09/05/2017

Investors Worth $20 Trillion Call For Climate Change Action

Fairfax

Some of the world's biggest investors have pleaded with governments of the world's largest economies, including Australia, to stick with their commitments to tackle climate change and to introduce carbon pricing to help achieve them.
There is strong speculation that American President Donald Trump could renege on his country's commitments under the Paris Accord signed in 2015, which aimed to hold temperature rises well below 2 degrees Celsius.

Now a group of investor organisations, committed to encouraging action on climate change has written to member nations of the G7 and G20 calling on all participants to move to implement the Paris agreement. The G7 is due to meet in Italy later this month and includes America, Canada, France, Germany, Italy, Japan and Britain.
Current signatories to the letter manage $20 trillion and in their letter also call for measures to encourage investments that will reduce climate change including carbon pricing, phasing out fossil fuel subsidies and introduce standardised international reporting rules for companies to disclose their climate risks.
It is expected that more investors will sign up the letter ahead of the G20 meeting in July.
"While the private sector can provide the investment required to build a secure, affordable and low emissions global energy system, we urge the G7 to set strong policy signals which provide the investment certainty needed to drive trillions of dollars into new clean energy investment opportunities," Emma Herd, chief executive of the Investor Group on Climate Change (IGCC) in Australia said.
Despite the vexed history of carbon pricing in Australia, Ms Herd said investors believed it would need to be part of the future policy response.
"Like it or not some form of carbon pricing need to be part of the policies that governments need to institute," she told Fairfax Media.
Investors want the governments of the world's largest economies to introduce clear plans to implement the Paris Accord. Photo: Jonathan Carroll
Ms Herd said the letter was a "clear and unambiguous" statement of support for the Paris agreement and their desire to invest in solutions.
"It also shows investors are prepared to participate in what is required to tackle climate change. They are prepared to be part of that response themselves," she said.
Barack Obama in Paris in 2015 with other leaders who signed onto the Paris climate accord. Photo: AP
The investors also call for the governments to introduce clear plans to implement the Paris agreements.
Investment managers that belong to the Australian group include AMP, AustralianSuper, BT Investment Management, Mercer and Cbus.
International investors that have supported the push include massive American pension funds CalPERS and CalSTRS as well as several large European investors.
The group argues that it is important other governments push on even if America pulls out of the Paris agreement.
"Regardless of what the US administration does, it's vital that every signatory across the G7 and G20 adopts policies that drive better disclosure of climate risk, curb fossil fuel subsidies and put in place strong pricing signals sufficient to catalyse the significant private sector investment in low carbon solutions," ​Institutional Investors Group on Climate Change chief executive Stephanie Pfeifer said.

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How To Fix Climate Change: Put Cities, Not Countries, In Charge

