Category Archives: Economics

Direct virus lessons we can learn as we go

Learning from pandemics is hard but vital. We need 1918’s virus lessons this time round to show us a better normal.

LONDON, 8 April, 2020 – What history knows as the 1918 ‘flu pandemic infected about a quarter of the world’s population at the time – around 500 million people – and left virus lessons for this generation, whether or not it’s learned them.

Thankfully, the 2020 coronavirus outbreak shows no sign yet of matching last century’s virulence. There are growing calls, though, for the world not just to get back to normal, but to turn this global horror into an opportunity to rebuild by finding a better normal to reclaim.

In late 2018 the Rapid Transition Alliance was launched with the intention of building a community to learn from moments of sudden change and to apply those lessons to the climate emergency.

Changes in the biosphere are happening faster than changes in human behaviour, so the question the Alliance asks is this: how do we match the speed and scale of social and economic change with the science – and what it is telling us to do?

It is now working with two other British organisations, the original Green New Deal group and Compass, the campaign that builds support for new ideas among social movements, decision-makers and political parties.

“Once people have seen what it is possible for a nation to do, and how fast it can do it, it is much harder for those in power to justify inaction, or wrong action”

In the first of several digital meetings the three have begun to sketch out a framework for how society can “learn as we go” from unprecedented events. They have identified five principles for a just recovery, which say in essence:

  • Health is the top priority, for all people, with no exceptions. That means resourcing health services everywhere and ensuring access for all.
  • Providing economic relief directly to the people is vital, particularly those marginalised in existing systems. Concentrate on people and workers and on short-term needs and long-term conditions.
  • Assistance directed at specific industries must be channelled to rescuing communities and workers, not shareholders or corporate executives, and never to corporations whose actions worsen the climate crisis.
  • The world needs to create resilience for future crises by creating millions of decent jobs that will help power a just transition for workers and communities to the zero-carbon future we need.
  • We must build solidarity and community across borders: do not empower authoritarians, do not use the crisis as an excuse to trample on human rights, civil liberties, and democracy.

An indication of the degree of international support for the five principles is available here.

Making things happen

The principles are already accepted by millions of people, but are no closer to reality, for all that. If they were, the climate crisis would be almost over. What can the three groups offer to make them happen?

The coordinator of the Rapid Transition Alliance is Andrew Simms, author of a summary of what the discussions have agreed so far. He told the Climate News Network: “Nobody can guarantee that things will turn out any certain way.

“But once people have seen what it is possible for a nation to do, and how fast it can do it, it is much harder for those in power to justify inaction, or wrong action.

“The current pandemic crisis is wreaking havoc on families, communities and whole economies. But it is also changing our ideas about what really matters to people and also what it is possible to do as a nation when faced with a great challenge.

“There is a new appreciation of key workers who provide the goods and services that a society really relies on – like health services and those in the food supply chain – but who typically lack recognition or are poorly paid.

Good-bye to inertia

“One of the greatest enemies in overcoming the climate emergency has been the sheer inertia of business-as-usual. Now there is a great sense of people taking stock of what is truly important.

“Vitally, when there is a fundamental threat to society, we have seen that financial resources can be mobilised. Fundamental change cannot happen without there being a consensus that it is both desirable and possible.

“The last few weeks have made visible underlying cracks in society, but also our ability to fix them. Once people have seen that, they are unlikely to settle for less.”

This first meeting spent some time talking practicalities, including how to protect wages and income. One example was the call by a member of Parliament for the introduction of a basic income scheme. Globally, the pandemic has prompted the United Nations to call for a worldwide ceasefire.

Overall, the summary says, greater consensus is emerging on how our economy and way of life relies on public not private interests, from health services to community aid groups, and that both local and national government have a vital enabling role on the need to improve the resilience of the economy at a national and local level.

Broadband before wheels

A radical reappraisal of transport came days after the meeting from the president of the UK’s Automobile Association (AA), Edmund King, who predicted a major shift in behaviour after the pandemic.

“People travelling up and down motorways just to hold meetings is inefficient, expensive and not good for the environment”, he said. “I think the use of road and rail and indeed bus will be reduced after this crisis.”

The AA, seen for years as a stalwart member of the roads lobby, said government funds for new transport infrastructure, including roads, might be better spent on improving broadband access to support home working.

The meeting agreed that the UK economy lacks a supportive town centre retail banking infrastructure with the capacity to administer a support scheme.

The build-up to the 2007-2008 financial crisis saw the evacuation of local banking services from the high street, and now the pandemic was making clear that the withering of local financial infrastructure in the UK must be reversed.

Universal and more mutual banking services are needed to build more resilient local economies, the three groups agreed. More progressive business models like social enterprises, which have direct community links, and the co-operative movement may help to provide answers. – Climate News Network

* * * * *

The Rapid Transition Alliance is coordinated by the New Weather Institute, the STEPS Centre at the Institute of  Development Studies, and the School of Global Studies at the University of Sussex, UK. The Climate News Network is partnering with and supported by the Rapid Transition Alliance, and will be reporting regularly on its work. If you would like to see more stories of evidence-based hope for rapid transition, please sign up here.

Do you know a story of rapid transition? If so, we’d like to hear from you. Please send us a brief outline on info@climatenewsnetwork.net. Thank you.

Learning from pandemics is hard but vital. We need 1918’s virus lessons this time round to show us a better normal.

LONDON, 8 April, 2020 – What history knows as the 1918 ‘flu pandemic infected about a quarter of the world’s population at the time – around 500 million people – and left virus lessons for this generation, whether or not it’s learned them.

Thankfully, the 2020 coronavirus outbreak shows no sign yet of matching last century’s virulence. There are growing calls, though, for the world not just to get back to normal, but to turn this global horror into an opportunity to rebuild by finding a better normal to reclaim.

In late 2018 the Rapid Transition Alliance was launched with the intention of building a community to learn from moments of sudden change and to apply those lessons to the climate emergency.

Changes in the biosphere are happening faster than changes in human behaviour, so the question the Alliance asks is this: how do we match the speed and scale of social and economic change with the science – and what it is telling us to do?

It is now working with two other British organisations, the original Green New Deal group and Compass, the campaign that builds support for new ideas among social movements, decision-makers and political parties.

“Once people have seen what it is possible for a nation to do, and how fast it can do it, it is much harder for those in power to justify inaction, or wrong action”

In the first of several digital meetings the three have begun to sketch out a framework for how society can “learn as we go” from unprecedented events. They have identified five principles for a just recovery, which say in essence:

  • Health is the top priority, for all people, with no exceptions. That means resourcing health services everywhere and ensuring access for all.
  • Providing economic relief directly to the people is vital, particularly those marginalised in existing systems. Concentrate on people and workers and on short-term needs and long-term conditions.
  • Assistance directed at specific industries must be channelled to rescuing communities and workers, not shareholders or corporate executives, and never to corporations whose actions worsen the climate crisis.
  • The world needs to create resilience for future crises by creating millions of decent jobs that will help power a just transition for workers and communities to the zero-carbon future we need.
  • We must build solidarity and community across borders: do not empower authoritarians, do not use the crisis as an excuse to trample on human rights, civil liberties, and democracy.

An indication of the degree of international support for the five principles is available here.

Making things happen

The principles are already accepted by millions of people, but are no closer to reality, for all that. If they were, the climate crisis would be almost over. What can the three groups offer to make them happen?

The coordinator of the Rapid Transition Alliance is Andrew Simms, author of a summary of what the discussions have agreed so far. He told the Climate News Network: “Nobody can guarantee that things will turn out any certain way.

“But once people have seen what it is possible for a nation to do, and how fast it can do it, it is much harder for those in power to justify inaction, or wrong action.

“The current pandemic crisis is wreaking havoc on families, communities and whole economies. But it is also changing our ideas about what really matters to people and also what it is possible to do as a nation when faced with a great challenge.

“There is a new appreciation of key workers who provide the goods and services that a society really relies on – like health services and those in the food supply chain – but who typically lack recognition or are poorly paid.

Good-bye to inertia

“One of the greatest enemies in overcoming the climate emergency has been the sheer inertia of business-as-usual. Now there is a great sense of people taking stock of what is truly important.

“Vitally, when there is a fundamental threat to society, we have seen that financial resources can be mobilised. Fundamental change cannot happen without there being a consensus that it is both desirable and possible.

“The last few weeks have made visible underlying cracks in society, but also our ability to fix them. Once people have seen that, they are unlikely to settle for less.”

This first meeting spent some time talking practicalities, including how to protect wages and income. One example was the call by a member of Parliament for the introduction of a basic income scheme. Globally, the pandemic has prompted the United Nations to call for a worldwide ceasefire.

Overall, the summary says, greater consensus is emerging on how our economy and way of life relies on public not private interests, from health services to community aid groups, and that both local and national government have a vital enabling role on the need to improve the resilience of the economy at a national and local level.

Broadband before wheels

A radical reappraisal of transport came days after the meeting from the president of the UK’s Automobile Association (AA), Edmund King, who predicted a major shift in behaviour after the pandemic.

“People travelling up and down motorways just to hold meetings is inefficient, expensive and not good for the environment”, he said. “I think the use of road and rail and indeed bus will be reduced after this crisis.”

The AA, seen for years as a stalwart member of the roads lobby, said government funds for new transport infrastructure, including roads, might be better spent on improving broadband access to support home working.

The meeting agreed that the UK economy lacks a supportive town centre retail banking infrastructure with the capacity to administer a support scheme.

The build-up to the 2007-2008 financial crisis saw the evacuation of local banking services from the high street, and now the pandemic was making clear that the withering of local financial infrastructure in the UK must be reversed.

