It is the first time the previously unknown biodiversity of the Clarion-Clipperton Zone (CCZ), a mineral-rich area of the ocean floor that spans 1.7m sq miles between Hawaii and…Continue readingMore than 5,000 new species discovered in Pacific deep-sea mining hotspot
Tag: finance
Three of Europe’s biggest insurers have quit the Net-Zero Insurance Alliance as growing US political pressure and legal fears plunge the climate initiative into crisis.Continue readingThree of Europe’s biggest insurers quit industry net-zero initiative
The dangerous and destructive myths of conventional economics include the claims that: Since planetary boundaries have already been exceeded and low-income countries must develop, social justice demands that the…Continue readingSaving humanity: Here’s a radical approach to building a sustainable and just society
Rise of 53% came as oil group’s profits hit record $40bn in tumultuous year for energy markets. It brings van Beurden’s total compensation from Shell since becoming chief executive…Continue readingEx-Shell chief Ben van Beurden’s pay jumped to £9.7mn last year
Results show scale of windfall from high oil prices following invasion of Ukraine.Continue readingExxonMobil posts record $56bn profit
Crude production from the Permian Basin has soared to a record high.Continue readingUS jobs boom in the ‘busiest spot in the busiest oilfield’
Sovereign wealth fund has gained 5% so far this year but chief executive warns of ‘uncertain’ 2023.Continue readingNorway’s $1.3tn oil fund bounces back after worst year since 2008
Using the new measurements of land elevation, Vernimmen and co-author Aljosja Hooijer found coastal areas lie much lower than older radar data had suggested. Analyses of the new lidar-based…Continue readingWorst impacts of sea level rise will hit earlier than expected, says modeling study
Investigation into Verra carbon standard finds most are ‘phantom credits’ and may worsen global heating.Continue readingRevealed: more than 90% of rainforest carbon offsets by biggest provider are worthless, analysis shows
Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’.Continue readingBanks still investing heavily in fossil fuels despite net zero pledges – study
In 1900, approximately 80% of the elements humans used came from biomass (wood, plants, food, etc.). That figure had fallen to 32% by 2005, and is expected to stand…Continue readingHumans plunder the periodic table while turning blind eye to the risks of doing so, say researchers
Woodside Energy, Santos and BHP among companies who have sponsorship deals with Australian arts, sport, education and community organisationsContinue readingFossil fuel interests revealed to have sponsored more than 500 Australian community organisations
Spending bill passed by Senate includes less than $1bn in climate assistance for poorer nations even though Biden promised $11.4bnContinue readingUS fails to give money promised for developing countries to ease climate impacts
Claim by academics, including former integrity chair of Australia’s carbon credit scheme, raises further doubts about system. ‘The wild west approach needs to end,’ says climate scientist Bill Hare,…Continue readingAustralia’s carbon offset scheme fraudulent
Wealthy nations have offered Vietnam a $15.5 billion package to help pay for its move from coal to renewable energy, the latest in a total of $44 billion in…Continue readingWealthy nations offer Vietnam $15 billion-plus deal to shift from coal
Big polluting industries have been given almost €100 billion (£86 billion) in free carbon permits by the EU in the last nine years. The free permits did not come…Continue readingBig polluters given almost €100 billion in free carbon permits by EU
At the talks, nearly 200 countries agreed that a fund for loss and damage, which would pay out to rescue and rebuild the physical and social infrastructure of countries…Continue readingWorld still ‘on brink of climate catastrophe’ after COP27
Tens of thousands of delegates have descended on Sharm el-Sheikh, an Egyptian resort town, for COP27, the UN climate summit. Of the 33,000-odd that registered, about 16,000 represent the…Continue readingWhat is the fossil-fuel industry doing at COP27?
