Category Archives: Climate Change

NY TIMES: Environmental Activists Take to Local Protests for Global Results

Repost from the New York Times

Environmental Activists Take to Local Protests for Global Results

By John Schwartz, March 19, 2016
Bill McKibben was arrested during a protest at Seneca Lake near Reading, N.Y., on March 7. He was protesting the proposed expansion of a natural gas storage facility. Credit Monica Lopossay for The New York Times

READING, N.Y. — They came here to get arrested.

Nearly 60 protesters blocked the driveway of a storage plant for natural gas on March 7. Its owners want to expand the facility, which the opponents say would endanger nearby Seneca Lake. But their concerns were global, as well.

“There’s a climate emergency happening,” one of the protesters, Coby Schultz, said. “It’s a life-or-death struggle.”

The demonstration here was part of a wave of actions across the nation that combines traditional not-in-my-backyard protests against fossil-fuel projects with an overarching concern about climate change.

Activists have been energized by successes on several fronts, including the decision last week by President Obama to block offshore drilling along the Atlantic Seaboard; his decision in November to reject the Keystone XL pipeline; and the Paris climate agreement.

Bound together through social media, networks of far-flung activists are opposing virtually all new oil, gas and coal infrastructure projects — a process that has been called “Keystone-ization.”

As the climate evangelist Bill McKibben put it in a Twitter post after Paris negotiators agreed on a goal of limiting global temperature increases: “We’re damn well going to hold them to it. Every pipeline, every mine.”

Regulators almost always approve such projects, though often with modifications, said Donald F. Santa Jr., chief executive of the Interstate Natural Gas Association of America. Still, the protests are having some impact. The engineering consultants Black and Veatch recently published a report that said the most significant barrier to building new pipeline capacity was “delay from opposition groups.”

Activists regularly protest at the headquarters of the Federal Energy Regulatory Commission in Washington, but there have also been sizable protests in places like St. Paul and across the Northeast.

In Portland, Ore., where protesters conducted a “kayaktivist” blockade in July to keep Shell’s Arctic drilling rigs from leaving port, the City Council passed a resolution opposing the expansion of facilities for the storage and transportation of fossil fuels.

Greg Yost, a math teacher in North Carolina who works with the group NC PowerForward, said the activists emboldened one another.

“When we pick up the ball and run with it here in North Carolina, we’re well aware of what’s going on in Massachusetts, New York and Rhode Island,” he said. “The fight we’re doing here, it bears on what happens elsewhere — we’re all in this together, we feel like.”

The movement extends well beyond the United States. In May, a wave of protests and acts of civil disobedience, under an umbrella campaign called Break Free 2016, is scheduled around the world to urge governments and fossil fuel companies to “keep coal, oil and gas in the ground.”

This approach — think globally, protest locally — is captured in the words of Sandra Steingraber, an ecologist and a scholar in residence at Ithaca College who helped organize the demonstration at the storage plant near Seneca Lake: “This driveway is a battleground, and there are driveways like this all over the world.”

The idea driving the protests is that climate change can be blunted only by moving to renewable energy and capping any growth of fossil fuels.

Speaking to the crowd at Seneca Lake, Mr. McKibben, who had come from his home in Vermont, said, “Our job on behalf of the planet is to slow them down.”

He added, “If we can hold them off for two or three years, there’s no way any of this stuff can be built again.”

The demonstration at Seneca Lake earlier this month. Many protesters cheered when sheriff’s vans arrived. Credit Monica Lopossay for The New York Times

But the issues are not so clear cut. The protests aimed at natural gas pipelines, for example, may conflict with policies intended to fight climate change and pollution by reducing reliance on dirtier fossil fuels.

“The irony is this,” said Phil West, a spokesman for Spectra Energy, whose pipeline projects, including those in New York State, have come under attack. “The shift to additional natural gas use is a key contributor to helping the U.S. reduce energy-related emissions and improve air quality.”

Those who oppose natural gas pipelines say the science is on their side.

They note that methane, the chief component of natural gas, is a powerful greenhouse gas in the short term, with more than 80 times the effect of carbon dioxide in its first 20 years in the atmosphere.

The Obama administration is issuing regulations to reduce leaks, but environmental opposition to fracking, and events like the huge methane plume released at a storage facility in the Porter Ranch neighborhood near Los Angeles, have helped embolden the movement.

Once new natural gas pipelines and plants are in place, opponents argue, they will operate for decades, blocking the shift to solar and wind power.