Universal and more mutual banking services are needed to build more resilient local economies, the three groups agreed. More progressive business models like social enterprises, which have direct community links, and the co-operative movement may help to provide answers. – Climate News Network

* * * * *

The Rapid Transition Alliance is coordinated by the New Weather Institute, the STEPS Centre at the Institute of  Development Studies, and the School of Global Studies at the University of Sussex, UK. The Climate News Network is partnering with and supported by the Rapid Transition Alliance, and will be reporting regularly on its work. If you would like to see more stories of evidence-based hope for rapid transition, please sign up here.

Do you know a story of rapid transition? If so, we’d like to hear from you. Please send us a brief outline on info@climatenewsnetwork.net. Thank you.

Climate crisis offers a green business boom

The tide is turning against the fossil fuel industry as countries and companies recognise the green business boom of alternative energy.

LONDON, 27 January, 2020 − While the news about the climate crisis worsens and some national leaders, notably President Trump in the US, continue to champion the fossil fuel industry, there are still reasons to be cheerful, notably the developing green business boom of abandoning fossil fuels.

Fighting climate change has become the world’s single biggest business opportunity. Investment in wind power, solar, green hydrogen, energy storage, biogas, electric cars, tidal and wave power is at an all-time high.

Some countries, for example Portugal, have both business and government working together. They can see that that phasing out coal and replacing it with green hydrogen produced with electricity from sunlight is the road to national prosperity.

But even in countries like the US, where the government champions the polluters, businesses seeking profits are investing in wind and solar simply because they are cheaper than coal.

Just one extraordinary statistic: Texas, the US state most associated with oil, already has 26.9 gigawatts (GW) of installed wind power – the equivalent of 26 large coal-fired power stations. That shows how the energy map of the US is changing.

“Portugal is in a position to be the largest producer of green hydrogen – which will allow the country to become the biggest producer of green energy in Europe”

The speed of transition worldwide heralds a new industrial revolution. Three industries growing fast and with enormous potential to make a difference to climate change are green hydrogen, offshore wind, and electric cars.

There is a belief that green hydrogen could become a substitute for oil, both for transport and for heating. A study by energy company Wood Mackenzie estimates that $365 million has already been invested in green hydrogen, but that over $3.6 billion is in the pipeline.

For example, the Portuguese minister of environment and energy transition, João Pedro Matos Fernandes, has revealed plans to develop 1 GW of solar power capacity to be used for hydrogen production.

He was quoted as saying: “Portugal is in a position to be the largest producer of green hydrogen – which will allow the country to become the biggest producer of green energy in Europe. Hydrogen produced will be supplied to local energy-intensive industries, or could be exported using the deep-sea port of Sines.”

Cheaper off-shore wind

The key to the idea is that solar power is now so cheap that using it to create green hydrogen makes the hydrogen competitive with fossil fuels, as well as emission-free.

Apart from the continued success of on-shore wind energy, now recognised worldwide as the cheapest way to generate electricity, there is enormous interest in off-shore wind, where the improved technology and sheer size of the turbines has brought production costs tumbling.

The depth of the sea is also no longer a problem because floating offshore wind farms have now been successfully deployed in the North Sea and elsewhere in Europe. Electricity production from off-shore wind, with the wind blowing more constantly and at higher speeds, has exceeded predictions.

China is among the big developers, but again it is the US which springs a surprise, because analysts claim that investment in off-shore wind there will exceed that for oil and gas within five years.

Capacity in the US could reach 20 GW (the equivalent of 20 coal-fired power stations) by 2030, with an annual investment of $15 billion by 2025, according to Rystad Energy, a firm of independent analysts.

Coal stumbles

While the renewable sector is booming, the biggest polluter − the coal industry − is flagging. The US Federal Energy Information Administration expects renewables (wind, solar, hydro, geo-thermal and a small quantity of biomass) to reach 21.6 % of US electricity production by 2021, ahead of coal at 20.8% and nuclear at 19.7%. Gas remains in front at 37%.

In 2010 coal accounted for 46% of the market and renewables only 10%, and most of that was hydropower.

There is good news on the investment front too, at least for the climate. The latest figures show that for the second year running shares in the oil and gas sector of the stock market have fared worse than any other group.

Although the dividends the oil companies have paid out continue high to keep shareholders happy, the combination of the disinvestment movement and fears for the long-term future of the fossil fuel industry are keeping the stock price low.

There are dozens of smaller initiatives and investments too numerous to detail which amount to an avalanche of change. It is a lot, and a cheering start to the decade, but sadly still a long way from solving the climate crisis. − Climate News Network

The tide is turning against the fossil fuel industry as countries and companies recognise the green business boom of alternative energy.

LONDON, 27 January, 2020 − While the news about the climate crisis worsens and some national leaders, notably President Trump in the US, continue to champion the fossil fuel industry, there are still reasons to be cheerful, notably the developing green business boom of abandoning fossil fuels.

Fighting climate change has become the world’s single biggest business opportunity. Investment in wind power, solar, green hydrogen, energy storage, biogas, electric cars, tidal and wave power is at an all-time high.

Some countries, for example Portugal, have both business and government working together. They can see that that phasing out coal and replacing it with green hydrogen produced with electricity from sunlight is the road to national prosperity.

But even in countries like the US, where the government champions the polluters, businesses seeking profits are investing in wind and solar simply because they are cheaper than coal.

Just one extraordinary statistic: Texas, the US state most associated with oil, already has 26.9 gigawatts (GW) of installed wind power – the equivalent of 26 large coal-fired power stations. That shows how the energy map of the US is changing.

“Portugal is in a position to be the largest producer of green hydrogen – which will allow the country to become the biggest producer of green energy in Europe”

The speed of transition worldwide heralds a new industrial revolution. Three industries growing fast and with enormous potential to make a difference to climate change are green hydrogen, offshore wind, and electric cars.

There is a belief that green hydrogen could become a substitute for oil, both for transport and for heating. A study by energy company Wood Mackenzie estimates that $365 million has already been invested in green hydrogen, but that over $3.6 billion is in the pipeline.

For example, the Portuguese minister of environment and energy transition, João Pedro Matos Fernandes, has revealed plans to develop 1 GW of solar power capacity to be used for hydrogen production.

He was quoted as saying: “Portugal is in a position to be the largest producer of green hydrogen – which will allow the country to become the biggest producer of green energy in Europe. Hydrogen produced will be supplied to local energy-intensive industries, or could be exported using the deep-sea port of Sines.”

Cheaper off-shore wind

The key to the idea is that solar power is now so cheap that using it to create green hydrogen makes the hydrogen competitive with fossil fuels, as well as emission-free.

Apart from the continued success of on-shore wind energy, now recognised worldwide as the cheapest way to generate electricity, there is enormous interest in off-shore wind, where the improved technology and sheer size of the turbines has brought production costs tumbling.

The depth of the sea is also no longer a problem because floating offshore wind farms have now been successfully deployed in the North Sea and elsewhere in Europe. Electricity production from off-shore wind, with the wind blowing more constantly and at higher speeds, has exceeded predictions.

China is among the big developers, but again it is the US which springs a surprise, because analysts claim that investment in off-shore wind there will exceed that for oil and gas within five years.

Capacity in the US could reach 20 GW (the equivalent of 20 coal-fired power stations) by 2030, with an annual investment of $15 billion by 2025, according to Rystad Energy, a firm of independent analysts.

Coal stumbles

While the renewable sector is booming, the biggest polluter − the coal industry − is flagging. The US Federal Energy Information Administration expects renewables (wind, solar, hydro, geo-thermal and a small quantity of biomass) to reach 21.6 % of US electricity production by 2021, ahead of coal at 20.8% and nuclear at 19.7%. Gas remains in front at 37%.

In 2010 coal accounted for 46% of the market and renewables only 10%, and most of that was hydropower.

There is good news on the investment front too, at least for the climate. The latest figures show that for the second year running shares in the oil and gas sector of the stock market have fared worse than any other group.

Although the dividends the oil companies have paid out continue high to keep shareholders happy, the combination of the disinvestment movement and fears for the long-term future of the fossil fuel industry are keeping the stock price low.

There are dozens of smaller initiatives and investments too numerous to detail which amount to an avalanche of change. It is a lot, and a cheering start to the decade, but sadly still a long way from solving the climate crisis. − Climate News Network

Physicians press climate emergency button

If you were doubtful before, the news that British doctors are now acting to limit the climate emergency may prompt a rethink.

LONDON, 17 January, 2020 – The doctors are worried about the climate emergency. In recent days the UK’s Royal College of Physicians (RCP) has announced it’s halting investments in climate-changing fossil fuel and mining companies.

The RCP, the British doctors’ professional body dedicated to improving the practice of medicine, which has funds in global stock markets amounting to nearly £50 million (US$65m), says it will start divesting immediately from the worst-polluting oil and gas companies, which are mainly in the US.

As part of a phased disinvestment policy the RCP – the oldest medical college in England, with more than 35,000 members – says that within the next three years all investments in fossil fuel companies
not aligned with the goals of the 2015 Paris Agreement on climate change
will be withdrawn.

“The fossil fuel industry is driving the climate crisis and is responsible for a public health emergency”, says Dr Will Stableforth of the RCP.

“As physicians we have a duty to speak out against this industry and hold it accountable for the damage it is doing to human health.”

Gathering impetus

The RCP’s action forms part of a fast-growing worldwide movement involved in withdrawing investment funds from the fossil fuel industry. A growing number of health organisations – both in the UK and elsewhere – has already announced similar divestment moves.

