SNAPSHOT: Fossil Divestment Gains Momentum as Global Finance Begins to Realign

 
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2018 saw major progress in the determined push for fossil fuel divestment and realignment of the world’s financial flows to drive faster decarbonization. But there was still more work to be done.

In September, just ahead of the Global Climate Action Summit in San Francisco, 350.org reported that the global fossil divestment movement had reached US$6.24 trillion in assets under management, a 120-fold increase over four years. And after years of seeing the campaign dismissed as impractical or unrealistic, there was a definite “said it couldn’t be done” tone to 350’s announcement. “Since it was first launched by students as a moral call to climate action in 2011, the fossil fuel divestment movement has grown tremendously in impact and scope, with new divestment commitments from a broad array of institutions ranging from medical associations, to religious institutions, to museums, which are dropping fossil fuel company sponsorships,” 350 noted. “In 2018, the movement also saw new growth outside the United States and Europe, with divestment commitments from Pakistan, India, Fiji, and Bangladesh.”

In the course of the year, Norway edged closer to a decision to drop the $40 billion in oil and gas stocks it holds in its $1-trillion sovereign wealth fund, the mayors of London and New York City urged their counterparts around the world to dump their fossil investments, and New York promised $5 billion in divestment by 2023. The Royal Bank of Scotland cut funding for Arctic oil and tar sands/oil sands projects and tightened up its loan criteria for coal. Irish parliamentarians voted to divest from fossil fuels, UK solar entrepreneur and advocate Jeremy Leggett said the iconic Lloyd’s of London was 25 years late in its decision to divest from coal, and the McGill University senate in Montreal voted in favour of divestment.

Fossil executives searched for public relations strategies to combat the growing divestment movement. BP CEO Bob Dudley called for trillions in new fossil spending and cast climate risk disclosure as a danger to his industry. Big institutional investors demanded a sharper climate focus as colossal fossils entered annual meeting season in late May, but Exxon shareholders still committed a “failure of epic proportions” by declining to set a higher standard for climate risk disclosure.

The big HSBC bank cut off investment in Arctic drilling, tar sands/oil sands, and most coal projects. The world’s biggest insurer, Allianz, dropped its coverage for coal projects, ING announced a new “science-based approach” to aligning its €500-billion lending portfolio toward the Paris targets, and the Financial Times called it a “welcome and logical development” that the insurance industry was backing away from coal and other fossils. “A pressing question,” the paper editorialized, “is whether there are some activities that the global insurance industry should not make possible. Climate campaigners are calling on insurers to stop providing cover for the coal industry, arguing that it is both a moral imperative and a matter of self-interest, given the rising costs to insurers of natural disasters and the havoc global warming could wreak on their business models.” An international campaign urged reinsurers to do the same, and the Institute for Energy Economics and Financial Analysis predicted that “other industrial behemoths” would follow the lead of Tokyo-based conglomerate Marubeni in stepping away from future coal projects.

Changing investor perceptions were pointing toward declining demand for oil. A big U.K. investment fund demanded that the chair of Loblaws resign over the company’s slow response to the climate crisis. Canadian banks were said to be swinging into action as investors demanded a closer look at the carbon risk in their portfolios, but 44% of Canadian companies were still failing to disclose that risk. Low-carbon stock indices were getting more mainstream attention from fund managers, and British Columbia faced scrutiny over its C$1 billion per year in fossil subsidies, largely devoted to building up its liquefied natural gas industry.

But against that uptick in activity, a Sierra Club report in early April showed private banks around the world, including Canada’s Big Five, increasing their fossil fuel investments by 11% and their tar sands/oil sands financing by 111% in 2017. A close connection to fossils was giving Canadian banks a continuing interest in the industry’s continuing growth, and too many big insurers were still undercutting the Paris Agreement with their coal and tar sands/oil sands investments. Multilateral banks were falling short as well, as dollars for fossil projects continued to flow, although the World Bank turned down financing for a new 500-megawatt coal plant in Kosovo, leaving the Kosovar government to seek financial support from the Trump administration.

The rewards for accelerated fossil divestment were clearly sweet. The Global Commission on the Economy and Climate concluded that the post-carbon transition would produce at least US$26 trillion in economic benefits through 2030, create more than 65 million low-carbon jobs, prevent 700,000 premature deaths, and deliver $2.8 trillion in government revenues in a single year. The second edition of French President Emmanuel Macron’s One World Summit delivered a flurry of new financing commitments during Climate Week in New York City, as an investor-led revolution began pulling financing away from fossil fuels. Environmental Defence climate and energy program manager Patrick DeRochie asserted that green investment and fossil divestment go hand in hand, and the CEO of the $300-billion Caisse de dépot et placement du Québec, Michael Sabia, urged big investors to get onboard a multi-trillion-dollar opportunity. Analysts expected breakaway growth for green bonds in 2018, and the Canadian Pension Plan Investment Board closed renewable energy investment deals in India and Ontario.

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With $170/Tonne Carbon Price, $15B in New Spending, Canada’s 2030 Carbon Target Still Falls Far Short

Prime Minister Justin Trudeau unveiled an updated national climate plan earlier this month that includes a $170-per-tonne carbon price in 2030, C$15 billion in new climate spending, a more modest Clean Fuel Standard, and a slight increase in the country’s 2030 carbon reduction goal—just barely enough to keep the government’s promise to boost its ambition beyond the 30% target originally adopted by the Stephen Harper government in 2015.

Canada Boosts Fossil Subsidies to $14.3B Per Year, Joins Saudi Arabia as G20’s Top Two Oil and Gas Funders

Canada averaged US$14.3 billion per year in fossil fuel subsidies between 2017 and 2019, earning it top ranking alongside Saudi Arabia as the two G20 countries with the most generous subsidies for oil and gas production, according a scorecard issued in November by three international think tanks.

‘Now Fix the Future’: UN Climate Ambition Summit Delivers Progress, Leaves More Ground to Cover

Leaders and diplomats from 75 countries closed out the Climate Ambition Summit Saturday with solid progress in the road to stabilizing average global warming at 1.5°C, but a lot more ground to cover before they reconvene in Glasgow next year for the next United Nations climate change conference, COP 26.

‘Damn It Feels Good to Win’: Historic Diversity, Serious Climate Expertise as Biden Cabinet Takes Shape

As U.S. President-elect Joe Biden’s cabinet and senior White House appointments take shape, a picture is emerging of an administration that will be keenly focused on climate action and environmental justice—not only in the key portfolios traditionally responsible for environment and natural resources, but in important related areas from treasury to health, from transportation to trade.

