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Renewable energy investment; wind farm opposition; sustainable finance – Quote Bank: June 9-15

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A good quote makes all the difference. Here’s the pick of the past week.

“Even if we do increase agricultural output by 60%, the world would still have 300m people hungry in 2050” – Jose Graziano da Silva, FAO director-general. Sustainability at the heart of food and agriculture.

“Socially responsible investing can create sustainable long-term wealth for all stakeholders. We need to learn to appreciate that doing business better will ultimately make for better business. Responsible investment is no longer a niche: it makes good business sense” – Neville White, senior socially responsible investment analyst at Ecclesiastical. Ecclesiastical report maps historic sustainable investment progress.

It’s not a case of profit at all costs, which can damage the environmentPeople are looking for socially responsible investments, where they’ve got a feel-good factor about them” – Andrew Steel, CEO of the Treedom Group. New forestry fund is out to benefit people, planet and profit.

“Whatever the drivers, the strong and sustained growth of the sector is a major factor that is assisting many countries towards a transition to low-carbon, resource efficient green economy– Achim Steiner, UN under-secretary general and UNEP executive director. Record-breaking year for renewable energy investment.

Environmental business delivers value to our clients, return for our shareholders, and helps strengthen the economyWe met our prior goal in about half the time we set for ourselves, so more than doubling our target is ambitious but achievable” – Brian Moynihan, CEO of Bank of America. Bank of America pledges $50 billion worth of sustainable investments.

“There is a school of thought that says if we cannot sort out this global climate change risk, then temperatures are going to rise, water is going to become scarcer, there is going to be more flooding and society as we know it on a global basis will change very radically. There needs to be investment on a massive scale in goods and services that are going to help mitigate and adapt to it” – Gordon Morrison, managing director at FTSE. FTSE’s ESG unit can “shed light” on responsible investment.

With the global economy in turmoil, and the plight of many vulnerable parts of society worsening, there is a unique opportunity for sustainable finance institutions to shape the response of governments and influence corporate behaviour in resolving our most pressing global problems– Nena Stoiljkovic, a vice president at the IFC, and Lionel Barber, FT editor. Inspiring innovation in sustainable finance: FT/IFC Conference.

As a start we hope to see shareholders given a binding vote on executive remunerationWe’re also pushing for mandatory voting disclosure from investors on the way they voted on executive pay packagesThis increased transparency would ensure that investors can be held to account over their voting records” – Matthew Butcher, media and communications officer at FairPensions. Pay-packets of top FTSE executives increase by 12%.

“People enjoy living in Lincolnshire because we have a great way of life, not because of landscape’s blighted by wind farms. On top of that, there are also issues around the damage caused by roads during the construction and decommissioning of turbines” – Martin Hill, leader of Lincolnshire county council. Wind farm storm in Lincolnshire as county council says, “Enough is enough”.

“The fact that the Scottish government had continued with its policies of promoting renewable energy has provided the industry with confidence” – John Wilson, deputy head of Holyrood’s energy committee. Scotland surges on in renewable energy investment.

There are two main challenges in tourism; the economic and the environmental, and the ‘centre of gravity’… The nature of our industry is that it is sensitive, but it is absolutely resilient” – Taleb Rifai, secretary-general of the UN World Tourism Organisation. Sustainable tourism: an essential link in the world’s ‘value chain’.

The winners of this year’s awards should be congratulated as they stand out from a very strong group of financial institutions that are leading the way on making environmental and social considerations a major part of their business” – Martin Dickson, deputy editor of the FT. FT/IFC Sustainable Finance Awards: the winners.

“We have embarked on a once off transition to a sustainable economy. All forms of renewable energy, from solar energy to tidal energy, will contribute to delivering this transition in the UK” – Eddie O’Connor, chief executive of Mainstream Renewable Power. Report forecasts big economic rewards from UK offshore wind investment.

Today’s defeat of WPP’s remuneration report is unsurprising given shareholder comments in the last few monthsIt is difficult to know whether the WPP board underestimated the level of shareholder anger or simply chose to ignore it” – Louise Rouse, director of engagement at FairPensions. WPP ‘unsurprisingly’ loses vote over Sir Martin Sorrell’s pay.

“In a fast changing world, I believe it is important to understand both the forces behind today’s headlines as well as underlying trends that are shaping the new energy landscape that our children and grandchildren will inherit” – Bob Dudley, BP chief executive. Continued exploitation of fossil fuels sees global carbon emissions rise.

Further reading:

Banks creating money; Islamic investments; sustainable agriculture – Quote Bank: June 2-8

Guide to Sustainable Tourism; climate change reporting; German solar – Quote Bank: May 26-June 1

Energy bill; unethical investments; Delingpolegate – Quote Bank: May 19-25

Solar in Suffolk; Marks and Spencer; SRI+20 – Quote Bank: May 12-18

World’s largest solar project; sustainable fashion; Olympic sponsorship – Quote Bank: May 5-11

Royal Society; European Commission; UNWTO – Quote Bank: April 23-May 4

Editors Choice

2017 Was the Most Expensive Year Ever for U.S. Natural Disaster Damage

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Natural Disaster Damage
Shutterstock / By Droidworker | https://www.shutterstock.com/g/droidworker

Devastating natural disasters dominated last year’s headlines and made many wonder how the affected areas could ever recover. According to data from the U.S. National Oceanic and Atmospheric Administration (NOAA), the storms and other weather events that caused the destruction were extremely costly.

