Investors With Over $34 Trillion Demand Climate Crisis Action
Money talks. And today it had something to say about the impending global climate crisis.
Investors managing nearly half the world's capital, more than $34 trillion in assets, demanded governments around the world take action to stop the impending global climate crisis, as Reuters reported in an exclusive.
In an open letter to the leaders of the G20 countries, groups representing 477 investors stressed urgent action to reach the Paris climate agreement targets of limiting global average temperature rise to well below 2 degrees Celsius above pre-industrial times. Yet, current policies put the world on track for at least a 3 degrees Celsius rise by the end of the century.
To limit global temperature rises, the group of investors demanded that nations accelerate their carbon reduction targets, gradually eliminate coal as an energy source, stop subsidizing fossil fuels, and set a global price on carbon by the end of 2020, according to Reuters.
The statement from the group of investors also asked firms to improve their climate-related financial reporting, which will help them assess which companies are ready for a low-carbon transition and which companies are prepared for the climate crisis.
They also want to see governments push companies to improve their climate-related financial disclosures, to help investors better assess which firms are well prepared for a low-carbon transition and the impacts of climate change.
"It is vital for our long-term planning and asset allocation decisions that governments work closely with investors to incorporate Paris-aligned climate scenarios into their policy frameworks and energy transition pathways," the statement said, as Reuters reported.
The letter comes just before the G20 summit in Japan on Friday and Saturday and as United Nations Secretary-General Antonio Guterres urges countries to commit to more ambitious climate goals.
"There is an ambition gap... This ambition gap is of great concern to investors and needs to be addressed, with urgency," the investors warned in a statement alongside the letter, as Reuters reported.
That lack of ambition is evident in the host country Japan, which has been criticized for its plans to continue using coal power. In a draft statement ahead of this weekend's summit, Japan has weakened the G20's commitment to the Paris climate agreement in order to keep the US on board, according to Climate Home News.
Japan is far from the only country that argues for the continued use of fossil fuels to sustain economic growth. A report by researchers which tracks countries' progress toward limiting global warming showed that only five out of 32 nations studied have targets in line with a 2 degrees Celsius limit, according to Reuters.
Furthermore, the G20 countries have continued to back coal power, boosting their backing for coal-fired power plants, particularly in poorer nations, from $17 billion to $47 billion a year from 2014 to 2017, according to a report by the Overseas Development think tank, as Reuters reported.
The latest statement by investors comes as large institutional investors have started to move away from fossil fuels, both driven by ethics and by economic — as the price of renewables falls, fossil fuels will be less profitable.
"The big story in energy economics over the next decade will be the storming of the bastions of fossil fuels by renewable energy sources that are cheaper to build and run, orders of magnitude cleaner and also much easier and quicker to deploy," said Mark Lewis, the head of sustainability research at BNP Paribas, as the Guardian reported.
This latest statement from some of the world's largest investors comes after Norway's Wealth Fund, the world's largest sovereign wealth fund divested itself earlier this month of all its investments in fossil fuels, including oil exploration and coal-related stocks, according to the Guardian.
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By Alyssa Murdoch, Chrystal Mantyka-Pringle and Sapna Sharma
Summer has finally arrived in the northern reaches of Canada and Alaska, liberating hundreds of thousands of northern stream fish from their wintering habitats.
A Good News Story?<p>On the surface, the <a href="https://doi.org/10.1111/fwb.13569" target="_blank">results from our study</a> appear to provide a "good news" story. Warming temperatures were linked to higher numbers of fish, more species overall and, therefore, potentially more fishing opportunities for northerners.</p><p>Initially, we were surprised to learn that warming was increasing the distribution of cold-adapted fish. We reasoned that modest amounts of warming could lead to benefits such as increased food and winter habitat availability without reaching stressful levels for many species.</p>
Photo of Arctic grayling (left) and Dolly Varden trout (right). Alyssa Murdoch / Lilian Tran / Nunavik Research Centre and Tracey Loewen / Fisheries and Oceans Canada<p>Yet, not all fish species fared equally well. Ecologically unique northern species — those that have evolved in colder, more nutrient-poor environments, such as Arctic grayling and Dolly Varden trout — were showing declines with warming.</p>
Fish Strandings and Buried Eggs<p>Recent news headlines run the gamut for Pacific salmon — from their increased escapades <a href="https://nunatsiaq.com/stories/article/more-pacific-salmon-showing-up-in-western-arctic-waters/" target="_blank">into the Arctic</a> to <a href="https://www.juneauempire.com/news/warm-waters-across-alaska-cause-salmon-die-offs/" target="_blank">massive pre-spawning die-offs</a> in central Alaska. Similarly, results from our study revealed different outcomes for fish depending on local climatic conditions, including Pacific salmon.</p><p>We found that warmer spring and fall temperatures may be helping juvenile salmon by providing a longer and more plentiful growing season, and by supporting early egg development in northern regions that were previously too cold for survival.</p><p>In contrast, salmon declined in regions that were experiencing wetter fall conditions, pointing to an increased risk of flooding and sedimentation that could bury or dislodge incubating eggs.</p>
