22/01/2016

The Coal Miner `On Everybody's List' as Next Bankruptcy Victim

Bloomberg & 


Plummeting coal prices have pushed almost half the debt issued by U.S. coal companies into default, and for miners and their investors there’s no end in sight.
Patriot Coal Corp., Walter Energy Inc. and Alpha Natural Resources Inc. have all filed for bankruptcy in the past year. Now that Arch Coal Inc., the second largest coal miner in the U.S., has joined their ranks, investors are wondering if the biggest, Peabody Energy Corp., could be next.
Peabody’s shares have been sliced roughly in half since Arch filed for Chapter 11 on Jan. 11, closing at $3.38 Wednesday. The company’s 6.5 percent unsecured bonds have lost 27 percent, or 3.1 cents on the dollar, over the same period, most recently trading on Jan. 14 at 8.6 cents and yielding 99 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
“Lots of people are wondering: What’s the next shoe to drop? Who might be the next company? Peabody’s on everybody’s list,” said Spencer Cutter, a Bloomberg Intelligence analyst in Skillman, New Jersey, in a webcast presentation about the global coal industry on Jan. 14.
Coal producers are suffering through a historic rout. Over the past five years, the industry has lost 94 percent of its market value, from $68.6 billion to $4.02 billion.


In addition, Fitch Ratings said in a Jan. 11 report that Arch’s bankruptcy pushed the sector’s default rate to “an unprecedented peak” of 43 percent. So investors are now raising questions about the viability of other miners, such as Consol Energy Inc., Foresight Energy LP, Cloud Peak Energy Inc. and Murray Energy Corp.
“This once mighty industry is destined to gradually shrink in importance, and virtually disappear as an investable sector,” said Margie Patel, a portfolio manager with Wells Fargo Asset Management in Boston, which manages $351 billion.

Big Debt
Peabody and Arch were among the miners that raised a total of $6.4 billion of debt in 2010 and 2011, betting that prices for metallurgical coal, which is sometimes used to produce steel, would continue to rise thanks to China’s growing demand to build its cities. After reaching $330 per metric ton in 2011, prices have since tanked to a quarter of that level. Goldman Sachs Group Inc. forecasts benchmark metallurgical coal prices to fall to $75 this year.
Peabody has been working on a debt exchange with its lenders since last year, but has yet to agree to a deal -- Arch tried a similar tact before it went under and failed, accelerating its demise.
“Could Peabody do a debt exchange? Possibly, but does that really solve the big picture problem?” Mark Levin, an analyst at BB&T Capital Markets in Richmond, Virginia, wrote in a note to clients Wednesday. “The board has to ask itself if it’s better off restructuring.”

Capital Cushion
In terms of capital, Peabody had $1.4 billion in liquidity including cash and availability under its revolving loans as of Nov. 5, according to a company filing. Its cash dropped to $167.4 million on that day from $334.3 million at the end of September. At that rate, the company is going to run out of cash in nine months, Bloomberg data show.
Peabody’s cushion will be pressured with coal prices so low. Its interest expenses are more than its cash on hand, according to Bloomberg data. For the 12 months ended Sept. 30, it burned through $445 million.
“In a challenging market backdrop, Peabody continues its aggressive efforts to
improve the business with a major focus on operational, portfolio and financial
initiatives,” Peabody spokeswoman Beth Sutton said via e-mail. “Our dual financial objectives are to optimize liquidity and deleverage, and we continue to pursue multiple actions on this front.”

Going Bankrupt
If Peabody does file for Chapter 11, it will have plenty of company among its competitors. In less than two years, as many as five coal miners have filed for bankruptcy to restructure a total of $22 billion in debt, according to data compiled by Bloomberg.
James River Coal Co. filed for bankruptcy in April 2014 to restructure its $819 million in debt. Patriot Coal, which emerged from Chapter 11 at the end of 2013, filed again in May. Walter Energy and Alpha Natural, two of the biggest metallurgical coal producers in the U.S., filed in July and August with a combined total of $12.1 billion in debt.
In addition, Cliffs Natural Resources Inc. sold its coal business to Seneca Coal Resources for $268 million in December. Lourenco Goncalves, Cliffs’ chief executive officer, explained in a statement that the sale was made “in light of the many headwinds the industry has faced over this past year.”

