- June 13, 2018
CLIMATE CHANGE: Trump Isolated again at G7; India Inc ranks ‘poor’ over climate disclosures
‘G7 Split’: Trump isolated again over climate, trade
G7 meet ended in a split over climate change. Canada, France, Germany, Italy, Japan, the UK and the EU backed carbon pricing, and “just transition” to clean energy, while the US unilaterally promoted fossil fuels. Trump skipped the G7’s climate discussions. The leaders pledged to curb air and water pollution and emissions towards a global carbon-neutral economy by 2050.
The US refused to join in the summit’s communique. Trump later rubbished the whole communique in a Twitter tirade.
Study ranks India Inc ‘poor’ over climate disclosures
A Cambridge University study says “India fares poorly when it comes to asking companies to disclose how vulnerable their businesses are to climate-related risks”. The study assessed the countries’ record against the recommendations made by a Task Force on Climate-related Financial Disclosures (TFCD).
Study: G7’s annual support to fossil fuels is worth $100 billion
The ODI study says the G7 democracies spent at least $100 on oil, gas and coal consumption at home and abroad in 2015 and 2016. France topped the ranking in ending government support to fossils. ODI alleged that the UK tries to “fudge” how much it spends subsidising coal and fossil fuel. The UK and Japan have not yet undertaken a peer review into its fossil fuel subsidies.
288 investors with more than USD26 trillion in assets called on world governments, ahead of the G-7, to scale up climate action including phasing out thermal coal worldwide.
‘China’s emission reduction target going off track’
China emissions witnessed dramatic rise since 2011, Greenpeace reported. China’s emissions for the first three months were 4% higher than the same time last year, and set to rise 5% in this year. The unexpected uptick in emissions led to experts commenting on the country’s emissions peak to come well before 2030, it is reasonable that it will peak by 2025.
China urged to increase climate ambition
A government think tank has recommended China consider increasing its emission reductiontargets. The NCSC said China should “evaluate and demonstrate the options for updating the 2030 nationally determined contributions in 2020”.
‘Green economy now worth as much as fossil fuel sector’
Recent market study says green economy now holds around same market share as the fossil fuel sector: 6% of global market equity was derived from renewable and alternative energy, energy efficiency, water, waste and pollution services. This ‘green economy’ was now worth approximately $4 trillion, roughly the same as the fossil fuel sector.
UK’s biggest asset firm to penalise 8 top bosses over climate inaction
LGIM, Britain’s biggest asset manager wants to sack the chairmen of the board of eight companies worldwide over failing to take climate action. The firms include: China Construction Bank, Dominion Energy, Japan Post Holdings, Occidental Petroleum, Rosneft, Subaru, Loblaw, and Sysco. LGIM said it would sell any shares of the eight companies held in its $6.7 billion Future World Funds index funds range. LGIM manages nearly $1.3 trillion in assets.