Arguments
2020 SkS Weekly Climate Change & Global Warming News Roundup #8
Posted on 22 February 2020 by John Hartz
A chronological listing of news articles linked to on the Skeptical Science Facebook Page during the past week, i.e., Sun, Feb 16, 2020 through Sat, Feb 22, 2020
Editor's Pick
JP Morgan economists warn climate crisis is threat to human race
Leaked report for world’s major fossil fuel financier says Earth is on unsustainable trajectory
The JP Morgan paper said ‘catastrophic outcomes’ could not be ruled out. Photograph: Dimitar Dilkoff/AFP via Getty Images
The world’s largest financier of fossil fuels has warned clients that the climate crisis threatens the survival of humanity and that the planet is on an unsustainable trajectory, according to a leaked document.
The JP Morgan report on the economic risks of human-caused global heating said climate policy had to change or else the world faced irreversible consequences.
The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas.
JP Morgan economists warn climate crisis is threat to human race by Patrick Greenfield and Jonathan Watts, Environment, Guardian, Feb 21, 2020
Articles Linked to on Facebook
Sun, Feb 16, 2020
- Scotland to reach 100% renewables in time to host 2020 climate summit by Sophie Vorath, Renew Economy, Jan 23, 2020
- Crossing the Line: A Scientist’s Road From Neutrality to Activism by Phil McKenna, InsideClimate News, Feb 11, 2020
- Investors welcome Poland's decision to freeze last coal-fuelled plant project by Agnieszka Barteczko & Izabela Bieszk, Reuters, Feb 14, 2020
- Governor-Appointed Council Looks At Reducing Greenhouse Gases, Climate Change by Kayla Desroches, Audio, Montana Public Radio, Feb 14, 2020
- Climate change sending Hakuba's snowfall fortunes downhill, Kyodo News, Feb 14, 2020
- Global Warming: Pine Island loses 58 billion tons of ice every year by Doyle Rice, World, USA Today, Feb 13, 2020
- How to Sell Climate Action to Your Rural Conservative Neighbors by Michael Bernard, Medium, Feb 11, 2020
- CO2 emissions from human activities have imbalanced the atmospheric carbon budget, significantly contributing to climate change, contrary to online claim, Edited by Katrin Kleemann, Climate Feedback, Feb 11, 2020
Mon, Feb 17, 2020
- Climate change driving surge in ‘day-night hot extremes’ in northern hemisphere by Daisy Dunne, Carbon Brief, Feb 11, 2020
- The Quilters and Knitters Who Are Mapping Climate Change by Rebecca Onion, Future Tense, Slate, Feb 8, 2020
- Olympic wave riders in frontline of climate change by Martyn Herman. Reuters, Feb 15, 2020
- PM must prioritise climate or Cop26 will fail, say leading figures by Fiona Harvey, Environment, Guardian, Feb 14, 2020
- ‘The only uncertainty is how long we’ll last’: a worst case scenario for the climate in 2050 by Christiana Figueres & Tom Rivett-Carnac, Environment, Observer/Guardian, Feb 14, 2020
- How the oil industry pumped Americans full of fake news by Kate Yoder, Grist/Canada's National Observer, Feb 9, 2020
Tue, Feb 18, 2020
- Feeling distressed about climate change? Here’s how to manage it by Julia Rosen, Science, Los Angeles Times, Jan 11, 2020
- Amazon's Jeff Bezos pledges $10bn to save Earth's environment by Richard Luscombe, Guardian, Feb 17, 2019
- Australian government granted BHP repeated approval to increase carbon emissions by Adam Morton, Business, Guardian Australia, Feb 16, 2020
- Historic flood waters in Mississippi will recede later this week. But not before more rain could cause issues for thousands by John Sutton & Hollie Silverman, CNN, Feb 18, 2020
- Storm Dennis: Fears for Severn towns amid fresh flood warnings, BBC News, Feb 18, 2020
- Researchers claim solar efficiency breakthrough for flexible 'skin' by Lisa Cox, Environment, Guardian, Feb 17, 2020
- As Planet Burns, One Million Species in World’s Eco-System in Danger of Extinction by Thalif Deen, Inter Press Service (IPS), Feb 18, 2020
- The false promise of “renewable natural gas” by David Roberts, Energy & Environment, Vox, Feb 14, 2020
Wed, Feb 19, 2020
- Can rationing carbon help fight climate change? by Frank Swain, Future Planet, BBC, Feb 17, 2020
- Indigenous Lands Ace Biodiversity Measurements by Jason G Goldman, Sustainability, Scientific American, Feb 1, 2020
- River Ice Is Disappearing by Sarah Derouin, EOS, Feb 18, 2020