‘Many Headwinds’
Consol spokesman Brian Aiello and Cloud Peak spokesman Rick Curtsinger didn’t respond to requests for comment. Gary Broadbent, spokesman for both Murray and Foresight, declined to comment.
While there’s plenty of uncertainty surrounding the coal business, there is one thing that traders and industry insiders agree on: There won’t be a rebound anytime soon.
“The world of coal will be very ugly in 2016,” said Ted O’Brien, chief executive officer at Doyle Trading Consultants, an independent consulting firm specializing in metals and mining. “All the bankruptcy filings that took place only helped on paper. It didn’t take away supply in the markets.”

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Bill McKibben: The Fossil Fuel Industry Is Leading Its Own Zombie Apocalypse

Salon - Bill McKibben

No matter how many head shots it takes, it simply refuses to die. Big Oil could take the entire planet down with it
(Credit: Time Books/Steve Liptay)
When I was a kid, I was creepily fascinated by the wrongheaded idea, current in my grade school, that your hair and your fingernails kept growing after you died. The lesson seemed to be that it was hard to kill something off — if it wanted to keep going.
Something similar is happening right now with the fossil fuel industry. Even as the global warming crisis makes it clear that coal, natural gas, and oil are yesterday's energy, the momentum of two centuries of fossil fuel development means new projects keep emerging in a zombie-like fashion.
In fact, the climactic fight at the end of the fossil fuel era is already underway, even if it's happening almost in secret. That's because so much of the action isn't taking place in big, headline-grabbing climate change settings like the recent conference of 195 nations in Paris; it's taking place in hearing rooms and farmers' fields across this continent (and other continents, too).  Local activists are making desperate stands to stop new fossil fuel projects, while the giant energy companies are making equally desperate attempts to build while they still can. Though such conflicts and protests are mostly too small and local to attract national media attention, the outcome of these thousands of fights will do much to determine whether we emerge from this century with a habitable planet. In fact, far more than any set of paper promises by politicians, they really are the battle for the future.
Here's how Diane Leopold, president of the giant fracking company Dominion Energy, put it at a conference earlier this year: "It may be the most challenging" period in fossil fuel history, she said, because of "an increase in high-intensity opposition" to infrastructure projects that is becoming steadily "louder, better-funded, and more sophisticated." Or, in the words of the head of the American Natural Gas Association, referring to the bitter struggle between activists and the Canadian tar sands industry over the building of the Keystone XL pipeline, "Call it the Keystone-ization of every project that's out there."

Pipelines, Pipelines, Everywhere
I hesitate to even start listing them all, because I'm going to miss dozens, but here are some of the prospective pipelines people are currently fighting across North America: the Alberta Clipper and the Sandpiper pipelines in the upper Midwest, Enbridge Line 3, the Dakota Access, the Line 9 and Energy East pipelines in Ontario and environs, the Northern Gateway and Kinder Morgan pipelines in British Columbia, the Piñon pipeline in Navajo Country, the Sabal Trail pipeline in Alabama and Georgia, the Appalachian Connector, the Vermont Gas pipeline down the western side of my own state, the Algonquin pipeline, the Constitution pipeline, the Spectra pipeline, and on and on.
And it's not just pipelines, not by a long shot. I couldn't begin to start tallying up the number of proposed liquid natural gas terminals, prospective coal export facilities and new oil ports, fracking wells, and mountaintop removal coal sites where people are already waging serious trench warfare. As I write these words, brave activists are on trial for trying to block oil trains in the Pacific Northwest. In the Finger Lakes not a week goes by without mass arrests of local activists attempting to stop the building of a giant underground gas storage cavern. In California, it's frack wells in Kern County. As I said: endless.
And endlessly resourceful, too. Everywhere the opposition is forced by statute to make its stand not on climate change arguments, but on old grounds. This pipeline will hurt water quality. That coal port will increase local pollution. The dust that flies off those coal trains will cause asthma. All the arguments are perfectly correct and accurate and by themselves enough to justify stopping many of these plans, but a far more important argument always lurks in the background: each of these new infrastructure projects is a way to extend the life of the fossil fuel era a few more disastrous decades.
Here's the basic math: if you build a pipeline in 2016, the investment will be amortized for 40 years or more. It is designed to last — to carry coal slurry or gas or oil — well into the second half of the twenty-first century. It is, in other words, designed to do the very thing scientists insist we simply can't keep doing, and do it long past the point when physics swears we must stop.
These projects are the result of several kinds of momentum. Because fossil fuel companies have made huge sums of money for so long, they have the political clout to keep politicians saying yes. Just a week after the Paris accords were signed, for instance, the well-paid American employees of those companies, otherwise known as senators and representatives, overturned a 40-year-old ban on U.S. oil exports, a gift that an ExxonMobil spokesman had asked for in the most explicit terms only a few weeks earlier. "The sooner this happens, the better for us," he'd told the New York Times, at the very moment when other journalists were breaking the story of that company's epic three-decade legacy of deceit, its attempt to suppress public knowledge of a globally warming planet that Exxon officials knew they were helping to create. That scandal didn't matter. The habit of giving in to Big Oil was just too strong.

