14/10/2017

Giant Hole Opens Up In Antarctica As Scientists Look To Find Out What Is To Blame

NEWS.com.au

SCIENTISTS are scratching their heads as to how a giant, mysterious hole the size of the Netherlands has opened up in Antarctica.
Icebergs in Antarctic Sea. Picture: iStock. Source: Supplied
A HOLE larger than the Netherlands has opened up in Antarctica, and scientists are working to deepen their understanding of how it formed.
The hole in the ice is “quite remarkable,” University of Toronto Mississauga professor Kent Moore told Motherboard.
“It looks like you just punched a hole in the ice,” he said.
Areas of open water surrounded by sea ice, such as this one, are known as polynyas. They form in coastal regions of Antarctica, Mr Moore said.
Sea ice cover in Antarctica dropped to a record low this year, scientists said on September 27, 2017. Picture: AFP. Source: AFP
This polynya is “deep in the ice pack” though and have formed through other processes that aren’t understood, he said.
“This is hundreds of kilometres from the ice edge. If we didn’t have a satellite, we wouldn’t know it was there.”
A polynya was observed in the same location, in Antarctica’s Weddell Sea, in the 1970s.
The hole reopened again this year, marking “the second year in a row it’s opened up after 40 years of not being there,” Mr Moore said.
Back then, scientist had a limited ability to study the phenomenon.
“At that time, the scientific community had just launched the first satellites that provided images of the sea-ice cover from space.”
Adelie penguins floating ice sheet Antarctic Peninsula. Picture: iStock. Source: Supplied
Now, scientists are working to understand how often the polynya occurs and whether it is influenced by climate change.
However, Mr Moore told Broadly blaming climate change was “premature”.
Scientists can say with certainty, though, that the polynya will have a wider impact on the oceans.


Giant Iceberg Breaks Off Antarctic Ice Shelf. Credit - British Antarctic Survey via Storyful

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Research Suggests Tony Abbott’s Climate Views Are Welcome In The Hunter Valley

The Conversation

AAP
Former Prime Minister Tony Abbott this week drew renewed attention to himself with a speech to the Global Warming Policy Foundation, a London-based climate sceptic group, in which he voiced a range of doubts about climate science and policy, and claimed that climate change is “probably doing good”.
The comments might come as no surprise to those familiar with his views. But what’s arguably more surprising is the prevalence of similar opinions among some Australian business leaders.
My research, published this week in the journal Environmental Sociology, features interviews with business leaders in the Hunter Valley of New South Wales – a major coal-producing hub.
It reveals that Abbott’s doubts about the veracity of climate science and its forecast impacts, and his scathing dismissal of those concerned about climate change, have a long history of support among the Hunter Valley’s business leaders.
Carried out in the lead-up to the implementation of the Gillard Labor government’s price on carbon in 2011, my research sought to understand business leaders’ attitudes to government policies and to climate change more broadly.
I approached 50 chief executives of organisations operating in the Hunter Region, of whom 31 agreed to participate (or had a senior staff member take up the opportunity).
They were asked questions about their views on climate change, how and whether their organisation was responding to the issue, and what they thought about the various political parties’ policies in response to it.
Perhaps not surprisingly, participants’ overwhelming concern was that the economy might decline as a result of climate policies such as pricing carbon.
While some were concerned about climate change, there was almost unanimous opposition to carbon pricing. Given the politics of the time, this too is unremarkable, particularly in light of the success Abbott enjoyed at the 2013 election after pledging to scrap the policy.
What was surprising, however, was the pervasive scepticism among participants about the science of climate change. This is especially the case given that many people now view the debate over whether climate change is happening – and whether it is caused by human activity – as being over.
Moreover, many participants believed that climate scientists were motivated by financial rewards in arguing that climate change is a serious concern.
These beliefs were voiced not only by those in industries like coal, aluminium, and shipping - but echoed by participants from other industries, revealing a deep scepticism of both the discipline and the science of climate change itself.
It is noteworthy that the research was focused on the Hunter Valley and Newcastle, home to the world’s biggest coal port.
Participants also held intensely antagonistic views in relation to the environment movement and the Australian Greens, believing their views were quasi-religious and that they too were self-interested and unrealistic in wanting to tackle climate change.

Striking views
In some ways the extremity of these comments was striking. Although prominent in writings by conservative columnists at the time, the broader debate was much more focused on jobs and the economy.
A small minority of participants did support some type of mechanism to limit greenhouse emissions, and were concerned about the environment.
But more broadly, my research showed that the Hunter Region’s business leaders – whether or not they were directly involved in coal – had taken on board many of the arguments promulgated by the industry in its ultimately successful campaign against carbon pricing in Australia.
These dynamics may have changed a little in recent times, with companies such as AGL and BHP shifting away from coal.
The overall dynamics of the climate politics, however – as revealed in the current stalemate over responding to the Finkel Review – remains out of step with what the climate science is telling us. As, of course, do Abbott’s comments.
Abbott’s London speech was interpreted as incendiary, and earned him a sharp rebuke from government colleagues. But when we look at the places where his message might be received more favourably, it becomes apparent there are still pockets of the country where he might expect to find a plentiful and powerful audience.