According to the campaign group +350, investment and pension funds managing more than $11 trillion round the globe have committed to divesting from fossil fuel companies.

BlackRock, the world’s largest fund investment management company with nearly $7tn assets under its control, has announced it will withdraw funds from firms sourcing 25% or more of revenues on thermal coal, the most polluting fossil fuel.

Larry Fink, BlackRock’s head, says investors are becoming increasingly aware of climate change in assessing various companies’ long-term prospects.

“The fossil fuel industry is driving the climate crisis and is responsible for a public health emergency”

“Awareness is rapidly changing and I believe we are on the edge of a fundamental reshaping of finance”, Fink told fund managers and chief executives this week.

“In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.”

The banking and insurance sectors are also being forced to confront the dangers posed by climate change. The Bank of England recently became the world’s first central bank to introduce a climate change “stress test”,  requiring the UK’s banks and insurance companies to evaluate their exposure to the risks of a warming world.

Despite the moves on divestment and tighter finance controls on climate change-related investments, investors – along with the fossil fuel companies themselves – continue to pump millions into various projects around the world.

BlackRock and other major fund management groups talk of their commitment to sustainability and helping in the fight against climate change, but remain leading fossil fuel investors.

Greenwash continues

Although investments in the coal industry have declined, multi-million dollar investments in new projects are still being made, particularly in Asia.

Carbon Tracker, an independent financial think tank, estimates that between January 2018 and September last year oil and gas companies approved $50bn worth of new projects.

“Gas and mining companies have been furiously trying to “greenwash” their images and promote false solutions to the climate crisis”, says Dr Deidre Duff of the UK-based Medact health charity.

“But in reality, these companies are devastating human and planetary health and exacerbating health inequalities around the world.” – Climate News Network

If you were doubtful before, the news that British doctors are now acting to limit the climate emergency may prompt a rethink.

LONDON, 17 January, 2020 – The doctors are worried about the climate emergency. In recent days the UK’s Royal College of Physicians (RCP) has announced it’s halting investments in climate-changing fossil fuel and mining companies.

The RCP, the British doctors’ professional body dedicated to improving the practice of medicine, which has funds in global stock markets amounting to nearly £50 million (US$65m), says it will start divesting immediately from the worst-polluting oil and gas companies, which are mainly in the US.

As part of a phased disinvestment policy the RCP – the oldest medical college in England, with more than 35,000 members – says that within the next three years all investments in fossil fuel companies
not aligned with the goals of the 2015 Paris Agreement on climate change
will be withdrawn.

“The fossil fuel industry is driving the climate crisis and is responsible for a public health emergency”, says Dr Will Stableforth of the RCP.

“As physicians we have a duty to speak out against this industry and hold it accountable for the damage it is doing to human health.”

Gathering impetus

The RCP’s action forms part of a fast-growing worldwide movement involved in withdrawing investment funds from the fossil fuel industry. A growing number of health organisations – both in the UK and elsewhere – has already announced similar divestment moves.

According to the campaign group +350, investment and pension funds managing more than $11 trillion round the globe have committed to divesting from fossil fuel companies.

BlackRock, the world’s largest fund investment management company with nearly $7tn assets under its control, has announced it will withdraw funds from firms sourcing 25% or more of revenues on thermal coal, the most polluting fossil fuel.

Larry Fink, BlackRock’s head, says investors are becoming increasingly aware of climate change in assessing various companies’ long-term prospects.

“The fossil fuel industry is driving the climate crisis and is responsible for a public health emergency”

“Awareness is rapidly changing and I believe we are on the edge of a fundamental reshaping of finance”, Fink told fund managers and chief executives this week.

“In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.”

The banking and insurance sectors are also being forced to confront the dangers posed by climate change. The Bank of England recently became the world’s first central bank to introduce a climate change “stress test”,  requiring the UK’s banks and insurance companies to evaluate their exposure to the risks of a warming world.

Despite the moves on divestment and tighter finance controls on climate change-related investments, investors – along with the fossil fuel companies themselves – continue to pump millions into various projects around the world.

BlackRock and other major fund management groups talk of their commitment to sustainability and helping in the fight against climate change, but remain leading fossil fuel investors.

Greenwash continues

Although investments in the coal industry have declined, multi-million dollar investments in new projects are still being made, particularly in Asia.

Carbon Tracker, an independent financial think tank, estimates that between January 2018 and September last year oil and gas companies approved $50bn worth of new projects.

“Gas and mining companies have been furiously trying to “greenwash” their images and promote false solutions to the climate crisis”, says Dr Deidre Duff of the UK-based Medact health charity.

“But in reality, these companies are devastating human and planetary health and exacerbating health inequalities around the world.” – Climate News Network

Geo-engineering could make poor countries richer

There is still no certainty that geo-engineering could save the world. But, paradoxically, if it did work it might repair climate injustice.

LONDON, 15 January, 2020 – Californian scientists have just made a case for geo-engineering as a solution to the climate crisis. One stratospheric technology – the reflection of incoming sunlight back into space – could do more than just lower global average temperatures.

It could also enhance the economic performance of some of the world’s poorest countries and reduce global income inequality by 50%.

“We find hotter, more populous countries are more sensitive to changes in temperature – whether it is an increase or a decrease,” said Anthony Harding, of Georgia Institute of Technology and the University of California at San Diego.

“With solar geo-engineering, we find that poorer countries benefit more than richer countries from reductions in temperature, reducing inequalities. Together, the overall global economy grows.”

Uneven benefits possible

Harding and his colleagues report in the journal Nature Communications that they simply applied climate models to the consequences of a successful international collaboration to systematically reduce or reflect incoming sunlight, to compensate for the consequences of a steady increase in global average temperatures as a consequence of greenhouse gas emissions.

Geo-engineering requires technologies that are not yet proven and that many scientists think may never work in any way that helps all nations evenly.

The authors acknowledge that many climate scientists are “reluctant to pursue one global climate intervention to correct for another” – a tacit recognition that humans have already inadvertently geo-engineered the climate crisis driven by global heating simply by burning fossil fuels and destroying forests. Nor do they specify a preferred version of any technology that puts sulphate aerosols or other reflecting particles into the stratosphere to reduce incoming radiation.

They simply consider the economic impacts of global temperature reductions under four different climate scenarios: if climates stabilised naturally; if temperatures went on soaring; if they were stabilised by geo-engineering; and if geo-engineering worked too well and lowered the planet’s temperature.

“A robust system of global governance will be necessary to ensure any future decisions about solar geo-engineering are made for collective benefit”

They identified historical connections between the heat of the day and the wealth of a nation. Rainfall didn’t seem to matter so much. What was important was the temperature. And in the models, temperature seemed to make all the difference.

If tomorrow’s world, thanks to geo-engineering, cooled by 3.5°C – and right now the planetary temperature seems set to rise by about that much – average incomes in countries such as Niger, Chad and Mali would rise by more than 100% in a century.

In southern Europe and the US, gains would be a more modest 20%. Impacts from country to country might vary according to each scenario. But changes in temperature driven by solar geo-engineering consistently translated, they say, into a 50% cut in global income inequality.

“We find that if temperatures cooled, there would be gains in gross domestic product per capita,” Harding said. “For some models, these gains are up to 1000% over the course of the century and are largest for countries in the tropics, which historically tend to be poorer.”

Poorest hit hardest

Researchers have consistently found that global heating brings yet more economic hardship, and even social conflict, to the world’s least developed nations: these are the countries that have benefited least from the exploitation of oil, coal and natural gas to drive wealth, and therefore contributed least to the creation of a climate crisis.

The latest study suggests that although the best way to confront the challenge is to reduce and eventually reverse greenhouse gas emissions, concerted global action – carefully agreed and executed – might in theory cool the globe and limit the losses of everybody, but especially the poorest.

There is a catch: nobody has yet agreed on the technology that would work best. And nobody knows how to achieve the other prerequisite: international co-operation.

“Our findings underscore that a robust system of global governance will be necessary to ensure any future decisions about solar geo-engineering are made for collective benefit,” the authors write. – Climate News Network

There is still no certainty that geo-engineering could save the world. But, paradoxically, if it did work it might repair climate injustice.

LONDON, 15 January, 2020 – Californian scientists have just made a case for geo-engineering as a solution to the climate crisis. One stratospheric technology – the reflection of incoming sunlight back into space – could do more than just lower global average temperatures.

It could also enhance the economic performance of some of the world’s poorest countries and reduce global income inequality by 50%.

“We find hotter, more populous countries are more sensitive to changes in temperature – whether it is an increase or a decrease,” said Anthony Harding, of Georgia Institute of Technology and the University of California at San Diego.

“With solar geo-engineering, we find that poorer countries benefit more than richer countries from reductions in temperature, reducing inequalities. Together, the overall global economy grows.”

Uneven benefits possible

Harding and his colleagues report in the journal Nature Communications that they simply applied climate models to the consequences of a successful international collaboration to systematically reduce or reflect incoming sunlight, to compensate for the consequences of a steady increase in global average temperatures as a consequence of greenhouse gas emissions.

Geo-engineering requires technologies that are not yet proven and that many scientists think may never work in any way that helps all nations evenly.

The authors acknowledge that many climate scientists are “reluctant to pursue one global climate intervention to correct for another” – a tacit recognition that humans have already inadvertently geo-engineered the climate crisis driven by global heating simply by burning fossil fuels and destroying forests. Nor do they specify a preferred version of any technology that puts sulphate aerosols or other reflecting particles into the stratosphere to reduce incoming radiation.

They simply consider the economic impacts of global temperature reductions under four different climate scenarios: if climates stabilised naturally; if temperatures went on soaring; if they were stabilised by geo-engineering; and if geo-engineering worked too well and lowered the planet’s temperature.

