Climate Change

World Bank to end financial support for oil and gas exploration

World Bank to end financial support for oil and gas exploration

Only 20 years too late ....

"The World Bank will end its financial support for oil and gas exploration within the next two years in response to the growing threat posed by climate change. In a statement that delighted campaigners opposed to fossil fuels, the Bank used a conference in Paris to announce that it “will no longer finance upstream oil and gas” after 2019. The Bank ceased lending for coal-fired power stations in 2010 but has been under pressure from lobby groups also to halt the $1bn (£750m) a year it has been lending for oil and gas in developing countries."

The Bank said it saw the need to change the way it was operating in a “rapidly changing world”, adding that it was on course to have 28% of its lending going to climate action by 2020. At present, 1-2% of the Bank’s $280bn portfolio is accounted for by oil and gas projects."

Moody’s Warns Cities to Address Climate Risks or Face Downgrades

Moody’s Warns Cities to Address Climate Risks or Face Downgrades

Welcome to the future.

"Coastal communities from Maine to California have been put on notice from one of the top credit rating agencies: Start preparing for climate change or risk losing access to cheap credit."

"In a report to its clients Tuesday, Moody’s Investors Service Inc. explained how it incorporates climate change into its credit ratings for state and local bonds. If cities and states don’t deal with risks from surging seas or intense storms, they are at greater risk of default."

Global CO2 Emissions to Hit Record High in 2017

InsideClimate News: Global CO2 Emissions to Hit Record High in 2017

"The world is on its way to record-high carbon emissions in 2017, after three straight years in which human-caused emissions appeared to be leveling off, new research shows."

"The projected 2 percent increase in emissions this year adds urgency to the UN climate talks this week in Bonn, where 197 countries are negotiating how to implement the 2015 Paris climate agreement to slow global warming."

"There's not much time left to cut emissions and keep warming below 2 degrees Celsius, let alone 1.5 degrees," said Corinne Le Quéré, director of the Tyndall Centre for Climate Change Research at the University of East Anglia, who led the emissions research presented Monday in Bonn. The aim of the Paris Agreement is to keep global temperature rise to well below 2 degrees Celsius over pre-industrial times. For that to happen, studies have shown that emissions must peak within the next decade and then decline to net zero."

Trump administration report attributes climate change to ‘human activities’

Trump administration report attributes climate change to ‘human activities’

"A significant federal government study released Friday finds "no convincing alternative explanation" for the changing climate other than "human activities, especially emissions of greenhouse gases."

"This assessment concludes, based on extensive evidence, that it is extremely likely that human activities, especially emissions of greenhouse gases, are the dominant cause of the observed warming since the mid-20th Century. For the warming over the last century, there is no convincing alternative explanation supported by the extent of the observational evidence," the report said.

Trump administration releases report finding ‘no convincing alternative explanation’ for climate change

Trump administration releases report finding ‘no convincing alternative explanation’ for climate change

"The Trump administration released a dire scientific report Friday detailing the growing threats of climate change. The report stands in stark contrast to the administration’s efforts to downplay humans’ role in global warming, withdraw from an international climate accord and reverse Obama-era policies aimed at curbing America’s greenhouse-gas output."

"The White House did not seek to prevent the release of the government’s National Climate Assessment, which is mandated by law, despite the fact that its findings sharply contradict the administration’s policies. The report affirms that climate change is driven almost entirely by human action, warns of potential sea level rise as high as 8 feet by the year 2100, and enumerates myriad climate-related damages across the United States that are already occurring due to 1.8 degrees Fahrenheit of global warming since 1900."