There’s some hocus-pocus going on with the emissions reduction numbers the European Union is proudly touting at the COP27 climate summit, climate campaigners allege. The EU says it’s one…Continue readingEU accused of climate accounting tricks
“At the moment,” writes Warren Hern, “we are the most misnamed species on the planet: Homo sapiens sapiens—’wise, wise man.’ Not.” Hern, 84, physician and adjunct professor of anthropology…Continue readingHumanity devouring itself and the planet
ExxonMobil reported $19.7 billion in third-quarter net profit, or $4.68 a share, almost triple the $6.8 billion, or $1.57 a share, earned a year ago. The company was “driving…Continue readingExxon profit triples to record $20 billion
None of the 134 companies assessed for disclosure of climate-related risks passed basic tests. The annual review by independent non-profit Carbon Tracker group found that carbon-intensive companies were not…Continue readingCorporate polluters fail basic tests
An ADB report presented during the bank’s annual board meeting (26-30 September) warns that sea levels in the Asia-Pacific could exceed two meters by 2100. “For short- to medium-term…Continue readingSea-level rise ‘may cross two meters by 2100’
China needs up to $17 trillion in additional investments for green infrastructure and technology in the power and transport sectors to meet its goal of net-zero emissions by 2060,…Continue readingChina needs $17 trillion to meet climate goals
Some of the world’s biggest central banks are unwittingly helping to finance agri-business giants engaged in the destruction of the Brazilian Amazon. The banks buy corporate bonds issued by…Continue readingWorld’s central banks financing destruction of the rainforest
Sprawling coastal cities in South and Southeast Asia are sinking faster than elsewhere in the world, leaving tens of millions of people more vulnerable to rising sea levels. Vietnam’s…Continue readingAsian coastal cities sinking fast
The world’s chances of avoiding the worst ravages of climate breakdown are diminishing rapidly, as we enter “uncharted territory of destruction” through our failure to cut greenhouse gas emissions…Continue readingWorld heading into ‘uncharted territory of destruction’
Higher high tides, supercharged by rising sea levels, could flood all or parts of an estimated $34 billion worth of real estate along the nation’s coasts within just 30…Continue readingRising seas fueled by climate change to swamp $34 billion in US real estate in just 30 years
Woodside Energy, Australia’s largest energy producer, on Tuesday capped a string of bumper results by oil, gas and coal producers. The Perth-based company said its net profit after tax…Continue readingHuge profits for fossil-fuel giants Woodside, Whitehaven and Santos
PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period. PetroChina’s chairman said government stimulus packages are bolstering oil demand, while…Continue readingChina’s oil giants post record profits on surging fuel prices
Global public subsidies for fossil fuels almost doubled to $700 billion in 2021. Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield…Continue readingGlobal fossil fuel subsidies almost doubled in 2021
Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Revenue climbed 80% to $150 billion and free cash…Continue readingSaudi Aramco posts biggest quarterly profit of any listed company
The world’s biggest ice sheet could cause “several meters” of sea-level rise over centuries if the global temperature rises more than 2°C, according to a British study. Researchers at…Continue readingWorld’s biggest ice sheet could cause massive sea rise without action
In recent years, Wall Street firms have tried to talk up their commitment to the environment and social justice. Now they are singing a different tune. Large US banks…Continue readingUS banks tout fossil fuel credentials
Wildfires have depleted almost all of the carbon credits set aside in reserve by forestry projects in the US to protect against the risk of trees being damaged over…Continue readingWildfires destroy almost all forest carbon offsets in 100-year reserve
To understand why it is proving so hard to break up with coal, we worked with an international team of around 35 researchers to investigate the political economy drivers…Continue readingMany countries continue to invest in coal
Extreme weather events linked to climate change caused about $65 billion in total losses in the first half of 2022, roughly half of which hit uninsured assets, according to…Continue readingExtreme weather caused $65 billion in losses in first half of 2022
Coal prices are soaring, hitting $462 per tonne today, up from $186 on the 23rd of February and likely to pass $500 this year. Russia is Europe’s largest supplier of thermal…Continue readingOld King Coal: price reaches highest level in more than 200 years, on track for $500
Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men…Continue readingCoal, oil price surges on Ukraine war make Asia’s richest richer
Saudi Aramco has overtaken Apple as the world’s most valuable company after higher oil prices pushed shares of the world’s biggest crude exporter to record levels, while a broader…Continue readingSaudi Aramco overtakes Apple as the world’s most valuable company
Indonesian state-owned oil and natural gas company Pertamina has reportedly received approval for the $2.41 billion investment plan to expand the Rokan oil block. Pertamina has received the approval…Continue readingPertamina gets planning approval for $2.4 billion Rokan block development
Investors refused to back resolutions demanding stricter fossil fuel financing policies at three major US banks. Proposals filed at Wells Fargo, Bank of America and Citi called on the…Continue readingInvestors at top US banks refuse to back climate proposals
China’s National Development and Reform Commission (NDRC), the country’s top economic planner, will launch special investigation into the implementation of medium- and long-term contracts signed by coal suppliers in…Continue readingMedium- and long-term contracts signed by Chinese coal suppliers shall account for over 80% of their resources: economic planner
The top 10 banks—ranked as the largest funders of fossil fuel organizations—are talking more about climate change in general. However, in an analysis of annual reports, these banks were…Continue readingWorld’s top banks show minimal clear commitments to shift financing away from fossil fuels
Research prompts warnings humanity is ‘financing its own extinction’ through subsidies damaging to the climate and wildlife. From tax breaks for beef production in the Amazon to financial support…Continue readingWorld spends $US1.8 trillion a year on subsidies that harm environment
25 European banks have provided $US33 billion (£24 billion) in loans and other financing to 50 companies with large oil and gas expansion plans, less than a year since…Continue readingEurope’s biggest banks provide £24 billion to oil and gas firms despite net zero pledges
The European Commission has been accused of undermining its climate goals after it defied critics by pushing ahead with plans to include gas and nuclear in an EU guidebook…Continue readingEU includes gas and nuclear in guidebook for ‘green’ investments
This backing for coal, oil and gas is “reckless” in the face of the escalating climate emergency, according to the report’s authors, and urgent action is needed to phase out…Continue reading‘Reckless’: G20 states subsidised fossil fuels by $3tn since 2015, says report