Driving a Stake Through a Fossil-Fueled World
The money, however, is only part of it. There's also a sense in which the whole process is simply on autopilot. For many decades the economic health of the nation and access to fossil fuels were more or less synonymous. So it's no wonder that the laws, statutes, and regulations favor business-as-usual. The advent of the environmental movement in the 1970s and 1980s introduced a few new rules, but they were only designed to keep that business-as-usual from going disastrously, visibly wrong. You could drill and mine and pump, but you were supposed to prevent the really obvious pollution. No Deepwater Horizons.  And so fossil fuel projects still get approved almost automatically, because there's no legal reason not to do so.
In Australia, for instance, a new prime minister, Malcolm Turnbull, replaced the climate-change-denying Tony Abbott. His minister for the environment, Greg Hunt, was a particular standout at the recent Paris talks, gassing on at great length about his "deeply personal" commitment to stopping climate change, calling the new pact the "most important environmental agreement ever." A month earlier, though, he'd approved plans for the largest coal mine on Earth, demanding slight revisions to make sure that the habitat of the southern black-throated finch would not be destroyed. Campaigners had hung much of their argument against the mine on the bird's possible extinction, since given the way Australia's laws are written this was one of the few hooks they had. The fact that scientists have stated quite plainly that such coal must remain in the ground if the globe is to meet its temperature targets and prevent catastrophic environmental changes has no standing. It's the most important argument in the world, but no one in authority can officially hear it.
It's not just Australia, of course. As 2016 began in my own Vermont — as enlightened a patch of territory as you're likely to find — the state's Public Service Board approved a big new gas pipeline. Under long-standing regulations, they said, it would be "in the public interest," even though science has recently made it clear that the methane leaking from the fracked gas the pipeline will carry is worse than the burning of coal. Their decision came two weeks after the temperature in the city of Burlington hit 68 on Christmas eve, breaking the old record by, oh, 17 degrees. But it didn't matter.
This zombie-like process is guaranteed to go on for years, even decades, as at every turn the fossil fuel industry fights the new laws and regulations that would be necessary, were agreements like the Paris accord to have any real teeth. The only way to short-circuit this process is to fight like hell, raising the political and economic price of new infrastructure to the point where politicians begin to balk. That's what happened with Keystone — when enough voices were raised, the powers-that-be finally decided it wasn't worth it. And it's happening elsewhere, too.  Other Canadian tar sands pipelines have also been blocked. Coal ports planned for the West Coast haven't been built. That Australian coal mine may have official approval, but almost every big bank in the world has balked at providing it the billions it would require.
There's much more of this fight coming — led, as usual, by indigenous groups, by farmers and ranchers, by people living on the front lines of both climate change and extractive industry. Increasingly they're being joined by climate scientists, faith communities, and students in last-ditch efforts to lock in fossil fuels. This will undoubtedly be a key battleground for the climate justice movement. In May, for instance, a vast coalition across six continents will engage in mass civil disobedience to "keep it in the ground."
And in a few places you can see more than just the opposition; you can see the next steps unfolding. Last fall, for instance, Portland, Oregon — the scene of a memorable "kayaktivist" blockade to keep Shell's Arctic drilling rigs bottled up in port — passed a remarkable resolution. No new fossil fuel infrastructure would be built in the city, its council and mayor declared. The law will almost certainly block a huge proposed propane export terminal, but far more important, it opens much wider the door to the future. If you can't do fossil fuel, after all, you have to do something else — sun, wind, conservation. This has to be our response to the living-dead future that the fossil fuel industry and its allied politicians imagine for our beleaguered world: no new fossil fuel infrastructure. None. The climate math is just too obvious.
This business of driving stakes through the heart of one project after another is exhausting. So many petitions, so many demonstrations, so many meetings. But at least for now, there's really no other way to kill a zombie.

