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.
EcoWatch Daily Newsletter
When Europeans first arrived in North America, Atlantic puffins were common on islands in the Gulf of Maine. But hunters killed many of the birds for food or for feathers to adorn ladies' hats. By the 1800s, the population in Maine had plummeted.
- Experts Recommend Halving Global Fishing for Crucial Prey Species ›
- US Court Upholds Ruling on Vast Marine Monument Established by ... ›
A "major" natural gas explosion killed two people and seriously injured at least seven in Baltimore, Maryland Monday morning.
- Fatal Natural Gas Explosion Rocks Durham, NC - EcoWatch ›
- Gas Explosion Rips Through Maryland Office & Shopping Complex ... ›
Nearly 900 people across the U.S. and Canada have been sickened by salmonella linked to onions distributed by Thomson International, the The New York Times reported.
- Meat Producers Issue Massive Recalls after Salmonella, Listeria ... ›
- Salmonella Outbreaks Could Worsen with Decreased Poultry ... ›
- Major Salmonella Outbreak Exacerbated by Government Shutdown ... ›
In the coming days, the U.S. Environmental Protection Agency (EPA) is expected to use its power to roll back yet another Obama-era environmental protection meant to curb air pollution and slow the climate crisis.
- Permian Basin Methane Emissions Found to Be More Than 2x ... ›
- Oil and Gas Operations Release 60 Percent More Methane than ... ›
- 'Extraordinarily Harmful' Trump Rule Would Gut Restrictions on ... ›
- Exxon Now Wants to Write the Rules for Regulating Methane ... ›
By Alex Kirby
The temperature of the Arctic matters to the entire world: it helps to keep the global climate fairly cool. Scientists now say that by 2035 there could be an end to Arctic sea ice.
Melt Ponds Crucial<p>"The prospect of loss of sea ice by 2035 should really be focusing all our minds on achieving a low-carbon world as soon as humanly feasible."</p><p><a href="http://www.reading.ac.uk/search/search-staff-details.aspx?id=10813" target="_blank">Dr. David Schroeder from the University of Reading</a>, UK, who co-led the implementation of the melt pond scheme in the climate model, says, "This shows just how important sea ice processes like melt ponds are in the Arctic, and why it is crucial that they are incorporated into climate models."</p><p>The extent of the areas <a href="https://nsidc.org/cryosphere/seaice/characteristics/formation.html" target="_blank">sea ice</a> covers varies between summer and winter. If more solar energy is absorbed at the surface, and temperatures rise further, a cycle of warming and melting occurs during summer months.</p><p>When the ice forms, the ocean water beneath becomes saltier and denser than the surrounding ocean. Saltier water sinks and moves along the ocean bottom towards the equator, while warm water from mid-depths to the surface travels from the equator towards the poles.</p><p>Scientists refer to this process as the ocean's global "conveyor-belt." Changes to the volume of sea ice can disrupt normal ocean circulation, with consequences for global climate. </p>
- Strongest, Oldest Arctic Sea Ice Breaks Up for First Time on Record ... ›
- Arctic Sea Ice Levels Hit Record Low After Unusually Warm January ... ›
- Why California Droughts Could Increase Due to Arctic Sea Ice Loss ... ›
Russia's Health Ministry has given regulatory approval for the world's first COVID-19 vaccine after less than two months of human testing, President Vladimir Putin said on Tuesday.
Putin's Daughter Among Vaccinated<p>The Russian leader also said that one of his daughters has already been inoculated and is feeling well.</p><p>"One of my daughters got vaccinated, so in this sense, she took part in the testing," Putin said.</p><p>After the first vaccine shot, his daughter experienced a slight fever, 38 degrees Celsius (100.4°F). Her temperature came down to just slightly above normal the next day. </p><p>"After the second shot, she had a slight fever again, and then everything was fine. She is feeling well and has a high antibody count," Putin said. </p><p>He didn't specify which of his two daughters, Maria or Katerina, received the vaccine.</p><p>Russian health authorities have said that medical workers, teachers and other risk groups will be the first to receive shots of the vaccine.</p>
Years of Work Reduced to Weeks<p>Russia is the first country to register a COVID-19 vaccine. As <a href="https://www.dw.com/en/germany-coronavirus-vaccine-may-only-be-available-in-mid-2021/a-54362065" target="_blank">countries worldwide race to produce the first vaccine</a>, health experts warn that speed and national pride could compromise safety.</p><p>Scientists in Russia and abroad have questioned Moscow's decision to register the vaccine before Phase 3 trials that normally last for months and involve thousands of people, but Putin emphasized that the vaccine underwent the necessary trials and that vaccination will be voluntary.</p><p>Russian officials have said that large-scale production of the vaccine will begin in September, and mass vaccination may start as early as October.</p><p>Philippine President Rodrigo Duterte, meanwhile, has <a href="https://www.dw.com/en/philippines-duterte-volunteers-to-be-putins-russian-coronavirus-vaccine-guinea-pig/a-54523030" target="_blank">lauded Russia's efforts in developing the vaccine</a> and said that the Philippines is ready to work with Moscow on vaccine trials, supply and production. Duterte volunteered to "be the first they can experiment on."</p><p>"I will tell President Putin that I have huge trust in your studies in combating COVID and I believe that the vaccine that you have produced is really good for humanity," Duterte said, adding that he thinks Russia's vaccine will be ready for the Philippines by December.</p>
- Pfizer Coronavirus Vaccine Enters Phase 2 and 3 Clinical Trials ... ›
- Trump Administration Buys up Nearly All the World's Supply of ... ›
- First Trial of Moderna's Coronavirus Vaccine Produces Immune ... ›
A powerful series of thunderstorms roared across the Midwest on Monday, downing trees, damaging structures and knocking out power to more than a million people.