Paris Agreement

Oil Companies Will Be Bad Investments Within Five Years, Predicts Survey of European Fund Managers

Read time: 6 mins
Oil derricks at sunset

European fund managers are casting an increasingly skeptical eye towards the oil industry, concluding that the industry’s financial future looks grim, according to a new survey published by a London-based organization today.

Just 18 percent of the responding fund managers, including representatives of firms based in the UK, France, Spain, and Italy, predicted that “oil companies will be good investments if their business is still focused on fossil fuels in five years’ time,” according to the survey, published by the UK Sustainable Investment and Finance Association (UKSIF) and the Climate Change Collaboration.

Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact

Read time: 6 mins
JPMorgan Chase building in New York City

A report published today names the banks that have played the biggest recent role in funding fossil fuel projects, finding that since 2016, immediately following the Paris Agreement's adoption, 33 global banks have poured $1.9 trillion into financing climate-changing projects worldwide.

The top four banks that invested most heavily in fossil fuel projects are all based in the U.S., and include JPMorgan Chase, Wells Fargo, Citi, and Bank of America. Royal Bank of Canada, Barclays in Europe, Japan’s MUFG, TD Bank, Scotiabank, and Mizuho make up the remainder of the top 10.

John Bolton

John Bolton

Credentials

Read time: 14 mins

COP24: Paris Agreement Rulebook 'Does Not Deliver What The World Needs'

Read time: 8 mins

Following two tension-filled weeks at the UN climate talks in Poland, countries finally agreed on the operating manual to implement the Paris Agreement. While this rulebook is essential to kick-start the agreement in 2020, campaigners and scientists have warned of a stark disconnect between the urgency to prevent climate breakdown and the failed opportunity for radical action.

The rulebook covers a wide range of issues such as how countries should report their greenhouse gas emission reductions and who should pay what to help developing countries leapfrog fossil fuels and develop sustainably.

Given the elections of climate deniers Donald Trump in the US and Jair Bolsonaro in Brazil and strong obstruction from powerful oil and gas exporting countries such as the US and Saudi Arabia, the talks started in Katowice with low expectations.

Paris Agreement Fight Could Push US Out Permanently, Warn Top Obama Officials

Read time: 6 mins
Todd Stern and Sue Biniaz, top US climate negotiators under Obama

By  

A deal in Poland that draws a hard line between developed and developing countries may be unacceptable to future administrations — Democratic or Republican.

UN climate talks this fortnight could determine whether a post-Trump U.S. president would rejoin the Paris Agreement, according to two former top Obama officials.

Mapped: The European Cities that have Climate Plans... And Those That Don't

Read time: 5 mins

By Oliver Heidrich and Diana Reckian, The Conversation

Around the world, cities endeavour to cut greenhouse gas emissions, while adapting to the threats – and opportunities – presented by climate change. It’s no easy task, but the first step is to make a plan outlining how to meet the targets set out in the Paris Agreement, and help limit the world’s mean temperature rise to less than two degrees Celsius above pre-industrial levels.

About 74% of Europe’s population lives in cities, and urban settlements account for 60-80% of carbon emissions – so it makes sense to plan at an urban level. Working to meet carbon reduction targets can also reduce local pollution and increase energy efficiency – which benefits both businesses and residents.

But it’s just as important for cities to adapt to climate change – even if the human race were to cut emissions entirely, we would still be facing the extreme effects of climate change for decades to come, because of the increased carbon input that has already taken place since the industrial revolution.

UK Aims For Net-Zero Target "At An Appropriate Point In The Future"

Read time: 4 mins

By Megan Darby, Climate Home News

The UK will draft new laws that will cut emissions to net-zero, climate minister Claire Perry announced on Tuesday.

In a submission to the UN’s climate change agency, Perry said: “The UK will need to legislate for a net-zero emissions target at an appropriate point in the future to provide legal certainty on where the UK is heading.”

The notice was given in a cover letter for the UK’s 2050 climate goals to the UN. She added: “We hope the UK can be an inspirational example of what is possible” and committed to working with other parties to help them submit their own long term goals.

The UK’s own long term plan was its Clean Growth Strategy, a long-awaited suite of environmental measures released in October 2017. The cover letter pointedly referred to the strategy as the UK’s “current” policy.

Perry did not commit to lowering the UK’s own 2050 target below the 80% cut by 2050 mandated by the country’s climate act.

International Energy Agency ‘Undermining Efforts on Climate Change’ through Scenarios Inconsistent with Paris Agreement

Read time: 7 mins
Climate change

The International Energy Agency (IEA) is “undermining efforts on climate change” by guiding governments towards energy decisions that are inconsistent with the Paris Agreement goals, new research suggests.

Established in the 1970s, the IEA is an intergovernmental organisation that aims to support decisions by governments and the private sector to “ensure reliable, affordable and clean energy”.

How Well Are Banks Doing to Support the Paris Climate Goals?

Read time: 5 mins
Office buildings

An op-ed guest post by Sonia Hierzig, banking project manager at ShareAction

Banks are affected by climate change from all angles. As financial intermediaries with ties to every industry sector, they face both climate-related risks and opportunities.

On the one hand, they are exposed to the physical, transitional and liability risks linked to climate change via the clients they lend to and do business with. The ‘creditworthiness’ of banks' clients can, for example, be affected by droughts or floods, climate-related legislation, or climate-related lawsuits.

How the UK’s Climate Science Deniers (and Government) Reacted to Trump’s Paris Agreement Withdrawal

Read time: 5 mins
Government minister tweets

President Trump has withdrawn the US from the Paris Agreement. In typical Trump fashion, he managed to appease his base while ensuring the rest of the world keeps giving him the attention he craves.

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