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Much evidence has surfaced about the tactics to which fossilfuel companies have resorted to distort the facts, intimidate their opponents, and block climate action that might hurt their bottom lines. org, the Climate Investigations Center, Greenpeace, and the Rockefeller Family Fund. Read the full report here.
This could be met from a variety of sources—including pollution fees on fossilfuel companies, the elimination of fossilfuel subsidies, and wealth taxes on the richest people. Since then, the World Bank has taken on the role of hosting the fund and serving as its trustee on an interim basis for four years.
Four of our largest banks have recently withdrawn from the UN-backed Net-Zero Banking Alliance (NZBA). This may seem like a setback for climate progress in Canada, but it simply underscores the limits of voluntary initiatives and the need for the government to enforce climate-aligned financial regulations.
The findings become even more fascinating when we examine demographic data: Only 6 per cent of the 18 to 29 year olds surveyed are opposed to the government ensuring financial institutions shift money out of fossilfuels and into clean energy. trillion CAD of financing for fossilfuels in 2022.
The federal government’s proposed regulations to reduce emissions in electricity generation are achievable without breaking the bank. In fact, studies show that clean energy is a more affordable option than continuing to rely on fossilfuels.
Mandatory climate-related disclosure rules are essential for financial regulators to meet their mandates to ensure the stability of the financial system and reduce systemic risk. They are also critical for investors and companies to prepare for climate disruption. The CSA is being regressive. New rules are needed.
Nations remain far apart in reaching agreement on a new climate finance commitment from richer countries and will need to double down on efforts over the next few days to secure an ambitious outcome. Those investments will deliver huge climate and public health benefits from reduced fossilfuel pollution. Meanwhile,
Advocates Put Out A Call To Action -- Lead Counsel On Court Cases Striking Down Provisions In Act 13 To Preempt Local Regulation Of Oil & Gas Operations Raises Concerns About Proposed Legislation Establishing A RESET Board To Site Large Energy Projects [PaEN] -- TribLive: Plum Zoning Board Rejects Oil & Gas Wastewater Injection Well After Lengthy (..)
Trump’s second victory is very likely to increase fossilfuel production, and he has also pledged to “rescind all unspent funds under the Inflation Reduction Act ’’. The act aims to create green jobs, reduce fossilfuel consumption and switch to clean energy. This threatens to undermine public support for climate action.
At the time of writing, the wildfires have claimed the lives of 16 people, a number that the Governor of California Gavin Newsom and US President Joe Biden have said would most certainly increase, alongside the over $50 billion figure that the banking and insurance giant JP Morgan has estimated the cost to be currently.
Instead of addressing the many ways climatechange threatens the countrys financial stability , his administration is pulling back safeguards in order to reward his Big Oil donors. Trump revoked that order on his first day in office, along with several others related to climatechange, public health, and the environment.
corporations and institutional investors owe a fiduciary duty to maximize profits through economic activities that continue to produce, sell, and use fossilfuels (i.e. 17] Enlightened shareholder value is another expansive formulation into which climate concerns might be smuggled. [18] This means that the leaders of U.S.
Only 13 of the 195 signatory countries to the Paris Agreement submitted new national plans for tackling climatechange by the recent deadline. Yet the effects of climatechange fires, floods, deadly heat waves among themare only getting worse. Meanwhile President Trump has begun the process of the U.S.
To recap: The unanimous opinion found that nations of the world have a legal obligation to limit their emissions of greenhouse gases or else pay reparations for the harms of climatechange. Driving a dagger into the heart of the climatechange religion,” which is weirdly what Zeldin says he’s doing, is not a way to govern.
When Hawaii brought suit against major fossilfuel companies for their role in the climate crisis earlier this month, it was momentous on several accounts. You only need to look at the actions of fossilfuel companies right now: they’re running scared. The reality of fossil-fuel driven climatechange is here.
Faced with an escalating trade war with US President Donald Trump , Carney has shifted course on key climate policies to stabilise Canada’s economy. Poilievre’s main solution to climatechange involves carbon capture and storage (CCS).
Shapiro -- Inquirer: Shapiros Office Responds After USDA Accuses Governor Of Playing Games With Federal Food Bank Funding Cuts That Hurt Farmers -- Inquirer: PA Wants To Hire Federal Workers; But Now Has A Partial Hiring Freeze -- Gov. Because In Politics Everything Is Connected To Everything Else-- -- Gov.
Courts are being asked to rule on fundamental questions of responsibility, accountability, and justice in the face of accelerating climate harms. Climate litigation cases filed globally and in the United States (1986–2024) Case filings have surged in recent years, with the US remaining a major hub of climate litigation.
This newest massive loan will only benefit CEOs from the oil and banking industry, while Canadians – already struggling with an affordability crisis will be left on the hook to cover the costs. More fossilfuel infrastructure is not a winning strategy for Canadians or the planet.
By Anders Lorenzen Mark Carney, the former Governor of the Bank of England and the United Nations (UN) Special Envoy for Climate Action and Finance, has become the next Prime Minister of Canada. Gould vs Karney Some would have preferred Gould over Carney, who, data indicated, would be more assertive about climatechange.
A renewed emphasis on fossilfuels is expected under another Trump administration, though coal will likely remain moribund thanks to poor economic fundamentals and constrained access to capital. Renewable Energy Vs. FossilFuels Renewables or fossilfuels?
