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NY Times: Nations Approve Landmark Climate Accord in Paris

Repost from the New York Times – Science
[Editor:  See also the Times’ Nations Approve Landmark Climate Accord in Paris.  – RS]

What Does a Climate Deal Mean for the World?

Times staff, Dec. 12, 2015

A group of 195 nations reached a landmark climate agreement on Saturday. Here is what it means for the planet, business, politics and other areas.

An event at the United States’ pavilion during the Paris climate conference, known as COP21. Credit Christophe Ena/Associated Press
The Planet

The planet is under threat from human emissions, and the Paris climate deal is, at best, a first step toward fixing the problem. Ice sheets are starting to melt, coastlines are flooding from rising seas, and some types of extreme weather are growing worse. Yet some of the consequences of an overheated planet might be avoided, or at least slowed, if the climate deal succeeds in reducing emissions. At the least, by requiring regular reviews, the deal lays a foundation for stronger action in the future. – JUSTIN GILLIS

Christiana Figueres, the United Nations climate chief, left; United Nations Secretary-General Ban Ki-moon; Laurent Fabius, the French foreign minister; and President François Hollande of France, on Saturday after the Paris climate accord was adopted. Credit Christophe Petit Tesson/European Pressphoto Agency
Global Politics

Strange bedfellows emerged during the Paris negotiations, with industrial powerhouses such as the European Union joining with Pacific island nations and former adversaries, like China and the United States, swapping brinksmanship for bonds over joint action to cut fossil fuel emissions. The pact could leave more geopolitical shifts in its wake. It could further move the energy balance of power away from the developing world toward the industrialized countries, boost the economy in technology economies like the United States and Japan as they develop solutions for the generation and distribution of renewable energy, and create economic stars out of relatively poor countries with an abundance of sun and wind for renewable energy. On the other hand, major oil producers like Russia and Saudi Arabia, already weakened by the slide in the price of oil, could shed some power. – MELISSA EDDY

President Obama Credit Gabriella Demczuk for The New York Times
American Politics

The Paris accord is a triumph for President Obama and Secretary of
State John Kerry, who both lobbied hard for it, but it has outraged
many Republicans who are skeptical of the extent of human-caused
climate change and believe the deal favors environmental ideology over economic reality. The environment has not typically played a major role in voters’ choices, and the issue will most likely be overshadowed in the current election cycle by fears of terrorism, though the drought in California and severe weather in many parts of the country have raised concerns for many Americans. The Republican-controlled Congress can do little to stop the deal, which is not considered a treaty under United States law, though Congress would need to sign off on any new money to help other countries adapt to climate change — an important aspect of the American commitment to the accord. – SEWELL CHAN

A worker inspected solar panels at a solar farm in Dunhuang, China. Credit Carlos Barria/Reuters
Business

The ambitious targets included in Saturday’s deal for limiting the rise in global temperatures may help companies involved in renewable energy and energy efficiency by expanding their markets. Setting a high bar may also make the energy industry attractive for innovators and venture capitalists, increasing the chances of sweeping shifts in what has been a conservative business. The agreement may make life difficult for some of the incumbent companies like electric utilities and coal producers, whose product emits high levels of carbon dioxide. – STANLEY REED

Environmental activists and supporters at a rally in Los Angeles last week called for action on climate change. Credit Mark Ralston/Agence France-Presse — Getty Images
American Citizens

The average American most likely will not feel an immediate effect from the Paris deal. There will be greater emphasis on more efficient electrical products, homes and vehicles. Jobs could be created through the construction of a new energy infrastructure, the maintenance of solar fields and the development of new transportation systems that move away from dependence on the gas pump, as Secretary of State John Kerry has said. Or, as Republicans warn, Americans could see a loss in jobs and American economic competitiveness, as developing economies with less stringent targets are allowed to grow at American’s expense. The deal’s intended long-term effect: avoiding the catastrophic effects of climate change and leaving behind a healthier planet. – MELISSA EDDY

 

Clean energy, Climate action, Climate Change, COP21 Climate Conference Paris, Fossil fuels, Solar energy, Wind energy

NRDC: Paris Climate Agreement Explained

Repost from the Natural Resources Defense Council

Paris Climate Agreement Explained

By Susan Casey-Lefkowitz, Director of Programs with Emily Cousins, December 12, 2015
Credit: Shun Kambe

How we’ll deliver on the promise of ambitious climate action.
The global community signed an historic agreement today at the Paris climate talks to tackle the threat of climate change and accelerate the shift to clean energy around the world. This is a momentous breakthrough. Nearly 200 countries have pledged to reduce their climate change pollution, strengthen their climate commitments every five years, protect people living on the front lines of climate impacts, and help developing nations expand their clean energy economies.