*Bill McKibben is the Schumann Distinguished Scholar at Middlebury College, and founder of the global climate campaign 350.org. His latest book is "Eaarth: Making a Life on a Tough New Planet.".

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21/01/2016

Rising Global Temperatures: When Will Climate Change Deniers Throw In The Towel

Fairfax - Peter Hannam

Climate change deniers, it's time to throw in the towel. Photo: Tamara Voninski

Those reluctant to accept man-made climate change tend to resort to outlandish claims, such as the satellite data are doctored or that terrestrial weather stations operated by the Bureau of Meteorology have been manipulated to remove cooler readings to exaggerate the warming.
The former claim defies logic – what would NASA and other space agencies have to gain?
The almost 200 nations that signed up to the Paris climate agreement last month suggest the latter claim isn't very convincing for policymakers either.
In Australia, it's not hard to find statistics that point to a warming trend, with impacts that are often most notable during the bushfire season.
For instance, during the 1985-2000 period there was just one day that somewhere in Victoria hit a 45 degree maximum. During the most recent 15 years, the number of such days soared to 24, according to the bureau.
As researchers noted last year, record hot days in Australia are 12 times more likely than record cold ones since 2000.
Another favourite denial argument is that the planet hasn't warmed for the last 18 years, or some similar period.
The ruse relies on using a previous hot year – 1998 – in which the biggest El Nino on record provided a handy peak to compare later years against.
How come we didn't beat 1998 every year, since carbon emissions continued to climb, went the common refrain, happily ignoring the natural variations driven by influences such as the El Nino (hot) and La Nina (cool) cycles.
Climatologists look beyond any single year and instead focus on a warming trend in which average temperatures have risen 0.07 degrees per decade since 1880. The pace since 1970 has been 0.17 degrees. (See the chart below, showing the decadal trend).


Now 2015 has given us a year that was far warmer than the previous record hot year – which was 2014 – and one 0.27 degrees above the 1998 spike.
The so-called sceptics are unlikely to go away, despite the mounting evidence that the Earth is trapping more heat, greenhouse gases are the main factor and that a range of changes are under way, from increasing acidity of the oceans to declining levels of multi-year sea ice in the Arctic.
According to research by UK-based scientists Constantine Boussalis​ and Travis Coan, major conservative think tanks in the US are counter-intuitively stepping up their attacks on the science rather than the policies to deal with it.

Still, the record heat figures for 2015 – and the prospect that 2016 may be roughly as warm – means the case for climate change denial won't get off the ropes.

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Paris Climate Limit Will See Some Parts Of World Warm By 6 Degrees: Nature Paper

Fairfax - Peter Hannam

The Mediterranean, central Brazil and the lower 48 states of the US are among the areas likely to warm by 2 degrees by about 2030. Photo: Leigh Henningham

The Paris pact to limit global temperature increases to less than 2 degrees will still result in some parts of the planet warming by as much as 6 degrees due to regional variations, researchers in Switzerland and Australia said.
While the world will likely pass two degrees of warming by the 2040s on the current trajectory of greenhouse gas emissions, some parts of the Arctic had already passed the 2-degree mark by 2000 compared with pre-industrial times, the scientists at ETH Zurich and the University of New South Wales found.
The Mediterranean, central Brazil and the lower 48 states of the US are among the areas likely to warm by 2 degrees by about 2030, according to the research published on Thursday in Nature journal.
The paper noted that purported impacts of drought in Syria and the regional unrest may be an indication of what is to come if worsening regional extreme undermine fragile socieities.
"Given current political tensions around the Mediterranean basin, implications of locally more rapid climate change could extend to regional impacts, adding to wider political instability," the paper said.


