@Below2_C
Ingmar Rentzhog
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I have some very positive news. We have the money we need to solve the climate crisis. More than 3 percent of all the money in the world is currently invested in the fossil industry by you, me, and everyone else who has pension savings, pays taxes – or simply has a bank account. If we can move that money to where it's needed, we’ll be well on our way to creating a better future. There is a lot of amazing climate action happening out there. Renewables are being built out at record speed globally. China’s carbon emissions are expected to peak this year, much sooner than expected, and in the EU, an unprecedented collapse in the coal and gas electricity generation has led to a record drop in power sector emissions. Unfortunately, the problems are increasing as well. We have just crossed the 1.5°C threshold for an entire year. The average global sea surface temperature reached 20.97°C in January, breaking the already alarming heat record from last year. The Gulf Stream (AMOC) is on a severe tipping course, and we have now had four consecutive years when insurance losses from natural catastrophes have topped $100 billion. Despite all these alarming warnings, many countries with oil and gas reserves are expanding their production. And if this wasn’t bad enough, most other countries are also increasing their fossil fuel subsidies, which now amount to almost two-thirds of all the money that governments around the world spend on healthcare for their citizens. This can’t continue. There is no way we will solve the climate crisis without focusing on the elephant in the room – Stop burning fossil fuels that represent 87% of the global CO2 emissions. So what can we do about this? I worked in the finance industry for 15 years until I decided to devote all my time to creating the global climate solutions platform, We Don’t Have Time, in 2017. Drawing on these experiences, it’s obvious to me that the solution spells M.O.N.E.Y. A lot of people say that we don't have enough money to transition to a fossil-free economy. However, the truth is that we have more than enough money for this transition, and the long-term return on investment will be significantly higher if we reallocate our financial resources. Take a look at these numbers: - Over 6,500 pension funds and other institutional investors hold bonds and shares in coal, oil, and gas companies to an amount of $ 3.05 trillion USD. - The world’s nations subsidized fossil fuels with $7 trillion USD in 2022 , an increase of $2 trillion in just two years. - IEA estimates that $ 4.5 trillion USD in clean energy investments are needed annually to limit warming to 1.5°C. All this money flowing in the wrong direction is not just someone else’s money. It is my money, your money, and everyone else’s around the world who pays taxes, has a bank account, or has invested money in a pension fund. A recent example is Sweden’s largest pension fund, AP7, home to savings of 5.7 million Swedes, more than half of the country’s population. This fund invests in Saudi Aramco, one of the biggest, most profitable, and expansive oil companies in the world. Most of these people have no idea that their savings are invested this way. https://www.youtube.com/watch?v=dXZS6K7p5Cc Same with fossil fuel subsidies. This is when governments are using the taxpayers' money to support oil, gas and coal companies, of whom many have made record-profits since the Russian invasion of Ukraine. Politicians often argue that these subsidies are needed to support the poor, for example by lowering the price of diesel and gasoline. That’s often not true. Many reports have revealed that these subsidies are mostly benefiting higher-income households, deepening global inequalities, preventing the transition to green energy, and adding more money to the fossil fuel companies’ record profits than to helping the people. https://www.wedonthavetime.org/event/dinotalks To learn more about fossil fuel subsidies and their effect on people, economy, and planet, dig into We Don’t Have Time’s broadcast series Dino Talks. Moving the money gets momentum Moving the money in a green direction is not only possible. It has already started happening. Barclays has announced it will stop investing in new oil and gas projects. The Dutch pension fund PFZW has sold its holdings in fossil fuel companies, and the Church of England and Harvard University are doing the same. The number of institutions that are moving their money is constantly increasing; you can track them on 'We Don't Have Time.'