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Investors urge governments to act upon dangerous methane levels

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A collaborative appeal from three climate change groups has urged governments in oil and gas producing nations to challenge the current control of methane emissions.

Rapidly growing unconventional oil and gas production poses a threat to the sustainability of the planet. Hydraulic fracturing, or fracking, and shale gas production are thought to be among the major implementers of the dangerous levels of methane in the atmosphere, which have the potential to accelerate climate change significantly.

The trio of institutional investors, the North American Investor Network on Climate Risk (INCR), the European Institutional Investors Group on Climate Change (IIGCC) and the Australia/New Zealand Investor Group on Climate Change (IGCC), manage some $20 trillion in assets, and share a common concern about the potential for irreversible environmental damage and how this could affect both the global economy and the long-term financial performance of their own investments.

The groups have announced that they will be working in collaboration with the Carbon Disclosure Project in order to direct the best possible framework for methane mediation. The programme will enable companies to progress in tackling methane leakage and significantly reducing emissions. The final document on the draft disclosure framework is due for publication in October.

Following the publication of the International Energy Agency’s (IEA) Golden Rules for a Golden Age of Gas the statement addresses the deep concern that cheap gas techniques may overshadow support for renewable alternatives.

Mindy Lubber, director of the INCR, said: “We cannot declare a ‘golden age of gas’ without taking serious action to curb fugitive methane emissions.

“Natural gas can play an important role in the transition to low-carbon energy future, but it would be ill-advised to ignore the real and growing emissions impacts on unconventional oil and gas development made possible by hydro-fracking.

“Industry leaders have proven that methane emissions can be managed effectively with technologies and strategies that are available today.

“That is why investors will continue to work closely with the oil and gas industry and regulators to limit risks, increase efficiency and mitigate environmental impact by reducing emissions of this powerful greenhouse gas.”

Methane gas is a potent and abundant greenhouse gas (GHG). Only carbon dioxide accounts for more harmful gases in the atmosphere than the 14% of global emissions that methane accounts for, but the global warming potential (i.e., the ability of the gas to trap heat into the atmosphere) of methane is 25 times greater.

According to the United States Environmental Protection Agency (EPA), greenhouse gas emissions are expected to rise by around 35% globally between 2012 and 2020.

In calling for action from institutional investors, the three groups say in the statement: “We are asking the oil and gas companies in which we invest about their policies, practices and performance on methane emissions control, and about the challenges they face in implementing them.”

In their appeal to companies, they say: “As major shareholders we ask companies in the oil and gas sector to review their operational policies and practices to ensure they include requirements to implement best practice methane monitoring and control technology for new wells and gas infrastructure, and to evaluate the potential for retrofitting existing assets with appropriate leakage and venting avoidance technologies.”

And lastly, in an additional appeal for government regulation, the statement conveys the need for oil and gas producing nations to review their policies in minimalizing emissions. “This can be achieved through inclusion of methane in carbon tax or trading schemes, or through mandatory requirements to implement appropriate methane emissions control techniques… including green completions, plunger lifts, low-bleed pneumatics, vapour recovery units and flash tank separators.”

Climate change presents an affluent supply of long-term risks to the global economy. Slowly but surely, businesses and individuals are recognising the positive impacts that sustainability has upon the economy and the wider environment.

Implementing change for the future is essential in creating a world as blue and green tomorrow as it was yesterday. For more information on how to invest sustainably, download our Guide to Sustainable Investment for free.

Further reading:

IEA warns golden age of gas could scupper renewables

Environment agency backs fracking

DECC report suggests continued but controlled fracking

The Guide to Sustainable Investment

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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

Environmentally Sustainable Furniture for Dummies

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eco-friendly sustainable furniture choices
Shutterstock / By Rawpixel.com | https://www.shutterstock.com/g/rawpixel

We probably don’t think a great deal about our furniture choices. I know that I tend to just buy whatever looks pretty, seems functional and fits my budget. That usually means a trip to a few showrooms and big warehouse stores, like Ikea.

But we have a responsibility to the planet. We can do better. There are three major ways that our furniture can help the environment:

  1. Purchase used and/or recycled furniture and extends the lifecycle of precious materials.
  2. Source furniture that is free of environmentally unsustainable products.
  3. Choose furniture that doesn’t require electricity – opting for manual transitioning.

By investing in environmentally sustainable, high-qualify furniture, you’ll be able to pass down items from generation to generation. This will save your heirs on the cost of furnishing their own home, and help to protect the environment from wasteful fad furniture that only lasts a season or two.

Natural and Recycled Furniture Materials

If you absolutely love the look of wood furniture, search for environmentally sustainable products. For example, locally sourced wood or bamboo can easily be replenished without requiring excessive international harvesting of precious woods that harm the environment.

Sustainable wood products are only sourced from companies and locations that have the ability to quickly replace harvested wood – providing a responsible resource for generations of manufacturers and consumers.

Recycled furniture can either be a gently used item from someone else’s home, or a new piece of furniture that’s been used from reclaimed sources. You’ve probably seen examples of this at your local park – cities are increasingly using recycled materials to create benches and picnic tables.

But recycled materials don’t have to feel rough or rustic. Items made from recycled wood are readily available for order online or in-store. And believe it or not, electronic waste can be reclaimed and crafted into beautiful pieces of modern furniture.

The only limitation on recycled furniture design is the imagination of the creator. If you want to do it yourself, check out this DIY recycled furniture pinterest board!

Avoid Harsh Chemicals that Harm the Environment

Did you know that many cushions are made of highly-flammable polyurethane? Furniture manufacturers help keep our butts out of the hot seat by treating the materials in cushions with fire-retardant toxins. Unfortunately this padding breaks down overtime and the dust is both toxic to humans and the environment.

There are multiple lines of eco-friendly furniture that avoid the use of flammable polyurethane – often substituting with organic cotton. Just understand that you’re going to be in for a bit of sticker shock – eco-friendly furniture, when purchased new from major brands, gets pricey.

If you can’t afford the pricetag, I recommend finding used furniture from the same product line. There are a ton of websites dedicated to helping eco-friendly consumers find used organic, responsibly sourced products – and that includes furniture.

You’ll also want to stay away from faux leather. Furniture made from pleather and other leather substitutes are heavily treated with chemicals. That’s never a win.

Hypo-allergenic stuffing, combine with traditional leather might be a decent compromise if you have to have the leather look to tie a room together. But be conscious of the fact that tanning is not an environmentally friendly process, so try to limit these materials in your design.

In conclusion, it’s up to you how crazy you want to go. I think that as long as you stay with used furniture, you’re on the right track – even if it isn’t environmentally perfect, it’s at least a sunk cost for the environment – the damage has been done and you’re extending its useful life. But I think the most important takeaway here is buy quality items that you can pass down to your next generation – if that means spending more on higher quality new items that are sustainably sourced, so be it.

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