Globally, most land regions will warm faster than oceans in part because the loss of soil moisture and ice or snow amplifies the heating trend.
Sea circulation can also transport additional heat to ocean depths in a manner not possible on land, said Markus Donat, a research fellow at UNSW's ARC Centre for Excellence for Climate System Science and one of the paper's authors.
Interestingly, Australia generally avoids the biggest changes in land temperatures, roughly rising at the same pace as the global average, according to the modelling based on work done for the Intergovernmental Panel on Climate Change.
"There are two possible reasons [for the Australian result]," Andy Pitman, a co-author and director of the ARC Centre, said. "There is something peculiar about the nature of the feedbacks that link average and extreme warming," which leads to land areas in the southern hemisphere warming at a slower pace than in the north.
"Or, it could be that the models are biased to the areas where the modellers are based" in the northern Hemisphere, he said. "Perhaps there are systematic errors so we don't see the amplification."
At the Paris climate summit late last year, almost 200 nations agreed to keep average global warming to less than 2 degrees. On the pledges made so far, temperatures are on track to rise at least 2.7 degrees from pre-industrial times - assuming countries keep their promises to cut back greenhouse gas emissions towards zero net pollution by the second half of the century.
The global budget to keep within 2 degrees mean warming level is cumulative emissions of about 850 gigatonnes (GT) of carbon, the paper said.
To prevent the Mediterranean region warming by that amount, however, the budget is about 600 GT. Since emissions have totalled about 500 GT, rising at about 10 GT, the world has 10 years or less on current trends to avoid that mark, Professor Pitman said.
"It was an urgent problem 25 years ago," he said. "Now it's way past urgent to look at deep and meaningful emission reductions."
One reason for the urgency is that the pattern of warming is unlikely to be a smooth one, with unexpected "tipping points" accelerating the process.
"We have no way of knowing when our climate may change abruptly from one state to another, meaning we could potentially see even greater regional variation than these findings show," Dr Donat said.
The Arctic, as it warms, will likely see more melting of the permafrost, which will release more methane. Methane is about 25 times more potent in trapping heat than C02 over a century.
"Whilst Paris did put us on a better path, it's not a path that is consistent with the science," Professor Pitman said.

Lost At Sea: Rising Ocean CO2 Intoxicates Fish – Study

Climate Home - Alex Pashley

Burning fossil fuels could change ocean’s chemistry enough by 2050 to disorient and confuse marine life, scientists warn
Drink like a fish: A shoal of sardines off the coast of Queensland, Australia (Flickr/robdownunder)

Marine life could become dazed and confused if fossil fuel burning is not reined in, research suggests.
Carbon dioxide emissions that dissolve in the oceans “intoxicate” fish so they can’t spot predators or navigate, warned a study published in journal Nature on Wednesday.
“Essentially, the fish become lost at sea,” explained author Ben McNeil, of the University of New South Wales. “The carbon dioxide affects their brains and they lose their sense of direction and ability to find their way home. They don’t even know where their predators are.”
If atmospheric pollution continues to rise, the study found changing marine chemistry could affect creatures in some hotspots by mid-century. By 2100, up to half the world’s surface oceans will be toxic to their inhabitants.
The researchers drew on a global database with 30 years of seawater readings to study how ocean acidification causes the condition known as hypercapnia.
As ocean CO2 concentrations rise, so do incidences of hypercapnia. They could rise four times between 2000 and 2100. The vertical dashed line indicates the onset of hypercapnia, while the horizontal dashed line marks the time at which the surface ocean experiences such events.



