29 August 2016, Reuters, Insurers call on G20 to phase out fossil fuel subsidies by 2020. Insurers with $1.2 trillion under management called on Tuesday for the Group of 20 to set a timetable to phase out subsidies for fossil fuels by 2020 when they meet at a summit in China this weekend. Aviva, Aegon NV and MS Amlin said fossil fuel subsidies were at odds with commitments by G20 nations to combat global warming agreed by almost 200 countries last year at a Paris summit. “Climate change in particular represents the mother of all risks,” Aviva CEO Mark Wilson said in a statement. The companies called on the G20 leaders, who meet in the Chinese city of Hangzhou on Sept. 4-5, to set “a clear timeline for the full and equitable phase-out by all G20 members of all fossil fuel subsidies by 2020”. A phase-out should start with the elimination of all subsidies for fossil fuel exploration and coal production, they said. Their statement was also signed by the Institute and Faculty of Actuaries and UK-based energy firm Open Energi. G20 leaders have repeatedly promised to phase out fossil fuels, the main man-made source of greenhouse gases blamed for climate change, since a meeting in 2009 in Pittsburgh. The British-based Overseas Development Institute think-tank estimated that average annual subsidies for fossil fuel production were $444 billion in 2013 and 2014, roughly four times the subsidies for renewable energy in 2013. Last week, investors managing more than $13 trillion of assets urged the G20 to ratify the Paris climate deal by the end of 2016 to help avert droughts, floods, mudslides and rising sea levels. No G20 nations have yet completed the ratification process, according to a U.N. tracker. China and the United States, the top two emitters, are widely expected to join up around the time of the G20 summit. Read more here
hmcadmin
28 August 2016, climate News Network, US faces rising hurricane bill. Scientists forecast that hurricane damage could increase dramatically in the US as high-income countries are also threatened by extreme weather events. German scientists have just issued a financial weather forecast that in a world of unmitigated climate change, the financial losses for the US per hurricane could triple, and annual losses due to hurricanes could rise eightfold. And, they calculate that however vigorous the US economy, its growth cannot outpace the projected rising costs of hurricane damage in the decades ahead. More than half of all weather-related economic losses around the globe are caused by damage due to tropical cyclones, hurricanes or typhoons, and the lessons of new research in Environmental Research Letters journal is that high-income countries may be no better protected than the poorest in this respect. Read More here
25 August 2016, DESMOG, Landmark Climate Bill Passed By California Legislature. After an intense lobbying spree and threats from Governor Jerry Brown to take the measure directly to voters via ballot initiative should it fail to pass, Senate Bill 32 (SB 32) was approved by the California legislature yesterday. When it is signed into law by Brown, SB 32 will extend the climate targets adopted by the state under Assembly Bill 32 (AB32), the Global Warming Solutions Act of 2006, which required California to reduce greenhouse gas emissions to 1990 levels by 2020. The state is well on pace to meet the emissions targets set by AB 32, which is credited with having spurred developments that contributed $48 billion to California’s economy over the past 10 years while creating a half million jobs.SB 32 — together with a second bill that the state legislature just passed and Brown plans to sign, Assembly Bill 197 (AB 197) — will require the state to slash emissions to 40 percent below 1990 levels by 2030, as well as to create a committee to oversee California’s climate programs. The measures will also “prod regulators to take stronger action to cut pollution from refineries and other facilities,” especially in low-income and minority communities, according to the LA Times. “Yesterday, big oil bought a full-page ad in the capital city’s newspaper of record to halt action on climate,” Brown noted. “Today, the Assembly Speaker, most Democrats and one brave Republican passed SB 32, rejecting the brazen deception of the oil lobby and their Trump-inspired allies who deny science and fight every reasonable effort to curb global warming. I look forward to signing this bill — and AB 197 — when they land on my desk.” Diane Regas, Executive Director of the Environmental Defense Fund, said that the state of California, in passing the bills, had extended its climate leadership position for another generation. “As major economies work under the Paris Agreement to strengthen their plans to cut pollution and boost clean energy, California, once again, is setting a new standard for climate leadership worldwide,” she said in a statement. Read more here
24 August 2016,Climate Home, Adaptation takes centre stage as IPCC prepares 1.5C study. Tackling climate change is no longer simply about cutting greenhouse gas emissions: flood defences, heat resilient crops and weather warning systems are set to take centre stage. That’s the message from scientists fresh from an Intergovernmental Panel on Climate Change (IPCC) meeting in Geneva last week. The UN science body has started work on a new and potentially devastating report on ways to avoid warming the earth to more than 1.5C above pre-industrial levels – and the consequences of failure. Due in September 2018, it will set the political tenor for global talks on climate change through to 2020, by which time the new Paris Agreement on climate change is slated to become operational. Critically, it will underpin a UN-led review the same year into how countries are delivering on the Paris deal, and perhaps offer the basis for those national goals to be increased. …… The trouble is it’s effectively too late for that, said Chris Field, co-chair of the IPCC’s last major study and a colleague of Mach’s at the Carnegie Institution and Stanford University. Read More here