Economics

Smoke billows during a fire in an area of the Amazon rainforest near Porto Velho, Rondonia State, Brazil, September 17, 2019. REUTERS/Bruno Kelly

CLICK HERE - UN - Principles for Responsible Banking

reuters.com - by Matthew Green - September 22, 2019

Banks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-backed “responsible banking” principles to fight climate change on Sunday that would shift their loan books away from fossil fuels.

Deutsche Bank (DBKGn.DE), Citigroup (C.N) and Barclays (BARC.L) were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.

“These principles mean banks have to consider the impact of their loans on society – not just on their portfolio,” Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.

This satellite image provided by NASA shows the fires in Brazil on Aug. 20, 2019. As fires raged in the Amazon rainforest, the Brazilian government on Thursday denounced international critics who say President Jair Bolsonaro is not doing enough to curb widespread deforestation. (NASA via AP)

apnews.com - by MARCELO SILVA de SOUSA - August 23, 2019

Amid global concern about raging fires in the Amazon, Brazil’s government complained Thursday that it is being targeted in smear campaign by critics who contend President Jair Bolsonaro is not doing enough to curb widespread deforestation.

The threat to what some call “the lungs of the planet” has ignited a bitter dispute about who is to blame during the tenure of a leader who has described Brazil’s rainforest protections as an obstacle to economic development and who traded Twitter jabs on Thursday with France’s president over the fires.

French President Emmanuel Macron called the wildfires an international crisis and said the leaders of the Group of 7 nations should hold urgent discussions about them at their summit in France this weekend.

Credit: Mario Tama Getty Images

Sea-level rise and ground subsidence will render the flood barriers inadequate in just four years

CLICK HERE - STATEMENT - Army Corps of Engineers (2 page .PDF document)

scientificamerican.com - by Thomas Frank, E&E News - April 11, 2019

The $14 billion network of levees and floodwalls that was built to protect greater New Orleans after Hurricane Katrina was a seemingly invincible bulwark against flooding.

But now, 11 months after the Army Corps of Engineers completed one of the largest public works projects in world history, the agency says the system will stop providing adequate protection in as little as four years because of rising sea levels and shrinking levees.

The growing vulnerability of the New Orleans area is forcing the Army Corps to begin assessing repair work, including raising hundreds of miles of levees and floodwalls that form a meandering earth and concrete fortress around the city and its adjacent suburbs.

Greenhouse gases, which have been frozen below the soil for centuries, have already begun to escape. Photograph: John Mcconnico/AP

CLICK HERE - STUDY - Climate policy implications of nonlinear decline of Arctic land permafrost and other cryosphere elements

Study shows how destabilised natural systems will worsen man-made problem

theguardian.com - by Jonathan Watts - April 23, 2019

The release of methane and carbon dioxide from thawing permafrost will accelerate global warming and add up to $70tn (£54tn) to the world’s climate bill, according to the most advanced study yet of the economic consequences of a melting Arctic.

If countries fail to improve on their Paris agreement commitments, this feedback mechanism, combined with a loss of heat-deflecting white ice, will cause a near 5% amplification of global warming and its associated costs, says the paper, which was published on Tuesday in Nature Communications.