- Analysis: Coronavirus has temporarily reduced China’s CO2 emissions by a quarter by Lauri Myllyvirta , Emissions, Carbon Brief, Feb 19, 2020
- Court denies Trump administration attempt to halt SC offshore drilling lawsuit by Bo Peterson, Post & Courier (Charleston), Feb 18, 2020
- The world is failing to ensure children have a 'liveable planet', report finds by Saeed Kamali Dehghan, Global Development, Guardian, Feb 19, 2020
- How deniers maintain the consensus gap by John Cook, Skeptical Science, Feb 18, 2020
- A military perspective on climate change could bridge the gap between believers and doubters by Michael Klare, Environment & Energy, The Conversation US, Feb 18, 2020
Thu, Feb 20, 2020
- Trump Administration Begins Work on Next National Climate Report by Scott Waldman, E&E News/Scientific American, Feb 18, 2020
- For Many Nevada Latino Voters, Action on Climate Change is Key by Marianne Lavelle, InsideClimate News, Feb 19, 2020
- Global warming causing 'irreversible' mass melting in Antarctica - scientist by Cordelia Hsu, Reuters, Feb 19, 2020
- Oil and gas production is contributing even more to global warming than was thought, study finds by Drew Kann, CNN, Feb 19, 2020
- New microgrids are helping Australia get power back after the fires by Adele Peters, Fast Company, Feb 19, 2020
- Concerns rise for Great Barrier Reef health as corals start to bleach by Peter Hannam, Environment, Sydney Morning Herald, Feb 20, 2020
- Climate change has stolen more than a billion tons of water from the West’s most vital river by Juliet Eilperin, Climate & Environment, Washington Post, Feb 20, 2020
- What Trump's proposed NEPA rollback could mean for the climate by Bruce Lieberman, Article, Yale Climate Connections, Feb 20, 2020
Fri, Feb 21, 2020
- Climate change: Put a price on carbon pollution, then refund the money to consumers, Opinion by Editorial Board, USA Today, Feb 20, 2020
- Faith leaders press PM on climate action by Heather McNab, Canberra Times, Feb 20, 2020
- Top worry for young Africans? Jobs and corruption - but green anxieties grow by Kim Harrisberg, Thomson Reuters Foundation, Feb 20, 2020
- Revealed: quarter of all tweets about climate crisis produced by bots by Oliver Milman, Technology, The Guardian, Feb 21, 2020
- If we want to keep eating chocolate, we have to end deforestation, Opinion by Dirk Van de Put, Commentary, Fortune Magazine, Feb 16, 2020
- How peer pressure can help stop climate change by Robert Frank, Outlook, Washington Post, Feb 20, 2020
- Great Barrier Reef could face 'most extensive coral bleaching ever', scientists say by Graham Readfearn, Environment, Guardian, Feb 21, 2020
- New and recent books about hope in a time of climate change, Review by Michel Svoboda, Yale Climate Connections, Feb 21, 2020
Sat, Feb 22, 2020
- Vermont House gives initial OK to Global Warming Solutions Act, Vermont Business Magazine, Feb 20, 2020
- UK watchdog to scrutinise how companies, auditors calculate climate risk by Simon Jessop, Muvija M & Matthew Green, Reuters, Feb 20, 2020
- Ghost glaciers: the transcendent Anthropocene –in pictures by Peter Funch, Guardian, Feb 20, 2020
- JP Morgan economists warn climate crisis is threat to human race by Patrick Greenfield and Jonathan Watts, Environment, Guardian, Feb 21, 2020
- From afterthought to emergency: Climate change now a key issue for Democratic voters by Brady Dennis, Climate & Environment, Washington Post, Feb 20, 2020
- Democratic hopes for climate policy may come down to this one weird Senate trick by David Roberts, Energy & Environment, Vox, Feb 20, 2020
- With every flood, public anger over the climate crisis is surging, Opinion by Gaby Hinsliff, Comment is Free, Guardian, Feb 22, 2020
- Extinction Rebellion Faith Communities launch 40 Days of Action on Ash Wednesday: Enough Earth Destruction!, Press Release, Extinction Rebellion, Feb 19, 2020
"The study implicitly condemns the US bank’s own investment strategy and highlights growing concerns among major Wall Street institutions about the financial and reputational risks of continued funding of carbon-intensive industries, such as oil and gas." I suspect the fossil fuel industries won't have trouble finding financing and if necessary they'll set up their own banks and financial firms.