“A robust system of global governance will be necessary to ensure any future decisions about solar geo-engineering are made for collective benefit”

They identified historical connections between the heat of the day and the wealth of a nation. Rainfall didn’t seem to matter so much. What was important was the temperature. And in the models, temperature seemed to make all the difference.

If tomorrow’s world, thanks to geo-engineering, cooled by 3.5°C – and right now the planetary temperature seems set to rise by about that much – average incomes in countries such as Niger, Chad and Mali would rise by more than 100% in a century.

In southern Europe and the US, gains would be a more modest 20%. Impacts from country to country might vary according to each scenario. But changes in temperature driven by solar geo-engineering consistently translated, they say, into a 50% cut in global income inequality.

“We find that if temperatures cooled, there would be gains in gross domestic product per capita,” Harding said. “For some models, these gains are up to 1000% over the course of the century and are largest for countries in the tropics, which historically tend to be poorer.”

Poorest hit hardest

Researchers have consistently found that global heating brings yet more economic hardship, and even social conflict, to the world’s least developed nations: these are the countries that have benefited least from the exploitation of oil, coal and natural gas to drive wealth, and therefore contributed least to the creation of a climate crisis.

The latest study suggests that although the best way to confront the challenge is to reduce and eventually reverse greenhouse gas emissions, concerted global action – carefully agreed and executed – might in theory cool the globe and limit the losses of everybody, but especially the poorest.

There is a catch: nobody has yet agreed on the technology that would work best. And nobody knows how to achieve the other prerequisite: international co-operation.

“Our findings underscore that a robust system of global governance will be necessary to ensure any future decisions about solar geo-engineering are made for collective benefit,” the authors write. – Climate News Network

Russia moves to exploit Arctic riches

As the polar sea ice vanishes faster, Russia unveils plans to exploit Arctic riches: fossil fuel deposits, minerals and new shipping routes.

LONDON, 7 January, 2020 − The Russian government has published ambitious plans to exploit the Arctic riches off its northern coast, opening up the polar region to exploitation with a fleet of 40 ships, new roads and railways and four enlarged airports.

The plans, posted in Russian on the official government website on 30 December and signed off by prime minister Dmitry Medvedev, have been translated and reported by the independent Barents Observer newspaper, based in Norway.

The scale of the plans will alarm other Arctic nations, particularly Canada, the United States, Norway and Finland, which all have coastlines on the increasingly ice-free Arctic Ocean.

None of these has the powerful nuclear-propelled ships required to compete with Russia’s existing fleet, let alone the new ones it intends to build.

Although the Russian plans will not be completed until 2035, because the scale of shipbuilding alone is enormous, work has already begun and many of the preparations are going forward this year with a regional geological survey being conducted to pinpoint the riches to be exploited.

“In the 21st century, there will be a maritime ‘gold rush’ to the upper latitudes once conditions permit”

The Barents Observer reports that the plan builds on decrees issued by President Putin from May 2018, and a request to boost annual shipments on the Northern Sea Route across the top of Siberia to 80 million tons by 2024.

Although Rosatom, the giant state-controlled nuclear company, is leading the push to exploit the Arctic, and has already led the way with a floating nuclear power station to help provide power, there are a host of other leading Russian companies involved.

The fact that they are mostly involved in fossil fuel extraction and mineral mining will send a shiver down the spine of all those who believe that the Arctic should be left alone – and that exploiting its potential riches will ensure the destruction of much of the planet through climate change.

The Russians, on the other hand, see the Arctic as their own backyard and climate change as a way of gaining both economic and financial advantage, because Siberia will become much warmer.

Tax-free incentive

Enterprises involved include oil and gas companies Novatek, Gazprom Neft, Rosneft and the Independent Oil Company. In addition there are mineral and ore developers like Nornickel, VostokCoal, Baimskaya, KAZ Minerals, Vostok Engineering and Severnaya Zvezda.

The plans involve around 40 new vessels, several of them huge nuclear ice-breakers, designed to keep shipping lanes open in all circumstances. New railway lines, roads and bridges will be built in northern Siberia, with four airports upgraded to bring in supplies and people. Both companies and people will be encouraged by a special tax-free status for the region.

Exactly what is there to be exploited is not yet known. However, the Maritime Executive website has this to say: “What is generally understood is that there are vast resources to be harnessed. It is estimated that 30% of the world’s untapped hydrocarbons can be found in the Arctic, including a full 25% of proven hydrocarbon reserves.

“Much nickel, platinum, palladium, lead, diamonds, and other rare Earth metals are there as well. In the 21st century, there will be a maritime ‘gold rush’ to the upper latitudes once conditions permit.”

By coincidence the US Congressional Research Service put out an updated research paper on the Arctic on 20 December, discussing the tensions in the region.

American anxiety

Even before the latest Russian announcement there was concern in Washington that an Arctic takeover was planned. The document quotes US Secretary of State Michael Pompeo: “We’re concerned about Russia’s claim over the international waters of the Northern Sea Route, including its newly announced plans to connect it with China’s Maritime Silk Road.

“In the Northern Sea Route, Moscow already illegally demands other nations request permission to pass, requires Russian maritime pilots to be aboard foreign ships, and threatens to use military force to sink any that fail to comply with its demands.

“Just because the Arctic is a place of wilderness does not mean it should become a place of lawlessness. It need not be the case. And we stand ready to ensure that it does not become so.”

As the ice in the region melts, it is clear that the tensions will continue to grow. − Climate News Network

As the polar sea ice vanishes faster, Russia unveils plans to exploit Arctic riches: fossil fuel deposits, minerals and new shipping routes.

LONDON, 7 January, 2020 − The Russian government has published ambitious plans to exploit the Arctic riches off its northern coast, opening up the polar region to exploitation with a fleet of 40 ships, new roads and railways and four enlarged airports.

The plans, posted in Russian on the official government website on 30 December and signed off by prime minister Dmitry Medvedev, have been translated and reported by the independent Barents Observer newspaper, based in Norway.

The scale of the plans will alarm other Arctic nations, particularly Canada, the United States, Norway and Finland, which all have coastlines on the increasingly ice-free Arctic Ocean.

None of these has the powerful nuclear-propelled ships required to compete with Russia’s existing fleet, let alone the new ones it intends to build.

Although the Russian plans will not be completed until 2035, because the scale of shipbuilding alone is enormous, work has already begun and many of the preparations are going forward this year with a regional geological survey being conducted to pinpoint the riches to be exploited.

“In the 21st century, there will be a maritime ‘gold rush’ to the upper latitudes once conditions permit”

The Barents Observer reports that the plan builds on decrees issued by President Putin from May 2018, and a request to boost annual shipments on the Northern Sea Route across the top of Siberia to 80 million tons by 2024.

Although Rosatom, the giant state-controlled nuclear company, is leading the push to exploit the Arctic, and has already led the way with a floating nuclear power station to help provide power, there are a host of other leading Russian companies involved.

The fact that they are mostly involved in fossil fuel extraction and mineral mining will send a shiver down the spine of all those who believe that the Arctic should be left alone – and that exploiting its potential riches will ensure the destruction of much of the planet through climate change.

The Russians, on the other hand, see the Arctic as their own backyard and climate change as a way of gaining both economic and financial advantage, because Siberia will become much warmer.

Tax-free incentive

Enterprises involved include oil and gas companies Novatek, Gazprom Neft, Rosneft and the Independent Oil Company. In addition there are mineral and ore developers like Nornickel, VostokCoal, Baimskaya, KAZ Minerals, Vostok Engineering and Severnaya Zvezda.

The plans involve around 40 new vessels, several of them huge nuclear ice-breakers, designed to keep shipping lanes open in all circumstances. New railway lines, roads and bridges will be built in northern Siberia, with four airports upgraded to bring in supplies and people. Both companies and people will be encouraged by a special tax-free status for the region.

Exactly what is there to be exploited is not yet known. However, the Maritime Executive website has this to say: “What is generally understood is that there are vast resources to be harnessed. It is estimated that 30% of the world’s untapped hydrocarbons can be found in the Arctic, including a full 25% of proven hydrocarbon reserves.

“Much nickel, platinum, palladium, lead, diamonds, and other rare Earth metals are there as well. In the 21st century, there will be a maritime ‘gold rush’ to the upper latitudes once conditions permit.”

By coincidence the US Congressional Research Service put out an updated research paper on the Arctic on 20 December, discussing the tensions in the region.

American anxiety

Even before the latest Russian announcement there was concern in Washington that an Arctic takeover was planned. The document quotes US Secretary of State Michael Pompeo: “We’re concerned about Russia’s claim over the international waters of the Northern Sea Route, including its newly announced plans to connect it with China’s Maritime Silk Road.

“In the Northern Sea Route, Moscow already illegally demands other nations request permission to pass, requires Russian maritime pilots to be aboard foreign ships, and threatens to use military force to sink any that fail to comply with its demands.

“Just because the Arctic is a place of wilderness does not mean it should become a place of lawlessness. It need not be the case. And we stand ready to ensure that it does not become so.”

As the ice in the region melts, it is clear that the tensions will continue to grow. − Climate News Network

Investors fight back against climate wreckers

Investors are using their shareholdings to force polluting companies to change their ways and cut carbon emissions.

LONDON, 9 December, 2019 − Two strands of action are being taken by investors against the planet’s biggest and most polluting companies to try to coerce them into complying with climate targets.

One group, known as the divest/invest movement, and including forty of the world’s largest cities, is acting on ethical grounds, simply selling members’ shares in polluters and investing in green alternatives.

