New Report Reveals Koch Brothers Could Make $100B Profit if Keystone XL Pipeline is Built
The progressive think tank International Forum on Globalization (IFG) released a report today investigating how Koch Industries and its subsidiaries stand to make as much as $100 billion in profits if the Keystone XL pipeline is built. The report, Billionaires' Carbon Bomb: The Koch Keystone XL Pipeline, finds that the Kochs hold up to 2 million acres in Alberta and have spent upwards of $50 million on Congress and think tanks that heavily push for the pipeline.
The Kochs have long been one of the largest players in the tar sands region of Alberta, Canada, according to a IFG press release. The report connects the Kochs’ 50 year history and large footprint in the Canadian tar sands to the current debate about the Keystone XL pipeline.
“The Kochs have repeatedly claimed that they have no interest in the Keystone XL pipeline, this report shows that is false,” said Victor Menotti, executive director of IFG.
“We noticed Koch Funded Tea Party members and think tanks pushing for the pipeline. We dug deeper and found $100 billion in profits, $50 million sent to organizations supporting the pipeline, and perhaps 2 million acres of land. That sounds like an interest.”
Other findings in the report include:
- The Kochs will earn 1 million times more than the average worker of the pipeline.
- The Kochs alone own more than 19 billion metric tons of carbon emissions in their tar sands holdings.
- Think tanks funded by the Kochs have released nearly 1,000 pro-Keystone XL reports or statements.
- Kochs have already made billions from insider trading and stand to do that again with tar sands.
- Koch Industries has a history of violence against people and the environment.
- The Koch Brothers seek to alter the public debate and control the policy debates in Washington.
"The past two weeks of the government shutdown brought to light the irresponsible influence of Koch-funded groups," said Jane Kleeb, director of Bold Nebraska.
"Rewarding the Koch Brothers with Keystone XL, who at every turn fund campaigns to mislead Americans on everything from climate to gas prices, is like the President advocating for Sen. Cruz to be the Majority Leader. It makes no sense. Farmers and ranchers in Nebraska are depending on President Obama to see our national interest is not served with a pipeline that lines the pockets of climate deniers and foreign oil."
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World leaders and businesses are not putting enough money into adapting to dangerous changes in the climate and must "urgently step up action," according to a report published Thursday by the United Nations Environment Program (UNEP).
Adaptation Has a Long Way to Go<p>The Adaptation Gap Report, now in its 5th year, finds "huge gaps" between what world leaders agreed to do under the 2015 <a href="https://www.dw.com/en/5-years-paris-climate-agreement/a-55901139" target="_blank">Paris Agreement</a> and what they need to do to keep their citizens safe from climate change.</p><p>A review by the Global Adaptation Mapping Initiative of almost 1,700 examples of climate adaptation found that a third were in the early stages of implementation — and only 3% had reached the point of reducing risks.</p><p>Disasters like storms and droughts have grown stronger than they should be because people have warmed the planet by burning fossil fuels and chopping down rainforests. The world has heated by more than 1.1 degrees Celsius since the Industrial Revolution and is on track to warm by about 3°C by the end of the century.</p><p>If world leaders <a href="https://www.dw.com/en/climate-change-performance-index-how-far-have-we-come/a-55846406" target="_blank">deliver on recent pledges</a> to bring emissions to <a href="https://www.dw.com/en/joe-bidens-climate-pledges-are-they-realistic/a-56173821" target="_blank" rel="noopener noreferrer">net-zero</a> by the middle of the century, they could almost limit warming to 2°C. The target of the Paris Agreement, however, is to reach a target well below that — ideally 1.5°C. </p><p>There are two ways, scientists say, to lessen the pain that warming will bring: mitigating climate change by cutting carbon pollution and adapting to the hotter, less stable world it brings.</p>
The Cost of Climate Adaptation<p>About three-quarters of the world's countries have national plans to adapt to climate change, according to the report, but most lack the regulations, incentives and funding to make them work.</p><p>More than a decade ago, rich countries most responsible for climate change pledged to mobilize $100 billion a year by 2020 in climate finance for poorer countries. UNEP says it is "impossible to answer" whether that goal has been met, while an OECD study published in November found that between 2013 and 2018, the target sum had not once been achieved. Even in 2018, which recorded the highest level of contributions, rich countries were still $20 billion short.</p><p>The yearly adaptation costs for developing countries alone are estimated at $70 billion. This figure is expected to at least double by the end of the decade as temperatures rise, and will hit $280-500 billion by 2050, according to the report.</p><p>But failing to adapt is even more expensive.</p><p>When powerful storms like cyclones Fani and Bulbul struck South Asia, early-warning systems allowed governments to move millions of people out of danger at short notice. Storms of similar strength that have hit East Africa, like <a href="https://www.dw.com/en/zimbabwe-after-cyclone-idai-building-climate-friendly-practices/a-54251885" target="_blank">cyclones Idai</a> and Kenneth, have proved more deadly because fewer people were evacuated before disaster struck.</p><p>The Global Commission on Adaptation estimated in 2019 that a $1.8 trillion investment in early warning systems, buildings, agriculture, mangroves and water resources could reap $7.1 trillion in benefits from economic activity and avoided costs when disasters strike.</p>
Exploring Nature-Based Solutions<p>The report also highlights how restoring nature can protect people from climate change while benefiting local communities and ecology.</p><p><a href="https://www.dw.com/en/climate-fires-risk-climate-change-bushfires-australia-california-extreme-weather-firefighters/a-54817927" target="_blank">Wildfires</a>, for instance, could be made less punishing by restoring grasslands and regularly burning the land in controlled settings. Indigenous communities from Australia to Canada have done this for millennia in a way that encourages plant growth while reducing the risk of uncontrolled wildfires. Reforestation, meanwhile, can stop soil erosion and flooding during heavy rainfall while trapping carbon and protecting wildlife.</p><p>In countries like Brazil and Malaysia, governments could better protect coastal homes from floods and storms by restoring <a href="https://www.dw.com/en/mudflats-mangroves-and-marshes-the-great-coastal-protectors/a-50628747" target="_blank" rel="noopener noreferrer">mangroves</a> — tangled trees that grow in tropical swamps. As well as anchoring sediments and absorbing the crash of waves, mangroves can store carbon, help fish populations grow and boost local economies through tourism. </p><p>While nature-based solutions are often cheaper than building hard infrastructure, their funding makes up a "tiny fraction" of adaptation finance, the report authors wrote. An analysis of four global climate funds that spent $94 billion on adaptation projects found that just $12 billion went to nature-based solutions and little of this was spent implementing projects on the ground.</p><p>But little is known about their long-term effectiveness. At higher temperatures, the effects of climate change may be so great that they overwhelm natural defenses like mangroves.</p><p>By 2050, <a href="https://www.dw.com/en/rising-sea-levels-should-we-let-the-ocean-in-a-50704953/a-50704953" target="_blank">coastal floods</a> that used to hit once a century will strike many cities every year, according to a 2019 report on oceans by the Intergovernmental Panel on Climate Change (IPCC), the gold standard on climate science. This could force dense cities on low-lying coasts to build higher sea walls, like in Indonesia and South Korea, or evacuate entire communities from sinking islands, like in Fiji.</p><p>It's not a case of replacing infrastructure, said Matthias Garschagen, a geographer at Ludwig Maximilian University in Germany and IPCC author, who was not involved in the UNEP report. "The case for nature-based solutions is often misinterpreted as a battle... but they're part of a toolkit that we've ignored for too long."</p>
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