EU Adopts 55% Target, But Fine Print Points Toward Slower Carbon Cuts

The European Union is boosting its greenhouse gas reduction target to 55% from 1990 levels by 2030, prompting negotiators to take a victory lap but climate analysts to raise warnings about loopholes in a deal that still doesn’t go far enough, fast enough toward decarbonization.

The Rise of SWB: Seba Says Solar, Wind, Batteries Can Deliver 100% RE by 2030, Make New Fossil Investment Irrational

An all-renewable electricity system is “both physically possible and economically affordable by 2030,” according to a new report from the RethinkX think tank, write co-founder Tony Seba and research fellow Adam Dorr in an early November post for Utility Dive.

Mass Migration Looms as Central America Reels from Hurricane Damage

As citizens battle to rebuild—again—after the destruction of November’s back-to-back Category 4 hurricanes in Central America, aid workers and political leaders are pleading for help from wealthy nations. Forecasting ever-deepening poverty, despair-driven violence, and even famine, observers are warning of an exodus should help not come.

‘No Vaccine for Climate Change’, Red Cross Warns, as Disasters Kill 410,000 in 10 Years

There’s “no vaccine for climate change” in a world that has seen more than 100 climate disasters since the COVID-19 pandemic was declared, and where 410,000 people have lost their lives to extreme weather and other climate impacts in the last decade, the International Red Cross warned in a report in November.

Alberta Considers $5-Billion Petrochemical Deal with Saudi Investor

After years of insisting that tar sands/oil sands bitumen is ethically superior to petroleum from countries like Saudi Arabia, the Jason Kenney government in Alberta has decided it likes the desert kingdom just fine as a possible source of investment for a new C$5-billion petrochemical plant.

Ottawa Releases Flurry of New Announcements on Tree Planting, Hydrogen, Clean Fuels, SMRs

The Trudeau government is continuing its flurry of year-end policy moves on climate change and energy, with announcements earlier this week on hydrogen strategy and tree planting and more news expected today on a narrowed Clean Fuel Standard and small modular nuclear reactors.

‘Damn It Feels Good to Win’: Historic Diversity, Serious Climate Expertise as Biden Cabinet Takes Shape

As U.S. President-elect Joe Biden’s cabinet and senior White House appointments take shape, a picture is emerging of an administration that will be keenly focused on climate action and environmental justice—not only in the key portfolios traditionally responsible for environment and natural resources, but in important related areas from treasury to health, from transportation to trade.

In Conversation: World Energy Outlook’s Role is to Reflect Current Policy Plans, Push Decision-Makers to Do More, IEA’s Wanner Says

Brent Wanner is Power Sector Modelling Lead with the team that produces the annual World Energy Outlook (WEO) for the International Energy Agency. In this feature interview, he talks about the path to 1.5°C, the breakaway growth potential in renewable energy, and why the WEO’s purpose is to model the climate implications of current government policies and plans as a way to nudge policy-makers toward more ambitious climate action.

New East End Montreal LRT Will Be 25 to 70% Faster than Driving

Montreal’s light rail network has announced a C$10-billion expansion into the city’s perpetually underserved east end, meaning that residents will be just a minutes-long trip away from downtown once the 23 new stations and 32 kilometres of track go into service in 2029.

Ontario Guts Conservation Authorities, Risking ‘Irreversible Damage’ in Flood Zones

Overreaching, unnecessary, and downright dangerous is how Ontario’s 36 conservation authorities are describing a new provincial law that limits their power to protect an already vulnerable public from increasing flood risks—a threat the Ford government continues shrug off.

Lloyd’s Promises 2030 Withdrawal from Fossil Fuel Project Insurance, Draws Fire for Slow Timeline

The world’s biggest insurance network, UK-based Lloyd’s, is promising to end new investments in tar sands/oil sands, Arctic oil and gas, and coal by 2022 and stop insuring any fossil projects at all by 2030.

https://en.wikipedia.org/wiki/Mining_in_India

Pakistan Halts 27,000 MW of New Coal Development

Amid the 75 action commitments that different countries put forward at the United Nations Climate Ambition Summit last weekend, the Institute for Energy Economics and Financial Analysis (IEEFA) is pointing to a pledge from Prime Minister Imre Khan that Pakistan “will not have any more power based on coal”.

U.S. Solar Sees Record Expansion in 2020

Neither the COVID-19 pandemic nor policy uncertainty held U.S. utility-scale solar back in 2020, with a record year on track to see more than 19 gigawatts of new capacity installed—enough to power 3.6 million homes.

Trump Oil and Gas Auction in California Nets Only $46,000

EU Could Add 100 GW of Offshore Wind by 2030

Andhra Pradesh Plans 6.4 GW of Solar for Farm Users

WoodGreen Community Housing Retrofit Wins International Energy Efficiency Certification

B.C.’s Ballard Power Looks to Revamp Long-Haul Transport with Hydrogen

Laval Buys 28,000 Square Metres for Urban Park

‘Daring Statement’ Has Philippine Bank Dumping Future Coal Financing

EU Sets New Environmental Standards for Batteries

Big Green Hydrogen Developers Aim to Boost Production 50-Fold in Six Years

Amazon Takes Lead in Corporate Clean Energy with 3.4-GW Buy

China Can Use Development Finance to Drive Green Recovery

Southern California Utility Orders 590 MW of Grid-Scale Batteries

Two-Thirds of Canadians Want Ambitious Action on Clean Energy, Green Technology

Two-thirds of Canadians would like to see their country as either “world leading” or “among the most ambitious” in the shift to clean energy and clean technology, according to the latest in a series of surveys conducted by Clean Energy Canada and Abacus Data.

Federal Climate Plan Garners Positive Response, Creates ‘Put-Up-Or-Shut-Up Moment’ for Alberta Fossils

A new federal climate strategy with a C$170-per-tonne carbon price at its core is receiving a largely positive response in initial media coverage, with news outlets and pundits crediting the government of Prime Minister Justin Trudeau with developing a program that might work—and telling provincial premiers to get with the program.

Exxon Faces Fierce Pushback After Climate Plan Offers No Guarantee of Emission Reductions

The pushback was fierce and pretty much instantaneous this week after colossal fossil ExxonMobil announced a vague climate plan that would reduce its greenhouse gas emissions per unit of oil and gas extraction, with almost nothing to say about the real cuts in carbon pollution required by climate science.