“It’s not a bridge to renewable energy — it’s a competitor,” said Patrick Robbins, co-director of the Sane Energy Project, which protests pipeline development and is based in New York.

Such logic does not convince Michael A. Levi, an energy expert at the Council on Foreign Relations.

“Saying no to gas doesn’t miraculously lead to the substitution of wind and solar — it may lead to the continued operation of coal-fired plants,” he said, noting that when the price of natural gas is not competitive, owners take the plants, which are relatively cheap to build, out of service.

“There is enormous uncertainty about how quickly you can build out renewable energy systems, about what the cost will be and what the consequences will be for the electricity network,” Mr. Levi said.

Even some who believe that natural gas has a continuing role to play say that not every gas project makes sense.

N. Jonathan Peress, an expert on electricity and natural gas markets at the Environmental Defense Fund, said that while companies push to add capacity, the long-term need might not materialize.

“There is a disconnect between the perception of the need for massive amounts of new pipeline capacity and the reality,” he said.

Market forces, regulatory assumptions and business habits favor the building of new pipelines even though an evolving electrical grid and patterns of power use suggest that the demand for gas will, in many cases, decrease.

Even now, only 6 percent of gas-fired plants run at greater than 80 percent of their capacity, according to the United States Energy Information Administration, and nearly half of such plants run at an average load factor of just 17 percent.

“The electricity grid is evolving in a way that strongly suggests what’s necessary today won’t be necessary in another 20 years, let alone 10 or 15,” Mr. Peress said.

Back at Seneca Lake, the protesters cheered when Schuyler County sheriff’s vans showed up. The group had protested before, and so the arrests had the friendly familiarity of a contra dance. As one deputy, A.W. Yessman, placed zip-tie cuffs on Catherine Rossiter, he asked jovially, “Is this three, or four?”

She beamed. “You remember me!”

Brad Bacon, a spokesman for the owner of the plant at Seneca Lake, Crestwood Equity Partners, acknowledged that it had become more burdensome to get approval to build energy infrastructure in the Northeast even though regulatory experts have tended not to be persuaded by the protesters’ environmental arguments.

The protesters, in turn, disagree with the regulators, and forcefully. As he was being handcuffed, Mr. McKibben called the morning “a good scene.”

The actions against fossil fuels, he said, will continue. “There’s 15 places like this around the world today,” he said. “There will be 15 more tomorrow, and the day after that.”

A version of this article appears in print on March 20, 2016, on page A16 of the New York edition with the headline: Protesters Across U.S. Turn Up Heat on Fossil Fuel. Order Reprints| Today’s Paper|Subscribe

Why Young Americans Are Suing Obama Over Climate Change

Repost from CNN
[Editor:  See also an update in Rolling Stone.  And check out the source at Our Children’s Trust.  – RS]

Climate kids take on the feds

By John D. Sutter, Wed March 9, 2016 10:56 PM ET
kids_sue_feds_cnnvideo
Meet the teen suing Obama over climate change 01:14

Eugene, Oregon (CNN)  >  Nearly two dozen kids — ages 8½ to 19 — appeared in federal court here on Wednesday morning. They wore nose rings and braces. Suits too big in the shoulders. Some doodled, others took copious notes. The backs of some heads barely peeked above the courtroom’s wooden benches. But these plaintiffs, however young and small, united behind a massive cause that should inspire any of us old folk: They’re suing the U.S. government — and President Barack Obama — for failing to act rapidly to stop climate change.

It’s the future suing the present.

The climate kids versus the feds.

“We sat in this courtroom today, and we have filed this lawsuit, because the leaders we have elected to take care of our planet, and to take care of our country for our generation and those to follow, are failing to do their job,” said Xiuhtezcatl Tonatiuh, a 15-year-old from Colorado who is one of the 21 young plaintiffs. “My generation is going to be inheriting the crisis we see all around us today. We are standing up not only for the environment and the Earth and the atmosphere but for the rights we have to live in a healthy, just and sustainable world.”

“We are the generation that gets to rewrite history,” he added, speaking to a crowd of more than 100 outside the courthouse. “The pen is in our hands, and we are rewriting history today.”

Meet the 15-year-old kid who's suing Obama over climate change
Related article: Meet the 15-year-old kid who is suing Obama over climate change
The climate-kids suit, which got a pretrial hearing on Wednesday before Judge Thomas Coffin, is part of a years-long campaign by a group called Our Children’s Trust.