The Guardian

It can’t be left to dysfunctional nation states to tackle – but as Oslo and Seoul have shown, metropolitan centres can rise to the challenge of global warming
Illustration by Jasper Rietman
Climate change is the most urgent challenge facing humankind. Other issues make headlines: terrorism kills; inequality affects everyday life for billions around the globe. But climate is paramount, because in sustainability human survival itself is at stake. Why then have the nations governing the planet been so hopelessly ineffective in addressing the grave environmental crisis?
Is it because the consequences of carbon emissions seem hypothetical, or too far off? Politicians pay few costs for doing nothing, and receive little credit for acting aggressively. In the US, a nation that contributes one-fifth of all global greenhouse emissions (China is responsible for another fifth), Donald Trump has promised to reopen coal mines and free up oil drilling.
The problem isn’t the science. The merchants of doubt who claim there is a climate science that is open to scientific debate are not scientific adversaries at all. They are political adversaries, mostly bought and paid for. It is in the realm of politics that the struggle for sustainability must be fought and won.
Politics is hardly at its best right now, and that is perhaps the greatest challenge facing us. The weakness of politics undermines democracy – the faith behind politics. But democracy is crucial because climate change is also about justice: how to distribute the costs of decarbonisation and the transition to renewable energy fairly among rich and poor, developed and developing, large and small, north and south.
This politics can’t be found in increasingly dysfunctional nation states. The good news about the attempt to address climate change through government action is that it’s happening. The bad news is that it’s happening far too slowly. For every new hydroelectric plant built in the global north, some enormous lake dries up in the global south – Poopó, Bolivia’s second largest, has literally vanished over the last few years.
The US state of California is a leader in green public policies, but farmers there also grow pecans in semi-desert conditions where each nut harvested uses up to 300 gallons of water. For every urban fracking ban enacted, there is a move to block it in the courts. Coal is shut down, but fracked natural gas is accepted as a “transition” fuel – however pernicious its effect on decarbonisation.
The best-case scenario for what is likely to be done through nation-based environmental programmes hardly dents the worst-case scenario for the catastrophic consequences of all that is not being done.
However, there is an ample menu of sustainable options available to cities wishing to address climate change aggressively – and they can amplify their impact by coordinating their policies. The list includes divestment of public funds from carbon energy companies; investment to encourage renewable energy and green infrastructure; municipal carbon taxes; fracking and drilling bans; new waste incineration technologies; regulation of the use of plastic bottles and bags; policies to improve public transport and reduce car use; and recycling.
Oslo has been in the forefront of sustainable urban development. With Norway’s energy needs almost completely met by hydroelectric power, and its lion’s share of North Sea oil and gas going almost entirely to exports, almost all of the income goes to Norway’s massive sovereign wealth fund. Oslo has thus had the luxury of pursuing a zero-emission campaign, and appears likely to achieve that goal by 2025.
The city is applying the goal with particular efficiency to transportation, and electric vehicle charging stations are plentiful. The plan is to make Oslo the most electric vehicle-friendly city in the world – one in four new cars sold in Norway are electric – and a champion of green housing and architecture: its new opera house is set in a neighbourhood that gleams with green infrastructure.
Asia also has exemplary green-leaning cities, including Hong Kong and Seoul. The greater Seoul region has a population of almost 25 million, and in 2015 it was ranked the continent’s most sustainable city. Seoul has made a massive investment in electric-powered buses. It already has the world’s third largest subway system, but its carbon fuel bus fleet of 120,000 vehicles has been a massive source of pollution. Current plans are to convert half this fleet to electric by 2020, which would be the world’s most ambitious achievement of this kind.
Such approaches can be undertaken to great effect one city at a time, but they are also mutually reinforcing: networks of collaborating cities can amplify their global impact. They can also make it more difficult for courts or governments to oppose environmental initiatives, standing firm on common approaches to sustainability and decarbonisation
Medellín’s public cable-car system. Photograph: imagebroker/Rex/Shutterstock
The challenge facing cities and citizens is to summon the necessary political will to do the things we know how to do – but have not done – and then to do them democratically. That will not be easy because democracy is in trouble, because moneyed interests and global oligarchies are corrupting government. But the fate of the campaign against climate change and other existential threats depends on democratic politics within and among cities.
Cities are the coolest political institutions on Earth. The odds are two to one or better that you live in a town or city, and not just for economic reasons. Spend a few days in Singapore or Cape Town or Nashville. Witness Oslo’s Tesla taxicabs, or Seoul’s rehabilitated centre-city river or Medellín’s public cable-car system. Keen to confront global warming, but not yet fully empowered to do so, cities must not only accept their responsibility for assuring a sustainable world but assert their right to do so.
There are two formidable obstacles blocking a larger role for cities: a paucity of resources and the absence of autonomy and jurisdiction. The European Union favours regions over cities, and works more on agricultural subsidies than affordable urban housing. In the United States, the structure of congressional representation means a suburban and rural minority rules over the urban majority.
f cities are to get the power they need, they will have to demand the right of self-governance – as I argued in my book If Mayors Ruled the World. The Global Parliament of Mayors, an international grouping of city mayors and the “global city rights movement”, held its inaugural session in The Hague last year.
Because urban citizens are the planet’s majority, their natural rights are endowed with democratic urgency. They carry the noble name of “citizen”, associated with the word “city”. But the aim is not to set urban against rural: it is to restore a more judicious balance between them. Today it is cities that look forward, speaking to global common goods, while fearful nations look back.
The world is getting too hot. Science makes it clear that sustainability is both necessary and possible. Politics shows it is achievable. Cities are poised to make it happen.