It is not too soon to be explaining that storms like this are becoming more intense as a result of climatechange. ” Elizabeth Kolbert at the New Yorker reflects on Whitehouse’s decade of wake-up calls regarding government inaction to address the climate crisis. All the more fitting that this week, Sen.
DEP ClimateChange Advisory Committee meeting. Room 105 of the Rachel Carson Building in Harrisburg. Click Here to join the meeting via Microsoft Teams. DEP Contact: Lindsay Byron at lbyron@pa.gov or calling 717-772-8951.
Rural stations and smaller stations are where the loss of funding will be felt most when it comes to coverage of weather, disasters and climatechange. This defunding will almost certainly hurt day-to-day local storytelling about climatechange. Climate Integrity has this analysis.
Billion In Costs -- Impacts Of Federal Mega Budget Bill -- PennLive Editorial: True Cost Of President’s Budget - Empty Food Banks And Closed Hospitals -- MCall Guest Essay: Here’s Why I Supported The ‘One Big Beautiful Bill’ - By Republican Con.
Last week, I participated in the Scientists Speakout Day during the Summer of Heat on Wall Street , to protest and disrupt the financial institutions that are enabling the fossilfuel industry (and, as a result, our current climate crisis).
Since the summer of 2021, five Republican-controlled state legislatures have passed bills banning their state governments from doing business with financial institutions that they allege have divested from fossilfuel companies as a result of ESG investment policies. Another six statehouses are considering similar bills.
Both extreme heat and wildfires are directly linked to climatechange. For years, fossilfuel companies have socialized the costs of their pollution while privatizing the benefits. Perhaps less obvious is the importance of state and local governments in holding the fossilfuel industry accountable.
The outcomes of the latest international climate negotiations at COP28 in Dubai in December, while taking some important steps forward, fell far short of what is needed to avert climate catastrophe. One big positive from COP28 was the creation of a Loss and Damage fund to address climate impacts in the Global South.
Canada’s big five banks are deservedly feeling more heat lately about their funding of fossilfuels. They are among the worst in the world, pumping $727 billion into fossilfuels since the Paris Agreement was signed, while scoring among the lowest on having policies to rectify this.
Some of this was through a COVID fund specific to oil and gas producers provided by the Business Development Bank of Canada (BDC). million for other categories of support to fossilfuels. Since then, we know much more about the urgency of the climate crisis and the need to stop all investments to the sector.
Mexico is also highly vulnerable to climatechange. What’s the state of climate policy in Mexico? The climate issue has to be placed in the broader context of Mexico’s situation. Because of its geography, Mexico is vulnerable to climate impacts.
Despite having made commitments to reduce the emissions from their investments and reach net-zero by 2050, Canada’s banks have instead increased their funding in risky oil and gas assets every year since 2020. The banks are also lobbying against climate-related policies. Canadians are being misled.
The dark money behind fossilfuelsClimatechange is an existential threat to the future of humanity and all life on earth. The post Canada’s banks and pension funds are financing a climate disaster appeared first on Ecojustice. But there is a clear solution to averting.
World Bank report sheds light on the nuanced connections between “water shocks” and human migration. World Bank researchers found that people are five times as likely to move following drought conditions as they are after floods or periods of excess water. Climatechange is making rainfall more variable across the planet.
Texas and a number of other states have passed laws banning what they call “boycotts of fossilfuel companies.” ” More precisely, they ban state investment or contracting with firms that “boycott” fossilfuel companies. That’s generally — but not always — going to be firms “utilizing” fossilfuels.
What we really care about is making people better off, not growing their bank accounts. Another is that the costs of renewable energy and electric vehicles have declined so greatly in the past ten years, making them more or less competitive with their fossil-fuel alternatives. Infant mortality in Italy is only half as high.
Another resolution filed by the bank BNP Paribas prodded ExxonMobil to release a report on its climate-related lobbying in March. Oil major BP ended its membership with the Western Energy Alliance in 2020 because of a “misalignment” with its climate policies, including “federal regulation of methane.”
If honored, this commitment will likely unseat Canada as the worst-ranking in the G20 for international public financing to the fossilfuel sector. . This means while EDC’s overall fossilfuel support was CAD 13.6 Shifting public finance for energy out of all fossilfuels and into clean energy is an urgent task.
Today, the Parliamentary Budget Office (PBO) released its assessment that a windfall profits tax on fossilfuel companies could generate $4.2 From the housing crisis to inflation, most people living in Canada are feeling the pinch, but not the fossilfuel companies and their executives, who are benefitting from inflationary prices.
A demonstrator holds a banner during a protest outside the Bank of England during the COP26 UN climate conference. What steps do banks around the world need to take to mitigate the climate crisis and protect themselves and their customers from climate risks and exposure? . Focus on the world’s largest banks.
We give lots of lip service describing climatechange as an emergency or existential threat. According to the Climate Emergency Declaration Organization, 2336 jurisdictions around the world have declared it to be an emergency. But climatechange is different. trillion or 6.8
more than 15,000 comments, many of which the SEC must legally answer in writing; threats of lawsuits from ideological groups funded in part by the fossilfuel industry; and complaints about the proposed requirement to measure and disclose heat-trapping gas emissions from a company’s full value chain, known as Scope 3 emissions.
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