JoeZ,
New investment is needed to expand the rate of fossil fuel production, and is even needed to maintain it.
And Alberta's fossil fuel export pushing leadership is very concerned that any Canadian decisions to limit new fossil fuel production investment, decisions that add costs or that simply deny the initial low-balled offering of the profiteer developer, low-balled to maximize their profit if it is accepted that way, will send a 'terrible' message to global investors.
Many fossil fuel corporations are already in debt. They have no significant internal wealth to spend on New Opportunities. And some of the traditional fossil fuels firms are transitioning away from that activity as shareholders push to stop such corporations from gambling income on new fossil fuel ventures.
"Many fossil fuel corporations are already in debt." Sure, but many are doing great. When the debt ridden firms go under- those doing fine will buy their assetts. I doubt that J.P. Morgan and some other investment houses turning against fossil fuel industries will make much of a difference. it's a big world with lots of people with lots of money looking for investments. Whether anyone likes it or not I think fossil fuel firms will be around for some time. Especially because a lot of people still want gas for their cars, heating oil for heir homes, etc. I have an electric chainsaw- not to help save the planet but because they're really nice- very convenient for backyard kind of work. Quite and I sure got tired of pulling on the cord trying to start gas saws. But, they'll only work for only an hour or so. I'd hate to be a logger who has to cut big trees all day- because no electric chain saw will do that- so those loggers will want gas. Of course much logging today is done with big machines (feller-bunchers and skidders). I suppose they won't be happy without diesel. Oh, and I plan on buying an electric lawn mower this year- for the same reason- convenience and quite.
Joe Z @3, reduced conventional bank financing to the fossil fuel industry would leave them having to compete for other remaining funds which are a limited resource, thus driving up the cost of those funds, increasing the price of petrol and forcing people to consider electric cars etcetera. This is what is needed.
JoeZ,
Please share specifics about all of the major fossil fuel corporations that are not in debt to lenders or to shareholders and not looking for financing (note that share values do not fund new projects, new shares being bought would be required). I am sure they exist. I am not sure there are that many of them, but you claim to know, and I am open to learning.
Also, please share details of how such an entity purchasing a failing competitor would be 'Their go to strategy for New Investments to sustainably grow the corporation'. Note that the key issue I am asking about is Sustainably Growing the Corporation.
Admittedly, there has been an unsustainable rash of success by people buying up businesses and unsustainably 'optimizing the value extracted'. But there is no actual future for that type of operation. The pursuit of 'opportunities to benefit that way' are being seen to be creating harmful consequences, in addition to being unsustainable ways of creating impressions of wealth and status.
"Winners Take All - The Elite Charade of Changing the World", by Anand Giridharadas is a thorough evidence-based presentation of many unsustainable harmful things that have developed, particularly since the damaging disruption of the likes of Reagan and Thatcher in the 1980s. The most damaging development is the way there is now a reluctance to actually understand how harmful the pursuits of benefit actually are. The harmful pursuits/pursuers are excused by claiming that they "reduce poverty, or allow really rich people to charitably give back some wealth to Help as they see fit", failing to admit the harm done and failing to admit that the activity is unsustainable.