Specifically, the natural disasters recorded last year caused so much damage that the associated losses made 2017 the most expensive year on record in the 38-year history of keeping such data. The following are several reasons that 2017 made headlines for this notorious distinction.

Over a Dozen Events With Losses Totalling More Than $1 Billion Each

The NOAA reports that in total, the recorded losses equaled $306 billion, which is $90 billion more than the amount associated with 2005, the previous record holder. One of the primary reasons the dollar amount climbed so high last year is that 16 individual events cost more than $1 billion each.

Global Warming Contributed to Hurricane Harvey

Hurricane Harvey, one of two Category-4 hurricanes that made landfall in 2017, was a particularly expensive natural disaster. Nearly 800,000 people needed assistance after the storm. Hurricane Harvey alone cost $125 billion, with some estimates even higher than that. So far, the only hurricane more expensive than Harvey was Katrina.

Before Hurricane Harvey hit, scientists speculated climate change could make it worse. They discussed how rising ocean temperatures make hurricanes more intense, and warmer atmospheres have higher amounts of water vapor, causing larger rainfall totals.

Since then, a new study published in “Environmental Research Letters” confirmed climate change was indeed a factor that gave Hurricane Harvey more power. It found environmental conditions associated with global warming made the storm more severe and increase the likelihood of similar events.

That same study also compared today’s storms with ones from 1900. It found that compared to those earlier weather phenomena, Hurricane Harvey’s rainfall was 15 percent more intense and three times as likely to happen now versus in 1900.

Warming oceans are one of the contributing factors. Specifically, the ocean’s surface temperature associated with the region where Hurricane Harvey quickly transformed from a tropical storm into a Category 4 hurricane has become about 1 degree Fahrenheit warmer over the past few decades.

Michael Mann, a climatologist from Penn State University, believes that due to a relationship known as the Clausius-Clapeyron equation, there was about 3-5 percent more moisture in the air, which caused more rain. To complicate matters even more, global warming made sea levels rise by more than 6 inches in the Houston area over the past few decades. Mann also believes global warming caused the stationery summer weather patterns that made Hurricane Harvey stop moving and saturate the area with rain. Mann clarifies although global warming didn’t cause Hurricane Harvey as a whole, it exacerbated several factors of the storm.

Also, statistics collected by the Environmental Protection Agency (EPA) from 1901-2015 found the precipitation levels in the contiguous 48 states had gone up by 0.17 inches per decade. The EPA notes the increase is expected because rainfall totals tend to go up as the Earth’s surface temperatures rise and additional evaporation occurs.

The EPA’s measurements about surface temperature indicate for the same timespan mentioned above for precipitation, the temperatures have gotten 0.14 Fahrenheit hotter per decade. Also, although the global surface temperature went up by 0.15 Fahrenheit during the same period, the temperature rise has been faster in the United States compared to the rest of the world since the 1970s.

Severe Storms Cause a Loss of Productivity

Many people don’t immediately think of one important factor when discussing the aftermath of natural disasters: the adverse impact on productivity. Businesses and members of the workforce in Houston, Miami and other cities hit by Hurricanes Harvey and Irma suffered losses that may total between $150-200 billion when both damage and sacrificed productivity are accounted for, according to estimates from Moody’s Analytics.

Some workers who decide to leave their homes before storms arrive delay returning after the immediate danger has passed. As a result of their absences, a labor-force shortage may occur. News sources posted stories highlighting that the Houston area might not have enough construction workers to handle necessary rebuilding efforts after Hurricane Harvey.

It’s not hard to imagine the impact heavy storms could have on business operations. However, companies that offer goods to help people prepare for hurricanes and similar disasters often find the market wants what they provide. While watching the paths of current storms, people tend to recall storms that took place years ago and see them as reminders to get prepared for what could happen.

Longer and More Disastrous Wildfires Require More Resources to Fight

The wildfires that ripped through millions of acres in the western region of the United States this year also made substantial contributions to the 2017 disaster-related expenses. The U.S. Forest Service, which is within the U.S. Department of Agriculture, reported 2017 as its costliest year ever and saw total expenditures exceeding $2 billion.

The agency anticipates the costs will grow, especially when they take past data into account. In 1995, the U.S. Forest Service spent 16 percent of its annual budget for wildfire-fighting costs, but in 2015, the amount ballooned to 52 percent. The sheer number of wildfires last year didn’t help matters either. Between January 1 and November 24 last year, 54,858 fires broke out.

