India's average annual water availability per capita is likely to...
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Issuance of cat bonds set to hit a record this year
Catastrophe bonds are generally issued by insurers looking to pass...
Climate Change: The Era of Super-Wild Weather Is Already Here
Erich Fischer, a climate scientist at ETH Zurich, has been trying...
4 major Korean insurers cut exposure to coal power
Top Korean non-life insurers DB Insurance, Hyundai Marine & Fire Insurance, Hanwha General Insurance, and Hana Insurance, which have provided nearly half of the total US$52 bn coal underwritings by Korean insurance companies — say no more insurance for both construction and operations of coal plants
37 percent excess rainfall so far this monsoon: IMD
The country gauged 13.78 cm precipitation against the normal of 10.05 cm till June 21, it said. ”The cumulative rainfall during this year’s Southwest Monsoon season till June 21 has been exceeded by about 37 percent above Long Period Average (LPA),” the weather department said in a statement.
Sustainability solution or climate calamity? The dangers and promise of cryptocurrency technology
Bitcoins don’t exist as physical objects, but new coins are “mined”, or brought into circulation, through a process that involves using powerful computers to solve complex mathematical problems. This process requires so much energy, that the Bitcoin network is estimated to consume more energy than several countries, including Kazakhstan and the Netherlands.
Major corporate polluters lag on setting climate goals
And while many of the 250 companies have set targets for 2050, only 27 – or 11% – have laid out shorter-term plans to make major cuts by 2030, according to the data, compiled from corporate reports and other public disclosures.
This refers to reductions to their biggest source of emissions, often from the use of their products, or so-called Scope 3 emissions.
Climate on agenda as Biden prepares to meet with top financial regulators
Biden issued an executive order in May pushing federal agencies to encourage full disclosure of often-hidden climate-related risks to banks, other financial institutions and the federal government.
UN office says Sri Lanka ship fire causes significant damage
“An environmental emergency of this nature causes significant damage to the planet by the release of hazardous substances into the ecosystem,” U.N. Resident Coordinator in Sri Lanka Hanaa Singer-Hamdy said in a statement late Saturday. “This in turn threatens lives and livelihoods of the population in the coastal areas.”
Sri Lanka has already submitted an interim claim of $40 million to X-Press Feeders to cover part of the cost of fighting the fire, which broke out on May 20 when the vessel was anchored about 9.5 nautical miles (18 kilometers) northwest of Colombo and waiting to enter the port.
Factbox: How central banks are responding to the issue of climate change
US Fed chair Jerome Powell while he agreed climate change could have deep ramifications for inflation, employment, productivity and other economic measures, he told a conference in June: “Climate change is not something we directly consider in setting monetary policy”.
BOJ plans to launch new scheme on climate change, keeps policy steady
“Climate change issues could exert an extremely large impact on economic activity, prices and financial conditions from a medium- to long-term perspective,” the BOJ said in a statement.
Committee on energy efficiency, low carbon technologies to be set up: Power Minister
“A Committee/Group to be set up having members from all relevant Ministries for implementation of the Roadmap on Energy Efficiency and low carbon technologies,” he said.
The minister said a concerted push for renewables is already underway and a detailed action plan will be developed to identify potential areas. Singh directed to keep the focus on sectors with the highest emissions intensity such as Transport, MSMEs and Power plants.
Reinsurers look at dumping coal from bulk-buy policies in green gambit
Five of the world’s six largest reinsurers – Swiss Re, Munich Re, Hannover Re, SCOR and Lloyd’s of London – have already scaled back bespoke coverage for coal projects. But only Swiss Re, in a statement in March, has said it will go further and tighten its treaty reinsurance stance.
A rail contractor to Adani Enterprises’ giant Australian coal project last month, for example, asked the Australian government for help to obtain insurance that it was not able to secure from the market.
“The first consequence is insurance is harder to get, the second consequence is it’s expensive, the third consequence is there are all sorts of caveats on it and at the extreme you might not be offered it”, said Paul Merrey, insurance partner at KPMG.