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But in the blistering summer of 2018, there was nothing celebratory about the Rhine. The shrivelled Rhine of 2018 became a harbinger of the devastating impact that climate change will have on the backbone of the German economy. German industry, which uses the Rhine as a transportation lifeline, also suffered. It obliged.
There is also the risk that fossil fuel infrastructure is retired before the end of its economic lifetime and becomes a strandedasset—a liability taxpayers would likely pay for.” “Building new natural gas-fired power plants means locking in emissions—and costs—for many years to come.
Gas demand is set to peak in 2030 in all scenarios, the IEA has said, raising the thorny question of when new investments in oil and gas will become strandedassets. The federal government purchased the pipeline from Kinder Morgan in 2018 at a cost of $4.4 But carbon capture remains unproven and expensive – a $2.4-billion
“The choices and actions implemented in this decade will have impacts now and for thousands of years,” the UN agency states in its Sixth Assessment Report , a final synthesis that brings together six in-depth science and policy reports dating back to October, 2018.
The announcement also connects to an international initiative under which Canada and Argentina launched a peer review of each other’s fossil fuel subsidies in 2018. increase in 2021, the Canadian Climate Institute reported in February). That work was meant to conclude by 2020. Carbon Capture Backed by Carbon Offsets?
The evolving climate drives physical risks—damaged or strandedassets and business-interruption costs from severe weather events. Climate Value at Risk (CVaR)* is the economic value of physical and transition risks plus technological opportunities—one way of measuring the financial impact of climate change.
Rasmussen expects the scheme to meet its target – self-imposed, but in line with the protocol set by the Net Zero Asset Owner Alliance (NZAOA) – to reduce greenhouse gas (GHG) emissions from its listed equities and corporate bonds by 45% by the end of 2024, from a 2018 base. Lee suggests not. “In
Rio Tinto , meanwhile, sold its last coal mines – both thermal and metallurgical – in 2018, and now produces no fossil fuels. This leaves it heavily exposed to reputational, regulatory and stranded-asset risk, leading many investors to avoid it. BHP sold its oil and gas business to Woodside in 2022 in an all-share deal.
Launched in 2018, they act as a global guiding framework for banks, insurers and investors. “The sustainable blue economy is a vision for each ocean-linked sector, providing a high-level framework of financial principles accompanied by practical guidance ,” he says.
Risk is a central element in the decision to factor ESG principles into investing, as it can reduce future losses related to strandedassets. Originally published by S&S on November 20, 2018. Image courtesy of Flickr.
It is in many ways a starting point for the work that needs to intensify even more over the years and decades ahead of us.” The IMO’s previous 2018 target was to halve the shipping sector’s annual CO2 emissions by 2050. Some companies will start acting and some won’t; there’s more risk of strandedassets.” What role should investors play?
Around 20% of the electricity generated in Africa was from renewable sources in 2018. . IRENA says that Africa’s current and historically limited contributions to global climate change means that “the cost of decommissioning these fully functional strandedassets should not fall on African governments or consumers”. .
It makes no long-term sense to continue pumping money into an asset that is already destined to eventually have no value — a strandedasset. Mastercard has brought forward its net-zero target to 2040 , from 2050, having already transitioned to 100% renewable energy in 2018 for its own operations.
A 2018 study by Emily Eaton, associate professor in the Department of Geography and Environmental Studies at the University of Regina, revealed that petro-pedagogy has obstructed climate justice. A total of 208 educational institutions have divested their assets from fossil fuels.
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