The organization, with the support of former NASA climate scientist James Hansen and others, asserts Congress and the President have done far too little to stem the climate crisis. So they’ve taken to courts, filing petitions and complaints on behalf of young people in all 50 states, saying governments are failing to protect them and future generations from the harms of global warming.

This is the second U.S. federal court case they’ve filed (the first failed), and they’re also working internationally. The government argued before Coffin on Wednesday that the suit should be dismissed. It’s unclear when he will reach a decision.

‘This case is about survival’

“At its core, this case is about survival and whether the federal defendants can continue to threaten it,” said Julia Olson, lead attorney for the kids.

That may sound like hyperbole, but it isn’t. Scientists and the U.S. government have known for decades that burning fossil fuels and chopping down rainforests moves CO2 from the ground into the atmosphere — and too much of it makes the Earth hotter and hotter. The consequences are stark, from rising seas that could swallow island nations to deadly heatwaves, mass extinctions in the natural world and the spread of diseases.

Lives and property are at risk, and since climate change only gets worse as we pump more pollution into the atmosphere, young people have far more at stake than older folks.

For future humans, the very habitability of the planet is in jeopardy.

On 6 degrees of climate change
On 6 degrees of climate change (Opinion)

The federal complaint in Oregon, which the government and fossil fuel industries have asked the judge to dismiss, says the constitutional rights of these young people — including the right to life, liberty and property — are being violated. Furthermore, the climate kids’ attorneys also say they’re being discriminated against as young people who have the most to lose as climate change gains steam over time but who have little or no voice in the political process.

“This is an intergenerational issue,” Hansen, former director of the NASA Goddard Institute for Space Studies and current head of the climate science program at Columbia’s Earth Institute, told me. “It’s a case where our actions will affect our grandchildren and their children.”

Children speak to their fears of a difficult future

His granddaughter, Sophie, is among the plaintiffs. Pretty much all of them can list specific ways in which climate change is messing up their lives.

One young man, Alex Loznak, 19, grew up on a farm his ancestors settled after crossing the Oregon Trail. He’s worried it may not survive or won’t be as productive because of drought. Levi Draheim, the 8½-year-old (his mom told me he likes it when you include the ½) fears his family’s property in Florida, where he lives, will be swallowed up by the rising tides associated with warmer temperatures and melting glaciers.

Others have witnessed wildfires and hurricanes.

“There’s no way that it can’t work,” Victoria Barrett, a 16-year-old from New York, said of the lawsuit. “We are going to be here when (older generations) are not.

“We’re going to be dealing with the issues they leave behind.”

The suit names a lot of old people and institutions as defendants. There’s President Obama, several federal agencies, including the Department of Energy and the Environmental Protection Agency, and the heads of some of those agencies. The complaint is asking the court to order the U.S. government to develop a plan to fight catastrophic climate change — and to stop contributing to the problem.

While there have been some reforms, one quarter of fossil fuels extracted in the United States in 2013 came from public lands, the suit says, and the government is actively working to permit the production, use and export of these dangerous fuels, according to the complaint.

True, the Obama administration has supported policies to fight climate change, including the Paris Agreement in December and a (legally disputed) plan to clean up coal-fired power plants. But these actions are not nearly enough to prevent catastrophic warming, which is usually regarded as more than 2 degrees Celsius of warming above pre-industrial levels.

2 degrees: The most important number you've never heard of
Climate change: ‘Two degrees’ may decide the future

There are scholars who think only courts will do the trick.

“We are at a point with climate where nature’s math — the carbon math — counts,” said Mary Wood, faculty director of the Environmental and Natural Resources Law Program at the University of Oregon and who is not directly involved in the case. “And we have to be sure everything adds up. Only a court is positioned to do that. The administration is not doing that. Its efforts, while important, fall short. … The time for slow incremental steps is over.”

The attorneys for the climate kids also are trying to prove that the atmosphere is an asset held in public trust by the government and that federal agencies have a duty to protect it.

On this and other points, the feds made their opposition abundantly clear.

‘No constitutional right to a pollution-free environment’

“There simply is no constitutional right to a pollution-free environment,” a U.S. Department of Justice attorney said, arguing these matters should be left to the president and Congress.