Members of the second group are hanging on to their profitable holdings but attempting to use their financial clout to persuade companies to stop killing the planet.

The first group began in 2012, basing themselves on the principles so successful in achieving divestment in South Africa during the apartheid era, which Nelson Mandela acknowledged put great pressure on the regime. DivestInvest says the number of organisations involved has grown to 1,101, which between them promise to withdraw US$8.8 trillion (£6.7tn) from fossil fuel companies.

It is a diverse group of organisations from 48 countries including banks, insurance companies, trade union and other pension funds, universities, cultural organisations and local authorities, which are unloading their shares in oil companies and other heavy polluters that profit while making little effort to curb their contribution to climate change.

Seeking maximum return

The second group, Climate Action 100+, represents more than 370 investors with over $35tn in assets. Many of these “investors” are managed funds held on behalf of thousands of individual shareholders who expect maximum return on their investments.

The managers of these funds say this duty to their investors means it is difficult to sell off shares in profitable companies, so the sensible option is to get the companies to reform.

They think this is also in the best interests of their funds, because climate change is a long-term threat to companies’ financial health and therefore to their investments. So, the argument runs, persuading polluters to change their ways to protect the planet is in everyone’s interest.

Both groups are claiming success. The trump card for the first group is that they believe fossil fuel companies, particularly coal and oil producers, will have to leave most of their “reserves” in the ground if the planet is not to heat by more than 2°C above pre-industrial levels, the internationally agreed limit.

The group argues that when the big oil companies like Shell, BP and Exxon count these reserves as assets they are deluding themselves and their shareholders, and the true worth of their companies is far less than they claim. DivestInvest calls them stranded assets.

“We are now at a tipping point. A significant number of companies have made bold commitments to achieve net zero emissions”

There is already strong evidence that this argument is having an effect on coal companies, with a string of bankruptcies in the US because sales have slumped as the power stations they supply have been unable to compete.

The movement cites some influential backers. “The fossil fuel industry is set to lose $33tn in revenues by 2040, including $27.9tn in oil and gas alone,” says Mark Lewis, global head of sustainability research at BNP Paribas Asset Management.

Sarah Butler-Sloss, founder director of Ashden, which supports sustainable energy enterprises worldwide, says: “Through DivestInvest, you can avoid the risks facing the fossil fuel sector, limit the wider climate risks, and make attractive returns from the clean economy.”

Among the lessons it draws from the experience so far of the campaigners, the Rapid Transition Alliance stresses two. It says:

“Finance is the lifeblood of the global economy. Withdrawing it from the coal, oil and gas sector pulls the plug on the fossil fuels that drive climate change. That leaves a challenge to ensure that divested funds get reinvested into low carbon transition, such as renewable energy.

Controversy continues

“Investors understand the language of risk and increasingly recognise that putting money into a potentially unusable commodity – fossil fuels which cannot be safely burned due to climate targets – runs the risk of their ‘assets’ being stranded, and therefore the loss of their investment.”

There is still controversy, though, because many in the oil industry predict that demand for their product will continue to rise for a decade or more. Others argue that there is already over-production of oil, keeping the price at less than $60 a barrel, and meaning that even setting aside the arguments about climate, extracting a large proportion of the “assets” in the ground is unlikely ever to be economic.

But although BP and Shell are said to be already “cooperating” with Climate Action 100+, fossil fuels are only part of the story. Steel, mining, and all sorts of manufacturing industries are also heavy polluters. The investors are focusing on 161 of the world’s largest polluting companies in which they are shareholders.

Apart from getting them to curb emissions, obviously a core issue, the investors are demanding that companies stop campaigning to cast doubt on the science of climate change, funding climate deniers and attacking campaigners.

The group says it has secured record support for action on climate at company meetings, with many companies committing to reaching net zero emissions. Carbon emissions are already falling, it says, although acknowledging that progress is nowhere near fast enough.

Improving on Paris

Already 70% of the 161 companies have emission reduction targets, and 9% have targets that are in line with or better than the maximum 2°C rise agreed at the Paris climate talks in 2015.

Stephanie Maier, director of responsible investment at HSBC Global Asset Management and a steering committee member at Climate Action 100+, said: “We are now at a tipping point. A significant number of companies have made bold commitments to achieve net zero emissions, with others increasingly following suit.

“Given the urgency of the situation, the role of investor engagement is critical in ensuring we build on this momentum.”

However Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change and also a steering committee member at Climate Action 100+, was more cautious.

“We have much more to do before business is on track to meet the goals of the Paris Agreement”, she said. “We must now build on the momentum achieved to date if we are to succeed in addressing the climate crisis and safeguarding investments on which the futures of millions of pensioners depend.” − Climate News Network

* * * * *

The Rapid Transition Alliance is coordinated by the New Weather Institute, the STEPS Centre at the Institute of  Development Studies, and the School of Global Studies at the University of Sussex, UK. The Climate News Network is partnering with and supported by the Rapid Transition Alliance, and will be reporting regularly on its work. If you would like to see more stories of evidence-based hope for rapid transition, please sign up here.

Do you know a story of rapid transition? If so, we’d like to hear from you. Please send us a brief outline on info@climatenewsnetwork.net. Thank you.

Investors are using their shareholdings to force polluting companies to change their ways and cut carbon emissions.

LONDON, 9 December, 2019 − Two strands of action are being taken by investors against the planet’s biggest and most polluting companies to try to coerce them into complying with climate targets.

One group, known as the divest/invest movement, and including forty of the world’s largest cities, is acting on ethical grounds, simply selling members’ shares in polluters and investing in green alternatives.

Members of the second group are hanging on to their profitable holdings but attempting to use their financial clout to persuade companies to stop killing the planet.

The first group began in 2012, basing themselves on the principles so successful in achieving divestment in South Africa during the apartheid era, which Nelson Mandela acknowledged put great pressure on the regime. DivestInvest says the number of organisations involved has grown to 1,101, which between them promise to withdraw US$8.8 trillion (£6.7tn) from fossil fuel companies.

It is a diverse group of organisations from 48 countries including banks, insurance companies, trade union and other pension funds, universities, cultural organisations and local authorities, which are unloading their shares in oil companies and other heavy polluters that profit while making little effort to curb their contribution to climate change.

Seeking maximum return

The second group, Climate Action 100+, represents more than 370 investors with over $35tn in assets. Many of these “investors” are managed funds held on behalf of thousands of individual shareholders who expect maximum return on their investments.

The managers of these funds say this duty to their investors means it is difficult to sell off shares in profitable companies, so the sensible option is to get the companies to reform.

They think this is also in the best interests of their funds, because climate change is a long-term threat to companies’ financial health and therefore to their investments. So, the argument runs, persuading polluters to change their ways to protect the planet is in everyone’s interest.

Both groups are claiming success. The trump card for the first group is that they believe fossil fuel companies, particularly coal and oil producers, will have to leave most of their “reserves” in the ground if the planet is not to heat by more than 2°C above pre-industrial levels, the internationally agreed limit.

The group argues that when the big oil companies like Shell, BP and Exxon count these reserves as assets they are deluding themselves and their shareholders, and the true worth of their companies is far less than they claim. DivestInvest calls them stranded assets.

“We are now at a tipping point. A significant number of companies have made bold commitments to achieve net zero emissions”

There is already strong evidence that this argument is having an effect on coal companies, with a string of bankruptcies in the US because sales have slumped as the power stations they supply have been unable to compete.

The movement cites some influential backers. “The fossil fuel industry is set to lose $33tn in revenues by 2040, including $27.9tn in oil and gas alone,” says Mark Lewis, global head of sustainability research at BNP Paribas Asset Management.

Sarah Butler-Sloss, founder director of Ashden, which supports sustainable energy enterprises worldwide, says: “Through DivestInvest, you can avoid the risks facing the fossil fuel sector, limit the wider climate risks, and make attractive returns from the clean economy.”

Among the lessons it draws from the experience so far of the campaigners, the Rapid Transition Alliance stresses two. It says:

“Finance is the lifeblood of the global economy. Withdrawing it from the coal, oil and gas sector pulls the plug on the fossil fuels that drive climate change. That leaves a challenge to ensure that divested funds get reinvested into low carbon transition, such as renewable energy.

Controversy continues

“Investors understand the language of risk and increasingly recognise that putting money into a potentially unusable commodity – fossil fuels which cannot be safely burned due to climate targets – runs the risk of their ‘assets’ being stranded, and therefore the loss of their investment.”

There is still controversy, though, because many in the oil industry predict that demand for their product will continue to rise for a decade or more. Others argue that there is already over-production of oil, keeping the price at less than $60 a barrel, and meaning that even setting aside the arguments about climate, extracting a large proportion of the “assets” in the ground is unlikely ever to be economic.

But although BP and Shell are said to be already “cooperating” with Climate Action 100+, fossil fuels are only part of the story. Steel, mining, and all sorts of manufacturing industries are also heavy polluters. The investors are focusing on 161 of the world’s largest polluting companies in which they are shareholders.

Apart from getting them to curb emissions, obviously a core issue, the investors are demanding that companies stop campaigning to cast doubt on the science of climate change, funding climate deniers and attacking campaigners.

The group says it has secured record support for action on climate at company meetings, with many companies committing to reaching net zero emissions. Carbon emissions are already falling, it says, although acknowledging that progress is nowhere near fast enough.

Improving on Paris

Already 70% of the 161 companies have emission reduction targets, and 9% have targets that are in line with or better than the maximum 2°C rise agreed at the Paris climate talks in 2015.

Stephanie Maier, director of responsible investment at HSBC Global Asset Management and a steering committee member at Climate Action 100+, said: “We are now at a tipping point. A significant number of companies have made bold commitments to achieve net zero emissions, with others increasingly following suit.

