World's Biggest Investment Fund Considers Divesting From Fossil Fuels
By Julia Conley
Environmental advocates on Thursday applauded the latest organization to shift away from continued support of the fossil fuel industry—Norway's national bank.
In a move 350.org co-founder Bill McKibben called "astonishing," Norges Bank, which oversees the world's largest sovereign wealth fund, advised the Norwegian government to dump all of its shares in oil and gas companies, leaving those entities out of its $1 trillion fund.
Norges Bank made the new recommendation in light of falling oil prices. Oil and gas are seen as increasingly risky investments as more countries turn to cleaner energy sources in order to meet requirements under the Paris climate agreement, which aims to keep global warming under two degrees Celsius above pre-industrial levels.
While Norway has built much of its sovereign wealth through oil and gas development in the past—six percent of the fund is invested in fossil fuels—it's now home to a fast-growing solar power sector, with solar installations rising by 366 percent from 2015 to 2016.
"It is not surprising that we see the world's largest sovereign wealth fund managers no longer prepared to take the increasing risk associated with oil and gas assets, which do not have a long-term future," said Paul Fisher of the Cambridge Institute for Sustainability Leadership, in an interview with the Guardian.
McKibben compared the bank's recommendation to "the moment when the Rockefellers divested the world's oldest oil fortune" in 2014, when the heirs to Standard Oil said that if founder John D. Rockefeller were alive in the 21st century, "he would be moving out of fossil fuels and investing in clean, renewable energy."
"This is the biggest pile of money on the planet, most of it derived from oil—but that hasn't blinded its owners to the realities of the world we now inhabit," said McKibben.
Nicolò Wojewoda of 350.org Europe was also hopeful about the implications of Norges Bank's decision, calling it "yet another nail in the coffin of the coal, oil and gas industry."
"To stop climate catastrophe, fossil fuels need to stay in the ground. Investing in them is no longer financially sound, nor morally acceptable, and this proposal is a clear recognition of that," Wojewoda added.
Reposted with permission from our media associate Common Dreams.
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By Katherine Kornei
Clear-cutting a forest is relatively easy—just pick a tree and start chopping. But there are benefits to more sophisticated forest management. One technique—which involves repeatedly harvesting smaller trees every 30 or so years but leaving an upper story of larger trees for longer periods (60, 90, or 120 years)—ensures a steady supply of both firewood and construction timber.
A Pattern in the Rings<p>The <a href="https://www.encyclopedia.com/science/dictionaries-thesauruses-pictures-and-press-releases/coppice-standards-0" target="_blank">coppice-with-standards</a> management practice produces a two-story forest, said <a href="https://www.researchgate.net/profile/Bernhard_Muigg" target="_blank">Bernhard Muigg</a>, a dendrochronologist at the University of Freiburg in Germany. "You have an upper story of single trees that are allowed to grow for several understory generations."</p><p>That arrangement imprints a characteristic tree ring pattern in a forest's upper story trees (the "standards"): thick rings indicative of heavy growth, which show up at regular intervals as the surrounding smaller trees are cut down. "The trees are growing faster," said Muigg. "You can really see it with your naked eye."</p><p>Muigg and his collaborators characterized that <a href="https://ltrr.arizona.edu/about/treerings" target="_blank">dendrochronological pattern</a> in 161 oak trees growing in central Germany, one of the few remaining sites in Europe with actively managed coppice-with-standards forests. They found up to nine cycles of heavy growth in the trees, the oldest of which was planted in 1761. The researchers then turned to a historical data set — more than 2,000 oak <a href="https://eos.org/articles/podcast-discovering-europes-history-through-its-timbers" target="_blank" rel="noopener noreferrer">timbers from buildings and archaeological sites</a> in Germany and France dating from between 300 and 2015 — to look for a similar pattern.</p>
A Gap of 500 Years<p>The team found wood with the characteristic coppice-with-standards tree ring pattern dating to as early as the 6th century. That was a surprise, Muigg and his colleagues concluded, because the first mention of this forest management practice in historical documents occurred only roughly 500 years later, in the 13th century.</p><p>It's probable that forest management practices were not well documented prior to the High Middle Ages (1000–1250), the researchers suggested. "Forests are mainly mentioned in the context of royal hunting interests or donations," said Muigg. Dendrochronological studies are particularly important because they can reveal information not captured by a sparse historical record, he added.</p><p>These results were <a href="https://www.nature.com/articles/s41598-020-78933-8" target="_blank">published in December in <em>Scientific Reports</em></a>.</p><p>"It's nice to see the longevity and the history of coppice-with-standards," said <a href="https://www.teagasc.ie/contact/staff-directory/s/ian-short/" target="_blank">Ian Short</a>, a forestry researcher at Teagasc, the Agriculture and Food Development Authority in Ireland, not involved in the research. This technique is valuable because it promotes conservation and habitat biodiversity, Short said. "In the next 10 or 20 years, I think we'll see more coppice-with-standards coming back into production."</p><p>In the future, Muigg and his collaborators hope to analyze a larger sample of historic timbers to trace how the coppice-with-standards practice spread throughout Europe. It will be interesting to understand where this technique originated and how it propagated, said Muigg, and there are plenty of old pieces of wood waiting to be analyzed. "There [are] tons of dendrochronological data."</p><p><em><a href="mailto:email@example.com" target="_blank" rel="noopener noreferrer">Katherine Kornei</a> is a freelance science journalist covering Earth and space science. Her bylines frequently appear in Eos, Science, and The New York Times. Katherine holds a Ph.D. in astronomy from the University of California, Los Angeles.</em></p><p><em>This story originally appeared in <a href="https://eos.org/articles/tree-rings-reveal-how-ancient-forests-were-managed" target="_blank">Eos</a></em> <em>and is republished here as part of Covering Climate Now, a global journalism collaboration strengthening coverage of the climate story.</em></p>
Earth's ice is melting 57 percent faster than in the 1990s and the world has lost more than 28 trillion tons of ice since 1994, research published Monday in The Cryosphere shows.
By Jewel Fraser
Noreen Nunez lives in a middle-class neighborhood that rises up a hillside in Trinidad's Tunapuna-Piarco region.