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Thursday July 21, 2022

July 21, 2022 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday July 21, 2022

Climate change deniers will need to face facts

4 Waves Cartoon

Taking to Twitter midday Tuesday, the U.K.’s national weather service didn’t need any scorching phrases to define the heat wave wreaking havoc on a nation more familiar with soggy summer picnics.

A simple graphic flashing 40 C did the job, plainly acknowledging the highest recorded temperature at London Heathrow. Ever.

Melting tarmac. Closed airports. Reduced transit services. Residents of the village of Wennington, just east of London, fleeing because their homes were on fire. “This is like the apocalypse,” said one resident.

And this is a scene already familiar this summer in France and Portugal and Spain and Italy and Croatia and Greece, and now green, temperate England.

Posted in: Canada, International Tagged: 2022-23, apathy, camp, climate change, environment, fire, fossil fuel, International, s’mores, Summer

Thursday November 4, 2021

November 4, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday November 4, 2021

New net-zero alliance of banks, funds prioritizes green investment, but key emitters are absent

April 6, 2021

As a former central banker on two continents, Canada’s Mark Carney has honed the dark art of haranguing and arm-twisting members of the global investment community better than almost anyone.

But his latest task, as the United Nations’ special envoy on climate action and finance, involved some pretty daunting numbers.

Carney, who headed up the Bank of Canada and then the Bank of England between 2008 and 2020, was tasked to find more than $100 trillion US in capital from the global financial community to help drive the transformation of the world’s economy from fossil fuels to a new age powered by clean energy.

“It’s a mammoth transition,” Carney told CBC News at COP26, the UN’s climate change conference, in Glasgow, Scotland. 

“It’s absolutely enormous. It’s bigger than global GDP.”

May 14, 2019

On Wednesday, designated finance day at the Glasgow conference, Carney announced success, of sorts.

“We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling $130 trillion US,” said Carney, $30 trillion more than the target.

Carney says more than 450 firms — including Canada’s big five chartered banks — have committed to supporting the goals of what’s become known as the Glasgow Financial Alliance for Net Zero (GFANZ).

Net zero means countries are no longer adding heat-trapping greenhouse gases to the atmosphere. Some greenhouse gases might still be emitted, but they would be balanced off or “cancelled out” by the removal of an equivalent amount of greenhouse gases. The concept is similar to carbon neutrality but includes more than just carbon dioxide emissions.

December 1, 2015

Firms that sign onto the GFANZ agreement are promising to abide by 24 financial initiatives that will signal to their customers, shareholders and investors that they are making green investments a priority.

The initiatives include climate-related reporting of their investments and transparency about climate-related financial risks.

While the agreement doesn’t compel the financial institutions to invest any specific amount of money or put it into any specific industry, Carney says it creates a new framework for them to make green investments.

September 23, 2014

“It’s about what their clients are doing, what are the emissions of their clients, the people they lend to, the people they invest in,” he said. 

However, there are notable gaps.

Big banks from some of the countries with the largest emissions — China, India and Russia — are not part of the agreement.

Nor does it compel signatories to cease funding projects such as coal mines or other ventures that contribute to greenhouse gas emissions. 

But Carney says if such investments happen they will draw both shareholder and public scrutiny. (CBC) 

 

Posted in: Canada, USA Tagged: 2021-36, banking, banks, Canada, climate change, fossil fuel, Green, green washing, investment, octopus, oil, tree planting, USA, virtue, wealth

Friday February 19, 2021

February 26, 2021 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Friday February 19, 2021

Texas, Land of Wind and Lies

Politicians are neither gods nor saints. Because they aren’t gods, they often make bad policy decisions. Because they aren’t saints, they often try to evade responsibility for their failures, asserting either that they did as well as anyone could have or that someone else deserves the blame.

October 3, 2014

For a while, then, the politics surrounding the power outages that have spread across Texas looked fairly normal. True, the state’s leaders pursued reckless policies that set the stage for catastrophe, then tried to evade responsibility. But while their behavior was reprehensible, it was reprehensible in ways we’ve seen many times over the years.

However, that changed around a day after the severity of the disaster became apparent. Republican politicians and right-wing media, not content with run-of-the-mill blame-shifting, have coalesced around a malicious falsehood instead — the claim that wind and solar power caused the collapse of the Texas power grid, and that radical environmentalists are somehow responsible for the fact that millions of people are freezing in the dark, even though conservative Republicans have run the state for a generation.

This isn’t normal political malfeasance. It’s the energy-policy equivalent of claiming that the Jan. 6 insurrection was a false-flag Antifa operation — raw denial of reality, not just to escape accountability, but to demonize one’s opponents. And it’s another indicator of the moral and intellectual collapse of American conservatism.

The underlying story of what happened in Texas appears to be fairly clear. Like many states, Texas has a partly deregulated electricity market, but deregulation has gone further there than elsewhere. In particular, unlike other states, Texas chose not to provide power companies with incentives to install reserve capacity to deal with possible emergencies. This made power cheaper in normal times, but left the system vulnerable when things went wrong.

Texas authorities also ignored warnings about the risks associated with extreme cold. After a 2011 cold snap left millions of Texans in the dark, the Federal Energy Regulatory Commission urged the state to winterize its power plants with insulation, heat pipes and other measures. But Texas, which has deliberately cut its power grid off from the rest of the country precisely to exempt itself from federal regulation, only partially implemented the recommendations.

And the deep freeze came.

