[TheClimate.Vote] May 23, 2020 - Daily Global Warming News Digest
Richard Pauli
richard at theclimate.vote
Sat May 23 11:04:46 EDT 2020
/*May 23, 2020*/
[Insurance Journal]
*Report: Financial Community Sees Climate Risk as Improperly Priced*
Climate risk is widely seen in the financial community as being
improperly priced.
A recent survey with an emphasis on the financial sector shows the
overwhelming majority of respondents think that climate risk has only
been either partially priced or totally omitted from the market's
pricing of products, with the complexity of climate-change forecasting
and the lack of reliable climate risk data being cited as among the
pricing difficulties...
- -
The survey out this week from the Global Association of Risk
Professionals, a group with members in 190 countries, is more extensive
than last year's survey with more than triple the number of companies
participating. The GARP survey included 43 banks, 13 asset managers and
15 other firms, including insurers. Interviews for the survey were
conducted between December 2019 and February 2020.
The survey shows that in the short term, the biggest concern for most
firms is the lack of reliable models for climate risk, followed by
regulatory uncertainty.
Other highlights from the survey include:
- Banks and other financial institutions are intensifying their focus on
climate risk management – 90% of firms have board-level governance of
climate-related risks and opportunities, up from 81% in 2019, however
only 30% feel their firm's strategies are resilient against climate
change beyond 5 years.
- Most (93%) firms do not have a dedicated team for managing climate
risk. This is probably because most firms view climate risk as a
transverse risk that cuts across risk types such as credit, market and
operational, as opposed to a principal risk, and so are managing climate
risk within existing risk teams.
- Firms recognize there are opportunities arising from climate change
and are modifying product lines. Three quarters of firms have already
introduced new products or services due to climate change, and a similar
proportion (76%) plan to change existing products or services or launch
new ones in the future...
- -
https://www.insurancejournal.com/news/national/2020/05/21/569577.htm
[VOA says]
*Asia Builds up Coal Despite Falling Demands*
Coal power plant building will continue in Asia despite falling
electricity demand and environmental concerns. Experts say the move
comes as governments try to help economies hurt by the coronavirus crisis.
In a report last month, the International Energy Agency said that demand
for electricity will decrease this year due to lockdowns...
- -
The Global Energy Monitor says about 500 gigawatts of coal power
capacity is planned or being built around the world, and more than 80
percent of that is in Asia. Even a small number of new plants will
increase CO2 emissions and drive demand for coal mining in places like
Australia and Indonesia.
Meanwhile, there is bad news in the short term for renewable energy.
Wood Mackenzie estimates 150 gigawatts of wind and solar projects across
the Asia Pacific region could be delayed or cancelled over the next five
years.
https://learningenglish.voanews.com/a/asia-builds-up-coal-despite-falling-demands/5421328.html
[Royalty]
*Scoop: Prince Charles leads global meeting on climate change and economy*
Dozens of the world's leaders in business, finance and politics are
planning to convene June 3 to discuss how the global economy can be
"reset"-- with climate change a defining theme -- as nations recover
from the coronavirus pandemic.
Driving the news: The online event will be hosted by His Royal Highness
Charles, Prince of Wales, and Klaus Schwab, founder and executive
chairman of the World Economic Forum.
What they're saying: "The meeting will see various guests from the
public and private sector make contributions on how we can achieve a
'Great Reset' of our global economic system in the post-COVID era," a
forum spokesman told Axios.
The intrigue: Others involved include International Monetary Fund
Managing Director Kristalina Georgieva and Bank of America President and
CEO Brian Moynihan, according to spokespeople.
Other top leaders across business, finance and additional sectors are
slated to attend, but a forum spokesman said such details, along with a
specific agenda, are still being worked out.
But, but, but: Climate change concerns appear near the bottom of a
survey the forum itself released this week conducted with nearly 350
senior risk professionals across a variety of sectors.
Two climate-related actions -- reducing emissions and adapting to a
warmer world -- barely broke the top 20 out of a list of 31 concerns
(check out the appendix charts on page 51-53 of the survey.)
Respondents were asked to assess what areas of society would face the
most fallout due to the pandemic, which are the greatest concerns for
the world and which are the greatest concerns for their businesses.
Flashback: The World Economic Forum has increasingly focused on climate
change, and this year's annual Davos confab saw a greater emphasis.
Prince Charles delivered a speech on the issue and created a
sustainability initiative with executives to focus more on climate going
forward.
One level deeper: While the event is broadly about the economy, multiple
people involved told Axios that climate change is a core part of the
mission.
"When the public health emergency recedes, the obvious biggest crisis
you have to address is climate change," said one person involved, who
would only speak on the condition of anonymity because the event was
still being planned. "The understanding of this group is that this
public health crisis reveals that you also have an enormous social and
economic crisis in terms of inequity."
Reality check: A healthy dose of scrutiny is always needed for
rhetoric-heavy moves like this.
