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Davos investment elite warned of ‘carbon bubble’ risks

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Climate campaigners have urged the elite individuals attending the World Economic Forum in Davos to recognise “the reality of the carbon bubble” and commit to divestment from fossil fuels.

Activists from the international 350.org campaign group say it is time for financial leaders in particular to realise the risks and unsustainability of their fossil fuel investments.

“Governments, businesses, and a civil society have all come under pressure to take steps to address climate change. Up until now, the financial community has largely been left off the hook. That needs to change”, said Jamie Henn, strategy director at 350.org.

The idea of a carbon bubble refers to the theory that as governments decarbonise their economies and cut emissions to limit global warming, the fossil fuel industry’s coal, oil and gas reserves will need to remain unburned. 

This means they will become financially worthless “stranded assets”, creating a large financial risk for the companies that own them and those with stakes in them.

Scientists estimate that no more than around 565 gigatonnes of carbon can be emitted if the universal target of limiting warming to 2C is to be achieved.

Fossil fuel companies currently have enough fuels to emit 2795 gigatonnes of carbon dioxide in their reserves, and are always looking for more. Companies across the world spent over $650 billion (£441 billion) last year trying to find new fossil fuel reserves. 

350.org urges attendees in Davos to take the opportunity to discuss divestment from the fossil fuel industry – and investing instead in renewable alternatives – with their peers.

“I think 2014 is the year that the discussion about a carbon bubble will go mainstream”, Henn added.

“The fossil fuel divestment movement is spreading like wildfire at universities and in cities around the world. The financial community cannot continue to ignore its role in fuelling the climate crisis.”

In October, an alliance of 70 major investors with a collective $3 trillion (£1.85 trillion) of assets called on the world’s largest fossil fuels firms to rethink their approach to avoid the risks of a carbon bubble. 

Meanwhile in November, former US vice-president Al Gore said that energy companies were repeating the mistakes that led to the financial crisis.  

Speaking at Davos this morning with a slightly contrasting message, UK prime minister David Cameron urged the EU to support the shale gas industry.

While stressing “we need renewables”, Cameron said, “We also need to explore the opportunities presented by shale gas.”

“We should be clear if the European Union, or its member states, impose burdensome, unjustifiable, premature regulation on shale exploration in Europe, investors will head elsewhere,” he warned.

Cameron also claimed, “If this is done properly, shale gas can actually have lower emissions than imported gas.”

The government’s own studies have suggested that instigating a fracking boom would have little impact on the UK’s carbon emissions, and if anything, may cause them to increase depending on which kind of imported gas it replaces.

Speaking at the forum yesterday, World Bank president Jim Yong Kim told financial leaders, ”This is the year to take action on climate change. There are no excuses.”

Further reading:

‘This is the year to fight climate change’, World Bank president tells finance world at Davos

Sustainable investors could spawn ‘self-fulfilling’ carbon bubble in 2014

HSBC predicts ‘new climate agenda’ in 2014

Al Gore: world risks creating carbon bubble akin to financial crisis

The other reason for divestment

Economy

Will Self-Driving Cars Be Better for the Environment?

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self-driving cars for green environment
Shutterstock Licensed Photo - By Zapp2Photo | https://www.shutterstock.com/g/zapp2photo

Technologists, engineers, lawmakers, and the general public have been excitedly debating about the merits of self-driving cars for the past several years, as companies like Waymo and Uber race to get the first fully autonomous vehicles on the market. Largely, the concerns have been about safety and ethics; is a self-driving car really capable of eliminating the human errors responsible for the majority of vehicular accidents? And if so, who’s responsible for programming life-or-death decisions, and who’s held liable in the event of an accident?

But while these questions continue being debated, protecting people on an individual level, it’s worth posing a different question: how will self-driving cars impact the environment?

The Big Picture

The Department of Energy attempted to answer this question in clear terms, using scientific research and existing data sets to project the short-term and long-term environmental impact that self-driving vehicles could have. Its findings? The emergence of self-driving vehicles could essentially go either way; it could reduce energy consumption in transportation by as much as 90 percent, or increase it by more than 200 percent.

That’s a margin of error so wide it might as well be a total guess, but there are too many unknown variables to form a solid conclusion. There are many ways autonomous vehicles could influence our energy consumption and environmental impact, and they could go well or poorly, depending on how they’re adopted.

Driver Reduction?

One of the big selling points of autonomous vehicles is their capacity to reduce the total number of vehicles—and human drivers—on the road. If you’re able to carpool to work in a self-driving vehicle, or rely on autonomous public transportation, you’ll spend far less time, money, and energy on your own car. The convenience and efficiency of autonomous vehicles would therefore reduce the total miles driven, and significantly reduce carbon emissions.

There’s a flip side to this argument, however. If autonomous vehicles are far more convenient and less expensive than previous means of travel, it could be an incentive for people to travel more frequently, or drive to more destinations they’d otherwise avoid. In this case, the total miles driven could actually increase with the rise of self-driving cars.

