
The International Energy Agency (IEA) has just released a new special report called World Energy Investment Outlook that should send policy makers screaming and running for the exits—if they are willing to read between the lines and view the report in the context of current financial and geopolitical trends. This is how the press agency UPI begins its summary:
It will require $48 trillion in investments through 2035 to meet the world’s growing energy needs, the International Energy Agency said Tuesday from Paris. IEA Executive Director Maria van der Hoeven said in a statement the reliability and sustainability of future energy supplies depends on a high level of investment. “But this won’t materialize unless there are credible policy frameworks in place as well as stable access to long-term sources of finance,” she said. “Neither of these conditions should be taken for granted.”
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Here’s a bit of context missing from the IEA report: the oil industry is actually cutting back on upstream investment. Why? Global oil prices—which, at the current $90 to $110 per barrel range, are at historically high levels—are nevertheless too low to justify tackling ever-more challenging geology. The industry needs an oil price of at least $120 per barrel to fund exploration in the Arctic and in some ultra-deepwater plays. And let us not forget: current interest rates are ultra-low (thanks to the Federal Reserve’s quantitative easing), so marshalling investment capital should be about as easy now as it is ever likely to get. If QE ends and if interest rates rise, the ability of industry and governments to dramatically increase investment in future energy production capacity will wane.
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By Kate Whiting
From Greta Thunberg to Sir David Attenborough, the headline-grabbing climate change activists and environmentalists of today are predominantly white. But like many areas of society, those whose voices are heard most often are not necessarily representative of the whole.
1. Wangari Maathai
<p>In 2004, Professor Maathai made history as the <a href="https://www.nobelpeaceprize.org/Prize-winners/Prizewinner-documentation/Wangari-Maathai" target="_blank" rel="noopener noreferrer">first African woman to be awarded the Nobel Peace Prize</a> for her dedication to sustainable development, democracy and peace. She started the <a href="http://www.greenbeltmovement.org/" target="_blank" rel="noopener noreferrer">Green Belt Movement</a>, a community-based tree planting initiative that aims to reduce poverty and encourage conservation, in 1977. More than 51 million trees have been planted helping build climate resilience and empower communities, especially women and girls. Her environmental work is celebrated every year on <a href="http://www.greenbeltmovement.org/node/955" target="_blank" rel="noopener noreferrer">Wangari Maathai Day on 3 March</a>.</p>2. Robert Bullard
<p>Known as the 'father of environmental justice,' Dr Bullard has <a href="https://www.unep.org/championsofearth/laureates/2020/robert-bullard" target="_blank">campaigned against harmful waste</a> being dumped in predominantly Black neighborhoods in the southern states of the U.S. since the 1970s. His first book, Dumping in Dixie, highlighted the link between systemic racism and environmental oppression, showing how the descendants of slaves were exposed to higher-than-average levels of pollutants. In 1994, his work led to the signing of the <a href="https://www.nrdc.org/experts/albert-huang/20th-anniversary-president-clintons-executive-order-12898-environmental-justice" target="_blank">Executive Order on Environmental Justice</a>, which the <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/27/executive-order-on-tackling-the-climate-crisis-at-home-and-abroad/" target="_blank">Biden administration is building on</a>.<br></p><span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="7983f54726debdd824f97f9ad3bdbb87"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/T_VjSGk8s18?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
Pollution has a race problem. Elizabethwarren.com
3. John Francis
<p>Helping the clean-up operation after an oil spill in San Francisco Bay in January 1971 inspired Francis to <a href="https://planetwalk.org/about-john/" target="_blank" rel="noopener noreferrer">stop taking motorized transport</a>. Instead, for 22 years, he walked everywhere. He also took a vow of silence that lasted 17 years, so he could listen to others. He has walked the width of the U.S. and sailed and walked through South America, earning the nickname "Planetwalker," and raising awareness of how interconnected people are with the environment.</p><span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="09b968e0e9964e31406954dcea45981d"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/vgQjL23_FoU?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
4. Dr. Warren Washington
<p>A meteorology and climate pioneer, Dr. Washington was one of the first people to develop atmospheric computer models in the 1960s, which have helped scientists understand climate change. These models now also incorporate the oceans and sea ice, surface water and vegetation. In 2007, the <a href="https://www.cgd.ucar.edu/pcm/" target="_blank" rel="noopener noreferrer">Parallel Climate Model (PCM)</a> and <a href="https://www.cesm.ucar.edu/" target="_blank" rel="noopener noreferrer">Community Earth System Model (CESM)</a>, earned Dr. Washington and his colleagues the <a href="https://www.nobelprize.org/prizes/peace/2007/summary/" target="_blank" rel="noopener noreferrer">Nobel Peace Prize</a>, as part of the <a href="https://www.ipcc.ch/" target="_blank" rel="noopener noreferrer">Intergovernmental Panel on Climate Change</a>.</p><span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="09fbf6dc37f275f438a0d53ec0fe1874"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/bvJ4jTy2mTk?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
5. Angelou Ezeilo
<p>Huge trees and hikes to pick berries during her childhood in upstate New York inspired Ezeilo to become an environmentalist and set up the <a href="https://gyfoundation.org/staff/Angelou-Ezeilo" target="_blank" rel="noopener noreferrer">Greening Youth Foundation</a>, to educate future generations about the importance of preservation. Through its schools program and Youth Conservation Corps, the social enterprise provides access to nature to disadvantaged children and young people in the U.S. and West Africa. In 2019, Ezeilo published her book <em>Engage, Connect, Protect: Empowering Diverse Youth as Environmental Leaders</em>, co-written by her Pulitzer Prize-winning brother Nick Chiles.</p><span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="ce4547d4e5c0b9ad2927f19fd75bf4ab"><iframe lazy-loadable="true" src="https://www.youtube.com/embed/YojKMfUvJMs?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
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