Edition for 28 April 2020

Top Stories

Green loans: Financing the transition to a low-carbon economy (World Bank)

  • The effects of climate change are becoming the new normal in Vietnam, including increased sea level rise, increased number of heatwaves and increased frequency of hot days and hot nights.
  • Between 2010 and 2030, its overall emissions will increase fivefold, per capita emissions fourfold, and the carbon intensity of GDP by 20 percent.
  • Globally we are seeing a remarkable interest in the private sector to scale up investments dedicated to mitigate (and adapt to) climate change driven by growing concern about these issues and the enormity of the economic costs and financial losses facing the financial sector.

German companies call for COVID-19 aid to be tied to climate action (Reuters)

  • German companies including ThyssenKrupp, Salzgitter, Bayer, Covestro, E.ON, HeidelbergCement, Puma, Allianz and Deutsche Telekom have called for coronavirus-related state aid to be tied to climate action, daily Handelsblatt reported.
  • “We appeal to the federal government to closely link economic policy measures to overcome both the climate crisis and the coronavirus crisis,” more than 60 companies said in letter, ahead of the Petersberg climate dialogue starting on Monday.
  • The companies are concerned that environmental issues will be put on the backburner during the COVID-19 pandemic.

NYC Comptroller Ask Berkshire Hathaway, Major Insurance Companies To Break Away From Coal Investments (Benzinga)

  • New York Comptroller Scott Stringer, representing NYC pension funds, has asked Berkshire Hathaway Inc. and two other major insurance companies to divest from the coal industry.
  • The NYC comptroller revealed that he had sent letters on behalf of New York City Employees’ Retirement System, Teachers' Retirement System of the City of New York and New York City Board of Education Retirement System, to executives of the three major insurance companies asking them to take “immediate action” to end all business ties with the coal industry.
  • According to Stringer’s statement, Berkshire Hathaway, AIG, and Liberty Mutual Insurance held $6.7 billion in coal investments as of 2017, while coal accounts for 40% of global carbon emissions.

Will mortgages and markets stay afloat in Florida? (McKinsey)

  • Located in a tropical cyclone zone with low elevation and an expansive coastline, Florida faces numerous climate hazards, including exposure to storm surge and tidal flooding that are worsened by sea level rise, and heat stress due to rising temperatures and changes in humidity.
  • Climate change is projected to exacerbate flooding due to storm surges, precipitation intensity, and rising sea levels that increase tidal (also referred to as nuisance) flooding.
  • In Climate risk and response: Physical hazards and socioeconomic impact, we measured the impact of climate change by the extent to which it could affect human beings, human-made physical assets, and the natural world.

Climate crisis: Enormous 50-turbine onshore wind farm in Scotland given green light (The Independent)

  • A 50-turbine onshore wind farm has been approved in Ayrshire, southwest Scotland, after a £320m funding deal secured the project’s future.
  • Vatenfall will manage the site on behalf of Greencoat for a minimum of 10 years. Vattenfall will also purchase the power for a period of 15 years.
  • “The transition towards a fossil free future is in full swing and requires large investments in renewable energy. Therefore, we are delighted to be partnering with Greencoat UK Wind and realise the South Kyle Wind Farm,” said Gunnar Groebler, senior vice president at Vattenfall.

Why climate activists aren't celebrating historic emissions cuts (Politico)

  • They are zeroing in on the battle over once-in-a-generation government spending that will shape climate efforts for decades.
  • Global carbon emissions are projected to fall this year as cities like London have enacted shelter-in-place orders.
  • A new Ipsos-Mori poll across 14 countries in the G-20 shows a majority in every country surveyed agrees economic recovery should “prioritize climate change.” Lawmakers, however, must balance that sentiment with requests for bailouts and regulatory relief from sectors that are both hard hit and high polluting, including aviation, automakers and fossil fuels.

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