“The federal courts are not a proper forum in which to raise generalized grievances about federal policies,” the DOJ attorney said. He added that there is a “massive gap” between the harms the plaintiffs are alleging and the federal government’s actual actions; that companies and governments outside the United States contribute to the problem, too; and that young people should not be treated as a special class for discrimination in this or other cases.

The message: Sorry, kids, maybe next time?

An attorney representing fossil fuel industry associations also generally sided with the Obama administration in court. So, really, it was Obama and Dirty Energy versus the future.

The symbolism was striking, and it wasn’t lost on the young plaintiffs.

“It was a lot of big words. It was hard to follow,” Avery McRae, a 10-year-old plaintiff wearing a peacoat and gold-colored slippers, told me after court. “They (the defense and intervening attorneys) care more about their business than they do about the future of our generation.”

McRae, who’s from Eugene, Oregon, where the motion to dismiss the case was heard, became interested in climate change after she read a book about snow leopards and found out that climate change was among the factors threatening their survival.

“A few years ago, when she was young,” her mom told me (as if she’s not young now), McRae took that knowledge and held a party in honor of the imperiled snow leopards, raising $300 for a conservation group.

She then did the same for wolves and salmon.

Wednesday morning, the 10-year-old was drawing horses and singing along to musicals before going to federal court. Her mother, Holly McRae, told me it was almost “sad” to see her bright-eyed daughter sitting in such a sterile, wood-paneled environment in front of a federal judge. “It was surreal, really,” said her father, Matt McRae.

But they’re also immeasurably proud.

They hope her presence will help compel the judge to reject the government’s motion to dismiss the case — and to move it to trial.

Maybe it will be an important step toward climate justice.

As she watched the proceedings, Holly McRae thought about what the judge must be seeing as he heard oral arguments from the three attorneys.

Two rows of young children staring back at him.

The faces of the future.

Big Oil’s scorched-earth legal approach to climate change

Repost from iPolitics

Big Oil’s scorched-earth legal approach to climate change

By Keith Stewart, March 14, 2016
Alberta oilsands
A highway loops around the southeast end of Mildred Lake at a Syncrude facility as seen from a helicopter tour of the oilsands near Fort McMurray, Alta., on July 10, 2012. Jeff McIntosh, The Canadian Press

I want to believe the oil company CEOs who say they’ve seen the light and now support action on climate change. I really do.

But it’s hard to take them at their word when their lawyers are simultaneously engaged in what one legal scholar has called “the first case in which a party has challenged the constitutional validity of any federal greenhouse gas regulations.”

A consortium of seven oil companies is challenging the right of the federal government to adopt a regulation designed to substitute renewable energy for fossil fuels — in part on the grounds that “that the production and consumption of petroleum fuels is not dangerous and does not pose a risk to human health or safety”, and so, “there is no evil to be suppressed”.

Those words are taken from a 2014 legal ruling against the companies. The judge in that case went on to refute their argument at length: “The evil of global climate change and the apprehension of harm resulting from the enabling of climate change through the combustion of fossil fuels has been widely discussed and debated by leaders on the international stage. Contrary to Syncrude’s submission, this is a real, measured evil, and the harm has been well documented.”

Case closed.

Or maybe not. Syncrude was back in court last November to appeal that ruling.

Few Canadians have heard of Syncrude because it’s a consortium of oil companies that jointly operate three massive tar sands mines. Suncor became Syncrude’s largest shareholder when it bought Canadian Oil Sands earlier this year, but the mines’ day-to-day operations are managed by Imperial Oil, the Canadian subsidiary of ExxonMobil.

It’s no surprise to see Exxon involved in this case; the company has a long history of opposing action on climate change. Exxon is now under investigation in New York and California for publicly claiming that the science of global warming was too murky to warrant policy action by governments — even as the company redesigned its drill rigs and pipelines destined for the Canadian Arctic based on company scientists’ predictions of a warming world. Exxon also was the only major oil player not on stage with Alberta Premier Rachel Notley as she announced the province’s ambitious new climate policy.

Yet it’s surprising to see companies like Suncor — which are trying to rebrand themselves as climate leaders — involved in such legal shenanigans. In his assessment of the original case, University of Calgary law professor Nigel Bankes wrote that this litigation “suggests that at least the sector of big oil represented by the Syncrude interests will fight federal greenhouse gas regulations in all of its forms and that it will fight them hard.