“Given the urgency of the situation, the role of investor engagement is critical in ensuring we build on this momentum.”

However Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change and also a steering committee member at Climate Action 100+, was more cautious.

“We have much more to do before business is on track to meet the goals of the Paris Agreement”, she said. “We must now build on the momentum achieved to date if we are to succeed in addressing the climate crisis and safeguarding investments on which the futures of millions of pensioners depend.” − Climate News Network

* * * * *

The Rapid Transition Alliance is coordinated by the New Weather Institute, the STEPS Centre at the Institute of  Development Studies, and the School of Global Studies at the University of Sussex, UK. The Climate News Network is partnering with and supported by the Rapid Transition Alliance, and will be reporting regularly on its work. If you would like to see more stories of evidence-based hope for rapid transition, please sign up here.

Do you know a story of rapid transition? If so, we’d like to hear from you. Please send us a brief outline on info@climatenewsnetwork.net. Thank you.

Coal is now too hot for insurers to handle

Empires were once built on it, but coal is now too hot for many former backers as more insurers withdraw.

LONDON, 5 December, 2019 − It’s rapidly running out of friends in the financial world: coal is now too hot for many big insurers to want anything more to do with it. The burning of coal is one of the key factors behind rising emissions of climate-changing greenhouse gases.

Now insurance companies, which play a vital role in the financing of coal plants, are announcing plans to withdraw from the sector, saying that backing organisations seeking to expand coal operations is incompatible with the 2015 Paris Agreement on climate change.

AXA, the French insurance and financial services conglomerate, is the latest to announce its withdrawal from coal projects, though this divesting programme will in some cases be phased in over a number of years.

“The fight against climate change requires engagement in a global collective action”, says Thomas Buberl, AXA’s chief executive officer.

“A plus 4°C world is not insurable. As a global insurer and investor, we know that we have a key role to play. In the spirit of the Paris Agreement, we want to accelerate our commitment and confirm our leadership in the fight against global warming”.

European phase-out

AXA says it will stop insuring any new coal construction projects. It will also totally phase out its existing insurance and investments in coal in the European Union countries by 2030, and by 2040 everywhere else.

It’s estimated that approximately 400 companies with coal plant and mine expansion plans will be affected by AXA’s action.

In 2015 AXA announced it would begin withdrawing its investments and insurance from coal projects. Two years later it said it was divesting and ending insurance in oil tar sands projects in Canada, and withdrawing insurance from a number of pipelines in the US transporting tar sands-derived oil.

A number of other large insurance and investment companies have made similar moves on coal. Allianz, the Germany-based company which is Europe’s largest insurer, announced last year that it would end insurance for all coal-fuelled power plants and for coal mines: it would also completely withdraw from the sector by 2040.

“A plus 4°C world is not insurable. As a global insurer and investor, we know that we have a key role to play. We want to accelerate our commitment in the fight against global warming”

“Banks, investors and insurers are now under great pressure to up their game on climate with new coal policy announcements”, says Kaarina Kolle of Europe Beyond Coal, a group linking various non-governmental organisations across the EU.

“This is the minimum standard for any financial institution committed to the Paris Climate Agreement’s 1.5°C warming limit.”

While climate scientists have welcomed moves to limit coal use, many nations are still heavily dependent on what is the most polluting of fossil fuels. The International Energy Agency (IEA) estimates that coal accounts for nearly 40% of electricity at present generated worldwide.

The IEA says demand rose by 1% in 2017, with a similar rise last year.  Latest statistics indicate coal use worldwide has dropped slightly this year, though total greenhouse gas emissions are still rising.

Economic slowdown

Coal consumption is forecast to drop by 11% in the US in 2019 while China, which accounts for half of total world coal consumption, is expected to use about 1% less of the fuel this year, mainly due to a slowdown in its economy.

Coal use within the EU dropped by nearly 20% in the first six months of this year.

Germany is responsible for about a third of total coal-generated power in the EU. Lignite, the most polluting coal, forms a substantial part of Germany’s energy mix.

Many countries in eastern Europe, including Poland, Romania and Bulgaria, are still heavily dependent on coal for power generation.

Eight EU countries have pledged to phase out coal use by 2030: industry analysts say other heavy coal users in the EU have to follow suit. If not, EU emissions reductions targets set under the Paris Agreement will not be met. − Climate News Network

Empires were once built on it, but coal is now too hot for many former backers as more insurers withdraw.

LONDON, 5 December, 2019 − It’s rapidly running out of friends in the financial world: coal is now too hot for many big insurers to want anything more to do with it. The burning of coal is one of the key factors behind rising emissions of climate-changing greenhouse gases.

Now insurance companies, which play a vital role in the financing of coal plants, are announcing plans to withdraw from the sector, saying that backing organisations seeking to expand coal operations is incompatible with the 2015 Paris Agreement on climate change.

AXA, the French insurance and financial services conglomerate, is the latest to announce its withdrawal from coal projects, though this divesting programme will in some cases be phased in over a number of years.

“The fight against climate change requires engagement in a global collective action”, says Thomas Buberl, AXA’s chief executive officer.

“A plus 4°C world is not insurable. As a global insurer and investor, we know that we have a key role to play. In the spirit of the Paris Agreement, we want to accelerate our commitment and confirm our leadership in the fight against global warming”.

European phase-out

AXA says it will stop insuring any new coal construction projects. It will also totally phase out its existing insurance and investments in coal in the European Union countries by 2030, and by 2040 everywhere else.

It’s estimated that approximately 400 companies with coal plant and mine expansion plans will be affected by AXA’s action.

In 2015 AXA announced it would begin withdrawing its investments and insurance from coal projects. Two years later it said it was divesting and ending insurance in oil tar sands projects in Canada, and withdrawing insurance from a number of pipelines in the US transporting tar sands-derived oil.

A number of other large insurance and investment companies have made similar moves on coal. Allianz, the Germany-based company which is Europe’s largest insurer, announced last year that it would end insurance for all coal-fuelled power plants and for coal mines: it would also completely withdraw from the sector by 2040.

“A plus 4°C world is not insurable. As a global insurer and investor, we know that we have a key role to play. We want to accelerate our commitment in the fight against global warming”

“Banks, investors and insurers are now under great pressure to up their game on climate with new coal policy announcements”, says Kaarina Kolle of Europe Beyond Coal, a group linking various non-governmental organisations across the EU.

“This is the minimum standard for any financial institution committed to the Paris Climate Agreement’s 1.5°C warming limit.”

While climate scientists have welcomed moves to limit coal use, many nations are still heavily dependent on what is the most polluting of fossil fuels. The International Energy Agency (IEA) estimates that coal accounts for nearly 40% of electricity at present generated worldwide.

The IEA says demand rose by 1% in 2017, with a similar rise last year.  Latest statistics indicate coal use worldwide has dropped slightly this year, though total greenhouse gas emissions are still rising.

Economic slowdown

Coal consumption is forecast to drop by 11% in the US in 2019 while China, which accounts for half of total world coal consumption, is expected to use about 1% less of the fuel this year, mainly due to a slowdown in its economy.

Coal use within the EU dropped by nearly 20% in the first six months of this year.

Germany is responsible for about a third of total coal-generated power in the EU. Lignite, the most polluting coal, forms a substantial part of Germany’s energy mix.

Many countries in eastern Europe, including Poland, Romania and Bulgaria, are still heavily dependent on coal for power generation.

Eight EU countries have pledged to phase out coal use by 2030: industry analysts say other heavy coal users in the EU have to follow suit. If not, EU emissions reductions targets set under the Paris Agreement will not be met. − Climate News Network

Iceland put people first to save melting economy

Faced in 2008 with a melting economy, Iceland acted fast to avoid total collapse. Icelanders’ own needs were its priority.

LONDON, 27 November, 2019 − What can you do if you’re a smallish island in the North Atlantic with a lot of snow and a melting economy? Quite a lot, it turns out, if you’re prepared to put local people’s needs first.

Iceland was hailed recently for erecting a memorial plaque to one of its most striking features, Okjökull, which shrank so drastically because of climate breakdown that it lost its status as a glacier. It was the first in Iceland to do so, and is now known, fittingly, by a diminutive, as Ok.

Barely 10 years ago, when the country was in the grip of a different crisis, the pace of its far from glacial response showed how quickly rapid changes of government policy can turn a crisis around.

Iceland was at the heart of the global financial crisis in late 2008 and was nearly destroyed by it; 97% of its banking sector collapsed in just three days. its three largest banks − Glitnir, Kaupthing and Landsbankinn − had accumulated a debt of $85 billion (£66bn), equivalent to 10 times the country’s national income (GDP), or 20 times the national budget.

These losses amounted to $330,000 for every man, woman and child on the island, whose stock market then collapsed, with huge numbers of businesses going bankrupt. Iceland approached the International Monetary Fund (IMF) for emergency aid − the first western country to do so since 1976 − and obtained a loan of $2.1bn (£1.4bn).

“It is possible that the Icelandic way of governing also played a part. Was their natural reflex to protect the many, rather than the few?”

So how did it manage to survive? First, it allowed a default on the $85bn in debt accumulated by the banks. A new national mood set in, creating lasting conditions for change and the desire for new economic approaches.

Other countries had largely let banks off the hook, but in 2015 Iceland’s Supreme Court upheld convictions against bankers at the heart of the crisis. Finance is now so sensitive that when the Prime Minister was caught up in revelations from the release of the so-called Panama Papers, he was forced from office.