Most important, this agreement sets ambitious goals. It calls for holding global temperature rise to 1.5 degrees Celsius, with a first step of keeping us at no more than 2 degrees of warming.

Reaching the 2-degree target is essential to prevent catastrophic climate impacts, but scientists say it still leaves us open to dangerous levels of rising seas, food insecurity, and extreme drought. It would make the Marshall Islands and other island nations uninhabitable and expose countless vulnerable communities to deadly harm. Keeping the temperature rise at no more than 1.5 degrees will sustain these communities and create a brighter, more stable future for our children and grandchildren.

This is an ambitious goal, but the past two weeks in Paris confirm it is achievable.

In Paris, an action agenda emerged out of a groundswell of climate action from cities, regions, businesses, investors, trade unions, and many others. Mayors and governors described what they are already doing to reduce carbon pollution and how they plan to do more. Multinational corporations said they are cutting carbon pollution across their operations. Financial institutions reported that renewable energy is a better investment than fossil fuels. Leaders from developing nations explained that clean energy is helping to generate economic growth and bring people out of poverty. And thousands of people from all over the world stood up for climate action. This groundswell has the backs of our national leaders in implementing ambitious climate policies. This is what climate leadership looks like.

The low-carbon transition is already underway. Now the Paris agreement calls on us to return home, pick up the pace, and go faster into the clean energy future. And it gives us the tools to hold our government leaders accountable.

In China, that means building on the country’s commitment to implement a cap-and-trade program and increase non-fossil-fuel energy sources to 20 percent of total energy by 2030. In India, that means leapfrogging over dirty fossil fuels and using clean, renewable, and efficient energy to power its growth. Meeting the country’s solar mission alone will create 1 million jobs. India has already vowed to increase renewable energy sixfold by 2020 and to set mandatory efficiency standards for buildings by 2017.

The United States can also build on existing progress. All 50 states are on track to implement the Clean Power Plan for limiting carbon pollution from power plants; they need to focus on doing this through energy efficiency and an increase in wind and solar. We can continue to improve fuel efficiency standards and move to a combination of electric vehicles and smarter growth in transportation. Next up, we’ll work on getting existing oil and gas facilities to reduce their methane emissions and on the phase-out of fossil fuel development on federal lands and in federal waters. And U.S. businesses should continue not only to improve their own energy efficiency but to band together to advocate for stronger clean energy and climate policies.

This work won’t be easy. The Paris agreement — and our obligation to future generations — demands that nations transform how we think about electricity, transportation, industry, methane from fracking, HFCs from air conditioning, agriculture, and other contributors to climate change. It also requires helping developing countries face the challenges of poverty alleviation, energy equity, and climate justice. And here in the United States, it entails going up against entrenched fossil fuel interests and those politicians who persist in denying climate change.

These are significant hurdles, but citizens, businesses, and political leaders around the globe have made it clear that we support strong climate action. This momentum will carry us forward. And the Paris climate agreement and action agenda will provide the road map.

Irina Bokova, the director-general of UNESCO, said at an NRDC event last week, “When we speak about climate, we speak about humanity.” Our future is at stake here. For the human community to thrive, we need a stable climate. The Paris agreement and commitments will help ensure that our families, nations, and societies can flourish for generations to come.

Arctic drilling, Carbon emissions, Deep sea drilling, Fossil fuels, Oil prices, Tar sands crude

Why cheap oil is the key to beating climate change

Repost from The Guardian

Why cheap oil is the key to beating climate change

Keeping the price of a barrel of crude at $75 or less will devastate the profitability of fossil fuel extraction – as the shelving of three tar sands projects demonstrates

By Mitchell Anderson, 11 December 2015 11.59 EST
‘If the Canadian tar sands investments that were halted this year stay dead, the world will avoid another 1.6tn tonnes of dangerous carbon emissions.’ Photograph: David Levene for the Guardian

As world leaders enter the home stretch of the Paris climate negotiations they should keep in mind a key measure of success in limiting carbon emissions: cheap oil. The lower the global price of oil, the more it stays in the ground – due to the brutal, if counterintuitive, logic of the petroleum marketplace.

Most of the easily extracted oil deposits are long gone. What’s left are high-cost, high-risk long shots such as the Alberta tar sands, deep-water reservoirs off Brazil, and drilling the high Arctic. Companies hoping to profit from the last dregs of the petroleum age need to convince their investors to part with massive amounts of capital in hopes of competitive returns often decades down the road.

