The Dirty Banking & Fossil Fuel Relationship Seen From Another Angle

We know a bit about dirty banking. While we do not think money is a dirty word, we have seen how dirty it can get when mixed with fossil fuels. So thanks, as always, to Bill McKibben for this further illumination. We are sharing his newsletter, rather than the New Yorker story he references, because as you will see below he encourages sharing Your money is your carbon:

If you’ve got $125k in the financial system, it’s doing as much damage as your cooking and your heating and your flying. These are the most important new climate numbers for many years

Earlier today I published a big story in the New Yorker about how banks are driving the climate crisis. A report from a consortium of environmental groups made clear that for the biggest, richest companies on earth, the cash they keep in the banking system (which gets lent out for pipelines and the like) produces more carbon than their actual, you know, business. Google emits more carbon from its money than its phones, and Netflix from its streaming, and so on. Continue reading

Carbon, Sequestration & Hope

(Brandon Thibodeaux / The New York Times / Redux)

When I read about a promising new technology related to carbon sequestration, I am ambivalent based on the experience of many past false hopes. Carbon is a very large problem. Finding new methods of sequestration is a very challenging puzzle.

I track such developments every week by reading the newsletter that Bill McKibben posts on Substack. Most weeks I post something here from that, and do my best to balance the terrifying and enraging with the more hopeful news he occasionally shares there.

The only other newsletter I read regularly is Robinson Meyer’s newsletter for the Atlantic, called The Weekly Planet. Here is one of his worth reading for a bit of encouragement (when you click the hyperlink it will go to the current newsletter, which until April 20 is this one; after April 20 scroll to find this edition):

The Biggest Investment Ever in Sucking Carbon Out of the Sky

The world’s biggest tech companies are getting serious about carbon removal, the still-nascent technology wherein humanity can pull heat-trapping carbon dioxide out of the atmosphere. Yesterday, an alliance of prominent Silicon Valley companies—including Google, Meta, Shopify, and the payment company Stripe—announced that it is purchasing $925 million in carbon removal over the next eight years. In a world awash in overhyped corporate climate commitments, this is actually a big deal. Continue reading

When Diplomats Must Be Undiplomatic

Yesterday I posted about one of the easier topics among the many options I have to post about every day. Today, a topic increasingly frequent in my posts, but definitely not an easy one. So I look to one person to summarize our week-to-week progress or lack of it. As always, I recommend signing up for his newsletter:

The World’s Top Diplomat Has Had It Up to Here

The Secretary General of the UN models how to think about climate change

I can remember when some of us organized what may have been the planet’s first truly huge climate march, with 400,000 people descending on New York in 2014. Then UN Secretary General Ban Ki-moon came to walk with us for a few blocks, and it was considered remarkable: the world’s top diplomat had previously been too diplomatic to join in protests challenging the policies of his member nations. Continue reading

Senegal’s Plastic Recycling Entrepreneurship

Waste pickers searching for plastics at the main dump in Dakar, Senegal.

The article below, written by Ruth Maclean and accompanied with photographs by Finbarr O’Reilly, is a portrait in developing world green opportunism. It is not a pretty picture, per se, but it is a sight to behold after the market for recycled plastic seemed to implode in recent years. The photo above shows the gritty reality of the work. The photos below show some of the prettier, and more entrepreneurial downstream opportunities from that work:

Workers stripping reusable plastic from mats at the Sosenap factory, which recycles plastic to make mats and carpets in Diamniadio, on the outskirts of Dakar.

‘Everyone’s Looking for Plastic.’ As Waste Rises, So Does Recycling.

Plagued by plastic pollution, Senegal wants to replace pickers at the garbage dump with a formal recycling system that takes advantage of the new market for plastics.

The main event at the outdoor venue for Dakar Fashion Week in December, which had a theme of sustainability.