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Three Quarters Of Companies Worldwide Yet To Acknowledge Climate Change As A Financial Risk

KPMG



Almost three quarters of large and mid-cap companies worldwide do not acknowledge the financial risks of climate change in their financial reports.
Almost three quarters (72 percent) of large and mid-cap companies worldwide do not acknowledge the financial risks of climate change in their annual financial reports, according to the KPMG Survey of Corporate Responsibility Reporting 2017 published today.
Of the minority that do acknowledge climate-related risk, less than one in 20 (4 percent) provides investors with analysis of the potential business value at risk.
KPMG's survey studied annual financial reports and corporate responsibility reports from the top 100 companies by revenue in each of 49 countries: a total of 4,900 companies.

Top Five Countries
It found only five countries in the world where a majority of the top 100 companies mention climate-related financial risks in their financial reports:
  • Taiwan (88 percent)
  • France (76 percent)
  • South Africa (61 percent)
  • US (53 percent)
  • Canada (52 percent)
In most cases, disclosure of climate-related risk is either mandated or encouraged in these countries by the government, stock exchange or financial regulator.

Top Six Industries
In terms of industries, the following have the highest rates of acknowledging climate-related risk in their reporting:
  • Forestry & Paper (44 percent)
  • Chemicals (43 percent)
  • Mining (40 percent)
  • Oil & Gas sectors (39 percent)
  • Automotive (38 percent)
  • Utilities (38 percent)
Bottom Three Sectors
Sectors least likely to acknowledge climate risk are:
  • Healthcare (14 percent)
  • Transport & Leisure (20 percent)
  • Retail (23 percent)
Public Acknowledgment Climate-Related Financial Risk 
When looking specifically at the world's 250 largest companies (G250), public acknowledgment of climate-related financial risk is more common but still far from universal. French-based multi-nationals lead with 90 percent acknowledging climate-related risk, followed by majors headquartered in Germany (61 percent) and the UK (60 percent).
Around two thirds of G250 companies in the Retail (67 percent) and Oil & Gas (65 percent) industries acknowledge the risk but only around one third (36 percent) of major Financial Services firms do so. However, the research found only six G250 companies that have informed investors of the potential financial impact of climate risk through quantification or scenario modelling.

Climate Change Investor Risk
KPMG's Global Head of Sustainability Services, José Luis Blasco, said:
“Our survey shows that, even among the world's largest companies, very few are providing investors with adequate indications of value at risk from climate change. Our findings support the need for initiatives like the Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) that aim to improve corporate disclosure of climate-related risk.
“Pressure on firms to up their game on disclosure is growing by the day. Some investors are already taking a hard line approach to demanding disclosure; some countries are considering regulation to mandate it; and some financial regulators have warned that failure to identify and manage climate risk is a breach of a Board's fiduciary duty. In this context, we encourage firms to move quickly. Those that don't could very soon start to lose investors and find the cost of capital and insurance cover escalates quickly.”

Sustainability, Human Rights, and Carbon Reduction
KPMG's survey also explored further trends in corporate responsibility reporting including reporting on the UN's Sustainable Development Goals (SDGs), reporting on human rights and reporting on carbon reduction targets.
Key findings include:
  • The UN SDGs - a set of 17 global goals to end poverty, protect the planet, and ensure prosperity for all - have resonated strongly with businesses worldwide in less than 2 years since their launch at the end of 2015. More than one third (39 percent) of the 4,900 reports studied in KPMG's survey connect companies' corporate responsibility activities to the SDGs. That proportion rises to over 40 percent (43 percent of reports) when looking specifically at the world's 250 largest companies (G250). 
  • Around three quarters of company reports (73 percent) across the 49 countries recognize human rights as a corporate responsibility issue the company needs to address. This rises to nine out of 10 reports (90 percent) in the G250 group of companies. Companies based in India, the UK and Japan are the most likely to acknowledge the issue of human rights, as are companies in the Mining sector.
  • Two thirds of reports (67 percent) from the world's 250 largest companies disclose targets to reduce the company's carbon emissions. However, the majority of these reports (69 percent) do not align the company's targets to the climate targets being set by governments, regional authorities (such as the EU) or the UN.
José Luis Blasco said:
“It is not only employees, communities and NGOs who take an interest in corporate responsibility and sustainability issues. Investors are also increasingly aware that topics previously considered “non-financial” can have a material impact on a business's ability to build and protect value both in the short-term and the long-term. Companies therefore need to understand the latest trends in reporting and ensure their own reports meet the expectations of a wide range of stakeholders.”

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