Billions have already fled the Alberta oil sands in the last year as the global price of oil collapsed from over $100 per barrel to below $40. Shell has just called a halt to its Carmon Creek project in Northern Alberta, writing off $2bn in booked assets and 418 million barrels of bitumen reserves. A barrel of bitumen will release about 480kg of carbon dioxide from extraction, refining, transport and combustion. This head office write-down means that 200m tonnes of carbon will not be released into the atmosphere.

Two other tar sands projects were also shelved this year with reserves of about 3bn barrels. If these investments stay dead the world will avoid another 1.6tn tonnes of dangerous carbon emissions. Together the cancellation of these three projects alone amount to the equivalent of taking more than 14m cars off the road for the next 25 years.

There a simple correlation between future emissions and the price of oil needed to make that profitable. Such a graph has been compiled by Carbon Tracker, a UK-based non-profit organisation set up to educate institutional investors on the increasing financial risks of the fossil fuel sector.

Its message to investors is simple: the world must limit additional emissions to below 900 gigatons to avoid potentially catastrophic climate consequences – and 40% of this future carbon budget – about 360 gigatons – is projected to come from the oil sector. Anything more than that must stay in the ground – the so-called unburnable carbon.

And what’s the price of oil that could save to world? Anything below $75 a barrel of Brent crude means that companies cannot profitably extract more than 360 gigatons of the world’s remaining reserves – no messy policy solutions required.

Just last year the price of Brent crude was about $110 a barrel, a price that would gainfully produce about 500 gigatons of carbon emissions by 2050. Now it is less than $50, which would only produce 180 gigatons over the same period. If prices stay where they are, the world will avoid some 320bn tonnes of carbon emissions by 2050 in precluded production from uneconomic oil fields.

To put this in perspective, that is 25 times larger than reductions the Kyoto protocol was supposed to achieve if it had worked (it didn’t), and 180 gigatons below the oil emissions limit scientists say we need to avoid a world with more than two degrees of warming. Economic turmoil aside, the global commodities market just served up massive progress on an issue in desperate need of some good news.

Carbon Tracker recently revised its calculations to include the turmoil in the oil market, but the basic correlation is the same: lower fossil fuel prices devastate the economics of future extraction.

Seen through this lens, a key measure of our success in controlling carbon emissions should be keeping commodity prices of fossil fuels low. And while the main driver of the current slump in prices is the current glut of supply, it’s important to realise that almost every policy intervention to avert climate disaster is directly or indirectly aimed at lowering the price or profitability of fossil fuels such as oil and coal.

Efficiency and conservation incentives reduce demand, as do vehicle emission standards and investing in public transit. Carbon pricing means that fossil fuel companies can no longer use the atmosphere as a free dumping ground for CO2, so also lowering profitability.

But doesn’t cheap gas mean that people just use more of it? Not really. While there is a weak economic link between declining prices and increasing consumption, key producers like Saudi Arabia are in fact fretting that slowing growth in Asian markets and already peaked demand in developed countries will lead to a long-term decline in the world’s appetite for oil.

I dearly hope that world leaders can somehow negotiate transformative change. But perhaps the best they can do is nudge economic indicators like crude prices in the right direction and get out of the way. The unstoppable forces of the global marketplace will hopefully do the rest.

Carbon emissions, Clean energy, Climate Change, COP21 Climate Conference Paris, Fossil fuels, Socially responsible investment, Sustainability investments

400+ investors with more than $24 trillion support Paris climate agreement

Repost from Ceres – Mobilizing Business Leadership for a Sustainable World

Leading Investors and Businesses Back A Strong Paris Climate Agreement

By Christopher N. Fox

The UN climate conference now underway in Paris represents a critical opportunity to limit the risks of climate change and accelerate the shift to clean energy.  That’s why Ceres and leading investors and businesses are in Paris making the economic case for a strong global climate agreement. Together, we are focused on the dual objectives of addressing climate risks by ratcheting down reliance on high carbon resources, on the one hand, while simultaneously seizing the Clean Trillion opportunity tied to clean energy investment and transition, on the other.

Record investor and business support

As the Paris negotiations officially have kicked off, over 400 investors with more than $24 trillion in assets released a statement [see column at right] calling for an ambitious global agreement on climate change.  That’s the largest-ever group of investors calling for strong government action on climate change.  Investors are publicizing their clean energy investments through the Global Investor Coalition on Climate Change’s Low-Carbon Investment Registry, and announcing other actions they are taking on climate change through the new Investor Platform for Climate Actions.

In addition, more than 1,600 companies have signed Ceres’ Climate Declaration; 147 companies have signed the White House Act on Climate Business Pledge; six major U.S. banks released a statement calling for a strong climate deal; and the CEOs of 14 major food companies have launched a high profile climate pledge.  And thousands of businesses worldwide are joining forces with the We Mean Business Coalition in support of climate policy action.

