[TheClimate.Vote] December 8, 2020 - Daily Global Warming News Digest

Tue Dec 8 08:57:59 EST 2020

/*December 8, 2020*/

[but never a (free) drop to drink]
*California Water Futures Begin Trading Amid Fear of Scarcity*
By Kim Chipman
December 6, 2020
Futures on California water index launched by CME Group
Contracts seen useful for farmers, cities to hedge water risk
Water joined gold, oil and other commodities traded on Wall Street, 
highlighting worries that the life-sustaining natural resource may 
become scarce across more of the world.

Farmers, hedge funds and municipalities alike are now able to hedge 
against -- or bet on -- future water availability in California, the 
biggest U.S. agriculture market and world's fifth-largest economy. CME 
Group Inc.'s January 2021 contract, linked to California's $1.1 billion 
spot water market, last traded Monday at 496 index points, equal to $496 
per acre-foot.

The contracts, a first of their kind in the U.S., were announced in 
September as heat and wildfires ravaged the U.S. West Coast and as 
California was emerging from an eight-year drought. They are meant to 
serve both as a hedge for big water consumers, such as almond farmers 
and electric utilities, against water prices fluctuations as well a 
scarcity gauge for investors worldwide.

"Climate change, droughts, population growth, and pollution are likely 
to make water scarcity issues and pricing a hot topic for years to 
come," said RBC Capital Markets managing director and analyst Deane 
Dray. "We are definitely going to watch how this new water futures 
contract develops."...
- -
*Water Shortages*
Two billion people now live in nations plagued by water problems, and 
almost two-thirds of the world could face water shortages in just four 
years, Tim McCourt, global head of equity index and alternative 
investment products at CME, said in an interview. "The idea of managing 
risks associated to water is certainly increased in importance."

Currently, if a farmer wants to know what water will cost in California 
six months from now, it's kind of a "best guess," Patrick Wolf, senior 
manager and head of product development at Nasdaq, said in an interview.

The futures will allow market participants to see "what is everybody's 
best guess," he said.

Barton "Buzz" Thompson, a professor of natural-resources law at Stanford 
University, said while he has "no idea" if the futures will be 
successful, he doesn't see it as a transformation of the water market.

"I don't think the futures contract itself is really changing the water 
markets," Thompson said. "Nor is it changing the risk that exists out 
there that water in the future at some point will be in shorter supply, 
it's simply responding to those things."

CME declined to identify potential market participants, except to note 
that the exchange has heard from California agriculture producers, 
public water agencies, utilities as well as institutional investors like 
asset managers and hedge funds.

Landry of WestWater Research said in addition to the likelihood of a 
"great deal of interest" from Wall Street, he expects the early water 
futures adopters to be large and small agriculture businesses.

"Without this tool people have no way of managing water supply risk," 
Boise, Idaho-based Landry said in an interview. "This may not solve that 
problem entirely, but it will help soften the financial blow that people 
will take if their water supply is cut off."
https://www.bloomberg.com/news/articles/2020-12-06/water-futures-to-start-trading-amid-growing-fears-of-scarcity

- -

[water markets]
*Understanding the Nasdaq Veles California Water Index*
https://www.cmegroup.com/education/courses/understanding-the-nasdaq-veles-california-water-index.html

[Informed, current presentation of the economics, strategy and morality 
of fossil fuel divestment]
*Divestment and Climate Action*
Streamed live on Dec 1, 2020
Oxford Climate Society

Divestment and Climate Action

Earlier this year, Greta Thunberg called on world leaders at Davos to 
end the 'madness' of fossil fuel investments and subsidies. In a letter 
co-authored with other youth climate activists from across the globe, 
they demanded that all companies, banks, institutions and governments 
'immediately and completely divest from fossil fuels', citing the $1.9tn 
that has been poured into fossil fuels since the 2015 Paris Agreement.

The global climate movement has grown exponentially over the past few 
years, increasingly putting pressure on high profile institutions and 
companies to take action and change their investment portfolios to 
exclude fossil fuel companies, with some notable successes. Many 
universities hold endowments funds comprising millions of pounds, and 
whether these investments are held in companies that discover, extract 
and distribute fossil fuels raises difficult moral questions.

But is divesting from these companies the best way for large 
institutional investors like universities to effect change in the energy 
sector, or is it just needless 'virtue-signalling'? Is it a problem that 
universities considering divestment accept large donations from the 
energy sector? Finally, would it not be more productive to stay invested 
and capitalised on their position as stakeholders to pressure Big Oil to 
be more environmentally responsible?

In the light of Cambridge University's recent announcement to fully 
divest and the tireless campaigns within Oxford and its colleges for 
divestment, we look forward to discussing the role that universities and 
colleges can play, as investors, in the transition to a cleaner economy. 
To provide insight to this debate, we are delighted to be joined by 
Jonathon Porritt and Dr Ellen Quigley.