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Five Graphics To Start A Conversation About Climate Change

Futurism - Christianna Reedy


shutterstock


Climate Communication
In Brief
While there has long been scientific consensus that humanity is influencing our environment for the worse, public consensus has yet to be attained. When it comes communicating climate change, sometimes pictures are worth a thousand words.
As we continue to see temperatures rise to record-breaking levels, climate change remains at the forefront of researchpolicy discussions, and private enterprises. However, discussions on the best solutions for climate change remain hampered by lingering debate over whether humanity's influence on climate is fact or fiction.
While there has long been scientific consensus that humanity is influencing our environment for the worse, especially through the increased emissions of greenhouse gases, public consensus has yet to be attained. In fact, a 2014 Gallup Poll revealed that about one in four Americans are solidly skeptical of climate change, believing that claims about it are exaggerated.
For those who are convinced by the science behind climate change, the questions persists: what is the best way to communicate the science in a clear way so that skeptics can draw conclusions based on the best data? Some believe that the simplest way to accomplish this is through the use of visual aids. And, fortunately or not, there are many figures to choose from.

Tracking Temperatures
Let's start with the elephant in the room: global temperatures. Scientists have observed an increase in global temperatures since the beginning of the 20th century. These increased temperatures are not in dispute. But what evidence is there that people are causing this warming?
Credit: Intergovernmental Panel on Climate Change, Fifth Assessment Report
CO2 Sources
One indicator that the increasing temperature is linked to human activity is its correlation with our greenhouse gas emissions. While there are a number of greenhouse gases, perhaps the most famous is CO2, of the "carbon footprint" fame. Researchers have tracked CO2 emissions over time, and they, like the earth's temperature, have experienced a dramatic increase after 1900. The majority of the emissions originate from our use of fossil fuels.
Credit: Intergovernmental Panel on Climate Change, Fifth Assessment Report
And where do these emissions go? In fact, CO2 "partitions" into several places — the land, the ocean, and the atmosphere. While CO2's greenhouse effect in the atmosphere is its most well known effect, the gas also changes the chemistry of the water it enters.

Water Woes
CO2 reacts with water molecules to generate carbonic acid. Not only does this acidify the ocean, negatively impacting many aquatic species, but this process also lowers the overall amount of carbonate ions in the water. This threatens shelled marine animals that require calcium carbonate, like coral. So, if the CO2 we are producing is harming our world today, is there evidence it will continue impacting the environment in the future?
Credit: The Climate Commission
Enduring Effects
For quite a long time, actually. Once a large amount of CO2 is dumped, or "pulsed," into the atmosphere, about 70 percent of it is still present after 100 years, and 40 percent remains even after 1,000 years. This is one reason why so many climate scientists urge immediate action. Researchers have made projections of what Earth will look like if we do not take action — and it's not pretty.
Credit: Intergovernmental Panel on Climate Change, Fifth Assessment Report
Future Fallout
Then, in 100 years or so, our world may be unrecognizable.
Credit: Intergovernmental Panel on Climate Change, Fifth Assessment Report
Changing the Conversation
Let's face facts, and, overwhelmingly, they support the reality of climate change. But that's not to say that there can't be legitimate discussion on how to combat it. New environmental regulations on the federal level often get pushback, but could we incentivize development of green technology in the private sector? Could we implement stronger environmental initiatives locally? There are even some out-of-the-box solutions we could consider.
Rather than denying that there is a problem, we should be focusing our energy on determining the best solution. After all, the fate of the entire planet is at stake here. Are we really willing to risk it on a hunch that 97 percent of climate scientists are wrong?

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