“There was no stone left unturned in this litigation. Counsel for Syncrude pursued every possible avenue, no matter how small the chance of success or creative the argument. Big carbon may be just like big tobacco in protecting its turf.”  — University of Calgary law professor Nigel Bankes

That doesn’t sound like something climate leaders ought to do.

As the largest shareholder, Suncor should tell their colleagues to withdraw this appeal. They should then take the money they were spending on lawyers and use it to map out how their businesses can thrive in a world that has moved beyond fossil fuels.

Keith Stewart is the head of the climate and energy campaign at Greenpeace Canada, and teaches a course on energy policy at the University of Toronto

Would Saving A Livable Climate Destroy Buffett’s Fossil Fuel Empire?

Repost from Think Progress – Climate Progress

Would Saving A Livable Climate Destroy Buffett’s Fossil Fuel Empire?

By Joe Romm, March 11, 2016 8:00 AM
BNSF oil train derailment in 2013. CREDIT: BRUCE CRUMMY, AP

Billionaire Warren Buffett has bet the future of his company Berkshire Hathaway on dirty energy. In recent years he has been building a vertically-integrated fossil fuel empire — one that develops, delivers, processes, and burns the most climate-destroying fuels.

The final part of this series on Buffett looks at how BNSF Railways is the engine of his carbon-intensive conglomerate, creating a massive risk for shareholders in this increasingly carbon-constrained world — a risk the “Oracle of Omaha” needs to be far more upfront about.

Is Warren Buffett “The Profiteer” of “Climate Killers”?

When Rolling Stone named Warren Buffett one of its 17 “Climate Killers” in 2010, they called him “The Profiteer.” They zeroed in on his recent purchase of “Burlington Northern Santa Fe railroad for $26 billion — the largest acquisition of Buffett’s sto­ried career.”

Why? BNSF is “the nation’s top haul­er of coal, shipping some 300 million tons a year.” That is especially convenient for Buffett because, as noted in Part 2, Berkshire Hathaway Energy has four major utilities that still rely on coal for over half their electricity generation.

CoalValueImage
CREDIT: BNSF

But BNSF is so much more than just the top hauler of coal. As their website proudly attests “BNSF is the largest transporter of crude oil in North America” — and we all know how well the whole crude-by-rail thing has been going.

2015 “has already been the costliest by far for crude train explosions,” BloombergBusiness reported in December. A “BNSF train that derailed and exploded in Illinois” last March “carrying highly explosive crude from North Dakota” created some $5.5 million in damage.

From 2010 through mid-2014, oil shipped by rail in the United States increased from about one million barrels of oil every month to 25 million! At the same time, Canadian imports increased 50-fold, as we’ve reported. BNSF was a driving force behind that explosion.

oil-overtime
CREDIT: EIA DATA

Also, last October we learned about “what is believed to be the largest frac sand unit train to date in North America.” You guessed it: “The 150-car unit train, operated by BNSF, carried 16,500 tons of frac sand used in hydraulic fracturing.”

Warren Buffett Bets Big On The Tar Sands

But wait, there’s more. You may recall from Part 1 that last year, the billionaire spent $240 million buying another chunk of Canadian tar sands giant Suncor, upping his overall bet on the climate-destroying liquid fuel to $1.1 billion — a fact Buffett does not share with shareholders in his list of Berkshire Hathaway’s climate risks.

On top of that, as BNSF’s website also proudly attests, the railroad “is positioned to act as a gateway to the Canadian oil sands.” Seriously.

Indeed several years ago, a BNSF employee magazine explained how invested the railway was in all aspects of tar sands (aka bitumen) development. The key point is that “Before bitumen can move through a pipeline to its destination, it must be blended with diluents (diluting agents),” lighter weight hydrocarbons like natural gasoline or butane:

BNSF has been moving single carloads of diluents from U.S. refineries to the Canadian border…. The inbounds are then interchanged with Canadian railroads, then moved to Edmonton, with the final move to the oil sands’ processing center via pipeline.

Last year, BNSF moved about 9,000 carloads of diluents for the project, with the majority of loads originating from the Gulf Coast, California, and Kansas. This year, about 12,000 carloads are anticipated to move.

There’s more: Beyond shipping diluents, “BNSF has also transported turbines, other large machinery and pipes for use at the drilling sites.”

There’s still more to this empire. In 2015, Buffett “nearly doubled Berkshire’s position in Phillips 66,” one of the country’s leading oil (and gas) refiners and processors. The company has 15 refineries which can refine a total of 2.2 million barrels of crude per day.