. A main reason why this shift is now accelerating is the COP28 agreement, in which 197 countries agreed to transition away from fossil fuels. The agreement has been rightly criticized for being weak and full of loopholes, but it is nonetheless a dealbreaker in finance. Because if the world has agreed to leave a whole industry behind, why should I invest in it? It’s not only in finance world things are starting to happen. The Biden Administration’s Inflation Reduction Act is a massive undertaking that increased green subsidies with $ 1.2 trillion USD and created other incentives to accelerate the shift to a greener economy. European Union, the Green New Deal is striving in the same direction. However, these positive developments – and many others throughout the world – might soon be at risk of being slowed down. The ultimate election year 2024 has been dubbed the Ultimate Election Year. An estimated two billion people – more than ever before in history – could head to the polls, as more than 50 countries plus the whole European Union are holding elections. Some of these elections might turn out bad for the climate. And if that happens, it will be difficult to get rid of the fossil fuel subsidies or steer them in the opposite direction. But as citizens, we will still have the power to move our money to another bank or shift our investments to greener funds. And this, in turn, will have an effect on politics. Why? Because when an increasing number of large institutional investors begin steering investments away from fossil fuel companies, fewer politicians will come to their rescue. When that happens, the fossil industry will also have to start changing. So this year, if you have the opportunity to head for the ballots in an election, please vote to move the money. And if you have money in the bank or invested in a fund – try to make sure it is invested sustainably. If not, move it. Every dollar counts. Join our ‘Move the Money Movement’ We Don’t Have Time's ambition is to unite all investors who believe in the power of moving the money. This includes private investors, angel investors, green funds, banks, hedge funds, venture capital firms, investment companies, and anyone making a living from finance. Together, we can push for this narrative and bring other investors on board. We will call it 'Move The Money Movement,' and our ambition is to shift as much money as possible from fossil to green, and at the same time, create global awareness around the importance of moving the money. I once helped a 15-year-old girl who stood alone in front of the Swedish Parliament to raise global awareness of our climate crisis. Now, let's focus on the solutions by creating a global financial movement to move the money! Are you or your investment firm interested in being part of this initiative? Drop me an email, or connect on LinkedIn and tell me who you are, and we’ll take it from there. Together, We Can Move The Money💪, but We Don’t Have Time to wait! I would love to hear your thoughts on this topic in the comments section below. Please help me engage more people by sharing this article on social media. https://wedonthavetime.org/movethemoney
The G7 Shows Yet Again It's a Colossal Failure on Climate, “Never in the history of the G7 has there been a bigger gap between their actions and the needs of the world. In the face of these challenges the G7 have chosen to cook the books on vaccines and continue to cook the planet,” writes Jon Queally of Common Dreams.” On climate, the G7 showed once again it’s a colossal failure Read the full article here: https://below2c.org/2021/06/the-g7-shows-yet-again-its-a-colossal-failure-on-climate/
Solar and Wind Power – The Sky’s the Limit https://bit.ly/3fONDno “The world does not need to exploit its entire renewable resource — just 1% is enough to replace all fossil fuel usage. Each year we are fuelling the climate crisis by burning three million years of fossilised sunshine in coal, oil and gas while we use just 0.01% of daily sunshine.” – Harry Benham, co-author of The Sky’s the Limit report and chairman of thinktank Ember-Climate. Read the full piece here: https://bit.ly/3fONDno
“So it’s goodbye climate deniers, hello – and you’ll pardon me for being blunt here – climate bullshitters,” wrote Damian Carrington, the Guardian’s Environment Editor in a recent opinion piece. According to the latest NDC Report (Nationally Determined Contributions) were “on track for emissions to be just 0.5% below 2010 levels“ when what is really needed is a 45% reduction. “We are at the point where everyone agrees something must be done, but many are making only vague, distant promises of ineffective action,” writes Carrington. It’s time to counteract e climate bullshit coming at us. The following piece by Stephen Leahy is a hard-hitting reality check on the avalanche of climate lies and misinformation —bullshit—coming at us. It was previously published in Below2C. Reality Check Need-to-Know 1: We already have too much fossil-fuel burning infrastructure in