The debts are now largely paid off, but most multinational businesses have left Iceland, for fear of the capital controls. A huge expansion in tourism has rescued the nation’s economy, though average wages are now much lower.

The government protected Icelanders’ bank deposits and forgave debts for a quarter of the population. As Bloomberg News reported in 2012, “Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.”

The Rapid Transition Alliance (RTA), a global initiative which aims to learn from rapid change to address urgent environmental problems, believes Iceland’s way of extricating itself quickly from the global crisis has lessons for other countries, some of which are still paying a heavy price for the events of 2008 and the way they reacted.

Contrary to the conventional wisdom that individual countries cannot independently follow radically different economic policy and control capital flows, says the RTA, Iceland shows they can, and quickly;

Radical change can usher in a virtuous circle, by becoming a habit: once you’ve started, new opportunities may open up for yet more change;

And, perhaps most surprisingly of all, the Alliance says, it is possible to put people before the demands of financial markets and still run a successful economy. Citizen engagement and economic reform can go hand in hand.

Iceland’s economy had thrived on speculative finance but, after the meltdown, rather than making the public pay for the crisis, as the Nobel economist Paul Krugman points out, Iceland “let the banks go bust and actually expanded its social safety net”. Instead of placating financial markets, it introduced temporary controls on the movement of capital to give itself room to manoeuvre.

Following this, a “pots and pans” revolution kick-started a process that led to a new citizen-drafted constitution, which succeeded in engaging half the electorate.

The constitutional exercise proposed a new approach to the ownership of natural resources for the public good, which has had a lasting effect on the country’s choices: all its electricity and heat today comes from renewable sources, and transparency has become a central part of Icelandic public life.

The RTA thinks there were several key factors that enabled such rapid and fundamental change: the extent to which the economic system was irreparably damaged; the decision by the government to respond to the people’s demands and not to those of the banks; and the decision to punish those at fault and start anew.

It concludes: “It is possible that the Icelandic way of governing also played a part, because they have a longstanding history of deeply embedded democracy and a culture that discourages hierarchy. Was their natural reflex to protect the many, rather than the few?” − Climate News Network

* * * * *

The Rapid Transition Alliance is coordinated by the New Weather Institute, the STEPS Centre at the Institute of  Development Studies, and the School of Global Studies at the University of Sussex, UK. The Climate News Network is partnering with and supported by the Rapid Transition Alliance, and will be reporting regularly on its work. If you would like to see more stories of evidence-based hope for rapid transition, please sign up here.

Do you know a story of rapid transition? If so, we’d like to hear from you. Please send us a brief outline on info@climatenewsnetwork.net. Thank you.

Faced in 2008 with a melting economy, Iceland acted fast to avoid total collapse. Icelanders’ own needs were its priority.

LONDON, 27 November, 2019 − What can you do if you’re a smallish island in the North Atlantic with a lot of snow and a melting economy? Quite a lot, it turns out, if you’re prepared to put local people’s needs first.

Iceland was hailed recently for erecting a memorial plaque to one of its most striking features, Okjökull, which shrank so drastically because of climate breakdown that it lost its status as a glacier. It was the first in Iceland to do so, and is now known, fittingly, by a diminutive, as Ok.

Barely 10 years ago, when the country was in the grip of a different crisis, the pace of its far from glacial response showed how quickly rapid changes of government policy can turn a crisis around.

Iceland was at the heart of the global financial crisis in late 2008 and was nearly destroyed by it; 97% of its banking sector collapsed in just three days. its three largest banks − Glitnir, Kaupthing and Landsbankinn − had accumulated a debt of $85 billion (£66bn), equivalent to 10 times the country’s national income (GDP), or 20 times the national budget.

These losses amounted to $330,000 for every man, woman and child on the island, whose stock market then collapsed, with huge numbers of businesses going bankrupt. Iceland approached the International Monetary Fund (IMF) for emergency aid − the first western country to do so since 1976 − and obtained a loan of $2.1bn (£1.4bn).

“It is possible that the Icelandic way of governing also played a part. Was their natural reflex to protect the many, rather than the few?”

So how did it manage to survive? First, it allowed a default on the $85bn in debt accumulated by the banks. A new national mood set in, creating lasting conditions for change and the desire for new economic approaches.

Other countries had largely let banks off the hook, but in 2015 Iceland’s Supreme Court upheld convictions against bankers at the heart of the crisis. Finance is now so sensitive that when the Prime Minister was caught up in revelations from the release of the so-called Panama Papers, he was forced from office.

The debts are now largely paid off, but most multinational businesses have left Iceland, for fear of the capital controls. A huge expansion in tourism has rescued the nation’s economy, though average wages are now much lower.

The government protected Icelanders’ bank deposits and forgave debts for a quarter of the population. As Bloomberg News reported in 2012, “Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.”

The Rapid Transition Alliance (RTA), a global initiative which aims to learn from rapid change to address urgent environmental problems, believes Iceland’s way of extricating itself quickly from the global crisis has lessons for other countries, some of which are still paying a heavy price for the events of 2008 and the way they reacted.

Contrary to the conventional wisdom that individual countries cannot independently follow radically different economic policy and control capital flows, says the RTA, Iceland shows they can, and quickly;

Radical change can usher in a virtuous circle, by becoming a habit: once you’ve started, new opportunities may open up for yet more change;

And, perhaps most surprisingly of all, the Alliance says, it is possible to put people before the demands of financial markets and still run a successful economy. Citizen engagement and economic reform can go hand in hand.

Iceland’s economy had thrived on speculative finance but, after the meltdown, rather than making the public pay for the crisis, as the Nobel economist Paul Krugman points out, Iceland “let the banks go bust and actually expanded its social safety net”. Instead of placating financial markets, it introduced temporary controls on the movement of capital to give itself room to manoeuvre.

Following this, a “pots and pans” revolution kick-started a process that led to a new citizen-drafted constitution, which succeeded in engaging half the electorate.

The constitutional exercise proposed a new approach to the ownership of natural resources for the public good, which has had a lasting effect on the country’s choices: all its electricity and heat today comes from renewable sources, and transparency has become a central part of Icelandic public life.

The RTA thinks there were several key factors that enabled such rapid and fundamental change: the extent to which the economic system was irreparably damaged; the decision by the government to respond to the people’s demands and not to those of the banks; and the decision to punish those at fault and start anew.

It concludes: “It is possible that the Icelandic way of governing also played a part, because they have a longstanding history of deeply embedded democracy and a culture that discourages hierarchy. Was their natural reflex to protect the many, rather than the few?” − Climate News Network

* * * * *

The Rapid Transition Alliance is coordinated by the New Weather Institute, the STEPS Centre at the Institute of  Development Studies, and the School of Global Studies at the University of Sussex, UK. The Climate News Network is partnering with and supported by the Rapid Transition Alliance, and will be reporting regularly on its work. If you would like to see more stories of evidence-based hope for rapid transition, please sign up here.

Do you know a story of rapid transition? If so, we’d like to hear from you. Please send us a brief outline on info@climatenewsnetwork.net. Thank you.

Waste plastic can find a useful new life

Here’s what to do with all that waste plastic, the scrap, waste and flotsam: turn it back into brand-new plastic and use it again, and again.

LONDON, 1 November, 2019 – Swedish scientists say they have found a way to recycle plastic perfectly: their new process can turn any waste plastic back into new plastic of identical quality – and recover all of it.

The process can convert thrown-away plastic bottles, cups, bags, buckets and other detritus into a gas and, from that, fashion new materials. That is, complete recycling would be possible from existing, no-longer-wanted materials rather than petrochemical feedstock.

In 2015, the world generated more than 320 million tonnes of polystyrene, polyvinyl chloride, polyethylene and other polymers. Perhaps 200 million tonnes was neither incinerated nor recycled. As much as 12 million tonnes may have escaped into the oceans. No more than 14% was collected for recovery. Only 2% could be converted to a high-quality product, and 8% became plastic of lower quality. Around 4% was lost altogether.

“We should not forget that plastic is a fantastic material – it gives us products that we could otherwise only dream of. The problem is that it is manufactured at such low cost that it has been cheaper to produce new plastics from oil and fossil gas than reusing plastic waste,” said Henrik Thunman of Chalmers University of Technology in Gothenburg, who with colleagues developed a way of “cracking” plastic with steam.

“Through finding the right temperature – which is around 850°C – and the right heating rate and residence time, we have been able to demonstrate the proposed method at a scale where we can turn 200kg of plastic waste an hour into a useful gas mixture. This can then be recycled at the molecular level to become new plastic materials of virgin quality.”

“Circular use would help give used plastics a true value, and thus an economic impetus for collecting it anywhere on Earth”

Professor Thunman and his fellow researchers report in the journal Sustainable Materials and Technologies that their process could be designed and integrated into existing petrochemical plants, and scaled up a hundredfold or more, ultimately to transform them into tomorrow’s recycling refineries.

It would work for all plastic waste, including detritus swept up by the tide, or unearthed from landfill.

Plastic is likely to be the enduring legacy of human occupation of the planet. Long after the species is extinguished, seemingly indestructible polymer evidence will endure in the rock strata to mark the Anthropocene, the human epoch.

Plastic waste pollution has been identified as a growing international  challenge and the polymers, sometimes in microparticle form, are finding their way to every part of the planet, and into the tissues of the great marine animals.

Creating a market

About 40% of global plastic waste in 2015 was collected in some form for incineration; about 60% was “disposed of”. Around 1% leaked into the natural world, to add to the threat to living things.

The latest demonstration of laboratory ingenuity from researchers determined to confront the Anthropocene challenge promises the possibility of a circular economy for the plastic that exists already.