DAKAR, Senegal — A crowd of people holding curved metal spikes jumped on trash spilling out of a dump truck in Senegal’s biggest landfill, hacking at the garbage to find valuable plastic. Continue reading

Turbines Replacing Rigs In Scotland’s Waters

The Aberdeen Bay Wind Farm, an offshore wind demonstration facility off the coast of Aberdeenshire, in the North Sea, Scotland. ZANASZANAS VIA WIKIPEDIA

When big oil companies dismantle rigs and switch to building new turbines, it has the ring of something good. Our thanks to Yale E360 for this news brief:

North Sea Fossil Fuel Companies Plan to Invest More in Wind than Oil Drilling

Having won rights to develop wind farms off the coast of Scotland, Shell, Total, and BP are set to invest more in wind power than in oil and gas drilling in the North Sea in the years ahead, the latest evidence of oil majors changing tack on renewables to better navigate the energy transition. Continue reading

A Time For Giving, With Top Shelf Advice

MacKenzie Scott never featured in our many posts about the fortune she suddenly found herself with. She wants to give that fortune away, fast. So, she is a person of interest to us, for all kinds of good reasons. But not so fast, the Economist’s semi-charitable subtitle, the charity-industrial complex, seems to say introducing the article below about advisors to givers:

Bridgespan Group: the most powerful consultants you’ve never heard of

They direct philanthropic billions around the world

OVER THE past 18 months, the world has heard a lot about MacKenzie Scott, the billionaire philanthropist formerly married to Amazon’s Jeff Bezos. She has given generously to charities on the frontline of the pandemic, including food banks, schools and children’s health programmes. Relatively unknown, however, is the consultancy that has helped distribute almost $9bn on Ms Scott’s behalf: the Bridgespan Group. Continue reading

Rehabilitation Of Antitrust Law

Starting seven years ago I have been paying attention to monopoly power mostly in the context of Amazon. One of the clearest articles on the topic focused on a young person’s breakthrough idea. So I was very happy to read about Lina Khan’s Battle to Rein in Big Tech by rehabilitating antitrust law:

As monopolies and other large companies gain increasing control of our daily lives, Khan is Joe Biden’s pick to do something about it.

In the spring of 2011, a recent Williams College graduate named Lina Khan interviewed for a job at the Open Markets Program, in Washington, D.C. Open Markets, which was part of the New America think tank, was dedicated to the study of monopolies and the ways in which concentration in the American economy was suppressing innovation, depressing wages, and fuelling inequality. Continue reading

Legal Consequences For Deforestation

Ron Haviv / VII / Redux

This article by Robinson Meyer, a staff writer at The Atlantic and the author of the newsletter The Weekly Planet, is worth reading if Brazil’s role in climate change has been on your mind:

Deforestation Is a Crime

A new bipartisan bill would treat it that way.

The world doesn’t agree on many things, but one of them is that global deforestation is a problem. If deforestation were a country, it would be the world’s third-largest source of climate-warming pollution, after the United States and China. (It would also be a terrible place to live—bulldozers everywhere and no shade to speak of.) Parts of the Amazon now emit more carbon pollution than they capture because of deforestation, a recent study found.

Knowing about a problem is, of course, different from knowing what to do about it. Continue reading

Monbiot’s Scrutiny In Perspective

Illustration by Eva Bee

The first I heard of him, nearly a decade ago, I was immediately hooked on his writing, and the ideas he was offering were surprising to read in a mainstream, if progressive, publication. He introduced me to rewilding. If you have not been reading or perhaps listening to George Monbiot during this decade you may not have noticed how his radicalism has evolved. In this editorial ostensibly about the Pandora Papers I learned something about Madeira that I want to read more about:

…A few decades after the Portuguese colonised Madeira in 1420, they developed a system that differed in some respects from anything that had gone before. By felling the forests after which they named the island (madeira is Portuguese for wood), they created, in this uninhabited sphere, a blank slate – a terra nullius – in which a new economy could be built. Continue reading

Planned Obsolescence Reconsidered

Sandra Goldmark’s essay, Built Not to Last: How to Overcome Planned Obsolescence, is worthy of a few minutes:

What you can do as an individual consumer, a business patron, and a voter

In 2020, people worldwide bought some 24 billion pairs of shoes, 64 million cars, and 1.4 billion smartphones—200 million of them from Apple. More than 80 percent of iPhones sold last year went to “upgraders,” not first-time buyers. It’s all part of business as usual. Continue reading

Bitcoin’s Carbon Footprint Explained

Cryptocurrency’s immense carbon footprint has been well known since early on. What to do about it is the question. Getting a good answer to that question depends in part on understanding the nature of the problem. Read below for the clarity of the explanation on this topic, and let the illustrations make it that much clearer:

Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?