Energy Transition Could Cut Future LNG Demand by 75%, Leave Long Trail of Stranded Assets

Renewable energy, energy storage, energy efficiency, and green hydrogen are set to draw away more than 75% of future demand for liquefied natural gas (LNG), analysts at Wood Mackenzie warned last week.

With Fossil Plants Running Out of Time, U.S. Grid Decarbonization May Cost Less than Expected

With nearly three-quarters of the country’s fossil-fuelled power plants reaching the end of their operating life by 2035, it will probably cost the United States less than expected to decarbonize its grid over that time span, according to a new analysis published earlier this month in the journal Science.

Quebec E-Bus Builder Lion Electric Signs $500-Million Merger Deal, Enters NY Stock Exchange

Saint-Jérôme, Quebec-based electric bus and truck manufacturer Lion Electric announced what one industry newsletter calls a “power move on the competition” late last month, signing a US$500-million merger deal that will win it a coveted listing on the New York Stock Exchange.

Property Disclosure Laws Fall Behind as U.S. Flood Risk Rises

As flood risk grows in tandem with the climate crisis, absent or weak disclosure laws are putting the safety and financial well-being of millions of Americans at risk.

Colorado Start-Up Receives Grant to Shift Oil and Gas Wells to Geothermal

Calgary Tech Firm Raises Hopes for Local Diversification

Greenbelt Foundation Invests $500K in Climate Preparedness

Thai Investor Delays Decision on $10B Ohio Petrochemical Complex

Texas State Senator Proposes Study of 100% RE

Minnesota Ratepayers Get Refund to Reflect Falling Wind Costs

France Opens Bids for 1 GW of New Wind Off Normandy Coast

New Climate Ambitions May Drive Up Green Bond Activity in Asia

Uzbekistan Considers 11 Bidders for 200-MW Solar Procurement

Polish State Fossil Buys Major Media Company

Japan Aims for Net-Zero by 2050, Fossils Below 50% of Power Supply by 2030

With $170/Tonne Carbon Price, $15B in New Spending, Canada’s 2030 Carbon Target Still Falls Far Short

Prime Minister Justin Trudeau unveiled an updated national climate plan Friday that includes a $170-per-tonne carbon price in 2030, C$15 billion in new climate spending, a more modest Clean Fuel Standard, and a slight increase in the country’s 2030 carbon reduction goal—just barely enough to keep the government’s promise to boost its ambition beyond the 30% target originally adopted by the Stephen Harper government in 2015.

‘Now Fix the Future’: UN Climate Ambition Summit Delivers Progress, Leaves More Ground to Cover

Leaders and diplomats from 75 countries closed out the Climate Ambition Summit Saturday with solid progress in the road to stabilizing average global warming at 1.5°C, but a lot more ground to cover before they reconvene in Glasgow next year for the next United Nations climate change conference, COP 26.

UK Becomes First Major Economy to Ban Public Finance for Overseas Fossil Projects

Climate campaigners were parsing language and awaiting details Friday after the United Kingdom announced it would become the first major world economy to promise an end to public financing of overseas fossil projects.

Paris Agreement Pushes Low-Carbon Solutions to Mass-Market Appeal This Decade, Analysts Conclude

While global greenhouse gas emissions have risen from 53 to 55 billion tonnes per year since the Paris Agreement was adopted in 2015, low-carbon solutions are poised for mass-market appeal in sectors representing 70% of emissions by 2030, creating more than 35 million net new jobs along the way, according to an analysis released last week by SYSTEMIQ.

EU Adopts 55% Target, But Fine Print Points Toward Slower Carbon Cuts

The European Union is boosting its greenhouse gas reduction target to 55% from 1990 levels by 2030, prompting negotiators to take a victory lap but climate analysts to raise warnings about loopholes in a deal that still doesn’t go far enough, fast enough toward decarbonization.

Pembina Urges National Emission Reduction Strategy, Funding for Freight Sector

A new report calls for Ottawa to provide financial support to help the freight transportation industry reduce greenhouse gas emissions through the purchase of zero-emission vehicles and charging stations.

‘New Energy Super-Majors’ Are Renewable, Bloomberg Finds

CPPIB Plans New Investments in European Renewables

Earth Day Canada Launches EV Charging Network with IGA

Activist Investor Scorches Ovintiv for ‘Excessive’ Executive Pay

Locals Evacuate as Winds Fan South California Canyon Fires

2020 Storms Were ‘Just a Preview’ for Central America

North Sea Consortium Looks to Old Oil Wells for Geothermal

IEA Touts Solar as Solution for Africa as Electricity Access Declines

Tar Sands/Oil Sands, Fracking First to Go as NY Pension Fund Pledges Fossil Divestment by 2040

New York State’s pension has announced plans to drop the “riskiest” oil and gas stocks from its massive investment portfolio by 2025 and fully divest by 2040, making it the first U.S. state and the biggest pension fund in the world to make such a commitment.

Shell Faces Wave of Resignations as Execs Question Commitment to Carbon Reduction Plan

Royal Dutch Shell is facing a wave of resignations among clean energy executives who’ve become disillusioned with the colossal fossil’s highly-touted carbon reduction plan, just weeks before a major strategy review due to be released in February.

Fossil Financing Continues as Emissions Gap Report Points to 3.0°C Average Warming

With record greenhouse gas emissions in 2019 on track to deliver 3.0°C average global warming, the United Nations Environment Programme (UNEP) is calling on the world’s wealthiest countries to cut their carbon footprints by a factor of 30 to hold off the worst effects of climate change, while climate campaigners point to a dozen fossil megaprojects set to drive emissions even higher.

In Conversation: Climate Response, COVID Recovery Must Factor in Adaptation, Bardswick and Ness Say

Kathy Bardswick is President and Ryan Ness is Adaptation Research Director of the Canadian Institute for Climate Choices. In this feature interview, they talk about their new report on climate impacts and adaptation, the close connections between adaptation and mitigation, and how to get rolling on climate action while the detailed data is still taking shape.

New Report Shows Path to 1.5°C with Less Consumption, Basic Income, and a ‘Good Life for All’

A 25% reduction in average living space in developed countries, less food waste and meat consumption, less road-based transport, better infrastructure, and “relocalization” of economies are key elements of a new 1.5°C scenario from two European think tanks that charts a course to stabilize the climate by mid-century, while balancing the economies of the Global North and South.