“Circular use would help give used plastics a true value, and thus an economic impetus for collecting it anywhere on Earth,” said Professor Thunman.

“In turn, this would help minimise the release of plastic into nature, and create a market for collection of plastic that has already polluted the natural environment.” – Climate News Network

Here’s what to do with all that waste plastic, the scrap, waste and flotsam: turn it back into brand-new plastic and use it again, and again.

LONDON, 1 November, 2019 – Swedish scientists say they have found a way to recycle plastic perfectly: their new process can turn any waste plastic back into new plastic of identical quality – and recover all of it.

The process can convert thrown-away plastic bottles, cups, bags, buckets and other detritus into a gas and, from that, fashion new materials. That is, complete recycling would be possible from existing, no-longer-wanted materials rather than petrochemical feedstock.

In 2015, the world generated more than 320 million tonnes of polystyrene, polyvinyl chloride, polyethylene and other polymers. Perhaps 200 million tonnes was neither incinerated nor recycled. As much as 12 million tonnes may have escaped into the oceans. No more than 14% was collected for recovery. Only 2% could be converted to a high-quality product, and 8% became plastic of lower quality. Around 4% was lost altogether.

“We should not forget that plastic is a fantastic material – it gives us products that we could otherwise only dream of. The problem is that it is manufactured at such low cost that it has been cheaper to produce new plastics from oil and fossil gas than reusing plastic waste,” said Henrik Thunman of Chalmers University of Technology in Gothenburg, who with colleagues developed a way of “cracking” plastic with steam.

“Through finding the right temperature – which is around 850°C – and the right heating rate and residence time, we have been able to demonstrate the proposed method at a scale where we can turn 200kg of plastic waste an hour into a useful gas mixture. This can then be recycled at the molecular level to become new plastic materials of virgin quality.”

“Circular use would help give used plastics a true value, and thus an economic impetus for collecting it anywhere on Earth”

Professor Thunman and his fellow researchers report in the journal Sustainable Materials and Technologies that their process could be designed and integrated into existing petrochemical plants, and scaled up a hundredfold or more, ultimately to transform them into tomorrow’s recycling refineries.

It would work for all plastic waste, including detritus swept up by the tide, or unearthed from landfill.

Plastic is likely to be the enduring legacy of human occupation of the planet. Long after the species is extinguished, seemingly indestructible polymer evidence will endure in the rock strata to mark the Anthropocene, the human epoch.

Plastic waste pollution has been identified as a growing international  challenge and the polymers, sometimes in microparticle form, are finding their way to every part of the planet, and into the tissues of the great marine animals.

Creating a market

About 40% of global plastic waste in 2015 was collected in some form for incineration; about 60% was “disposed of”. Around 1% leaked into the natural world, to add to the threat to living things.

The latest demonstration of laboratory ingenuity from researchers determined to confront the Anthropocene challenge promises the possibility of a circular economy for the plastic that exists already.

“Circular use would help give used plastics a true value, and thus an economic impetus for collecting it anywhere on Earth,” said Professor Thunman.

“In turn, this would help minimise the release of plastic into nature, and create a market for collection of plastic that has already polluted the natural environment.” – Climate News Network

India builds homes to resist climate-linked floods

floods

Bamboo, lime and mud are traditional materials being used innovatively in southern India to rebuild homes that can withstand the impact of recurring floods.

Chennai, October 18, 2019 – The southern India state of Kerala, having lost almost a million homes in two disastrous floods in 2018 and 2019, is trying to adapt to climate change by building homes for the poor that are flood-resistant.

In two years, one-sixth of the state’s 35 million population was affected by the floods, and 1.4 million of those had to abandon their homes. Many flimsy houses were destroyed and are being rebuilt from scratch.

Realising that floods are going to be an increasingly regular occurrence in the future as climate change continues to make the weather more extreme, the state’s plan is to design and build homes that can withstand the floods. And, according to pioneering architects, they should be built of local materials such as bamboo, lime and mud.

Severe rains

These new houses will be sited, where possible, in places that will avoid inundation, but even if they are flooded in severe rains they are designed to survive the impact of the water.

The Kerala government has announced it has signed a loan agreement with the World Bank for $250 million to enhance resilience against the impacts of natural disasters and climate change.

The Kerala State Disaster Management Authority is spreading awareness of the need to construct flood-resistant houses.

Award-winning architect Gopalan Shankar is one of those building a variety of innovative new homes from traditional local materials that will withstand the floods.

“We have to live amidst natural calamities in this century. We construct homes as low-cost efficient structures to escape from damage during disasters”

He says his aim is to help the fishermen, slum dwellers and the marginalised and tribal people who suffer most from the floods a mission that has already earned him the nickname “the people’s architect”.

“We have to live amidst natural calamities in this century,” he says. “Our organisation is involved in constructing climate-resistant shelters, residential colonies and individual houses. People can pay through the nose for a house, but we construct homes as low-cost efficient structures to escape from damage during disasters.

“Interlocking mud bricks, pillars made out of treated bamboo, mud and concrete are used. For plastering, we have used coconut shells, treated bamboo and mud tiles. Bamboo is a significant replacement for steel and would match its strength.’’

Shankar started his not-for-profit business, the Habitat Technology Group, in Kerala in 1987 as a one-man band.

It took him six months to get his first commission, but he now works with 400 architects, engineers and social workers, and has 34 regional offices and 35,000 trained workers across India.

In Kerala, he has just completed construction of 250 climate-resilient homes for flood victims.

Prone to floods

“Cost-effective buildings are the need in areas prone to floods,” he says. “Construction starts with good planning and choosing the place where the house would be constructed.

“In flood-prone areas, when there is necessity to reside there, we build the house with locally-available material that would be efficient. Damage from floods would not affect the resident, physically and financially, in a big way.’

The government has a scheme giving people a subsidy to repair their homes after a flood, but encourages them to build in ways that make the homes more able to withstand future impacts.

Sandhini Gopakumar is among many house-owners who, under this scheme, are repairing and rebuilding their homes as climate-resilient structures.

He had not fully recovered from the 2018 floods before the next one came. “Even before we could cope with the damage, flood waters occupied our house next year also,” he says. “We were worried about investing in the house. As of now, we have raised the frontage of our house to avoid floodwaters next year.”

He consulted experts to help make the house strong enough to resist floodwaters in the future, so saving money on future repairs if it happens again. Now, he says, his house would withstand the onslaught even if they suffered floods and disasters every year. – Climate News Network

Bamboo, lime and mud are traditional materials being used innovatively in southern India to rebuild homes that can withstand the impact of recurring floods.

Chennai, October 18, 2019 – The southern India state of Kerala, having lost almost a million homes in two disastrous floods in 2018 and 2019, is trying to adapt to climate change by building homes for the poor that are flood-resistant.

In two years, one-sixth of the state’s 35 million population was affected by the floods, and 1.4 million of those had to abandon their homes. Many flimsy houses were destroyed and are being rebuilt from scratch.

Realising that floods are going to be an increasingly regular occurrence in the future as climate change continues to make the weather more extreme, the state’s plan is to design and build homes that can withstand the floods. And, according to pioneering architects, they should be built of local materials such as bamboo, lime and mud.

Severe rains

These new houses will be sited, where possible, in places that will avoid inundation, but even if they are flooded in severe rains they are designed to survive the impact of the water.

The Kerala government has announced it has signed a loan agreement with the World Bank for $250 million to enhance resilience against the impacts of natural disasters and climate change.

The Kerala State Disaster Management Authority is spreading awareness of the need to construct flood-resistant houses.

Award-winning architect Gopalan Shankar is one of those building a variety of innovative new homes from traditional local materials that will withstand the floods.

“We have to live amidst natural calamities in this century. We construct homes as low-cost efficient structures to escape from damage during disasters”

He says his aim is to help the fishermen, slum dwellers and the marginalised and tribal people who suffer most from the floods a mission that has already earned him the nickname “the people’s architect”.

“We have to live amidst natural calamities in this century,” he says. “Our organisation is involved in constructing climate-resistant shelters, residential colonies and individual houses. People can pay through the nose for a house, but we construct homes as low-cost efficient structures to escape from damage during disasters.

“Interlocking mud bricks, pillars made out of treated bamboo, mud and concrete are used. For plastering, we have used coconut shells, treated bamboo and mud tiles. Bamboo is a significant replacement for steel and would match its strength.’’

Shankar started his not-for-profit business, the Habitat Technology Group, in Kerala in 1987 as a one-man band.

It took him six months to get his first commission, but he now works with 400 architects, engineers and social workers, and has 34 regional offices and 35,000 trained workers across India.

In Kerala, he has just completed construction of 250 climate-resilient homes for flood victims.

Prone to floods

“Cost-effective buildings are the need in areas prone to floods,” he says. “Construction starts with good planning and choosing the place where the house would be constructed.

“In flood-prone areas, when there is necessity to reside there, we build the house with locally-available material that would be efficient. Damage from floods would not affect the resident, physically and financially, in a big way.’

The government has a scheme giving people a subsidy to repair their homes after a flood, but encourages them to build in ways that make the homes more able to withstand future impacts.

Sandhini Gopakumar is among many house-owners who, under this scheme, are repairing and rebuilding their homes as climate-resilient structures.

He had not fully recovered from the 2018 floods before the next one came. “Even before we could cope with the damage, flood waters occupied our house next year also,” he says. “We were worried about investing in the house. As of now, we have raised the frontage of our house to avoid floodwaters next year.”

He consulted experts to help make the house strong enough to resist floodwaters in the future, so saving money on future repairs if it happens again. Now, he says, his house would withstand the onslaught even if they suffered floods and disasters every year. – Climate News Network