In addition to the lack of priority among risk professionals surveyed,
it's also unclear whether political leaders -- especially outside of
Europe -- will have the appetite to prioritize clean-energy and
climate-change policies as they seek to recover from the pandemic.
This effort also faces heightened scrutiny of the concept of globalism,
as nations have literally closed borders and looked inward to handle the
pandemic's wrath.
https://www.axios.com/prince-charles-global-meeting-climate-change-economy-4cf3b9bf-57d2-401e-bf48-c6b09c43a969.html
[Ick, ick]
*Lone star ticks are on the hunt in New York*
NEW YORK - Some states have reported a tenfold increase in ticks. But
the blacklegged tick and Lyme disease aren't the only things to focus
on. Other species of ticks that don't spread Lyme disease can still
transmit other serious infections. And these ticks are booming in New
York with no end in sight.
As the world focuses on COVID-19, some top tick educators have a stark
reminder that insidious predators an eighth of an inch in size lie in wait.
A migration of lone star ticks is flooding the state, according to
Joellen Lampman of the New York State Integrated Pest Management
program. They've been here and are now expanding their range up the
Hudson Valley, she said.
Brian Leydet is a vector-borne disease biologist with SUNY. He said the
lone star tick is historically associated with the southern United
States and the female has a dot on its back, hence the name. The lone
star tick isn't a Lyme carrier but can transmit other harmful bacteria
and viruses, which can cause serious complications such as ehrlichiosis,
Bourbon virus disease, and heartland virus disease. And its saliva has a
protein that can even spark a red meat allergy, Leydet said...
- -
The thinking is that if you can mitigate the deer population you may be
able to control the tick population. But because of COVID-19, many of
the labs are shut down.
https://www.fox5ny.com/news/lone-star-ticks-are-on-the-hunt-in-new-york
[in to the courtroom]
*As a New Suit Accuses ExxonMobil of Misleading Ads, Oil Companies Are
Still Finding Novel Ways to Greenwash*
amywestervelt
Echoing some of the claims made in Massachusetts' attorney general Maura
Healey's fraud case against ExxonMobil, nonprofit Beyond Pesticides
filed suit in Washington D.C. Superior Court last week alleging that the
company's "false and deceptive" ads about its investments in "clean"
algae-based biofuels and technologies like carbon capture are misleading
consumers about its approach to climate action.
Ironically, the suit echoes a shareholder action brought against the
company by longtime climate denier and one-time Exxon consultant Steve
Milloy. In that action, Milloy has demanded that ExxonMobil conduct an
internal greenwashing audit of its ads, and stop wasting money on such
campaigns.
"Exxon is out there saying it's solving the climate problem," Milloy
told me recently. "If you look, they're not doing anything. Even if you
believe the climate junk, which Exxon claims they do, if they do they're
not really accomplishing anything. Exxon's own operational emissions are
a drop in the bucket compared to the gasoline they sell."
more at:
https://drillednews.substack.com/p/as-a-new-suit-accuses-exxonmobil-b2e
- -
[snip from court filings]
*BEYOND PESTICIDES, v. **EXXON MOBIL CORPORATION,*
COMPLAINT
On behalf of itself and the general public, Plaintiff Beyond Pesticides,
by and through its
counsel, brings this action against Defendant Exxon Mobil Corporation
("ExxonMobil")
concerning its false and deceptive marketing representing that it
engages in and has invested
significantly in the production and use of "clean" energy and
environmentally beneficial
technology. Beyond Pesticides alleges the following based upon
information, belief, and the
investigation of its counsel:
*INTRODUCTION*
1. Dramatic changes to the Earth's climate have caused concern among the
citizens of
the District of Columbia and the country.
2. Consumers within the District and across the country believe that
climate change
poses an existential threat and that these changes are directly caused
by the activities of humans.
3. Specifically, consumers believe that humans' use of fossil fuels for
energy and the
release of methane gas and carbon dioxide into the air are among the
causes of climate change.
4. Due to these concerns, consumers are reevaluating their choices and
the effects of
their actions on the environment.
5. Because of these concerns, consumers, as ExxonMobil knows, are
willing to seek
out services or products that cause less of an adverse impact on the
environment, and to support
companies that purport to share their values, including a commitment to
reducing impact on the
environment.
6. In particular, there is a growing desire among consumers to reduce
their reliance on
fossil fuels, and to find opportunities that allow them to fulfil their
needs while using energy
generated through means they consider less harmful to the environment.
7. Oil and gas companies, because of the threat of climate change and
because these
industries are seen as engaging in activities that are believed,
including by consumers, to cause
climate change, are beginning to invest resources into clean, renewable,
and less environmentally
impactful forms of energy.
8. Traditional oil and gas companies are now publicly setting long-term
goals to
develop new sources of "clean" energy, to reduce business practices that
consumers believe lead
to climate change, and to develop other environmentally beneficial
technology.
9. At the same time, many of these same companies continue to invest
heavily in
exploring for fossil fuels and developing infrastructure to refine and
deliver these fuels in
contravention of their public commitments.