January 31, 2019

A power grid poorly prepared to deal with extreme cold suffered multiple points of failure. The biggest problems appear to have come in the delivery of natural gas, which normally supplies most of the state’s winter electricity, as wellheads and pipelines froze. Nor was this merely a matter of the lights going out; people are freezing too, because many Texas homes have electric heat. Many of the homes without electrical heat rely on, yes, natural gas. We’re looking at enormous suffering and, probably, a significant death toll.

So Texas is experiencing a natural disaster made significantly worse by major policy errors — and the officials who made those errors should be held accountable.

Instead of accepting responsibility, however, officials from Gov. Greg Abbott on down, backed by virtually the entire right-wing media complex, have chosen to lay the blame on green energy, especially wind power.

November 29, 2018

Now, it’s true that the state generates a lot of electricity from wind, although it’s a small fraction of the total. But that’s not because Texas — Texas! — is run by environmental crazies. It’s because these days wind turbines are a cost-effective energy sourcewherever there’s a lot of wind, and one thing Texas has is a lot of wind.

It’s also true that extreme cold forced some of the state’s insufficiently winterized wind turbines to shut down, but as I said, this was happening to Texas energy sources across the board, with the worst problems involving natural gas.

Why, then, the all-out effort to falsely place the blame on wind power?

The incentives are obvious. Attacking wind power is a way for both elected officials and free-market ideologues to dodge responsibility for botched deregulation; it’s a way to please fossil fuel interests, which give the vast bulk of their political contributions to Republicans; and since progressives tend to favor renewable energy, it’s a way to own the libs. And it all dovetails with climate change denial.

But why do they think they can get away with such an obvious lie? The answer, surely, is that those peddling the lie know that they’re operating in a post-truth political landscape. When two-thirds of Republicans believe that Antifa was involved in the assault on the Capitol, selling the base a bogus narrative about the Texas electricity disaster is practically child’s play.

And if you’re expecting any change in the policies that helped cause this disaster, don’t count on it — at least as long as Texas remains Republican. Given everything else we’ve seen, the best bet is that demonization of wind power, not a realistic understanding of what actually happened, will rule policy going forward. (New York Times) 

 

Posted in: USA Tagged: 2021-07, climate change, Don’t Mess With, electricity, energy, fossil fuel, gas, Mother Nature, nonrenewable, oil, profit, Texas, USA, wealth

Thursday February 27, 2020

March 5, 2020 by Graeme MacKay

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday February 27, 2020

Jason Kenney’s tantrums do not flatter Alberta

Alberta Premier Jason Kenney is good at a lot of things. But when it comes to pointing the finger, he’s an absolute champion. Pointing the finger of blame at his predecessor Rachel Notley. At British Columbia for balking at his pipeline demands. At the rest of Canada (except Saskatchewan) for not sufficiently supporting Alberta’s oilpatch interests.

December 10, 2019

But when the federal government is the target, Kenney is a gold-medal Olympian finger pointer. Take this week’s Teck Frontier oil sands mine decision, for example. Announcing the company’s decision to not move forward with the project (even before the federal cabinet had approved or denied it), Teck CEO Don Lindsay said very clearly the reasons for shelving Frontier are a mix of low investor interest and environmental concerns. He pointedly did not blame the federal or any other government, although he made reference to Canada needing energy policy solutions that satisfy competing interests.

November 21, 2019

But to hear Kenney and his ministers talk, Teck holds Justin Trudeau personally responsible for the pullout. Kenney and friends certainly do. They say the Trudeau government’s lack of enthusiasm for new oil projects has created the national crisis we are now experiencing, and has also discouraged investors like Teck to the extent that they want nothing to do with investments like the $20 billion required for the mine north of Fort McMurray.

It is not hard to imagine that the sort of civil conflict now playing out across Canada over resource development would cause companies like Teck to be squeamish. But are political and societal volatility really enough to derail a project like this? To believe that, as Kenney seems to, would be beyond naive.

December 15, 2015

Lindsay wrote in his letter: “Global capital markets are changing rapidly, and investors and customers are increasingly looking for jurisdictions to have a framework in place that reconciles resource development and climate change.”

Speaking of money, Teck’s stock recently dropped more than 20 per cent in under a week. Like a lot of fossil-based resource companies, it is struggling, most recently with a weak fourth quarter. The simple fact is the global landscape is changing, and those “capital markets” are increasingly skittish about investments that rely on fossil fuels.

Lindsay has also said in the past that if the price of oil doesn’t increase significantly in the coming years, Teck would not be financially viable. There is no indication that will happen.

Bottom line: Teck was an iffy bet at best, and the uncertainty caused by deeply divided public opinion may have been the straw that broke the camel’s back.

April 11, 2018

But isn’t the Trudeau government responsible for the current lack of consensus over resource policy? It certainly shares some of the responsibility. But leave it to a partisan extremist like Kenney to say with a straight face there isn’t blame all around. So Alberta is only a victim here? Its reluctance to commit to enforceable emission caps isn’t part of the problem? Its refusal to support any sort of price on carbon, even though the majority of Canadians expressed support for just that in the last election? (Parties that support a price on carbon got more electoral support than ones that didn’t, especially Kenney’s ideological roommates the Conservatives.)

Alberta’s problems are real. But they cannot all be laid at the feet of the federal government. The rest of Canada wants a serious plan to address climate change. Kenney may not like that, but unless he can figure out a way to move Alberta someplace else — say, next door to Kentucky — he would be wise to become part of the solution instead of being a champion, foot-stamping finger pointer. (Hamilton Spectator editorial) 

 

Posted in: Canada Tagged: 2020-07, Alberta, Canada, electric vehicle, energy, federalism, fossil fuel, oil, Oil sands

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