place to stay below 2C according to the latest science. Need-to-Know 2: Companies continue to build more and countries are counting on increased production of coal, oil, and gas. Need-to-Know 3: Climate impacts are already hitting hard. Around the world more damaging downpours that wipe out farmers’ crops and storms and hurricanes are stronger. Hotter temperatures are fuelling wildfires and causing crippling heat waves, where our kids can’t play outside. Sea levels are rising, which will flood tens of millions of homes. Need-to-Know 4: There’s an avalanche of climate bullshit—doublespeak, half-truths, misinformation, political spin—roaring towards us. Avalanche of Climate Bullshit A Tar sands executive was just named a “climate champion” for a UN climate conference, COP 26 in Glasgow; as was a vice-president from Royal Bank of Canada, the fifth largest funder of coal in the world. Shell’s CEO: “You need our help on climate change” meanwhile continuing to fund anti-climate lobbying. Ongoing lucrative pay and share options have created an incentive for oil company executives to resist climate action. Canada’s Prime Minister Justin Trudeau continues to say climate is an “existential threat” but invested in billions to build the Trans Mountain tar sands pipeline. Offsets — Countries and Companies say they will offset their emissions by planting trees: Nestlé’s goal of offsetting 13m tonnes of CO2 a year would require 4.4m hectares of land a year. We need another planet at that rate. Countries continue to subsidize fossil fuels despite a decade of promising to eliminate these. Language Tricks and Propaganda Here’s some of the language tricks and propaganda being used by those who want to delay meaningful action while claiming otherwise — also known as predatory delay: “We are all to blame for climate change.” — Both fossil fuel industry and governments use this while blocking or failing to provide us with actual alternatives. But sure, blame the victims. “We need responsible oil and gas development to create jobs and wealth to pay for the transition to a sustainable future.” — Can’t solve a problem by making it worse. As we have seen with the pandemic, there is plenty of money when governments’ decide its necessary. “We can have a healthy environment and a healthy economy.” — Sounds good right? Except a healthy environment is essential for human survival, it is not a nice-to-have bonus. Framing climate change as a risk somewhere in the far future when it is our reality today. Framing oil and gas industry as vital to the ‘national interest’ or fate of the nation when the industry’s primary purpose is to enrich shareholders regardless of their nationality. Invoking the sanctity of the rule of law when people oppose further expansion of fossil fuel production and are labelled terrorists. Framing environmentalism as a political ideology rather than a universal desire for self-preservation and to protect our one and only home. There is growing acceptance we’re in a climate emergency but less awareness of the urgency. And even less understanding of sweeping changes that are needed. Even political and corporate leaders who truly understand the nature of our emergency are failing to act appropriately. I suspect they believe taking the required climate action to stay around 1.5C would lead to considerable public backlash. They’re probably right. However that backlash could be muted through smart, equitable transition planning and honest leadership. We have turned the corner on climate change. Governments and companies have started to set emission reduction targets for 2030. Those targets aren’t yet good enough, nor are we acting on those weak targets with the required speed. Emissions in 2021 are very likely to be close to the highest ever and that’s with much less air travel. Meanwhile scientists and others increasingly warn we are facing a ghastly future sooner than later unless we make those sweeping changes. New Rules for the Climate Emergency 1. Reward climate-safe behavior. 2. Punish climate transgressors. 3. Publicly praise those who are trying to protect the environment. 4. Name and Shame hazardous climate behavior. 5. If a decision to take action does not really cut carbon NOW then it’s Climate BS. Stephen Leahy is the lead international science and environment correspondent at IPS. He has covered environmental issues for nearly two decades for publications around the world. He is a professional member of the International Federation of Journalists, the Society of Environmental Journalists and the International League of Conservation Writers. Other articles in Below2C: I’m Not Here To Talk About Hope, I’m Here To Talk About Fear Climate Actions For Your Kids and Grandkids
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152 w
Totally support this.