10. ExxonMobil's advertising and marketing mislead the public by presenting
ExxonMobil's clean energy activities as a significant proportion of its
overall business.
11. In contrast to ExxonMobil's representations, its investments and
activities in clean
energy constitute only a very small percentage of its total business,
the majority of which continues
to be based in traditional fossil fuels and in petrochemicals, including
those used in
environmentally harmful pesticides.
12. In short, ExxonMobil is greatly overstating the level in which it
engages in cleaner
forms of energy and the extent to which that energy is available,
thereby deceiving consumers into
believing that even purchases of ExxonMobil's traditional
fossil-fuel-based products are an
investment in cleaner forms of energy in the future.
13. No reasonable consumer who sees ExxonMobil's representations would
expect the
size of its investments or the level at which ExxonMobil generates clean
energy to be as small as
it is, relative to the overall size of ExxonMobil's business.
14. By deceiving consumers about the nature and quality of the products
that it
produces and sells, and about the nature of its underlying business
practices, ExxonMobil is able
to capture the growing market of consumers in D.C. and elsewhere who are
concerned about
climate change and seek to support clean energy.
15. ExxonMobil's false and misleading representations and omissions
violate the
District of Columbia Consumer Protection Procedures Act ("DC CPPA"),
D.C. Code §§ 28-3901,
et seq.
16. Because ExxonMobil's marketing and advertising tend to mislead and are
materially deceptive about the true nature and quality of its products
and business, Beyond
Pesticides brings this deceptive advertising case on behalf of itself
and the general public, and
seeks relief including an injunction to halt ExxonMobil's false
marketing and advertising.
*FACT ALLEGATIONS*
17. Plaintiff Beyond Pesticides brings this suit for injunctive relief
under the DC CPPA
against ExxonMobil, based on misrepresentations and omissions committed
by ExxonMobil
regarding its business practices, which ExxonMobil represents as
consisting substantially of
investments in biofuels, carbon capture technology, "clean" energy,
including natural gas, and that
ExxonMobil plans to reduce the aspects of its business that cause carbon
emissions.
18. ExxonMobil's marketing is false and deceptive because the "clean"
energy and
environmentally beneficial technology championed in its marketing make
up only a very small
percentage of its overall business and, at the same time, ExxonMobil is
increasing its production
and distribution of traditional fossil fuels...
- - -
*PRAYER FOR RELIEF*
WHEREFORE, Plaintiff Beyond Pesticides prays for judgment against Defendant
ExxonMobil, and requests the following relief:
A. a declaration that ExxonMobil's conduct is in violation of the DC CPPA;
B. an order enjoining ExxonMobil's conduct found to be in violation of
the DC CPPA;
and
C. an order granting Plaintiff costs and disbursements, including
reasonable attorneys'
fees and expert fees, and prejudgment interest at the maximum rate
allowable by law.
https://www.beyondpesticides.org/assets/media/documents/BeyondPesticidesv.Exxon.pdf
[humorous, informative video]
*Will Fusion Power solve Climate Change? (feat @Our Changing Climate)*
May 22, 2020
ClimateAdam
Harnessing nuclear fusion could give us a virtually limitless source of
relatively green energy. But can fusion arrive in time to fight global
warming? And can it really single handedly save us?
https://www.youtube.com/watch?v=N7gGaejzCyU
- - -
[simple video on techno faith]
*Could Geoengineering save us from climate change? (ft. @ClimateAdam)*
May 22, 2020
Our Changing Climate
In this Our Changing Climate environmental video essay, I join forces
with @ClimateAdam to look at silver bullet geoengineering solutions to
climate change. Specifically, we look at how silver bullet
geoengineering ideas can be appealing in theory, but in practice, they
often have a lot of ethical, economic, and social drawbacks. We dive
deep into two geoengineering practices that some are touting as climate
saviors: Bioenergy with Carbon Capture and Storage and Solar Radiation
Management (specifically Stratospheric Aerosol Injection). Bioenergy
with Carbon Capture and Storage is a very appealing geoengineering
technology but it requires massive amounts of land if it is scaled up.
Stratospheric Aerosol Injection essentially dims the sun and there are
many climate-related drawbacks as well as political ramifications that
could arise if we use aerosol injections as a way to stave off the worst
of climate change. Essentially these geoengineering silver bullet
propositions are in many ways an excuse for us to continue business as
usual instead of digging in and actually reducing emissions.
https://www.youtube.com/watch?v=wgyhnFHm1uE
[Digging back into the internet news archive]
*On this day in the history of global warming - May 23, 2006 *
In perhaps the most hilariously demented attack on "An Inconvenient
Truth," former Delaware Congressman and Governor Pete Du Pont declares
in a Wall Street Journal op-ed that we don't need to reduce C02
emissions because C02 is "vital for plant growth."
http://web.archive.org/web/20060602003144/http://www.opinionjournal.com/columnists/pdupont/?id=110008416
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