As Canada Spends Billions on Pipelines, First Nations Communities Still Wait for Water

Despite being one of the wealthiest nations on Earth and having an abundance of fresh water, Canada can’t seem to find a way to secure clean water for First Nations communities—though it will move heaven and earth to pipe its oil and gas to market.

Prairies Face ‘Consecutive Years of Severe Drought’ from Drier, Warmer Climate

Federal scientists are predicting a hot, dry, and fiery future for the Prairies. “In a warming climate, you can expect extreme weather events to occur with increased severity,” said Dave Sauchyn, a professor at the University of Regina and a lead author of an extensive report released Monday by Natural Resources Canada.

Virginia Utility Cancels $200-Million Gas Peaker Plant

PEI Legislature Adopts Net Zero by 2040

German EV Registrations Approach 29,000 Per Month

2050 Targets Are Too Far Away for Investors: De Cordova

Pandemic Expected to Trigger Second Bankruptcies for Some U.S. Fossils

Pandemic, Price Crash Wipe Out 3,000 Fossil Jobs in Alaska

Hurricanes Drive Gulf of Mexico Oil Output to Lowest Level Since 2008

Ohio Start-Up Plans to Create Jobs by Reusing EV Battery Cells

Iberdola Plans to Double Installed Capacity by 2025, Embrace Smart Grids and Storage

Indonesia Nabs $600M Renewables Loan from Asian Development Bank

13 Small Hydro Projects Boost Rural Electrification in Pakistan

Barcelona Scrambles to Save Disappearing Beaches

High-Voltage DC Line with Storage Would Link California with U.S. Midwest

European Analyst Sees Diesel Engine Entering its Sunset

Poland Could Cut Emissions 44-51% by 2030, Think Tank Says

Swedish Iron Ore Miner to Invest $46.5B in Carbon-Free Production

Tougher Climate Policies Make Trans Mountain a Money-Loser, Parliamentary Budget Officer Warns [Sign-on]

The Trans Mountain pipeline is still a profitable venture for the federal government, but could end up losing money as a result of tougher climate change policies, declining oil demand, construction delays, and rising costs, Parliamentary Budget Officer Yves Giroux concludes in a report released yesterday.

Quebec Rules Out Provincial Funding, Won’t Cancel Project After 110,000 Sign Petition Against GNL Québec Megaproject

Quebec Premier François Legault has ruled out provincial financial support for a plan to build the GNL Québec liquefied natural gas (LNG) terminal in the province’s Saguenay region, but stopped short of cancelling a controversial and high-carbon project that he previously supported.

Globe Editorial Board Calls for Deep Investment in Canadian Public Transit

With Canada’s government short on specifics for how the billions in “smart investments” promised in its recent Fall Economic Statement will be spent, the Globe and Mail is calling for deep investments in public transit as a timely and just use of the funds.

$875M Quebec Biofuel Project Will Process Non-Recyclable Waste, Prevent Methane Emissions

Quebec and federal officials announced an investment Tuesday in a biofuel production facility that will use non-recyclable residual materials, diverting those items from landfills while reducing greenhouse gases in the province.

‘Checking the Box’ on Environmental Justice Produces $8-Billion Liability for Virginia Utility Giant

Callous disregard for community health has left a Virginia utility giant on the hook for a US$8-billion cancelled pipeline. And more of the same lies ahead for fossil interests as citizens, courts, and legislators increasingly say to no to projects that bode ill for people and climate.

New York Utilities Could Lose Licences Over Poor Hurricane Response

German Utilities Bid for Government Support to Phase Out Coal

GM Speeds Up EV Investment in All-Out Push to Catch Tesla

Build EVs to Hit Climate Targets, Boost Manufacturing, Clean Energy Canada Urges

Chalk River Nuclear Lab Slated for $1B in New Investment this Decade

New Installations to Deliver 1,000 MWh of Battery Capacity in Colorado, New Mexico, Texas

Virginia Clean Economy Law Pushes Coal Utility Toward Renewables

Developers See Bright Future for Small Hydro in Africa

Norway Plans to Ramp Up Oil Production in 2021

BREAKING: Canada Places Dead Last on Energy Use, Fourth-Last Overall in Global Climate Change Performance Index

Canada posts the fourth-worst climate performance in the world, ahead only of Iran, Saudi Arabia, and the United States, and no country is consistent with the overall targets in the 2015 Paris Agreement, in the latest edition of the Climate Change Performance Index (CCPI) published this morning by Germanwatch, the NewClimate Institute, and Climate Action Network-International.

Alberta Power Producer Announces 2023 Coal Phaseout as Province Pushes Rocky Mountain Mining Leases

Alberta took one step forward and one step back on the road to phasing out coal, with independent power producer Capital Power announcing it was speeding up its shift to coal-free electricity but the province opening up new mining leases across nearly 2,000 hectares on the eastern slopes of the Rocky Mountains.

Record Losses from Climate Disasters Are ‘Tip of the Iceberg’ for Canada, Institute Warns

The billions of dollars Canadians are already paying out for weather-related climate disasters are just the tip of a much bigger iceberg that calls for proactive investment in climate adaptation and resilience, the Canadian Institute for Climate Choices (CICC) concludes in a report issued last week.

Energy Efficiency Improvements Stall Out as COVID-19 Roils National Economies

The International Energy Agency is blaming the COVID-19 pandemic for dragging annual improvements in energy efficiency down to their lowest pace since 2010, in a report that urges governments to pick up the pace on efforts to reduce global primary energy intensity.

Netherlands Citizens Sue Royal Dutch Shell for Emissions Reductions

A group of environmental organizations representing thousands of Dutch citizens have launched a civil case against Royal Dutch Shell, asking a district court to order the fossil giant to cut its carbon emissions 45% by 2030.

Climate Crisis will Force Gulf Petro-States to Embrace Renewables, Expert Review Concludes

Member petro-states of the Gulf Cooperation Council (GCC) in the Middle East can—and must—accelerate their adoption of renewable energy if they are to avoid the worst impacts of the climate crisis, say a team of experts from the region.

Overnight Demise of Film Cameras Could Predict Future of Fossil Fuels, Investment Writer Says

Look no farther than the demise of film cameras from 1995 to 2007—and the subsequent crash of the digital cameras that briefly replaced them—as evidence that the clean energy “crossover” will be the investment story of the year in 2021, Australian business writer Ryan Dinse advises in a post published late last month.