Jonathon Porritt is a veteran campaigner and eminent writer, broadcaster 
and commentator on sustainable development. A prominent member of the 
Green Party in its early days, he served as co-chair and presided over 
changes that rapidly expanded the party's membership. He is the 
Founder-director of the Forum for the Future, one of the UK's leading 
sustainable development charities, and was previously the Director of 
Friends of the Earth from 1984-1990. An alumnus of Magdalen College, 
where he studied modern languages, Jonathon was installed as the 
Chancellor of Keele University in February 2012 and is also a Visiting 
Professor at Loughborough University and UCL.

Dr Ellen Quigley is the Advisor to the Chief Financial Officer at the 
University of Cambridge, on Responsible Investment. A Research Associate 
in Climate Risk and Sustainable Finance at the Centre for the Study of 
Existential Risk, she was lead author of a report titled Divestment: 
Advantages and Disadvantages for the University of Cambridge, published 
earlier this year. She holds an A.B in english literature from Harvard 
College, an MSc in Nature, Society and Environmental Policy from the 
University of Oxford and a PhD in Economics Education from the 
University of Cambridge.
https://www.youtube.com/watch?v=C5LE__4BeIE

[from Wildfire Today]
*One view of why wildfires are becoming more destructive*
Bill Gabbert - December 7, 2020 One view of why wildfires are becoming 
more destructive
This video created by Jules Bennett is an overview of the wildfire 
environment we currently face in the United States.

"It's a 6 minute informational video that explains why wildfires across 
the western U.S. are becoming increasingly destructive," Mr. Mennett 
wrote to us. "It's based on credible secondary research that I conducted 
over the course of a few weeks and tries to simplify the concept so that 
the public can become more aware of why it's happening, and potential 
solutions to think about."
https://wildfiretoday.com/2020/12/07/one-view-of-why-wildfires-are-becoming-more-destructive/

- -

[video explaining Wildfire]
*Why Wildfires are Getting Worse*
Dec 4, 2020
Thought Monkey
Wildfires across the western portion of the United States, particularly 
in but not limited to places like California, have become increasingly 
destructive over the past 10 years. Fires like the Camp Fire, Tubbs 
Fire, North Complex, Carr Fire, LNU Lightening Complex, Creek Fire, and 
many more have destroyed more than 50,000 buildings and causes millions 
if not billions of dollars of damage since the 1990s.

There are some very clear reasons as to why this is happening - Climate 
Change, Forest Management Policy, and Housing Development in WUIs 
(Wildland Urban Infrastructure) are a few key reasons.

In this video I break down the primary causes of the increasingly 
destructive nature of wildfires and share a few of the key solutions 
that experts have proposed.
https://youtu.be/6Zvbf-0Duk0

[singing activism in Massachusetts]
*All I want for Christmas is a climate bill with teeth*
Dec 3, 2020
Sonja Tengblad
The following is a message to the Climate Conference Committee from 
families across Massachusetts. (Sonja DuToit Tengblad, soprano on behalf 
of Mothers Out Front East Boston. Lyrics: Andra Rose)

    All I want for Christmas is a climate bill with teeth,
    a bill with teeth,
    yes a bill with teeth.
    Gee if I could only have a bill with teeth,
    I could end the session happy.
    For oh so long I've wanted to say:
    "The Conference Committee made a deal!"
    Gosh oh Gee how happy I'd be
    if Environmental Justice was real!

https://www.youtube.com/watch?v=GAIH3Y20is0&feature=youtu.be

[Digging back into the internet news archive]
*On this day in the history of global warming - December 8, 2014 *

The Washington Post reports:

    "Oil, gas and coal interests that spent millions to help elect
    Republicans this year are moving to take advantage of expanded GOP
    power in Washington and state capitals to thwart Obama
    administration environmental rules.

    "Industry lobbyists made their pitch in private meetings last week
    with dozens of state legislators at a summit of the American
    Legislative Exchange Council (ALEC), an industry-financed
    conservative state policy group.

    "The lobbyists and legislators considered several model bills to be
    introduced across the country next year, designed to give states
    more power to block or delay new Obama administration environmental
    standards, including new limits on power-plant emissions.

    "The industry's strategy aims to combat a renewed push by President
    Obama to carve out climate change as a top priority for his final
    two years in office. The White House has vowed to continue using
    executive authority to enact more environmental limits, and the
    issue is shaping up to be a major flash point heading into the 2016
    presidential election.

    "With support from industry lobbyists, many Republicans are planning
    to make the Environmental Protection Agency a primary political
    target, presenting it as a symbol of the kind of big-government
    philosophy they think can unify social and economic conservatives in
    opposition."

http://www.washingtonpost.com/politics/fossil-fuel-lobbyists-bolstered-by-gop-wins-work-to-curb-environmental-rules/2014/12/07/3ef05bc0-79b9-11e4-9a27-6fdbc612bff8_story.html 

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