The G20 powers have launched a joint probe into global financial risks posed by fossil fuel companies investing in costly ventures that clash with international climate goals and may never be viable.
World leaders are increasingly concerned that a $6 trillion wave of investment into the nexus of oil, gas, and coal since 2007 is based on false assumptions, leaving companies with an overhang of debt and "stranded assets" that cannot easily be burned under CO2 emission limits.
The G20 has asked the Financial Stability Board in Basel to convene a public-private inquiry into the fall-out faced by the financial sector as climate rules become much stricter. All member countries have agreed to co-operate or carry out internal probes, including the United States, China, India, Russia, Australia, and Saudi Arabia.
The world's 1.2 billion Catholics should help mobilize public opinion and funding to help poor countries access green sources of energy.
Two of the Vatican's leading bodies, the Pontifical Academy of Sciences and the Pontifical Academy of Social Sciences, made the call during a climate conference in Rome on Tuesday, attended by UN secretary general Ban Ki-moon.
They issued a declaration setting out why rising levels of greenhouse gas emissions and unsustainable consumption levels are the "dominant moral and ethical issue for society."
Continued extraction and use of coal, oil and gas would likely create a "grave existential risks for the poorest three billion" they added.
As the nation's capital gears up for a large Earth Day celebration this weekend, President Obama issued a warning on the dangers global warming pose to the planet.
"Climate change can no longer be denied - or ignored," the president said in a video Saturday. "The world is looking to the United States - to us - to lead."
"Today, there's no greater threat to our planet than climate change," Mr. Obama continued. "This is the only planet we've got. And years from now, I want to be able to look our children and grandchildren in the eye and tell them that we did everything we could to protect it."
The full address:
Six Greenpeace activists protesting Arctic offshore drilling on Monday boarded a drill rig as it was transported across the Pacific Ocean toward Seattle, where it will be staged for drilling on Shell leases in Alaska waters.
The 400-foot (122-meter) Polar Pioneer, owned by Transocean Ltd, was on board a heavy-lift vessel about 750 miles (1,206 kilometres) northwest of Hawaii when the activists approached in inflatable boats and used climbing gear to get on board, Greenpeace spokesman Travis Nichols said.
They plan to unfurl a banner in protest of Arctic offshore drilling but have no plans to interfere with the ship’s navigations, he said.
Ontario Premier Kathleen Wynne is preparing to bring in a cap-and-trade system for greenhouse gas emissions, an ambitious move that could amount to the nation's single largest salvo in the battle against global warming.
The new system would be linked with Quebec and California’s current cap-and-trade program, government and industry sources said, creating a carbon market of 61 million people and covering more than 60 per cent of Canada’s population.
Under a cap-and-trade system, the government caps the amount of carbon that can be burnt, and raises money by auctioning off permits to companies that plan to create greenhouse-gas emissions. Companies that want to burn more than their share must buy permits from other companies that have burned less.
German Chancellor Angela Merkel's cabinet signed off on a draft law on Wednesday that imposes an effective ban on the controversial technique of fracking for shale gas.
Fracking, or hydraulic fracturing, involves blasting chemicals and water into rock formations to release trapped gas. Opposition is strong in densely populated Germany due to concerns about the risk of contaminating drinking water.
Environment Minister Barbara Hendricks said the new law would set Germany's strictest conditions for fracking.
"Protecting health and drinking water are top priorities. For this reason, we want to restrict fracking as far as possible," Hendricks told a news conference.
A fire on a Pemex offshore platform in Mexico’s Bay of Campeche Wednesday killed at least one worker, injured 45 and forced evacuation of 300, according to multiple media reports.
The platform off the southeastern coast of Mexico is owned by state-run oil company Petroleos Mexicanos, or Pemex, which said on its website that one worker was dead and that it was battling the fire with eight firefighting vessels.
The Obama administration reaffirmed a 2008 government auction of Arctic drilling rights on Tuesday, delivering a major victory to Shell Oil Co. as it aims to resume exploratory drilling in the Chukchi Sea this summer.
In validating the seven-year-old auction, Interior Secretary Sally Jewell stressed that the Arctic "is an important component of the administration’s national energy strategy."
"We remain committed to taking a thoughtful and balanced approach to oil and gas leasing and exploration offshore Alaska," Jewell said in a statement. "This unique, sensitive and often challenging environment requires effective oversight to ensure all activities are conducted safely and responsibly."
The United States will submit plans for slowing global warming to the United Nations early this week but most governments will miss an informal March 31 deadline, complicating work on a global climate deal due in December.
The U.S. submission, on Monday or Tuesday according to a White House official, adds to national strategies beyond 2020 already presented by the 28-nation European Union, Mexico, Switzerland and Norway.
Together, they account for about a third of world greenhouse emissions. But other emitters such as China, India, Russia, Brazil, Canada and Australia say they are waiting until closer to a Paris summit in December, meant to agree a global deal.
The US supreme court is taking up a challenge by industry groups and Republican-led states that want to roll back Obama administration environmental rules aimed at reducing power plant emissions of mercury and other hazardous air pollutants that contribute to respiratory illnesses, birth defects and developmental problems in children.
The justices are hearing arguments Wednesday in a case about the authority of the Environmental Protection Agency to take action against coal- and oil-fired power plants that are responsible for half the nation’s output of mercury. The EPA’s rules on emissions of chromium, arsenic, acid gases, nickel, cadmium as well as mercury and other toxic substances is supposed to begin taking effect in April, and be in full force next year.
The court is to decide whether the Clean Air Act requires that costs be a factor in the initial decision on whether to regulate hazardous air pollutants from power plants, or whether health risks are the only consideration. The EPA did factor in costs, but only at a later stage when it wrote the standards that are expected to reduce the toxic emissions by 90%.
The costs of installing and operating equipment to remove the pollutants before they are dispersed into the air are hefty – $9.6bn a year, the EPA found.
But the benefits are much greater, $37bn to $90bn annually, the agency said. The savings stem from the prevention of up to 11,000 deaths, 4,700 nonfatal heart attacks and 540,000 lost days of work, the EPA said. Mercury accumulates in fish and is especially dangerous to pregnant or breastfeeding women, and young children, because of concern that too much could harm a developing brain.
A disproportionate share of the 600 affected plants, most of which burn coal, are in the south and upper midwest. Michigan attorney general Bill Schuette, representing 21 states at the supreme court, said the law requires the EPA to take account of costs before deciding whether to step in. The states and industry groups also said the agency overstated the benefits of reducing mercury emissions.