Cryptocurrencies have emerged as one of the most captivating, yet head-scratching, investments in the world. They soar in value. They crash. They’ll change the world, their fans claim, by displacing traditional currencies like the dollar, rupee or ruble. They’re named after dog memes. Continue reading

Recycling 2.0, Maine Gets It Done

A collection facility in Bend, Ore. The state is expected to adopt a recycling law similar to Maine’s within weeks. Leon Werdinger/Alamy

When we were making decisions about coffee and chocolates that we would offer in the Authentica shops, which we knew to be best-selling categories for travelers wanting to take something home from Costa Rica, product quality was the top consideration. Packaging was a close second. Relative to what was sold in other shops, we radically reduced the carbon footprint of the packaging, and more recently took another step further down that road. We know that every little effort counts, but we also know that the big game is elsewhere, and we are happy to see a relatively small state making big strides in the USA:

Maine Will Make Companies Pay for Recycling. Here’s How It Works.

The law aims to take the cost burden of recycling away from taxpayers. One environmental advocate said the change could be “transformative.”

Gov. Janet Mills of Maine, a Democrat, signed the new recycling policies into law this month. Robert F. Bukaty/Associated Press

Recycling, that feel-good moment when people put their paper and plastic in special bins, was a headache for municipal governments even in good times. And, only a small amount was actually getting recycled.

Then, five years ago, China stopped buying most of America’s recycling, and dozens of cities across the United States suspended or weakened their recycling programs.

Now, Maine has implemented a new law that could transform the way packaging is recycled by requiring manufacturers, rather than taxpayers, to cover the cost. Nearly a dozen states have been considering similar regulations and Oregon is about to sign its own version in coming weeks. Continue reading

When Renewables Are Less Expensive Than Coal…

A solar power plant in Gujarat, India. Renewable energy in the country would be cheaper than between 87% and 91% of new coal plants, the report says. Photograph: Amit Dave/Reuters

Looks like we are almost there:

Most new wind and solar projects will be cheaper than coal, report finds

Almost two-thirds of renewable energy schemes built globally last year expected to undercut coal costs

Almost two-thirds of wind and solar projects built globally last year will be able to generate cheaper electricity than even the world’s cheapest new coal plants, according to a report from the International Renewable Energy Agency (Irena). Continue reading

The Human Touch

The Economist offers this brief thinkpiece on what to make of the recent uptick in interest in craft-made products (unless you are a subscriber to the magazine you will need to sign up for free limited access to the magazine’s website):

Can human creativity prevent mass unemployment?

The market for artisan goods is likely to grow. But organised craft could lose its charm

In “THE REPAIR SHOP”, a British television series, carpenters, textile workers and mechanics mend family heirlooms that viewers have brought to their workshop. The fascination comes from watching them apply their craft to restore these keepsakes and the emotional appeal from the tears that follow when the owner is presented with the beautifully rendered result. Continue reading

The Sinking Cost Of Renewable Energy

Because its costs continue to slide with every quarter, solar energy will be cheaper than fossil fuels almost everywhere on the planet by the decade’s end. Photograph by Irfan Khan / Los Angeles Times / Getty

Thanks to Bill McKibben, as always, for at least one bit of good news in his weekly newsletter:

Renewable Energy Is Suddenly Startlingly Cheap

Now the biggest barrier to change is the will of our politicians to take serious climate action.

Earth Week has come and gone, leaving behind an ankle-deep and green-tinted drift of reports, press releases, and earnest promises from C.E.O.s and premiers alike that they are planning to become part of the solution. There were contingent signs of real possibility—if some of the heads of state whom John Kerry called on to make Zoom speeches appeared a little strained, at least they appeared. (Scott Morrison, the Prime Minister of Australia, the most carbon-emitting developed nation per capita, struggled to make his technology work.) But, if you want real hope, the best place to look may be a little noted report from the London-based think tank Carbon Tracker Initiative. Continue reading

Cryptocurrency, Carbon & Culpability

According to one source, a single bitcoin transaction uses the same amount of power that the average American household consumes in a month. Photograph by Akos Stiller / Bloomberg / Getty

In my attempt to reduce my own carbon footprint, diet has been the low-hanging fruit I reached for first. But other parts of daily routine have also allowed painless reductions. I remain culpable on too many fronts, and had hoped for an explanation of the environmental issues around cryptocurrency that I could understand; Elizabeth Kolbert is the perfect person to provide it:

Why Bitcoin Is Bad for the Environment

Cryptocurrency mining uses huge amounts of power—and can be as destructive as the real thing.