Headwaters of the Wind River within the largely intact Peel River watershed in northern Canada. Don Reid / Wildlife Conservation Society Canada / Author provided<p>Interestingly, we found that certain climatic combinations, such as warmer summer water temperatures with decreased summer rainfall, were important in determining where Pacific salmon could survive. Summer warming in drier watersheds led to declines, suggesting that lowered streamflows may have increased the risk of fish becoming stranded in subpar habitats that were too warm and crowded.</p>
The Fate of Northern Fisheries<p>The promise of a warmer and more accessible Arctic has attracted mounting interest in new economic opportunities, <a href="https://doi.org/10.1016/j.marpol.2019.103637" target="_blank">including fisheries</a>. As warming rates at higher latitudes are already <a href="https://www.ipcc.ch/sr15/" target="_blank">two to three times global levels</a>, it seems probable that northern biodiversity will experience dramatic shifts in the coming decades.</p><p>Despite the many unknowns surrounding the future of Pacific salmon, many fisheries are currently <a href="https://doi.org/10.1080/03632415.2017.1374251" target="_blank">thriving following warmer and more productive northern oceans</a>, and some <a href="https://doi.org/10.14430/arctic68876" target="_blank">Arctic Indigenous communities are developing new salmon fisheries</a>.</p><p>As warming continues, the commercial salmon fishing industry is poised to expand northwards, but its success will largely depend on extenuating factors such as <a href="https://www.eenews.net/stories/1060023067" target="_blank">changes to marine habitat and food sources</a> and <a href="https://www.yukon-news.com/news/promising-chinook-salmon-run-failed-to-materialize-in-the-yukon-river-panel-hears/" target="_blank">how many fish are caught during the freshwater stages of their journey</a>.</p><p>Even with the potential for increased northern biodiversity, it is important to recognize that some northern communities may be unable to adapt or may <a href="https://thenarwhal.ca/searching-for-the-yukon-rivers-missing-chinook/" target="_blank">lose individual species that are associated with important cultural values</a>.</p>
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Interviews With Contact Tracers<p>Contact tracing is a public health strategy that involves identifying everyone who may have been in contact with a person who has the coronavirus. Contact tracers collect information and provide guidance to help contain the transmission of disease.</p><p>It's been used during outbreaks of sexually transmitted infections (STIs), Ebola, measles, and now the coronavirus that causes COVID-19.</p><p>It starts when the local department of health gets a report of a confirmed case of the coronavirus in its community and gives that person a call. The contact tracer usually provides information on how to isolate and when to get treatment, then tries to figure out who else the person may have exposed.</p><p>"We ask who they've been in contact with in the 48 hours prior to symptom onset, or 2 days before the date of their positive test if they don't have symptoms," said <a href="https://case.edu/medicine/healthintegration/people/heidi-gullett" target="_blank">Dr. Heidi Gullett</a>, associate director of the Center for Community Health Integration at the Case Western Reserve University School of Medicine and medical director of the Cuyahoga County Board of Health in Ohio.</p>
“You’ve Been Exposed”<p>After the case interview, contact tracers will get to work calling the folks who may have been exposed to the coronavirus by the person who tested positive.</p><p>"We give them recommendations about quarantining or isolating, getting tested, and what to do if they become sick. If they're not already sick, we still want them to self-quarantine so that they don't spread the disease to anyone else if they were to become sick," said Labus.</p><p>Generally, the contact tracer won't ask for additional contacts unless they happen to call someone who is sick or has a confirmed case of the virus. They will help ensure the contact has the resources they need to isolate themselves, if necessary. The contact tracer may continue to stay in touch with that person over the next 14 days.</p><p>"We follow the percentage of people that were contacts, then converted into being actual cases of the virus. It's an important marker to help us understand what kind of transmission happens in our community and how to control the virus," said Gullett.</p>
Why You Should Participate (and What Happens If You Don’t)<p>A <a href="https://www.thelancet.com/journals/laninf/article/PIIS1473-3099(20)30457-6/fulltext" target="_blank">Lancet study</a> from June 16, which looked at data from more than 40,000 people, found that COVID-19 transmission could be reduced by 64 percent through isolating those who have the coronavirus, quarantining their household, and contacting the people they may have exposed.</p><p>The combination strategy was significantly more effective than mass random testing or just isolating the sick person and members of their household.</p><p>However, contact tracing is only as effective as people's willingness to participate, and a small number of people who've contracted the coronavirus or were potentially exposed are reluctant to talk.</p><p>"Contact tracers have all been hung up on, cussed at, yelled at," said Gullet.</p><p>The hesitation to talk to contact tracers often stems from concerns over privacy — a serious issue in healthcare.</p>
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