Climate policy - Feb 14
by Staff
Click on the headline (link) for the full text. Many more articles are available through the Energy Bulletin homepage
The gases that are warming the Earth have built up over hundreds of years. They do not disappear or dissipate easily. Even if the world adopted the most far-reaching plans to combat climate change, most scientists agree that the concentration of greenhouse gases will continue to rise for the next few decades. In other words, global warming is already baked into Earth's future. Scientists estimate that simply to keep greenhouse gases at their current levels, we would need to slash carbon-dioxide emissions by 60 percent. Given current and foreseeable technology, that would require cutting back on industrial activity across the globe on a scale that would make the Great Depression look very small. In fact, the future will almost certainly involve substantially greater emissions of CO2. ...I state these facts plainly not to induce fatalism or complacency. It's scandalous that we're not weaning ourselves off dirty fuels. Perfecting just two new (and almost workable) technologies-clean coal and hybrid cars-would be a giant leap forward. We could be experimenting with hundreds more technologies and techniques. But even so, the Earth would still warm substantially over the next few decades. So in addition to our efforts to prevent and mitigate climate change, we need to employ another strategy-adaptation.
...But perspectives have changed. Adaptation is again seen as an essential part of climate policy alongside greenhouse-gas mitigation. Both the recent Stern Review on the Economics of Climate Change2 and the efforts of the Intergovernmental Panel on Climate Change3 demonstrate that adaptation is firmly back on the agenda. There are at least three reasons why the taboo on adaptation can no longer be enforced. ...First, there is a timescale mismatch. Whatever actions ultimately lead to the decarbonization of the global energy system, it will be many decades before they have a discernible effect on the climate. Of course if adaption means "social engineering" schemes I'm not sure how the current crop of conservative pollies will respond, given the rhetoric given to them by their think tanks. But I do agree that an over-emphasis on mitigation leads to investment only in techno-fixes.
But Tuesday, a group of investors put these companies, as well as seven others, on a new "climate watch list," labeling them as laggards in their response to climate change. This is just one example of how global warming is starting to hit corporate America between its pinstripes. This year at corporate annual meetings, shareholders will present a record 42 resolutions asking for more disclosure of company carbon emissions and potential financial exposure to new regulations. Some companies are finding themselves named as defendants in class-action lawsuits accusing them of heating up the planet. This week, Congress will begin hearings on global warming and is expected to hear from companies such as General Electric and Nucor Steel. "A lot of people are wondering if [climate change] will be the calamity du jour," says Sam Stovall, director of investment strategy at Standard & Poor's in New York. "It could end up having a very severe impact on economies and fortunes."
They are sponsoring shareholder resolutions asking companies to address global warming in ways such as issuing reports on how it affects their businesses, acting to reduce their greenhouse-gas emissions or preparing for carbon regulations. Such resolutions have proliferated. This year, resolutions on global warming are on the annual meeting agenda at 42 U.S. corporations, according to Ceres, a Boston network of investors, environmental organizations and other public interest groups that has spearheaded the issue. On Monday, Ceres and other investors released a "climate watch" list of 10 companies it thinks should strengthen their responses to climate change.
The tone of the debate has changed in the United States and Australia -- key nations which rejected the Kyoto Protocol on curbing greenhouse gas emissions -- and German Chancellor Angela Merkel has made it a top target of her G8 presidency this year. British Prime Minister Tony Blair, with only months left in office and keen to find a positive legacy to offset the damage done by Iraq, is using his weight to help secure a deal. He meets Merkel in Germany on Tuesday to discuss tactics. |
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