Tackling climate change is a multi-trillion dollar opportunity

Combating climate change requires rapid, large-scale shifting from fossil fuels to clean energy.  This transition to clean energy is a multi-trillion dollar opportunity.  To limit warming to below two degrees Celsius – a key goal of the Paris climate talks – the International Energy Agency estimates the world needs to invest an additional $40 trillion in clean energy by 2050.  That’s slightly more than an additional $1 trillion invested in clean energy – a “Clean Trillion” – per year for the next 35 years.

The Paris climate talks are catalyzing important momentum toward the Clean Trillion goal.  The national climate plans that almost every nation in the world has submitted to the UN can spur $13.5 trillion in investment in energy efficiency and low-carbon technologies between 2015 and 2030, according to a recent IEA analysis.

Much more action needed after Paris

A strong Paris climate agreement will accelerate the transition to clean energy, but much more action will be needed in the years ahead to limit warming to below two degrees Celsius.  In the months after Paris, the most important single step that the U.S. can take to lead on climate change is to implement the EPA Clean Power Plan, the first-ever nationwide limits on carbon pollution from electric power plants.  This US plan for boosting electric sector clean energy transition is a critically important step for the climate and the economy, as recognized by leading voices in the business community — more than 365 companies and investors announced their support for the plan in a July 2015 lettercoordinated by Ceres.

As aptly noted by Letitia Webster, senior director of global sustainability at VF Corporation, a North Carolina-based apparel company whose brands include The North Face, Timberland and Reef, “The Clean Power Plan will enable us to continue to invest in clean energy solutions and further advance our greenhouse gas reduction goals.”

And as Mars, Inc. Global Sustainability Director Kevin Rabinovitch points out, “It’s going to take action from all of us … For businesses like Mars, that means delivering on efficiency and renewable energy; for the EPA and state governors, that means developing and delivering against initiatives like the Clean Power Plan.”

Both VF Corporation and Mars are represented as part of the delegation of business and investor leaders that Ceres is bringing to the Paris climate talks to support strong climate policy action. By backing a strong Paris climate agreement and the EPA Clean Power Plan, leading investors and businesses are making a smart business decision.  They are supporting policies that will expand investment in the clean energy technologies that the world needs to stabilize the climate and promote a sustainable economy and world.

To learn more about Ceres plans for COP21 in Paris, and what actions leading investor and business leaders have been taking on the road through Paris click here.

Repost from Investor Platform for Climate Actions

Global Investor Statement on Climate Change - groupsGLOBAL INVESTOR STATEMENT ON CLIMATE CHANGE

This statement is signed by 404 investors representing more than US $24 trillion in assets.

We, the institutional investors that are signatories to this Statement, are acutely aware of the risks climate change presents to our investments. In addition, we recognise that significant capital will be needed to finance the transition to a low carbon economy and to enable society to adapt to the physical impacts of climate change.

We are particularly concerned that gaps, weaknesses and delays in climate change and clean energy policies will increase the risks to our investments as a result of the physical impacts of climate change, and will increase the likelihood that more radical policy measures will be required to reduce greenhouse gas emissions. In turn, this could jeopardise the investments and retirement savings of millions of citizens.

There is a significant gap between the amount of capital that will be required to finance the transition to a low carbon and climate resilient economy and the amount currently being invested. For example, while current investments in clean energy alone are approximately $250 billion per year, the International Energy Agency has estimated that limiting the increase in global temperature to two degrees Celsius above preindustrial levels requires average additional investments in clean energy of at least $1 trillion per year between now and 2050.

This Statement sets out the contribution that we as investors can make to increasing low carbon and climate resilient investments. It offers practical proposals on how our contribution may be accelerated and increased through appropriate government action.

Stronger political leadership and more ambitious policies are needed in order for us to scale up our investments. We believe that well designed and implemented policies would encourage us to invest significantly more in areas such as renewable energy, energy efficiency, sustainable land use and climate resilient development, thereby benefitting our clients and beneficiaries, and society as a whole.

HOW WE CAN CONTRIBUTE

As institutional investors and consistent with our fiduciary duty to our beneficiaries, we will:

■ Work with policy makers to support and inform their efforts to develop and implement policy measures that encourage capital deployment at scale to finance the transition to a low carbon economy and encourage investment in climate change adaptation.

■ Identify and evaluate low carbon investment opportunities that meet our investment criteria and consider investment vehicles that invest in low carbon assets subject to our risk and return objectives.

