Edition for 02 March 2020

Top Stories

British hedge fund billionaire Hohn launches campaign to starve coal plants of finance (Reuters)

  • British hedge fund billionaire Chris Hohn has launched a campaign to persuade central banks to starve hundreds of planned coal-fired power plants around the world of finance, aiming to block the projects before they can pose a threat to the climate.
  • Hohn, a big donor to groups working on climate change, set out his concerns in letters to Bank of England Governor Mark Carney, European Central Bank President Christine Lagarde and the chairmen of Barclays, HSBC and Standard Chartered.
  • "Coal is the single largest source of greenhouse gas emissions globally and the risks of its continued use in the power sector are not being adequately addressed by regulators and the financial system," Hohn said a statement on the website here of his Children's Investment Fund Foundation.

'He is going to save our planet': Crowley Carbon to invest $100m in Australia (The Sydney Morning Herald)

  • Irish entrepreneur Norman Crowley is investing $100 million in Australia in a bid to combat climate change.
  • Mr Crowley is the founder of energy efficiency company Crowley Carbon, which is headquartered in Ireland and has set up a joint venture with Australian business Climatech to reduce the amount of carbon emitted by Australian businesses.
  • "If you're going to have an impact, then the most existential threat to the world at the moment is climate change," he said.

Arctic may see 'ice-free' summers in as few as 15 years, study says (USA Today)

  • Climate change is taking its toll on one of the world's coldest places.
  • Here's what that means for the planet The study was conducted by scientists at NOAA, the University of Washington, and the North Carolina Institute for Climate Studies.
  • As the climate changes, the Arctic is warming more than twice as fast as the rest of the planet.

Elizabeth Warren Targets Wall Street in New Climate Change Plan (Gizmodo)

  • Democratic presidential candidate Sen. Elizabeth Warren targeted Wall Street in her latest plan to combat climate change, saying she would ensure that banks, asset managers and insurers “pay the true cost of climate change.” According to Warren, this would require making big changes to how Wall Street currently does business.
  • In her plan, Warren states that although it is clear that the entire U.S. financial system is threatened by climate change, Wall Street institutions have exacerbated the crisis by increasing their fossil fuel asset holdings and providing billions in financing to fossil fuel companies.
  • Therefore, in order to address climate change, Warren says it is necessary to reform the financial system.

Canada's Trudeau to seek industry, indigenous input to define climate plan (Reuters)

  • Canadian Prime Minister Justin Trudeau, in his first major climate change speech this year, will reach out on Monday to businesses, indigenous groups and citizens for help in defining his ambitious plan to cut carbon emissions, a senior government official said.
  • During his campaign for re-election last year, Trudeau pledged to put Canada on a path to net-zero carbon emissions by 2050, but the details of how to attain that goal have yet to be hammered out.
  • The speech comes just a week after Teck Resources Ltd withdrew an application to build a C$20.6 billion (11.98 billion pounds) Frontier oil sands mine in Alberta, citing in part the country’s need to reconcile resource development and climate change.

Campaigners urge PM Johnson to 'turbocharge' climate plans ahead of U.N. summit (Reuters)

  • Prime Minister Boris Johnson should “turbocharge” policies to cut Britain’s carbon emissions so the country can lead by example when it hosts a major U.N. climate summit in Glasgow in November, campaign groups said on Monday.
  • “The coming months must see a green turbocharging of our decarbonisation policies and investment to maximize our emissions reductions, so that we reach net-zero as soon as possible,” said the letter, signed by representatives of the Climate Coalition and Bond, two umbrella groups.
  • The campaigners set out their priorities in a "Glasgow Action Plan here" that included Britain unveiling more ambitious and detailed decarbonization plans ahead of the summit, stopping financing fossil fuel projects abroad, and leading international efforts to boost aid for countries hit by climate disasters.

Hybrid carmakers accused of 'con' over zero-emissions claims (Guardian)

  • Drivers hoping their new plug-in hybrid car will help cut down their carbon footprint may have an unlikely enemy: cold weather.
  • However, environmental campaigners have long harboured concerns that plug-in hybrids do not offer the environmental benefits suggested by carmakers’ advertising or regulators’ laboratory tests.
  • Separate data from the Miles Consultancy, which tracks fuel use by companies, found that in real life almost all plug-in hybrid cars failed to achieve the mileage found in lab tests, suggesting that many users do not charge them sufficiently.

The Climate Sentinel is an AI-powered news assistant for ESG investors and those concerned about climate change, corporate social responsibility, and related topics. Learn more.

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