In January of this year alone, Buffett spent a staggering $832 million to buy yet more Phillips 66 stock. At more than $5 billion, it is his sixth-largest holding. He now owns 14 percent of the “Number 7” company on the Fortune 500 list.

Phillips 66 is a major co-owner of the Wood River Refinery in Illinois, which in recent years made investments “to expand the capacity to handle the bitumen from the Alberta oil sands by nearly 700%.” Also not coincidentally, for the last year, Phillips 66 has been trying to get California planning commissioners to let it build a 1.3-mile rail spur to its Santa Maria refinery. Why? As the Sierra Club explained last month, “The oil giant seeks to transport tar sands crude from Canada in mile-long trains — each laden with over 2 million gallons of dirty crude.”

Both A Livable Climate And Buffett’s Empire Cannot Thrive

Yes, the Oracle of Omaha has a thing for the Canadian tar sands. But more than that, over the last several years he has built a vertically-integrated fossil fuel empire — one that develops, delivers, processes, and even burns the most carbon-intensive fossil fuels. It would be a brilliant strategy except for two small details.

First, climate science makes clear we have to leave most fossil fuels — and virtually all of the most carbon-intensive — in the ground to avoid global catastrophic warming. Second, over the past 18 months, the leading nations of the world unanimously agreed on a plan whose goal is to do just that, and the overwhelming majority of them made detailed pledges to slow or reverse carbon-intensive growth and replace it with carbon-free growth.

The domestic and international coal market has already collapsed as a result of growing environmental concerns and low-cost alternatives including renewables. If the world follows through on its plans to keep total warming below 2°C — a big “if,” for sure — then coal is going to continue to be squeezed out of the market in the coming decades and oil will almost certainly follow the same fate, peaking in demand by 2030, as I discussed last month.

Now whether or not you believe the world is going to achieve the plan it unanimously embraced in Paris in December, surely Buffett ought to at least mention to his shareholders the risks to Berkshire Hathaway if the world does. Yet, his latest annual letter to shareholders dismisses the risk of climate change.

Here is all Buffett says about the coal risk: “To begin with an obvious threat, BNSF, along with other railroads, is certain to lose significant coal volume over the next decade.” But he quickly dismisses this as a problem that is not “crucial to Berkshire’s long-term well-being.”

Last summer, BNSF executive chairman Matthew K. Rose noted the decline in U.S. coal transport and consumption. He said of his company’s major investment to upgrade its rail service to and from the coal-rich Powder River Basin, “That leaves us with millions of dollars in investment in what will eventually be stranded assets.”

Certainly, from a short-term business perspective, investing in oil-by-rail and tar-sands-by-rail to replace coal-by-rail appears to make sense. But what are the risks those investments will eventually become stranded assets, too? Low oil prices aren’t good for crude-by-rail, as BloombergBusiness explained in December. And aggressive climate action, which could well give us peak demand within 15 years, is not bullish for oil prices.

BNEFoilpeak1-16
CREDIT: BLOOMBERG

Rather than informing shareholders about any of these risks, Buffett asserts the reverse: “Both BHE [Berkshire Hathaway energy] and BNSF have been leaders in pursuing planet-friendly technology.” Seriously?

I discussed in Part 2 how, despite BHE’s own investments in renewables, BHE is working to crush solar energy in Nevada and around the western United States. And it remains a huge user of coal. And as we’ve seen BNSF is a major deliverer of coal….

But here is how Buffett defends the fairly ludicrous claim that BNSF is somehow one of the “leaders in pursuing planet-friendly technology”:

BNSF, like other Class I railroads, uses only a single gallon of diesel fuel to move a ton of freight almost 500 miles. That makes the railroads four times as fuel-efficient as trucks!

Yes, BNSF is a very fuel-efficient way of delivering vast amounts of climate-destroying fuels to market.

Finally, is it only a coincidence that after outperforming the market for decades, the stock of Berkshire Hathaway has actually underperformed the S&P 500 over the last five years?

Again, if serious global climate action ultimately keeps oil prices low and renders much of the tar sands uneconomic, then Buffett’s carefully constructed fossil fuel empire is going to keep suffering — and deservedly so. After all, leading climate activists have been urging major investors to disinvest in fossil fuels for years. Buffett is doing the exact reverse!

BOTTOM LINE: Between Berkshire Hathaway and a livable climate, only one can thrive. That’s not a tough choice, is it?