Russian Colossal Fossil Rosneft Plans New Arctic Production Zone

Seattle Firm Plans First Small Modular Reactor at Chalk River, Ontario

Fort Nelson-Area First Nation Seeks Provincial Funding for Geothermal Project

ConocoPhillips to Lay Off 500 at Houston Head Office

Appalachian Fracking Industry Shows Sea of Red Ink

Massachusetts Okays 809-MW Offshore Wind Project

OPEC+ Oil Pricing Coalition Shows Signs of Fraying

Albania Invites Bids for 100-MW Solar Park

Projection Shows Central, Eastern Europe Renewables Hitting 34% by 2030

Don’t Let Fossil-Derived Hydrogen Undermine New Federal Strategy, Climate Hawks Urge

The Canadian government has a chance to tap into renewably-produced hydrogen as a way to decarbonize key sectors of the economy, but not if it allows that potential to be “undermined by a focus on fossil fuel-derived hydrogen,” a list of 27 environmental organizations and other non-profits warned last week in a letter to Natural Resources Minister Seamus O’Regan and three of his cabinet colleagues.

Opinion: For Ottawa, Delayed Climate Action Could Mean Relying on ‘Expensive, Unproven’ Carbon Capture Technologies

Last month, the federal government released its long awaited plan to tackle greenhouse gas emissions and climate change. Bill C-12, if passed, commits Canada to “binding” targets every five years as of 2030 with the goal of achieving net-zero emissions by 2050.

Call Off ‘War on Nature’, Guterres Urges, as WMO Puts Global Warming at 1.2°C

With the World Meteorological Organization (WMO) warning that the Earth has warmed 1.2°C since the mid-1800s, and a high-stakes virtual climate summit coming up December 12, United Nations Secretary General António Guterres is urging humanity to call off its “war on nature” and get greenhouse gas emissions under control.

U.S. Public Lenders Ignore Risks as Climate-Driven Mortgage Crisis Looms

As U.S. public mortgage lenders Fannie Mae and Freddie Mac continue to turn a mostly blind eye to climate risk, policy experts warn that such ostrich-like behaviour could spark a reprise of the 2008 housing crisis—with low-income and minority communities, as always, in the crosshairs.

Canadian Urban Couriers Test Switch from Cars to E-Bikes

In a bid to reduce both emissions and costs—especially as online shopping explodes—major parcel couriers in Toronto and Montreal are experimenting with delivery by e-bike and trike. Collateral benefits include cleaner air, safer pedestrians and cyclists, and delivery workers delighted to be out from behind the wheel.

Popular UK Football Team Urged to End Sponsorship from Major Coal Funder

A popular football team in the United Kingdom is under pressure to part company with the AIA insurance company as its jersey sponsor, after campaigners revealed the Hong Kong-based insurer has invested at least US$3 billion in various coal projects.

Poll Shows No Public Mandate for Quebec LNG Project as ‘Fierce’ Opposition Mounts

HSBC Sees China Solar Installations Exceeding 75 GW Per Year by 2025

Study Shows UK Insurance Industry ‘in Denial’ on Climate Impacts

Exxon Cuts Oil Price Projections 11-17% through 2027

Bank of Montreal Abandons U.S. Fossil Market

Manitoba Spends Only 9% of Available Federal Funds on GHG Reductions

Montreal’s Boralex Buys Solar Farms in Alabama, Indiana, California

Big Utility to Shutter 1.6 GW of Texas Coal Capacity in 2028

Fossils Funded U.S. Politicians Who Pushed Anti-Protest Laws

Mountain Valley Pipeline Reports New Delays, Cost Overruns

California Freezes Insurance in Wildfire Areas

European Wind, Solar Join Forces to Promote Green Hydrogen Over Blue

Deutsche Bahn, Siemens Look to Hydrogen Trains to Replace Diesel

Solar Irrigation Replaces Diesel, Saves Egyptian Farmers $875M per Year

Goldman Sachs Sees Renewables Dominating Energy Investment in 2021

BREAKING: Countries’ Fossil Extraction Plans Drive Emissions Far Past 1.5°C Limit

Although the COVID-19 pandemic has brought a “potential turning point” in global fossil fuel production, countries will drive greenhouse gas emissions far beyond a 1.5°C limit on average warming if their published plans to increase coal, oil, and gas extraction come to pass, according to the 2020 Production Gap Report issued this morning by five major international agencies.

Fiscal Update Delivers ‘Downpayment’, Falls Short of Full Funding for Green Recovery

Finance Minister and Deputy Prime Minister Chrystia Freeland is receiving mixed reviews for the green components of a Fall Economic Statement that includes $5,000 grants to help households fund energy retrofits, a $150-million boost for zero-emission vehicle infrastructure, nearly $4 billion over 10 years for a list of nature-based climate solutions, and a promise of permanent funding for public transit systems.

Home Retrofit Grants Won’t Deliver the Energy Savings the Climate Crisis Demands, Analysts Warn

Impatience is building among policy analysts behind the push for mass, deep energy retrofits as a cornerstone of Canada’s post-pandemic green recovery, after this week’s Fall Economic Statement from Finance Minister and Deputy Prime Minister Chrystia Freeland came up with just a fraction of the funding and none of the design and structure that a comprehensive program would require.

Exxon Writes Off $20 Billion, Imperial $1.2 Billion as Gas Properties Become Stranded Assets

Colossal fossil ExxonMobil announced yesterday that is writing off US$17 to $20 billion in natural gas holdings in North and South America as stranded assets, on the same day that its Canadian subsidiary Imperial Oil declared that it never expects to develop gas properties in Alberta worth up to C$1.2 billion.

Bank of America Becomes Last of Six Big U.S. Lenders to Abandon Arctic Drilling

The Bank of America has become the sixth of six big U.S. banks to declare that it won’t invest in fossil projects in the Arctic, including the ecologically precarious Arctic National Wildlife Refuge in Alaska.

Price: Following the Money Spotlights ‘Big Banks’ Green Bafflegab’

There must be a basement somewhere on Bay Street full of English majors, writes campaigner and Engagement Organizing author Matt Price. Every day they churn out great reams of verbiage about “environmental, social and governance strategy” and fill annual reports with a dozen different ways to say the big five Canadian banks care about the environment.

