Most coastal communities will encounter 100-year floods annually by the end of the century, even under a moderate scenario where carbon dioxide emissions peak by 2040, a new study…Continue readingCentury’s end may bring annual 100-year floods
Tag: finance
Urgewald, a campaign group that tracks global fossil fuel finance, found that the World Bank supplied about $3.7bn (£2.95bn) in trade finance in 2022 that was likely to have…Continue readingWorld Bank spent billions of dollars backing fossil fuels in 2022
An Indigenous Sami activist has set up camp outside the Norwegian parliament to protest against wind turbines built on land traditionally used by Sami reindeer herders. In October 2021,…Continue readingSami activist protests in front of Norwegian parliament over wind turbines
Between January and August, the United States was struck by a record-breaking 23 weather and climate disasters where losses exceeded $1 billion in each case. The tally for 2023…Continue readingUS hit by record number of billion-dollar disasters so far this year
No new offshore windfarms will go ahead in the UK after the latest government auction, in what critics have called the biggest clean energy policy failure in almost a…Continue reading‘Biggest clean energy disaster in years’: UK auction secures no offshore windfarms
Meeting the climate goals means we should not only significantly reduce greenhouse gas emissions but also sequester more CO2 in the soil. Research has taught us how to store…Continue readingExperts question whether carbon dioxide storage in farming soils helps the climate
A prominent sheikh in the oil-rich Gulf state hosting this year’s UN climate negotiations, COP28, is heading a new rush to capture and sell carbon credits by managing tens…Continue readingIn New Scramble for Africa, an Arab Sheikh Is Taking the Lead
Hurricane Idalia could become the costliest climate disaster to hit the US this year, analysts say, with massive implications for the insurance and risk management industries. The category 3…Continue readingHurricane Idalia could become 2023’s costliest climate disaster for the US
Many credits in the voluntary market going unused, with study finding some offsetting could make global heating worse Carbon credit speculators could lose billions as scientific evidence shows many…Continue readingCarbon credit speculators could lose billions as offsets deemed ‘worthless’
Fossil fuels benefited from record subsidies of $13 million (£10.3m) a minute in 2022, according to the International Monetary Fund, despite being the primary cause of the climate crisis.…Continue readingFossil fuels being subsidised at rate of $13m a minute
Consultancy firm EY did not tell the New South Wales government it was conducting work for Santos before being awarded a $67,375 contract to inform a policy statement that…Continue readingConsulting firm EY worked for gas giant Santos while advising NSW on gas policy
Siemens Energy expects to rack up a €4.5bn loss this year as the German group struggles to fix its ailing wind turbine business. The Dax-listed group warned investors on…Continue readingSiemens Energy warns of €4.5bn loss from ailing wind turbine division
Slovenia on Sunday called for help from the EU and Nato alliance to deal with the aftermath of flooding that killed at least three people and caused damage estimated…Continue readingSlovenia asks for support from EU and Nato after devastating floods
A little-known organization is meeting this week in a conference center in Jamaica. The rules the International Seabed Authority (ISA) are drafting could have immense impact. That’s because this…Continue readingMining the seabed for clean-tech minerals could destroy ecosystems. Will it get the green light?
More than $122 billion of economic activity—$81 billion in international trade—is at risk from the impact of extreme climate events, according to new research from Oxford’s Environmental Change Institute.Continue readingExploring the multi-billion-dollar risk to economic activity from climate extremes affecting ports
Shares in Siemens Energy, one of the world’s largest wind turbine makers, plunged 30 per cent on Friday after the company warned it may have to spend more than…Continue readingSiemens Energy shares plunge after wind turbine problems deepen
From the start of the Middle Arm project and its associated gas developments, there have been concerns about the potential for actual or perceived conflicts of interest by decision…Continue readingRevealed: documents detail key players behind vast Australian fossil fuel expansion
All articles sourced from the Adelaide Advertiser, dated May 19, 2023.Continue readingNews Corp endorses the Australian gas industry
UN secretary-general António Guterres attacked oil and gas industry attempts to justify fossil fuel expansion with carbon capture technology as “proposals to become more efficient planet wreckers”, in a…Continue readingUN chief attacks oil and gas industry ‘planet wreckers’ over fossil fuel expansion
Trillions of dollars of subsidies for fossil fuels, farming and fishing are causing “environmental havoc”, according to the World Bank, severely harming people and the planet. The “toxic” subsidies…Continue readingVast fossil fuel and farming subsidies causing ‘environmental havoc’
Already, the Beijing office of Greenpeace is sounding the alarm. In the first three months of 2023, provincial governments in China approved more new coal-fired electricity generation than they…Continue readingChina ramps up coal power while pushing for renewables
Norway’s government is readying plans to open an area of ocean nearly the size of Germany to deep-sea mining as it seeks to become the first country to extract…Continue readingNorway seeks to open vast ocean area to deep-sea mining
About USD 2.8 trillion is set to be invested in energy globally in 2023, USD 1.7 trillion of which will go to clean technologies. The remaining roughly USD 1…Continue readingHumanity still investing in fossil fuels
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
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