By Emily Saari
According to media reports, the World Bank plans to limit its financing of new coal-fired power plants to “rare circumstances,” reflecting the Bank’s increased focus on reducing the effects of climate change. A recent World Bank report warns that the world is currently heading towards 4 degrees Celsius of warming compared to pre-industrial levels, which could have disastrous impacts on people and nature worldwide.
From the leaked World Bank report:
[The World Bank] will cease providing financial support for greenfield [new] coal power generation projects, except in rare circumstances where there are no feasible alternatives available to meet basic energy needs and other sources of financing are absent.
As a powerful funder of global energy projects—the Bank spent $8.2 billion on energy projects in the 2012 fiscal year—this decision is pivotal for shifting global investments away from coal, one of the dirtiest forms of energy. Coal power is responsible for 40 percent of the world’s carbon dioxide emissions and a host of public health impacts.
This plan could be a major boost in the transition needed from fossil fuels to renewable energy sources in the fight against the climate crisis, in a way that prioritizes the interests of poor people.
The U.S., the Bank’s largest shareholder, affirmed this decision earlier in the week when President Obama announced that he would restrict U.S. funding for coal projects overseas. President Obama, however, indicated that his administration would fund new coal projects if they implemented carbon capture and sequestration (CCS) technology to limit the release of greenhouse gas emissions. CCS technology is controversial and has yet to be proven reliable on a large scale.
Still open for questioning is whether this decision will stop the World Bank from funding a controversial coal-fired power plant in Kosovo, a project highly criticized by local activists for its potential public health effects. In speaking of the controversy over the power plant in Kosovo, Tim Wirth, former undersecretary of state for global affairs under President Clinton and now vice chairman of the U.N. Foundation, said:
Kosovo, that’s a tough decision. But of course they shouldn’t build it. If the president makes decisions right after a major climate speech to fund a coal power plant right off the Adriatic, we’re right back where we started. They’re just getting themselves right back in the soup.
This announcement by the World Bank follows suit with recent reports by Australia’s Climate Commission and the International Energy Agency warning that the world must leave 80 percent of all fossil fuel deposits in the ground if catastrophic climate change is to be avoided. Today’s media reports are based on a leaked draft of a new World Bank plan, which is apparently scheduled for discussion by the World Bank board next month.
- Redwoods are the world's tallest trees.
- Now scientists have discovered they are even bigger than we thought.
- Using laser technology they map the 80-meter giants.
- Trees are a key plank in the fight against climate change.
They are among the largest trees in the world, descendants of forests where dinosaurs roamed.
Pixabay / Simi Luft<p><span>Until recently, measuring these trees meant scaling their 80 meter high trunks with a tape measure. Now, a team of scientists from University College London and the University of Maryland uses advanced laser scanning, to create 3D maps and calculate the total mass.</span></p><p>The results are striking: suggesting the trees <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">may be as much as 30% larger than earlier measurements suggested.</a> Part of that could be due to the additional trunks the Redwoods can grow as they age, <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">a process known as reiteration</a>.</p>
New 3D measurements of large redwood trees for biomass and structure. Nature / UCL<p>Measuring the trees more accurately is important because carbon capture will probably play a key role in the battle against climate change. Forest <a href="https://www.wri.org/blog/2020/09/carbon-sequestration-natural-forest-regrowth" target="_blank">growth could absorb billions of tons</a> of carbon dioxide from the atmosphere each year.</p><p>"The importance of big trees is widely-recognised in terms of carbon storage, demographics and impact on their surrounding ecosystems," the authors wrote<a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank"> in the journal Nature</a>. "Unfortunately the importance of big trees is in direct proportion to the difficulty of measuring them."</p><p>Redwoods are so long lived because of their ability to <a href="https://www.nature.com/articles/s41598-020-73733-6" target="_blank" rel="noopener noreferrer">cope with climate change, resist disease and even survive fire damage</a>, the scientists say. Almost a fifth of their volume may be bark, which helps protect them.</p>
Carbon Capture Champions<p><span>Earlier research by scientists at Humboldt University and the University of Washington found that </span><a href="https://www.sciencedirect.com/science/article/pii/S0378112716302584" target="_blank" rel="noopener noreferrer">Redwood forests store almost 2,600 tonnes of carbon per hectare</a><span>, their bark alone containing more carbon than any other neighboring species.</span></p><p>While the importance of trees in fighting climate change is widely accepted, not all species enjoy the same protection as California's coastal Redwoods. In 2019 the world lost the equivalent of <a href="https://www.worldwildlife.org/threats/deforestation-and-forest-degradation" target="_blank" rel="noopener noreferrer">30 soccer fields of forest cover every minute</a>, due to agricultural expansion, logging and fires, according to The Worldwide Fund for Nature (WWF).</p>
Pixabay<p>Although <a href="https://c402277.ssl.cf1.rackcdn.com/publications/1420/files/original/Deforestation_fronts_-_drivers_and_responses_in_a_changing_world_-_full_report_%281%29.pdf?1610810475" target="_blank" rel="noopener noreferrer">the rate of loss is reported to have slowed in recent years</a>, reforesting the world to help stem climate change is a massive task.</p><p><span>That's why the World Economic Forum launched the Trillion Trees Challenge (</span><a href="https://www.1t.org/" target="_blank" rel="noopener noreferrer">1t.org</a><span>) and is engaging organizations and individuals across the globe through its </span><a href="https://uplink.weforum.org/uplink/s/uplink-issue/a002o00000vOf09AAC/trillion-trees" target="_blank" rel="noopener noreferrer">Uplink innovation crowdsourcing platform</a><span> to support the project.</span></p><p>That's backed up by research led by ETH Zurich/Crowther Lab showing there's potential to restore tree coverage across 2.2 billion acres of degraded land.</p><p>"Forests are critical to the health of the planet," according to <a href="https://www.1t.org/" target="_blank" rel="noopener noreferrer">1t.org</a>. "They sequester carbon, regulate global temperatures and freshwater flows, recharge groundwater, anchor fertile soil and act as flood barriers."</p><p><em data-redactor-tag="em" data-verified="redactor">Reposted with permission from the </em><span><em data-redactor-tag="em" data-verified="redactor"><a href="https://www.weforum.org/agenda/2021/03/redwoods-store-more-co2-and-are-more-enormous-than-we-thought/" target="_blank">World Economic Forum</a>.</em></span></p>
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