Red Alert: Climate Pledges Falling ‘Far Short’ of Paris Agreement Targets A new UN analysis reveals that global emissions dropped by 2.6 billion tonnes in 2020 as a result of the COVID-19 pandemic. This is close to the level of cuts needed to meet the warming limits set out by the IPCC. As The Guardian reports, “carbon dioxide emissions must fall by the equivalent of a global lockdown every two years for the next decade for the world to keep within safe limits.” But since the Paris Agreement, global climate pledges are falling far short of that scenario. You can read the entire piece at this link - https://bit.ly/3qjX15B
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This will be the final shortfall/lack of interest/lack of ambition or whatever we could name it. With such kind of 'disinterest' in keepting the temperature below 2°C, one could research and imagine where we heading
Financial Institutions Are Bankrolling Plastics - a full 80% of funding to plastics from 20 banks, https://bit.ly/37AClzJ #Banks #banking #plastics #pollution #wedonthavetime #below2C
Groundhog Pay: Executives Are Rewarded For Growing Fossil Fuels Providing incentives for executives to produce more oil and gas is at odds with climate ambition needed to become Paris-compliant. And it's wrong. https://bit.ly/3qCrlJF #incentives #oilexecutives #fossilfuels
Since the Paris Agreement, Canada’s Big 5 banks—RBC, TD, BMO, CIBC, Scotia—have financed fossil fuels over half a trillion dollars (C$641 billion) globally and (70%) of the money for Tar Sands expansion (C$93 billion). #FossilBanksNoThanks #Bankswitch #FireYourFossilBank https://bit.ly/2XJExjk
While Trudeau announces a boost of our 2030 Paris targets from 30% to a whopping 31%, the EU adopts a 55% target. Canada's latest climate plan does not match the scope of the climate crisis. https://bit.ly/2WRi43q #PMO #cdnpoli
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172 w
Dear Rolly, Well done in getting your climate warning to level 2. We have reached out to Justin Trudeau and requested a response. We will keep you updated on any progress. /Adam, We Don't Have Time
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174 w
Canada also need to take (shared) responsibility for the fossil fuel that is exctracted on Canadian soil and then exported (thar is not included in the Paris agreement).
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174 w
I agree
"Politicians acknowledge the climate crisis but don’t govern in ways to fight it...If our current leaders believe we face a climate emergency, then they need to act and speak like it’s a damn emergency. We need them to name it, speak continually about it and rally us at every turn. Because that’s what you do in a crisis." — Seth Klein https://bit.ly/3mndd40 Link for A Good War - https://ecwpress.com/collections/books/products/a-good-war
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Dear Rolly, Well done in getting your climate love to level 2. We have reached out to Seth Klein and requested a response. We will keep you updated on any progress. /Adam, We Don't Have Time
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176 w
Canada has a well designed reactor in the form of the CANDU and a few projects towards SMRs. But the national government has push for those allot more, with investment credits on exporting there reactors. And local replacement of the coal/gas industry. District heating sources etc. It would be good if the Klein's would also become technology in depended. Especially Naomi can be a bit of a progress stopper.
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A catastrophe lies in wait for humanity. A truly global war against nature has been waging since the first men cut the first tree, and smelted the fist ore to make the work of cutting easier. We have come to the brink of self annihilation, but it’s not too late to turn the clock back. We have the capacity to return to balance with the natural world.