Saskatoon Company Strikes ‘Gusher’ with Groundbreaking Geothermal Project

In a global first, a Saskatoon-based geothermal company has successfully drilled and fracked a 90-degree horizontal well, delivering enough heat to supply electricity to 3,000 homes. And it did so thanks to the expertise of over 100 oilfield technicians—a switch that is offering hope to many such workers facing unemployment as fossil fortunes tank.

UK Agricultural Funding Shakeup Increases Focus on Wildland Protection

Upcoming radical changes in the United Kingdom’s agricultural policy—including the replacement of an ineffective, $2.7-billion annual landowner subsidy—are being largely welcomed by both farmers and environmental groups.

Report: Just Transition to Renewable Energy Requires Mining Industry Reform

The coming energy transition may be carbon-free, but it is still very much dependent on mining—and that has experts warning that stringent regulation is needed to ensure that the shift to renewable energy is truly sustainable. MiningWatch Canada has released some recommendations on how to make it happen.

‘Generation 2050’ Manifesto Sets Agenda on Climate Crisis, Energy Poverty

In an urgent call to simultaneously address the climate crisis and energy poverty, 1,000 young energy industry professionals have released a Generation 2050 Manifesto that champions ingenuity, passion, and collaboration over attachment to entrenched and beleaguered status quos. 

UK Government Grant Funds Solar-Powered Railway

Abu Dhabi Plans $122B in New Fossil Investments Through 2025

Canadian Railways CN, CP Face Investor Pressure to Cut Emissions

Departing Oilfield Services Exec Launches Clean Energy Accelerator Fund

GM Fast-Tracks EV Hiring Near Former Michigan Auto Plant

Wisconsin Utility to Close 1,135-MW Coal Station in 2024

Mid-Manhattan Office Towers Could Get Second Life as Affordable Housing

Big Coal Plant in Kenya Loses Chinese Investor

Innovative Business Models Needed to Drive Southern Africa Solar

Norway Pitches 136 Oil Leases for Major Arctic Expansion

$2-Billion LNG Export Project Takes Shape in Mexico

Texas Steelmaker Signs Up for 15-Year Solar Buy

Toledo Joins Solar Co-op with 59 Other Communities

Freeland Plans Fiscal Update Today as Energy Regulator Report Renews Trans Mountain Opposition

With Deputy Prime Minister and Finance Minister Chrystia Freeland due to release her long-awaited fiscal update today, the federal government is coming under new pressure to abandon the Trans Mountain pipeline expansion as an economic “white elephant” whose “justification has evaporated” given the threat it poses to Indigenous rights and endangered species.

Mass Migration Looms as Central America Reels from Hurricane Damage

As citizens battle to rebuild—again—after the destruction of this month’s back-to-back Category 4 hurricanes in Central America, aid workers and political leaders are pleading for help from wealthy nations. Forecasting ever-deepening poverty, despair-driven violence, and even famine, observers are warning of an exodus should help not come.

The Rise of SWB: Seba Says Solar, Wind, Batteries Can Deliver 100% RE by 2030, Make New Fossil Investment Irrational

An all-renewable electricity system is “both physically possible and economically affordable by 2030,” according to a new report from the RethinkX think tank, write co-founder Tony Seba and research fellow Adam Dorr in an early November post for Utility Dive.

UK Green Plan Funds ‘Long-Shot’ Small Modular Reactors but Emphasizes Offshore Wind

News that two more reactors in the United Kingdom are to shut down on safety grounds earlier than planned has capped a depressing month for nuclear power in Europe.

Existing Financial Regulations Could Help Make Biden the ‘Climate President’, Analyst Says

With the editors of the Washington Post urging U.S. President-elect Joe Biden to step up as the country’s “climate change president”, an analysis for Greentech Media says the new administration has precisely the legislative tool it needs to drive faster, deeper carbon cuts—whether or not Senate Republicans approve.

Imperial Oil to Lay Off 200 Staff, 450 Contractors as Suncor Takes Over Management of Syncrude Tar Sands/Oil Sands Mine

Calgary-based Imperial Oil announced last week that it is laying off 200 staff, just a day after the ExxonMobil subsidiary agreed to hand over business management of the mammoth Syncrude Canada tar sands/oil sands mine and upgrader to project partner Suncor Energy.

2020 Delivers Devastating Slump for LNG Developers

Continuing low gas prices, the devastating impact of the coronavirus pandemic, and continuing uncertainty about a cluster of market factors have turned 2020 into a never-ending slump for liquefied natural gas (LNG) project developers, despite their earlier hopes for a breakout year.

Consumer Giants Underestimate Climate Risk in Food Supply Chains

A new report by CDP has found that global food giants are underestimating climate risks like drought, pollution, and declining biodiversity as they respond to consumer demand for healthier and more sustainable diets—a short-sightedness that could bode ill for future resilience and food security.

B.C. Orphan Wells More Than Double in One Year, Regulator Reports

Arizona Utility Pitches $144M Transition Fund for Coal Communities

Enbridge Touts Hydrogen Blend to Justify Gas Heating

AIMCo CEO Departs After $2.1-Billion Investment Loss

No Need for Driveway as Toronto Pilots On-Street EV Charging

North Dakota Regulator Redirects COVID Aid to Fracking Sites

Alaska Village Sees Biomass as Cheaper Heating Source

$41B Per Year Would Deliver Clean Energy for All by 2030

South Africa Aims for ‘Exponential Growth’ in Agri-Photovoltaics

European Researchers Look for Green Hydrogen from Flow Batteries, Tidal Power

Putin Warned Poor Climate Policies Could Drive Away Investors

Coal India Plans $760M Solar Investment to Cut Operating Costs

McKinsey Touts Product Design to Tackle Supply Chain Carbon

Yellen Expected to Bring Climate Concerns to New Role as U.S. Treasury Secretary

U.S. President-elect Joe Biden’s nomination of former Federal Reserve chair Janet Yellen as treasury secretary is being interpreted as the latest sign the new administration is planning a serious response to the climate crisis.

Ottawa’s Greening of Government Plan Foresees Building Retrofits, 80% Hybrid/Electric Fleet by 2030

Building retrofits, more telecommuting, and a fleet consisting of 80% hybrid and electric vehicles by 2030 are among the highlights of a greening of government strategy unveiled yesterday by Treasury Board President Jean-Yves Duclos.