Money, it’s often said, is a shared fiction. I give you a slip of paper or, more likely these days, a piece of plastic. You hand me eggs or butter or a White Chocolate Mocha Frappuccino, and we both walk away satisfied. With cryptocurrency, the arrangement is more like a shared metafiction, and the instability of the genre is, presumably, part of the thrill. Dogecoin, a cryptocurrency that was created as a spoof, has risen in value by eight thousand per cent since January, owing to a combination of GameStop-style pumping and boosterish tweets from Elon Musk. On Tuesday, which backers proclaimed DogeDay, the cryptocurrency was valued at more than fifty billion dollars, which is more than the market cap of Ford. Coinbase, a cryptocurrency exchange, went public last Wednesday; almost immediately, it became worth more than G.M. Continue reading

Cherry Blossoms & Public Policy

UNITED STATES – March 30: Visitors gather to watch the sunrise under blooming Japanese cherry blossom trees along the Tidal Basin in Washington on Tuesday, March 30, 2021. The 2021 National Cherry Blossom Festival commemorates the original gift of 3,000 cherry trees from the city of Tokyo to the people of Washington in 1912. (Photo by Caroline Brehman/CQ-Roll Call, Inc via Getty Images)

In Washington, D.C. the cherry blossoms came early this year. Plenty was said, including on Texas Public Radio, about the implications related to climate change. Elizabeth Kolbert has this to say, pivoting from cherry blossoms to both environmental and economic policies in the USA:

Biden’s Jobs Plan Is Also a Climate Plan. Will It Make a Difference?

The Administration has an ambitious vision for combatting global warming, but it’s only a start.

Illustration by João Fazenda

The first known reference to Japan’s cherry blossoms comes from the country’s oldest surviving text, the Kojiki, completed in 712. Japan was trying to shrug off the influence of its more powerful neighbor, China, and cherry blossoms became a symbol of Japanese identity, in contrast to the plum blossoms of the Chinese. By the early ninth century, the practice of cherry-blossom viewing had become so well established that the date of the peak bloom appeared in Japanese poems and other literary works. Continue reading

Amazon’s Plastic

Illustration by Nicholas Konrad/The New York Times; photograph by Getty Images

Commerce is taking place more and more over the internet, and one company is controlling so much of it that choices they make about packaging for shipment have an outsized influence on the planet. We hope they will listen to what these two professors recommend:

Amazon Uses a Lot of Plastic. It Doesn’t Have To.

The world’s biggest online retailer must become a leader in reducing single-use packaging.

The year 2020 may have been heartbreaking for most humans, but it was a good one for Jeff Bezos and Amazon. His company’s worldwide sales grew 38 percent from 2019, and Amazon sold more than 1.5 billion products during the 2020 holiday season alone. Continue reading

Fossil Fuel Divestment Debate Settled

Protesters have argued that you shouldn’t try to profit off the end of the world. New analysis shows that, in any event, you won’t. Photograph by David Grossman / Alamy

This is a short read with a big implication; as always we are grateful to Bill McKibben for his weekly newsletter:

The Powerful New Financial Argument for Fossil-Fuel Divestment

A report by BlackRock, the world’s largest investment house, shows that those who have divested have profited not only morally but also financially.

In a few months, a small British financial think tank will mark the tenth anniversary of the publication of a landmark research report that helped launch the global fossil-fuel-divestment movement. As that celebration takes place, another seminal report—this one obtained under the Freedom of Information Act from the world’s largest investment house—closes the loop on one of the key arguments of that decade-long fight. Continue reading

What BlackRock Really Means

Click on text above to go to the article at Politico

BlackRock, shmackrock. Now we can see clearly that advocating for market solutions, BlackRock’s CEO just meant that he did not want any public solutions to the climate crisis, because those would be inconvenient for him and his shareholders. Phooey on that. We should have been more skeptical, rather than optimistic, about what the financial titan meant all along, which Bill McKibben hinted at a couple months ago:

Annals of a Warming Planet

On Climate, Wall Street Out-Orwells Orwell

It was likely too much to hope that the Biden Administration, as it tries to get a handle on climate change, might find some help from Wall Street. Instead, last week, we saw financial heavyweights turn in a performance so rigid and so short-sighted that it makes one wonder whether capitalism in anything resembling its current form can, or should, survive. Continue reading