Neil said the findings were “staggering” and had “massive implications for global fisheries and marine ecosystems around the planet.”
The researchers expect hypercapnia to occur when atmospheric concentrations of CO2 pass 650 parts per million.
The UN science climate panel says that could happen as early as 2050 if carbon emissions continue their unrelenting climb.
Capping warming to the 2C level agreed by 195 countries in Paris last year would stabilise levels at around 550ppm, however.
In 2015, the figure passed 400ppm for the first time in millions of years, as measured by the Mauna Loa Observatory in Hawaii.

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2015 Was Hottest Year in Historical Record, Scientists Say

New York TimesJustin Gillis

The aftermath of a bush fire in Victoria, Australia, in 2015, which scientists reported was the hottest year in the historical record. Credit David Crosling/European Pressphoto Agency

Scientists reported Wednesday that 2015 was the hottest year in the historical record by far, breaking a record set only the year before — a burst of heat that has continued into the new year and is roiling weather patterns all over the world.
In the contiguous United States, the year was the second-warmest on record, punctuated by a December that was both the hottest and the wettest since record-keeping began. One result has been a wave of unusual winter floods coursing down the Mississippi River watershed.
Scientists started predicting a global temperature record months ago, in part because an El Niño weather pattern, one of the largest in a century, is releasing an immense amount of heat from the Pacific Ocean into the atmosphere. But the bulk of the record-setting heat, they say, is a consequence of the long-term planetary warming caused by human emissions of greenhouse gases.
"The whole system is warming up, relentlessly," said Gerald A. Meehl, a scientist at the National Center for Atmospheric Research in Boulder, Colo.
It will take a few more years to know for certain, but the back-to-back records of 2014 and 2015 may have put the world back onto a trajectory of rapid global warming, after a period of relatively slow warming dating to the last powerful El Niño, in 1998.
Politicians attempting to claim that greenhouse gases are not a problem seized on that slow period to argue that "global warming stopped in 1998," with these claims and similar statements reappearing recently on the Republican presidential campaign trail.
Statistical analysis suggested all along that the claims were false, and that the slowdown was, at most, a minor blip in an inexorable trend, perhaps caused by a temporary increase in the absorption of heat by the Pacific Ocean.
"Is there any evidence for a pause in the long-term global warming rate?" said Gavin A. Schmidt, head of NASA's climate-science unit, the Goddard Institute for Space Studies, in Manhattan. "The answer is no. That was true before last year, but it's much more obvious now."

The Hottest Year on Record
Globally, 2015 was the warmest year in recorded history.


How far above or below average temperatures were in 2015
Compared with the average from 1901 to 2000