New Campaign Asks Advertising, PR Agencies to Turn Down Fossil Dollars

Fossil fuel trade associations spent nearly US$1.4 trillion on public relations strategies between 2008 and 2017. But a major new campaign to make it more difficult for PR and advertising industries to act as proxies for Big Oil is already claiming an initial victory.

Manufacturer Shuts 3,400 MW of Capacity as Coal Becomes ‘Litmus Test’ for China’s Carbon Neutral Pledge

The world’s biggest aluminum and textile producer has shuttered 3,400 MW of coal-fired generating capacity in China’s Shandong province, even as the country weighs the more than US$300 billion in stranded asset risk it could face if it doesn’t begin restricting construction of new coal plants.

Study Uncovers Global Climate Finance Gap for Small-Scale Farmers

Drawing on “the latest data available representing international financial commitments in 2017 and 2018,” a recent study has found a problematic gap in climate financing for small-scale farmers worldwide.

New Industry Coalition Promotes Zero-Emission Vehicles in Canada

Vermont Aims for Fuel-Efficient Cars for Low-Income Households

Carbon Capture at Montana Coal Plant ‘Not Financial Attractive’, Trump’s DOE Concludes

Romania Coal Miners Realize Industry’s Days Are Numbered

Wales Aims for Zero-Emission Biogas from Sewage

Italian Fossil Eni Enters North Sea Wind with Norwegian Partner

ConocoPhillips Reopens Four Alaska Drilling Rigs

Toshiba Looks to Dump Coal Plants, Embrace Renewables

Hydro Reservoirs Emerge as Prime Location for Floating Solar

No Future Need for Trans Mountain, Keystone XL Pipelines, Canada Energy Regulator Report Shows

There will be no need and no justification to complete the Trans Mountain pipeline expansion or the Keystone XL pipeline if Canada makes any effort at all to strengthen its climate policies, according to the more ambitious of two fossil demand scenarios in an analysis published yesterday by the Canada Energy Regulator (CER).

Fossil ‘Greenwashing’ Prompts Big Investors to Double Renewables Spending through 2025

Institutional investors with nearly US$7 trillion at their disposal are planning to double their renewable energy holdings over the next five years, to about $742.5 billion per year, driven by what The Guardian calls “deepening concerns over the fossil fuel industry’s climate plans”.

Kerry Named White House Climate ‘Czar’ as Analysis Shows U.S. Could Cut Emissions 38-54% by 2030

Paris Agreement architect John Kerry was appointed White House climate “czar”, a half-dozen other senior appointments signalled stability and continuity, and a few glass ceilings were shattered as U.S. President-elect Joe Biden announced nominees for senior administration positions Monday.

‘Window is Rapidly Closing’ for Canadian Fossils to Adapt to Falling Oil Demand

With nearly four decades of growth in global oil demand coming to an end, Canada’s fossil industry is going to have to pay closer attention to a combination of climate response and surging new technologies if it wants to stay competitive in a “quickly changing world”, Pembina Institute Senior Analyst Benjamin Israël writes in the second of a series of three blog posts.

With Fossils Crashing, Renewables Surging, Alberta and Saskatchewan Need a New Narrative

Across nearly a dozen pieces of news and analysis over the last week, a consistent theme is emerging: Canada’s fossil sector crash is accelerating, the renewable energy industries are beginning to surge, and oil-producing provinces like Alberta and Saskatchewan need a whole new narrative if they’re going to catch up, keep up, and thrive in an emerging, low-carbon world.

Calgary Aims to Reinvent Itself as Fossil Slide Continues

With its September unemployment rate standing at 12.6% and office space vacancies approaching 30%, Calgary is struggling to reinvent itself in a world accelerating beyond fossil fuels.

Climate-Focused Green Banks Could Spur Sustainable Cities, Just Recovery

In an effort to help cities balance climate action with pandemic recovery, C40 Cities has released a guide to establishing local green banks as an equitable, resilient, and sustainable path to achieving both goals.

China’s Carbon Neutral Plan Could Push Belt and Road Initiative Toward ‘Cleaner Growth’

China’s landmark commitment to domestic carbon neutrality could help jump-start a “cleaner growth pathway” for countries participating in the country’s massive Belt and Road Initiative, international climate advocate Han Chen writes in a recent post for China Dialogue.

Invenergy’s 1.3-GW Solar Project is Biggest in U.S. History

EU Plan Calls for 25-Fold Growth in Offshore Wind

Ontario Power Generation Expands EV Charging Network

California to Buy Mobile Microgrids to Counter Utility Shutoffs

Iowa Utility Shuts 46 Wind Turbines for Review of Recent Blade Failures

Minnesota Coalition Flags Financial, Environmental Risks in New Gas Plant

Market Conditions ‘Deteriorate Markedly’ for South African Coal

Botswana Sets Funding Scheme for Rooftop Solar

German Automakers Get $2.3 Billion to Shift Technologies

UK Issues First-Ever Green Bond

Asian Development Banks Hold Off on Coal-Free Pledges

World Business Council Mandates Science-Based Climate Targets

‘No Vaccine for Climate Change’, Red Cross Warns, as Disasters Kill 410,000 in 10 Years

There’s “no vaccine for climate change” in a world that has seen more than 100 climate disasters since the COVID-19 pandemic was declared, and where 410,000 people have lost their lives to extreme weather and other climate impacts in the last decade, the International Red Cross warned in a report last week.

In Conversation: Local Climate Action Depends on Reaching Out to a Wider Community, Moffatt Says

Scott Moffatt has been an Ottawa city councillor since 2010 and became chair of the city’s Standing Committee on Environmental Protection, Water and Waste Management in 2018. In this feature interview, he talks about what it took to get the city’s Energy Evolution decarbonization strategy adopted by a disparate group of councillors, and how to turn ideas into action.

B.C. Leads, Alberta and Ontario Imperil National Results in Efficiency Canada’s Latest Provincial Scorecard

British Columbia maintained its lead as Canada’s top jurisdiction for energy efficiency in 2019, Saskatchewan came in last for a second year running, Prince Edward Island distinguished itself as most-improved province, and program cuts in Alberta and Ontario emerged as a serious threat, as Efficiency Canada released its second annual scorecard of provincial efficiency programs.

Sea Level Rise Requires ‘Equitable Retreat’ from Coastal Communities

As rising seas and fiercer storms make the coast an ever more tenuous place to live, policy-makers all over the world need to plan and fund a managed retreat to ensure that under-resourced populations are not forced to forfeit what little security and agency they possessed in their former homes.

