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Home> U.S. Major Pension Funds Ask for Climate Change Study

Sun, 2013-11-03 15:54 — Maeryn Obley

abcnews.go.com - October 24th, 2013 - Kevin Begos

Some of the largest pension funds in the U.S. and the world are worried that major fossil fuel companies may not be as profitable in the future because of efforts to limit climate change, and they want details on how the firms will manage a long-term shift to cleaner energy sources.

In a statement released Thursday, leaders of 70 funds said they're asking 45 of the world's top oil, gas, coal and electric power companies to do detailed assessments of how efforts to control climate change could impact their businesses.

"Institutional investors must think over the long term, which means that we must take environmental risks into consideration when we make investments," New York State Comptroller Thomas DiNapoli told The Associated Press in a statement.

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Batista Repudiates Pimco-Led Creditors in OGX Bankruptcy

Fri, 2013-11-01 15:43 — Gina Angiola

By Juan Pablo Spinetto & Peter Millard - Oct 31, 2013 9:21 AM ET, Bloomberg

OGX Petroleo & Gas Participacoes SA (OGXP3)’s bankruptcy protection filing in Latin America’s largest corporate default is dimming the prospect holders of the world’s worst-performing bonds will recoup their ill-fated investment in Eike Batista’s oil ambitions.

OGX, which transformed Batista into Brazil’s richest man, submitted documents in a Rio de Janeiro court yesterday, culminating a 16-month decline that wiped out more than $30 billion of his fortune and left holders of $3.6 billion of the company’s bonds with losses of as much as 89 percent. OGX has total obligations of 11.2 billion reais ($5.1 billion). 

FULL STORY HERE

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Fossil Fuel Divestment Campaign Spreads to Europe

Mon, 2013-10-21 23:50 — Gina Angiola

Jamie Henn, Huff Post - Green, October 17,2013

The fast growing fossil fuel divestment campaign is headed to Europe.

This Oct. 27 to Nov. 1, 350.org co-founder Bill McKibben and allies like Greenpeace International's executive director Kumi Naidoo will lead a speaking tour to five cities in Europe to help spark a continent-wide divestment effort.

The tour is modeled on 2012's successful "Do The Math" tour which sold out venues in 21 cities across the United States and jumpstarted the fossil fuel divestment movement that has now spread to over 300 colleges and universities, 100 cities and states, and dozens of religious institutions across America.

Last June, 350.org replicated the tour in Australia and New Zealand (where they called it "Do the Maths"), helping launch a divestment campaign down-under. The tour there was equally successful, garnering national media attention and quickly scoring a few early victories, with a number of large churches committing to divestment and the New Zealand Greens adopting the goal.

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2.5 Billion People Don't Have Access To A Toilet. Here's Why You Should Care. (INFOGRAPHIC)

Fri, 2013-09-13 17:30 — Kathy Gilbeaux

            

A woman and her child walk between shacks, past a communal toilet in Khayelitsha township on the outskirts of Cape Town, South Africa, Tuesday, Oct. 20, 2009. South African President Jacob Zuma says mayors need to clean up corruption and stop political squabbling in the face of sometimes violent protests over lack of city services. (AP Photo/Schalk van Zuydam)

huffingtonpost.com - by Jessica Prois - September 12, 2013

The infographic below highlights the fact that 2.5 billion people have to seek out other options in lieu of a loo -- and it's just not OK.

Funny euphemisms aside, the World Bank created this illustration to detail the fact that lack of access to sanitation costs the world $260 billion yearly in health and productivity.

Health costs include $51 million spent on medication, transportation and hospitalization.

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For The First Time Ever, Combined GDP Of Poor Countries Exceeds That Of Rich Ones (CHART)

Wed, 2013-08-28 21:07 — Kathy Gilbeaux

          

huffingtonpost.com - by David Yanofsky - August 28, 2013

For the first time ever, the combined gross domestic product of emerging and developing markets, adjusted for purchasing price parity, has eclipsed the combined measure of advanced economies. Purchasing price parity—or PPP for short—adjusts for the relative cost of comparable goods in different economic markets.

According to the International Monetary Fund—the supplier of this data—emerging and developing economies will have a purchasing price parity-adjusted GDP of $42.8 trillion in 2013, while that of emerging economies will be $44.4 trillion. In other words, emerging markets will create $1.6 trillion more value in goods and services than advanced markets this year.

