitments and opportunity costs. They would devote money, political will and infrastructure investments to RNG instead of alternatives that could achieve a zero greenhouse gas emission goal.</p><p>When climate change first <a href="https://www.nytimes.com/1988/06/24/us/global-warming-has-begun-expert-tells-senate.html" target="_blank">broke into the political conversation</a> in the late 1980s, investing in long-lived systems with low but non-zero greenhouse gas emissions was still compatible with aggressive climate goals. Now, zero greenhouse gas emissions is the target, and my research suggests that large deployments of RNG likely won't meet that goal.</p>
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For all its posturing on climate change, the Democratic Party has long been weak on the actual policies we need to save us from extinction. President Barack Obama promised his presidency would mark "the moment when the rise of the oceans began to slow," and then embraced natural gas, a major driver of global temperature rise, as a "bridge fuel." Climate legislation passed in the House in 2009 would have allowed industries to buy credits to pollute, a practice known to concentrate toxic air in black and brown neighborhoods while doing little to cut emissions.
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By Charli Shield
When an elephant dies in the wild, it's not uncommon to later find its bones scattered throughout the surrounding landscape.
Elephant Burial Grounds<p>Highly social creatures that form deep familial bonds, elephants have long been observed gathering at the site where a peer or family member has died — often spending hours, even days, quietly investigating the bodies or the bones of other dead elephants.</p><p>Although the popular idea that dying elephants are instinctively drawn to special communal graves — so-called "elephant graveyards" — is a myth, their tendency to go out of their way to visit the bones and tusks of the deceased isn't unlike human rituals at graveyards, says animal psychologist Karen McComb.</p><p>"They spend a lot of time touching and smelling skulls and ivory, placing the soles of their feet gently on top of them, and also lifting them up with their trunks," McComb, who's been studying African elephants for 25 years in Kenya's Amboseli National Park, told DW.</p><p>The most striking part of watching an elephant experience loss, Poole recalls, is the quietude. She still remembers one of the first elephant deaths she witnessed; a mother who birthed a stillborn calf. That elephant stayed with its baby for two days, trying to lift it and defending it from vultures and hyenas.</p><p>"I was so struck by the expression on her face and her body. She looked so dejected. It was really like, 'Oh God, these animals grieve…'. It was just so different," Poole told DW. </p>
Witnessing Emotions in Animals<p>Not all scientists are comfortable concluding that elephants grieve. Among the more than 30 reports of elephant reactions to death that Wittemyer co-reviewed in <a href="https://link.springer.com/article/10.1007/s10329-019-00766-5" target="_blank">a study published in November 2019</a> were accounts of "enormous variation and nuance" he says. "It can be incredibly involved and intricate for extended periods or can be relatively cursory checks."</p><p>In Wittemyer's own experience, it can be difficult not to attribute some kind of emotional experience to the more involved interactions between elephants and their dead.</p><p>He shares the story of an "extraordinary event" involving the death of a 55 year-old matriarch in Kenya in a protected area that happened to be near his place of work. She was visited by multiple unrelated families while she was dying, including another matriarch that exerted such enormous effort attempting to lift her to her feet that she broke her tusk, which Wittemyer says, is "like breaking a tooth." </p><p><span></span>"It was a remarkable example of this heightened emotional state, it was very clearly a very stressful interaction," he says.</p>
A Different Sensory World<p>One factor that limits our ability to fully grasp the way elephants process and respond to loss is our markedly different sensory experiences of the world.</p><p>An elephant's world is fundamentally olfactory — based on smell. Ours is visual. Previous <a href="https://pubmed.ncbi.nlm.nih.gov/25053675/" target="_blank">research</a> has shown elephants possess the most scent receptors of any mammal, and can <a href="https://pubmed.ncbi.nlm.nih.gov/17949977/" target="_blank">use smell</a> to discern the difference between different human tribes from the same local area.</p><p>That could explain why elephants exhibit such interest in sniffing the bones and tusks of others, as a <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1617198/" target="_blank">2005 study</a> from McCombs highlighted. When presented with the skulls and ivory of long-dead elephants and those from other large herbivores, including rhino and buffalo, McCombs and her team found elephants approached and were specifically attracted to the remains of their own species. </p><p>Without access to the smells an elephant picks up on, Wittemyer says "an enormous amount of stuff" could be missed by humans when studying these behaviors.</p>
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