The United Nations Climate Change Conference COP27 opened yesterday with the key aim of ensuring full implementation of the Paris Agreement. Discussions at COP27 begin near the end of a year that has seen devastating floods and unprecedented heat waves, severe droughts and formidable storms, all unequivocal signs of the unfolding climate emergency. At the same time, millions of people throughout the world are confronting the impacts of simultaneous crises in energy, food, water and cost of living, aggravated by severe geopolitical conflicts and tensions. In this adverse context, some countries have begun to stall or reverse climate policies and doubled down on fossil fuel use.
New framework released to drive investor action on the climate crisis and accelerate the transition to a net zero future
The founding partners of The Investor Agenda released today a new tool to enable institutional investors to step up action to tackle the climate crisis and accelerate the transition to a net-zero economy. The Investor Climate Action Plans (ICAPs) Expectations Ladder and Guidance aims to help investors navigate existing expectations and initiatives on climate change. It is inclusive and unique in that it sets out expectations for investors wherever they may be on their climate journey.
New York City announced first-in-the-nation goal to divest from fossil fuels
New York City announced first-in-the-nation goal to divest from fossil fuels. Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the City’s $189 Billion pension funds announced a goal to divest City funds from fossil fuel reserve owners within five years, which would make New York City the first major US pension plan to do so. In a first-in-the-nation step towards the goal of divestment, the Mayor and Comptroller will submit a joint resolution to pension fund trustees to begin analyzing ways to divest from fossil fuel owners in a responsible way that is fully consistent with fiduciary obligations. In total, the City’s five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies. The City’s move is among the most significant divestment efforts in the world to date.
nova-Institute: First generation bioethanol is climate-friendly as second generation bioethanol
A New study conducted by nova-Institute and ordered by CropEnergies, which will be presented and discussed for the first time in Brussels on 26 September 2017, conducts quantitative and qualitative sustainability assessment of biofuels against the background of the EU’s REDII negotiations. This comprehensive sustainability assessment carried out by the German company led by Michael Caurs “shows that first generation bioethanol is as advantageous as second generation bioethanol for a feasible climate strategy”. According the nova-Institute “the results clearly indicate that the systematic discrimination against first generation biofuels of the current Commission proposal is in no way founded on scientific evidence. It would be counterproductive to further lower the share of first generation fuels in the EU’s energy mix”.
Gina McCarthy: Trump’s administration fails to respect the science on climate change
Last Thursday’s decision to pull out of the Paris Climate Agreement was short-sighted and contrary to the best interests of this country, not to mention disappointing and embarrassing.
It fails to respect the science on climate change. It abandons the best opportunity we have to protect the health and well-being of American families and our children’s future. It runs contrary to the advice of hundreds of business leaders and investors who want the U.S. to lean into climate action — not run away and bury our heads in the sand. And it neglects the wishes of nearly 70 percent of the American public who want strong actions to curb climate change.