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Arctic Methane Time Bomb Could Have Huge Economic Costs

Mon, 2013-07-29 11:15 — Kathy Gilbeaux

      

Increasing temperatures in the Arctic region are reducing sea ice cover and increasing the possibility of methane leaching from the sea bed

bbc.co.uk - by Matt McGrath - July 24, 2013

Scientists say that the release of large amounts of methane from thawing permafrost in the Arctic could have huge economic impacts for the world.

The researchers estimate that the climate effects of the release of this gas could cost $60 trillion (£39 trillion), roughly the size of the global economy in 2012.

The impacts are most likely to be felt in developing countries they say.

The research has been published in the journal Nature.

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RESEARCH - NATURE - Climate science: Vast costs of Arctic change

Climate science: Vast costs of Arctic change (3 page .PDF file)

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Global Humanitarian Assistance Report 2013

Mon, 2013-07-22 22:01 — Kathy Gilbeaux

globalhumanitarianassistance.org - July 17, 2013

‘Year of perpetual crises’ exposes chronic poverty and vulnerability

Geneva: The Global Humanitarian Assistance (GHA) report 2013, released today by Development Initiatives at the UN’s ECOSOC meeting, highlights the absence of any ‘mega-disasters’ [1] in 2012 but reveals the perpetual vulnerability of the poorest people in developing countries and their persistent exposure to crises.

The GHA report, the most comprehensive annual review of humanitarian financing, highlights the shocking death toll of the hunger crisis in Somalia, with 257,000 people (or 4.6% of the population) estimated to have died between 2010 and 2012.

Judith Randel, Executive Director of Development Initiatives, said:“The data shows that the response to slow-onset crises such as Somalia is often late, resulting in huge numbers of unnecessary deaths. By intervening earlier, as well as investing in mechanisms that reduce risk, donors could save more lives and protect more livelihoods - probably at lower cost.”

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Wind at parity with new coal in India, solar to join by 2018: HSBC

Thu, 2013-07-18 10:13 — Gina Angiola

By on 11 July 2013

Wind energy is now cost competitive with new-build coal capacity in India, and solar is likely to follow suit sometime between 2016-18, according to a report by HSBC.

The report on India Renewables, Good bye winter, hello spring, published on April 30, says the growing cost-competitiveness of renewable energy with new-build coal – and the arrival of wind parity, despite the upper wind FiT range being around 15 per cent lower than the upper tariff range for new coal capacity (see chart 3 below) – is helping to drive strong renewables growth on the sub-continent.

India’s share of renewable generation in the total electricity mix increased to around 6 per cent in the 2012/13 financial year – an amount the government is hoping to grow to 20 per cent by the end of 2020, to help meet the nation’s a peak power deficit of 12GW, or around 9 per cent of its demand....

 

FULL ARTICLE HERE

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The Crime of Alleviating Poverty: A Local Community Currency Battles the Central Bank of Kenya

Mon, 2013-07-01 16:50 — Gina Angiola

Posted on June 28, 2013 by Ellen Brown

 

 Former Peace Corps volunteer Will Ruddick and several residents of Bangladesh, Kenya, face a potential seven years in prison after developing a cost-effective way to alleviate poverty in Africa’s poorest slums. Their solution: a complementary currency issued and backed by the local community. The Central Bank of Kenya has now initiated charges of forgery.

Complementary currencies can help eradicate poverty.

Proving that may be difficult in complex economies, due to the high number of factors influencing outcomes. But in an African slum with little of the national currency available, supplying residents with an alternative currency has a positive effect that is obvious, immediate and incontrovertible....

 

FULL ARTICLE HERE

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Predicting the Next Financial Collapse

Sun, 2013-06-30 19:11 — Kathy Gilbeaux

      

J. Kyle Bass, a Dallas-based investor, forecasted the mortgage bubble and the European collapse. But what happens if his third prediction comes true?

texasmonthly.com - by Paul McDonnold - May 7, 2013

J. Kyle Bass has a knack for forecasting economic trouble. Back in 2006 the Dallas-based investor observed that there was a seemingly unstoppable market for sub-prime mortgages. But research convinced him the market was wildly overvalued, that it was a quasi-pyramid scheme built on low interest rates, inflated home prices and bundles of shaky loans made to people who couldn’t really afford the payments.

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