Michael E. Mann, a climate scientist at Pennsylvania State University, calculated that if the global climate were not warming, the odds of setting two back-to-back record years would be remote, about one chance in every 1,500 pairs of years. Given the reality that the planet is warming, the odds become far higher, about one chance in 10, according to Dr. Mann's calculations.
Two American government agencies — NASA, the National Aeronautics and Space Administration, and NOAA, the National Oceanic and Atmospheric Administration — compile separate analyses of the global temperature, based upon thousands of measurements from weather stations, ships and ocean buoys scattered around the world. Meteorological agencies in Britain and Japan do so, as well. The agencies follow slightly different methods to cope with problems in the data, but obtain similar results.
The American agencies released figures on Wednesday showing that 2015 was the warmest year in a global record that began, in their data, in 1880. British scientists released figures showing 2015 as the warmest in a record dating to 1850. The Japan Meteorological Agency had already released preliminary results showing 2015 as the warmest year in a record beginning in 1891.
On Jan. 7, NOAA reported that 2015 was the second-warmest year for the lower 48 United States. That land mass covers less than 2 percent of the surface of the Earth, so it is not unusual to have a slight divergence between United States temperatures and those of the planet as a whole.
The end of the year was especially remarkable in the United States, with virtually every state east of the Mississippi River having a record warm December, often accompanied by heavy rains.
A warmer atmosphere can hold more water vapor, and an intensification of rainstorms was one of the fundamental predictions made by climate scientists decades ago as a consequence of human emissions. That prediction has come to pass, with the rains growing more intense across every region of the United States, but especially so in the East.
The term global warming is generally taken to refer to the temperature trend at the surface of the planet, and those are the figures reported by the agencies on Wednesday.
Some additional measurements, of shorter duration, are available for the ocean depths and the atmosphere above the surface, both generally showing an inexorable long-term warming trend.
Most satellite measurements of the lower and middle layers of the atmosphere show 2015 to have been the third- or fourth-warmest year in a 37-year record, and scientists said it was slightly surprising that the huge El Niño had not produced a greater warming there. They added that this could yet happen in 2016.
When temperatures are averaged at a global scale, the differences between years are usually measured in fractions of a degree. In the NOAA data set, 2015 was 0.29 degrees Fahrenheit warmer than 2014, the largest jump ever over a previous record. NASA calculated a slightly smaller figure, but still described it as an unusual one-year increase.
The intense warmth of 2015 contributed to a heat wave in India last spring that turns out to have been the second-worst in that country's history, killing an estimated 2,500 people. The long-term global warming trend has exacted a severe toll from extreme heat, with eight of the world's 10 deadliest heat waves occurring since 1997.
Only rough estimates of heat deaths are available, but according to figures from the Center for Research on the Epidemiology of Disasters, in Brussels, the toll over the past two decades is approaching 140,000 people, with most of those deaths occurring during a European heat wave in 2003 and a Russian heat wave in 2010.
The strong El Niño has continued into 2016, raising the possibility that this year will, yet again, set a global temperature record. The El Niño pattern is also disturbing the circulation of the atmosphere, contributing to worldwide weather extremes that include a drought in southern Africa, threatening the food supply of millions.

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20/01/2016

Climate Change Fails To Top List Of Threats For Business Leaders At Davos

The Guardian - 

Geopolitical uncertainty, over-regulation and cyber attacks among biggest threats to business, survey of CEOs finds
Climate scientists have linked recent extreme rainfall in the UK to climate change, which they say has made the situation worse. Photograph: Ben Birchall/PA

The high profile UN summit on climate change in Paris appears to have had little impact on the decision making and worries of global business leaders.
Despite concerns about its impact on extreme weather events, such as recent flooding in the UK, climate change failed to register near the top of the list of business threats, according to a survey of 1,400 CEOs from around the world compiled by PricewaterhouseCoopers (PwC) and published at Davos this week.
Instead, over-regulation was listed as the biggest threat to business (by 79% of CEOs), followed by geopolitical uncertainty (74%) and other key threats including cyber attacks (61%).
In contrast, climate change and environmental damage was mentioned as a threat to business growth by just 50% of CEOs.
The findings were similar to a separate survey of 13,000 business leaders produced by the World Economic Forum (WEF). It also found a relative absence of concern about climate change and environmental risk amongst business leaders.
Business leaders from developed countries listed fiscal crisis and cyber-attacks as their biggest concerns, while in emerging and developing economies the biggest concern was unemployment, underemployment and energy price shocks. "No executive considers failure of climate mitigation and adaptation as the number one risk for doing business in his/her country," states the report.
By contrast, a wider survey of economists, academics and civil society also produced by the WEF listed climate change as the biggest potential threat to the global economy in 2016. A failure of climate change mitigation and adaptation was seen as likely to have a bigger impact than the spread of weapons of mass destruction, water crises, mass involuntary migration and a severe energy price shock.
PwC suggested that contrary to its findings CEOs were concerned about the impact of climate change. "We don't believe a low score in one question reflects overall thinking and action on it," a spokesperson told the Guardian. "A quarter of all CEOs included 'reduced environmental impacts' in the three outcomes that should be joint government and business priorities in the countries in which they are based... and they are showing greater understanding of environmental impacts in their business and supply chain."
PwC said the results from this year's survey also revealed a higher level of concern of climate change amongst CEOs than they did after the UN summit on climate change in Copenhagen in 2009 (50% vs 37%).
CEO responses to PwC on what they consider the top threats to business growth. Photograph: PwC
  
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Lethal Heating is a citizens' initiative