Edition for 13 February 2020

Top Stories

BP deepens emissions targets as CEO Looney 'reinvents' oil major (Reuters)

  • BP plans deep cuts to its carbon emissions by 2050, setting one of the oil sector’s most ambitious targets, as part of the biggest overhaul in the company’s 111-year history by new chief executive Bernard Looney.
  • BP did not specify how it intends to reach its 2050 targets to get emissions from its operations and barrels produced to net zero and halve the intensity of emissions by all products it sells, which include diesel or petrol.
  • Smaller Spanish rival Repsol has set similar net zero carbon targets for the oil products it sells, also known as Scope 3, at a cost of more than $5 billion.

What Wall Street Really Means When It Talks About “Climate Risk” (The New Republic)

  • In Kim Stanley Robinson’s recent climate change novel, New York 2140, New York City has been devastated by rising seas: The Atlantic Ocean has inundated Brooklyn and Queens, and lower Manhattan now lies in the shallows at high tide.
  • What if the ravages of climate change amount, for some, to just another bet?
  • An investor in Barron’s observed skeptically that BlackRock is still the world’s largest investor in fossil fuels, with over $19 billion in Exxon stock alone, as well as large interests in Chevron, ConocoPhillips, and BP.
  • All of this raises the question: How can a firm like BlackRock bankroll the palm oil and petroleum industries while pursuing a sustainability policy?

Trump’s plan for climate change: 1 trillion trees (Chicago Tribune)

  • But Benioff, a tech mogul and environmental philanthropist, felt sure he had found a climate change solution that even President Donald Trump could love: planting trees.
  • Never mind that Trump has begun the yearlong process of withdrawing the U.S. from the Paris Agreement on climate change; mocked Greta Thunberg, the teenage climate activist; and worked to eliminate every regulation aimed at reducing planet-warming emissions.
  • “If tree planting is just used as an excuse to avoid cutting greenhouse gas emissions or to further limit environmental protection, then it could be a real disaster,” said Crowther, who studies ecosystem ecology at ETH Zurich.

Why India’s central bank needs to wake up to the risks of climate change (Quartz)

  • In part, this has to do with the central bank not factoring in the effects of climate change on food prices.
  • The RBI, in its monetary policy framework, should factor in long-term effects of climate change on crop yields, added Kar.
  • The effects of climate disruption can also have spill-over effects on the financial sector, including banks, insurance companies, and asset management firms.

Clearing the air on Teck Frontier: Here are the expected benefits — and harms — of the oilsands project (CBC)

  • Environmental groups argue that approval is fundamentally inconsistent with Canada's climate change commitments.
  • The project is being framed as both a test of Prime Minister Trudeau's resolve to combat climate change, and a referendum on the federal government's support for Alberta's economic interests and its commitment to national unity.
  • Under the federal regime enacted by the previous Conservative government (the Canadian Environmental Assessment Act, 2012), the JRP was restricted to determining whether the project is or is not likely to result in "significant adverse environmental effects."

Atria Plc, Financial Statement Release, 1 January–31 December 2019: Atria's financial performance continued strong during the fourth quarter (GlobeNewswire)

  • Atria set as their goal a carbon-neutral food chain – the carbon footprint of meat production is significantly smaller in Finnish production than the international average.
  • Our most important goal is a carbon-neutral food chain by 2035.
  • October–December 2019 Atria Group’s net sales for the fourth quarter totalled EUR 380.0 million (EUR 376.9 million).
  • Atria's goal is a carbon-neutral food chain Atria's food production is based on the taste, safety, healthiness, usability and responsibility of raw materials and finished products.

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