■ Develop our capacity to assess the risks and opportunities presented by climate change and climate policy to our investment portfolios, and integrate, where appropriate, this information into our investment decisions.

■ Work with the companies in which we invest to ensure that they are minimising and disclosing the risks and maximising the opportunities presented by climate change and climate policy.

■ Continue to report on the actions we have taken and the progress we have made in addressing climate risk and investing in areas such as renewable energy, energy efficiency and climate change adaptation.

SCALING UP INVESTMENT: THE NEED FOR POLICY ACTION

We call on governments to develop an ambitious global agreement on climate change by the end of 2015. This would give investors the confidence to support and accelerate the investments in low carbon technologies, in energy efficiency and in climate change adaptation.

Ultimately, in order to deliver real changes in investment flows, international policy commitments need to be implemented into national laws and regulations. These policies must provide appropriate incentives to invest, be of adequate duration to improve certainty to investors in long-term infrastructure investments and avoid retroactive impact on existing investments. We, therefore, call on governments to:

■ Provide stable, reliable and economically meaningful carbon pricing that helps redirect investment commensurate with the scale of the climate change challenge.

■ Strengthen regulatory support for energy efficiency and renewable energy, where this is needed to facilitate deployment.

■ Support innovation in and deployment of low carbon technologies, including financing clean energy research and development.

■ Develop plans to phase out subsidies for fossil fuels.

■ Ensure that national adaptation strategies are structured to deliver investment.

■ Consider the effect of unintended constraints from financial regulations on investments in low carbon technologies and in climate resilience.

ABOUT UNEP FI – UNEP FI is a global partnership between UNEP and the financial sector. Over 200 institutions, including banks, insurers and fund managers, work with UNEP to understand the impacts of environmental and social considerations on financial performance. Through its Climate Change Advisory Group (CCAG), UNEP FI aims to understand the roles, potentials and needs of the finance sector in addressing climate change, and to advance the integration of climate change factors – both risks and opportunities – into financial decision-making. Visit www.unepfi.org.

ABOUT IIGCC – The Institutional Investors Group on Climate Change (IIGCC) is a forum for collaboration on climate change for investors. IIGCC’s network includes over 90 members, with some of the largest pension funds and asset managers in Europe, representing €7.5trillion in assets. IIGCC’s mission is to provide investors a common voice to encourage public policies, investment practices and corporate behaviour which address long-term risks and opportunities associated with climate change. Visit www.iigcc.org.

ABOUT INCR – The Investor Network on Climate Risk (INCR) is a North Americafocused network of institutional investors dedicated to addressing the financial risks and investment opportunities posed by climate change and other sustainability challenges. INCR currently has more than 100 members representing over $13 trillion in assets. INCR is a project of Ceres, a nonprofit advocate for sustainability leadership that mobilises investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Visit www.ceres.org.

ABOUT IGCC – IGCC is a collaboration of 52 Australian and New Zealand institutional investors and advisors, managing approximately $1 trillion and focussing on the impact that climate change has on the financial value of investments. The IGCC aims to encourage government policies and investment practices that address the risks and opportunities of climate change, for the ultimate benefit of superannuants and unit holders. Visit www.igcc.org.au.

ABOUT AIGCC – The Asia Investor Group on Climate Change (AIGCC) is an initiative set up by the Association for Sustainable and Responsible Investment in Asia (ASrIA) to create awareness among Asia’s asset owners and financial institutions about the risks and opportunities associated with climate change and low carbon investing. AIGCC provides capacity for investors to share best practice and to collaborate on investment activity, credit analysis, risk management, engagement and policy. With a strong international profile and significant network, including pension, sovereign wealth funds insurance companies and fund managers, AIGCC represents the Asian voice in the evolving global discussions on climate change and the transition to a greener economy. Visit http://aigcc.asria.org/.

ABOUT PRI – The United Nations-supported Principles for Responsible Investment (PRI) Initiative is an international network of investors working together to put the six Principles for Responsible Investment into practice. Its goal is to understand the implications of Environmental, Social and Governance issues (ESG) for investors and support signatories to incorporate these issues into their investment decision making and ownership practices. In implementing the Principles, signatories contribute to the development of a more sustainable global financial system. Visit www.unpri.org.

ACKNOWLEDGMENTS
The sponsoring organisations thank CDP for its support of the statement. CDP is an international, not-for-profit organisation providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information (www.cdp.net).

THIS STATEMENT WAS LAUNCHED IN SEPTEMBER 2014.

SIGNATORIES

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GlobalInvesorStatementClimateChange_Signatories2015-11-22Nov_P2
GlobalInvesorStatementClimateChange_Signatories2015-11-22Nov_P3