"There are tremendous cost savings associated with implementing climate solutions." #climateemergency https://bit.ly/3qQEQWH
"It’s time to get off the fence — we can’t have it both ways — either we’re fighting for the climate in a meaningful way or we’re not." https://bit.ly/2K9X3xr #sustainability #climateeconomics
BankSwitch is a campaign to pressure Canadian Banks to clean up their act and stop funding the expansion of the fossil fuel industry. https://bit.ly/2HPdn6c
Discover the Toxicity of Plastics Recycling Blue bins have long been a symbol of reassurance for convenience-craving consumers across North America, offering citizens the comfortable belief that the disposables we put out on the curb every week will be safely put to “green” use. https://below2c.org/2020/11/discover-the-toxicity-of-plastics-recycling/?fbclid=IwAR0Qj9e957BNHguTYP0qjWwMzAo6gBGGMdx_6327pr3wsbA4h6imf_zXDRw
Below2°C - Rolly Montpellier
188 w
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Napierville
To deal with the #ClimateEmergency, we need a "good war." We need a battle plan that works, like during WWII when the allies defeated the forces of Nazism. https://bit.ly/3cotfXW
Below2°C - Rolly Montpellier
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Hinchinbrooke
We can't wait for all the stars to line up perfectly before we #ActOnClimate If not NOW, then WHEN? https://bit.ly/2HaTJkp
Below2°C - Rolly Montpellier
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Ottawa
Did you know that the money you’ve set aside for tomorrow and for the future of your children and grandchildren is being used to finance the climate crisis that is already destroying their very future? https://bit.ly/33gxfpm
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The Make My Money Matter campaign exists to stop exactly this. Pensions have power!
Below2°C - Rolly Montpellier
191 w
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Ottawa
As the oil industry enters a state of permanent decline, who will pay for stranded liabilities? #strandedliabilities https://bit.ly/3jG2voq
I have signed this letter both personally and on behalf of https://t.co/IveC87gJ1u Below2C_ WeDontHaveTime https://t.co/lRzXPqI3X9
To Save Our World, We Must End The Carbon Economy #carbonfootprint #carbonbubble #KeepItInTheGround TheEnergyMix NoFossilBanks ProfStrachan dana1981 PaulEDawson WeDontHaveTime https://t.co/LgAMCH6Iq8 https://t.co/BeD9UwI5bS
If you think we're getting a green recovery, think again. Do not resuscitate! #GreenRecovery #G20 TheEnergyMix WeDontHaveTime GretaThunberg RobinEdger AndreaMcGimsey MikeHudema RebeccaH2030 https://t.co/k5TrkRuvw3 https://t.co/8iE3HJKaEH
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Our environmrnt, our atmosphere, our surroundings, our households are bloddied with polluters fingerprints and footprints. The Green Deal or Green Recovery is not in action but in words only!
I Want You To Listen To The Scientists - Greta Thunberg #clilmateemergency #climatebreakdown #ActOnClimate GretaThunberg WeDontHaveTime CampanaleMark TheEnergyMix MothersOutFront CLIMATEMAMA https://t.co/fvOYEwpBih https://t.co/T0wYWCOv9g
The Below2°C Digest. Clean Stimulus is Good, Coronavirus Will Not Save The Climate, Clean Technologies, Wildfires, Fossil Banks.... and more.#fossilbanks #cleanenergy #wildfires RobinEdger Simspice1 isecoalition AnnieLeymarie WeDontHaveTime https://t.co/Y3cPOWgOGK https://t.co/ZRvmn5FYoq
Clean Stimulus is Good For The Economy and Good For The Climate #GreenRecovery #pandemic #ClimateCrisis TheEnergyMix merransmith WeDontHaveTime NatObserver kamorant NohBodhi OttawaCofC https://t.co/x04rTe1TtE https://t.co/Koq1guqXJH
The Below2°C Digest. You Have a Calling, The 2020 Wildfire Season, the Pandemic Trifecta, Carbon Pricing, Solar, Firing my bank and more... #FireYourFossilBank simspice6 WeDontHaveTime LaylaMSE LynAdamson1 ClimatePsych KeepDreamingLau https://t.co/yRGndXNs3b https://t.co/JtRKLVpPZ8
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The quality of the life in our planet relies on us ,we either destroy or contribute into building it ,,for instance if we focus on building a green environment that will be a win for everyone including the other creatures .
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These figures are astonishing. We've been funding and effectively so, our own demise. We need to stop the oil project
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This leaves one wondering why humans are funding their own destruction?