2017: Among the Three Hottest Years Recorded

People cause the majority of wildfires, but climate change acts as another notable contributor. In addition to affecting hurricane intensity, rising temperatures help fires spread and make them harder to extinguish.

Data collected by the National Interagency Fire Center and published by the EPA highlighted a correlation between the largest wildfires and the warmest years on record. The extent of damage caused by wildfires has gotten worse since the 1980s, but became particularly severe starting in 2000 during a period characterized by some of the warmest years the U.S. ever recorded.

Things haven’t changed for the better, either. In mid-December of 2017, the World Meteorological Organization released a statement announcing the year would likely end as one of the three warmest years ever recorded. A notable finding since the group looks at global land and ocean temperature, not just statistics associated with the United States.

Not all the most financially impactful weather events in 2017 were hurricanes and wildfires. Some of the other issues that cost over $1 billion included a hailstorm in Colorado, tornados in several regions of the U.S. and substantial flooding throughout Missouri and Arkansas.

Although numerous factors gave these natural disasters momentum, scientists know climate change was a defining force — a reality that should worry just about everyone.

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Environment

How to be More eco-Responsible in 2018

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eco-responsible
Shutterstock / By KENG MERRY Paper Art | https://www.shutterstock.com/g/kengmerrymikeymelody

Nowadays, more and more people are talking about being more eco-responsible. There is a constant growth of information regarding the importance of being aware of ecological issues and the methods of using eco-friendly necessities on daily basis.

Have you been considering becoming more eco-responsible after the New Year? If so, here are some useful tips that could help you make the difference in the following year:

1. Energy – produce it, save it

If you’re building a house or planning to expand your living space, think before deciding on the final square footage. Maybe you don’t really need that much space. Unnecessary square footage will force you to spend more building materials, but it will also result in having to use extra heating, air-conditioning, and electricity in it.

It’s even better if you seek professional help to reduce energy consumption. An energy audit can provide you some great piece of advice on how to save on your energy bills.

While buying appliances such as a refrigerator or a dishwasher, make sure they have “Energy Star” label on, as it means they are energy-efficient.

energy efficient

Shutterstock Licensed Photo – By My Life Graphic

Regarding the production of energy, you can power your home with renewable energy. The most common way is to install rooftop solar panels. They can be used for producing electricity, as well as heat for the house. If powering the whole home is a big step for you, try with solar oven then – they trap the sunlight in order to heat food! Solar air conditioning is another interesting thing to try out – instead of providing you with heat, it cools your house!

2. Don’t be just another tourist

Think about the environment, as well your own enjoyment – try not to travel too far, as most forms of transport contribute to the climate change. Choose the most environmentally friendly means of transport that you can, as well as environmentally friendly accommodation. If you can go to a destination that is being recommended as an eco-travel destination – even better! Interesting countries such as Zambia, Vietnam or Nicaragua are among these destinations that are famous for its sustainability efforts.

3. Let your beauty be also eco-friendly

eco-friendly

Shutterstock / By Khakimullin Aleksandr

We all want to look beautiful. Unfortunately, sometimes (or very often) it comes with a price. Cruelty-free cosmetics are making its way on the world market but be careful with the labels – just because it says a product hasn’t been tested on animals, it doesn’t  mean that some of the product’s ingredients haven’t been tested on some poor animal.

To be sure which companies definitely stay away from the cruel testing on animals, check PETA Bunny list of cosmetic companies just to make sure which ones are truly and completely cruelty-free.

It’s also important if a brand uses toxic ingredients. Brands such as Tata Harper Skincare or Dr Bronner’s use only organic ingredients and biodegradable packaging, as well as being cruelty-free. Of course, this list is longer, so you’ll have to do some online research.

4. Know thy recycling

People often make mistakes while wanting to do something good for the environment. For example, plastic grocery bags, take-out containers, paper coffee cups and shredded paper cannot be recycled in your curb for many reasons, so don’t throw them into recycling bins. The same applies to pizza boxes, household glass, ceramics, and pottery – whether they are contaminated by grease or difficult to recycle, they just can’t go through the usual recycling process.

People usually forget to do is to rinse plastic and metal containers – they always have some residue, so be thorough. Also, bottle caps are allowed, too, so don’t separate them from the bottles. However, yard waste isn’t recyclable, so any yard waste or junk you are unsure of – just contact rubbish removal services instead of piling it up in public containers or in your own yard.

5. Fashion can be both eco-friendly and cool

Believe it or not, there are actually places where you can buy clothes that are eco-friendly, sustainable, as well as ethical. And they look cool, too! Companies like Everlane are very transparent about where their clothes are manufactured and how the price is set. PACT is another great company that uses non-GMO, organic cotton and non-toxic dyes for their clothing, while simultaneously using renewable energy factories. Soko is a company that uses natural and recycled materials in making their clothes and jewelry.

All in all

The truth is – being eco-responsible can be done in many ways. There are tons of small things we could change when it comes to our habits that would make a positive influence on the environment. The point is to start doing research on things that can be done by every person and it can start with the only thing that person has the control of – their own household.

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