Transit Authorities Across U.S. Face Pandemic-Driven Funding Crisis

Pandemic-struck New York City is pleading for emergency transit funding, with tens of billions in local GDP, hundreds of thousands of transit-dependent jobs, and the ongoing struggle for social justice all hanging in the balance. And with former commuters continuing to shun their service in droves, transit districts across the U.S. are facing the same crisis.

Banff–Calgary Passenger Rail Plan Draws Mixed Reviews

A C$1-billion-plus proposal to re-establish 130 kilometres of passenger rail service between Calgary and Banff is earning serious attention from both the provincial and federal levels. But local First Nations, those anxious to protect the fragile ecology of the Bow Valley, and even the Canadian Pacific Railway itself are yet to be convinced.

S&P 500 Spot Drives Up Tesla Shares, Nets $12B for Musk

Trans Mountain Declares Construction Project a COVID-Free Zone

Wood Pellet Producer Buys Forest Tenures Near Fort Nelson, B.C.

Chinese Manufacturer Starts Work on 2-GW Solar-Wind-Battery Project in Upper Mongolia

UK Regions Compete for EV Battery Gigafactory

Marine Ports Vulnerable to Climate Impacts

Fiat Chrysler Plans Electric Ram Pickup

Cyprus Needs Modernized Grid for Wind, Solar

Front-Line Communities Are Driving Force for Biden’s Climate Transformation, Salazar and Goloff Say

Adrien Salazar is Senior Campaign Strategist for Climate Equity at Dēmos, a U.S. racial and economic justice policy organization. Ben Goloff is Senior Climate Campaigner at the Center for Biological Diversity. In this feature interview, they talk about what the Biden-Harris administration can get done on climate, energy, and environmental justice, and how front-line communities across the United States put them in a position to make a difference.

Vancouver Passes $500-Million Climate Emergency Action Plan

If Vancouver’s newly-minted Climate Emergency Action Plan goes well, 2030 will find 80% of all trips within city limits occurring by foot, bike, or transit, embodied emissions in new buildings reduced by 40%, and 50% of all kilometres driven on city roads emitting zero greenhouse gases.

Pick Up the Pace on Climate Risk Exposure, Bank of Canada Governor Macklem Urges

Canada’s banks and businesses must pick up the pace on disclosing the risks they’re exposed to as a result of the climate crisis, newly-installed Bank of Canada Governor Tiff Macklem told an online panel earlier this week organized by the Public Policy Forum.

Midwestern U.S. Mayors Launch $60-Billion Energy Transition Blueprint

Mayors in Pennsylvania, Kentucky, Ohio, and West Virginia recently unveiled a US$60-billion Marshall Plan for Middle America, intended to accelerate a compassionate, equitable, just, and sustainable transition away from fossil fuels.

Investor Scrutiny, 2.0°C Target Could Slash Gas Project Investment by $1.3 Trillion

Investment in new natural gas supply will plummet by US$1.3 trillion, or nearly two-thirds, if a serious commitment to limit average global warming to 2.0°C drives down demand for the climate-busting fuel through 2040, according to a new analysis by Wood Mackenzie.

Youth Climate Lawsuit Delays $700M Coal Mine Expansion in New South Wales

E-Truck Maker Seeks Investors for Quebec Battery Plant

Ballard Power Hands Off Fuel Cell Unit to Honeywell

Canada Touts Investment in Nova Scotia Tidal Power

U.S. Philanthropies Invest in ‘Tough’ Climate Technologies

Philadelphia Cuts Fees, Red Tape for Solar Installers

New South Wales Introduces Renewable Transition Plan

Abu Dhabi Funds 500-MW Solar Development in Sudan

Maritime Port Engineers Need Guidance on Sea Level Rise

Michigan Governor Gretchen Whitmer

Michigan Governor Yanks Line 5 Pipeline Easement, Citing Enbridge Violations

Citing repeated and routine refusals by Calgary-based Enbridge to address safety concerns surrounding the 6.4-kilometre Straits of Mackinac section of its Line 5 pipeline, Michigan Governor Gretchen Whitmer has terminated the easement that allowed the submarine pipeline to operate.

Trump Makes Last-Ditch Effort to Sell Drilling Rights in Arctic Wildlife Refuge

The Trump administration is making a last-ditch effort to sell oil and gas drilling rights in Alaska’s environmentally fragile Arctic National Wildlife Refuge before it hits its own best-before date January 20—despite the fierce local opposition any new projects will ignite, and some skepticism on whether cash-strapped fossils will be interested in the leases.

Quebec Green Plan Falls Far Short of 2030 Carbon Target, Analysts Say

The Quebec government may have nabbed some early headlines by tipping the centrepiece of its Green Economy Plan, a 2035 phaseout of internal combustion vehicle sales. But once the full strategy was released Monday, climate analysts and campaigners quickly concluded that it won’t meet the province’s greenhouse gas reduction targets.

Safety Issues, Cost Overruns Mean It’s Time to Cancel Site C Megadam, Dogwood Says

With its price nearly doubling, construction deadlines slipping, and serious geological challenges on the ground, BC Hydro’s plan to complete the Site C megadam on the Peace River may be slipping away, Dogwood B.C. warns in a recent blog post.

Cities, Transit Agencies Urge Federal Investment in Expanded Networks, Zero-Emission Fleets

Transit is having a moment toward the top of the agenda for economic recovery investment requests, with both the Federation of Canadian Municipalities and a national transit consortium urging Ottawa to make it a priority for federal spending.

Indigenous Investor Offers $1B for Keystone XL Pipeline as Possible Cancellation Looms

Calgary-based pipeliner TC Energy and Natural Law Energy announced a tentative agreement yesterday that could bring up to C$1 billion in new investment and the imprimatur of three Indigenous treaties to the struggling Keystone XL pipeline.

The details of the deal allow nearly a year for Natural Law to raise the funds it will need to seal its investment—or, presumably, to step away if U.S. President-elect Joe Biden follows through on his promise to cancel Keystone once and for all.

Doig: For 1.2 Billion People, Decarbonization is a Matter of Survival

I have sat in many long Zoom calls this year discussing climate ambition. Never once have I thought these were life or death discussions for me personally. But for 1.2 billion people across the globe, the collective decarbonization commitments put forward by all governments are a matter of survival. The tempest of our changing climate is right on their door and pushing hard.