As an added consideration, the increase or decrease in drivers on the road could result in more or fewer vehicle collisions, respectively—especially in the early days of autonomous vehicle adoption, when so many human drivers are still on the road. Car accident injury cases, therefore, would become far more complicated, and the roads could be temporarily less safe.

Deadheading

Deadheading is a term used in trucking and ridesharing to refer to miles driven with an empty load. Assume for a moment that there’s a fleet of self-driving vehicles available to pick people up and carry them to their destinations. It’s a convenient service, but by necessity, these vehicles will spend at least some of their time driving without passengers, whether it’s spent waiting to pick someone up or en route to their location. The increase in miles from deadheading could nullify the potential benefits of people driving fewer total miles, or add to the damage done by their increased mileage.

Make and Model of Car

Much will also depend on the types of cars equipped to be self-driving. For example, Waymo recently launched a wave of self-driving hybrid minivans, capable of getting far better mileage than a gas-only vehicle. If the majority of self-driving cars are electric or hybrids, the environmental impact will be much lower than if they’re converted from existing vehicles. Good emissions ratings are also important here.

On the other hand, the increased demand for autonomous vehicles could put more pressure on factory production, and make older cars obsolete. In that case, the gas mileage savings could be counteracted by the increased environmental impact of factory production.

The Bottom Line

Right now, there are too many unanswered questions to make a confident determination whether self-driving vehicles will help or harm the environment. Will we start driving more, or less? How will they handle dead time? What kind of models are going to be on the road?

Engineers and the general public are in complete control of how this develops in the near future. Hopefully, we’ll be able to see all the safety benefits of having autonomous vehicles on the road, but without any of the extra environmental impact to deal with.

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Environment

Road Trip! How to Choose the Greenest Vehicle for Your Growing Family

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Greenest Vehicle
Licensed Image by Shutterstock - By Mascha Tace -- https://www.shutterstock.com/g/maschatace

When you have a growing family, it often feels like you’re in this weird bubble that exists outside of mainstream society. Whereas everyone else seemingly has stability, your family dynamic is continuously in flux. Having said that, is it even possible to buy an eco-friendly vehicle that’s also practical?

What to Look for in a Green, Family-Friendly Vehicle?

As a single person or young couple without kids, it’s pretty easy to buy a green vehicle. Almost every leading car brand has eco-friendly options these days and you can pick from any number of options. The only problem is that most of these models don’t work if you have kids.

Whether it’s a Prius or Smart car, most green vehicles are impractical for large families. You need to look for options that are spacious, reliable, and comfortable – both for passengers and the driver.

5 Good Options

As you do your research and look for different opportunities, it’s good to have an open mind. Here are some of the greenest options for growing families:

1. 2014 Chrysler Town and Country

Vans are not only popular for the room and comfort they offer growing families, but they’re also becoming known for their fuel efficiency. For example, the 2014 Chrysler Town and Country – which was one of CarMax’s most popular minivans of 2017 – has Flex Fuel compatibility and front wheel drive. With standard features like these, you can’t do much better at this price point.

2. 2017 Chrysler Pacifica

If you’re looking for a newer van and are willing to spend a bit more, you can go with Chrysler’s other model, the Pacifica. One of the coolest features of the 2017 model is the hybrid drivetrain. It allows you to go up to 30 miles on electric, before the vehicle automatically switches over to the V6 gasoline engine. For short trips and errands, there’s nothing more eco-friendly in the minivan category.

3. 2018 Volkswagen Atlas

Who says you have to buy a minivan when you have a family? Sure, the sliding doors are nice, but there are plenty of other options that are both green and spacious. The new Volkswagen Atlas is a great choice. It’s one of the most fuel-efficient third-row vehicles on the market. The four-cylinder model gets an estimated 26 mpg highway.

4. 2015 Hyundai Sonata Hybrid

While a minivan or SUV is ideal – and necessary if you have more than two kids – you can get away with a roomy sedan when you still have a small family. And while there are plenty of eco-friendly options in this category, the 2015 Hyundai Sonata Hybrid is arguably the biggest bang for your buck. It gets 38 mpg on the highway and is incredibly affordable.

5. 2017 Land Rover Range Rover Sport Diesel

If money isn’t an object and you’re able to spend any amount to get a good vehicle that’s both comfortable and eco-friendly, the 2017 Land Rover Range Rover Sport Diesel is your car. Not only does it get 28 mpg highway, but it can also be equipped with a third row of seats and a diesel engine. And did we mention that this car looks sleek?

Putting it All Together

You have a variety of options. Whether you want something new or used, would prefer an SUV or minivan, or want something cheap or luxurious, there are plenty of choices on the market. The key is to do your research, remain patient, and take your time. Don’t get too married to a particular transaction, or you’ll lose your leverage.

You’ll know when the right deal comes along, and you can make a smart choice that’s functional, cost-effective, and eco-friendly.

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