FtF News #105 – 9th June 2021
Dirty money, thinning Arctic ice and a gradual shifting of climate sentiment
Hello, and welcome to Forge the Future, your weekly rundown of the latest climate news.
When I last changed up the format of this newsletter, I deliberately split it into climate ‘goods’ and ‘bads’. The binary felt simple and clean, and has helped me keep balance even on the dire weeks. But each Tuesday as I compile and edit the newsletter, I’m struck by how nuanced everything is. There are definitely some stories that clearly fall one way or the other, but so many fall in a grey area in between – benefiting some whilst hurting others, or hiding complexity that muddies the water. We love heroes and villains, because it makes the world seem simpler and easier to understand – love this person, hate that one. But it’s rarely that simple, and every story has two sides. So if you occasionally see a story in one of these sections and think ‘that doesn’t feel like it quite fits’, there’s probably more going on. I try where I can to highlight subtleties, but this newsletter is long enough as it is!
I’ve been gradually expanding my intros for a while now, but I’m curious to know what you think – do you like me sharing more opinions here, or should I stick just to the news? Let me know!
State of the world
Climate research and findings, weather events and studies
Sea ice in much of the Arctic may be thinning twice as fast as previously thought. Previous estimates were based on estimates of snow fall from Soviet ice floe data from decades ago. A new model using more up to date computer models of variations in snow fall gave the updated thinning rates. Whilst an ice-free Arctic seems almost inevitable at this point, it is nevertheless worrying that change is occurring so fast.
A new study of lake oxygen levels has found that they’re falling across the world, with massive impacts on both wildlife and those who depend on lakes for drinking water. Ocean oxygen levels are already known to have fallen as the seas have warmed, but lakes have deoxygenated at 3-9 times that rate in the last 40 years, with levels 19% lower in deep water.
The yearly ebb and flow of atmospheric CO2 has just passed its annual peak, and at 419ppm, it’s the highest level in around 4.5 million years. For comparison, levels at the start of modern measurements were around 316ppm, and pre-industrial levels were just 280ppm, meaning humans have added around 50% more CO2 to the atmosphere in that time.
Brazil is facing its worst drought in around 90 years, bringing fears of energy rationing. Drought conditions mean extra pressure on both hydroelectric generation and agriculture, to say nothing of drinking water. An emergency drought alert has been issued in a number of states for June through to September.
Planet positives
Moving towards a greener and more equitable world
The Tides are Changing
A lot of the progress in the climate movement comes not in the form of big proclamations, but small wins and changing attitudes. A week or so back, a case in Australia brought against an expansion of the Vickery coal mine in New South Wales resulted in a surprising win. Whilst the teenagers who brought the case didn’t get the expansion blocked, the judge deemed that Australia’s environment minister has a duty of care to protect young people from future harm, including climate change.
On the other side of the Pacific, Texas has quietly decided not to renew a massive tax break for corporations which majorly benefited petrochemicals firms in the state. The bill resulted in $10bn in tax cuts over the past 20 years, but was successfully challenged and now is no more. A similar bill in Louisiana met the same fate, dealing a double blow. Whilst oil companies will no doubt fight the changes, it is a lot harder for them to argue for a new bill now that hundreds of millions in lost tax dollars are now flowing back into public coffers.
Adverse circumstances
Events that move the needle in the wrong direction
Dirty Money
For all that big money managers like BlackRock speak to investing for the climate, they still have huge amounts of money invested in exactly the opposite. A new report into funding of Amazon deforestation found that BlackRock, Vanguard and State Street, the three biggest money managers in the world, have at least $46bn invested in 24 oil companies operating in the Amazon. They were described as ‘silent partners’ in the destruction of the Amazon and its indigenous communities.
Speaking of oil companies, they’re massively ramping spending on green investments. However, as the IEA commented this week, whilst a 4-fold increase is good, they are still only investing a mere 4% of their total capital spending this year on green projects. Given the IEA recently called for no new fossil fuel projects from now on, that remaining 96% looks pretty damning.
Big oil companies are amongst the many companies keen to put on some rainbow colours this month and talk about their support for LGBTQ folks. However, a look at Chevron shows that their lobbying efforts, concentrated around support for oil and gas, mostly goes to Republican politicians who’ve opposed gay rights at virtually every opportunity. Many of the other big US oil companies have similar funding patterns, putting the lie to their token support for equality.
Long Reads
Interesting deep-dives into climate-related topics
Climate activism has taken many forms over the years, from protests to property destruction, peaceful occupation and much more. Grist looks at the story of two activists who engaged in systematic destruction of pipeline equipment to attempt to stop the controversial Dakota Access Pipeline. With the pair now facing 20 years in prison for their actions, it brings up the question – was it worth it? They went further than most before them, but arguably had the largest impact in delaying the pipeline. How far is too far?
The US is well-known for its car centric culture, much of which can be traced back to a vast highway building program in the 50s and 60s. The building of these highways carved cities in twain, often destroying (usually non-white) neighbourhoods in the process. Now, many of those highways are worn out, and some cities are looking at removing them entirely. However, the process of rebuilding communities is complex, and there’s a real danger that the process leads to more problems than it solves.
The International Maritime Organisation is the UN agency responsible for regulating shipping. However, on the issue of climate change, it has been relatively quiet. It turns out, this is for a reason – the organisation is a perfect example of regulatory capture, with many nations giving up their seats to industry bodies. It has been delaying and watering down regulations for decades, and acts in a manner reminiscent of old-boys clubs from centuries gone by.
After covering both the subsidence in Mexico City and the ever-worsening drought in the US recently, this week sees a story that links the two. The town of Corcoran is located in Central California, and extensive water extraction by agricultural companies over decades has caused the town to sink up to 11 feet in places. However, those same companies also keep many locals in work, so few want to look too closely. However, with increasing pressure on water supplies due to the drought, the link is proving ever harder to ignore.
Quick Headlines
Some quick climate news nuggets to sate your appetite
Fiat plans to produce only EVs by 2030, joining the ever-growing ranks of car brands going electric.
Scientists have developed a novel method of extracting lithium cheaply from seawater in desalination plants.
After final votes were tallied, Engine No. 1 won a third board seat at Exxon, now controlling a quarter of the board.