CLIMATE CHANGE OCT 2, 2021

CLIMATE CHANGE NEWS & VIEWS FROM AROUND THE WEB

QUOTABLES:

The world’s poorest people contribute the least but suffer the most from the climate crisis. Climate change impacts people’s health, ability to access nutritious food, and livelihoods.


Global Citizen
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Jump back in to Global Citizen Live’s 24-hour event to join fellow Global Citizens, historic artists, and leaders from around the world to defend the planet and defeat poverty. This 24-hour event is a part of our campaign, a Recovery Plan for the World, which focuses on COVID-19, ending the hunger crisis, resuming learning for all, protecting the planet; and advancing equity for all. Global Citizen Live calls for action to halt climate change and for wealthy countries to deliver on the $100B climate pledge, $6B for famine relief, and COVID-19 vaccine justice for all. On Sept. 25, 2021, over 60M COVID-19 vaccines, 157M trees, and more than US$1.1B in commitments to climate, famine, and COVID-19 response efforts were announced as part of the partner-led campaign. The Global Citizen Live campaign continues in the lead-up to the G20 Summit and the United Nations Climate Change Conference (COP26) later this year.

Global Citizen is a social action platform for a global generation that aims to solve the world’s biggest challenges. On our platform, you can learn about issues, take action on what matters most, and join a community committed to social change. We believe we can end extreme poverty because of the collective actions of Global Citizens across the world. Register to become a Global Citizen and start taking action today: https://www.globalcitizen.org/

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ALBERTA NEWS

Student Energy signs joint venture, aims to raise millions for youth-led clean energy projects

Edmonton co-founder Sean Collins says partnership gives charity ability to invest

A global youth network co-founded by an Edmontonian is one step closer to its goal of funding 10,000 youth-led clean energy projects by 2030.

During Climate Week NYC last week, Student Energy signed a joint venture with the American non-profit New Energy Nexus.

Sean Collins, Student Energy’s Edmonton-based co-founder, told CBC News on Tuesday that the partnership allows the charity to move beyond educating and mobilizing young people to investing in them.

“As a Canadian charity, we don’t have the ability to actually do investments in projects or in companies, but through our partnership with New Energy Nexus, we can now do that,” he said.

With 30 staff members across five countries, Student Energy runs an international network of thousands of young people, overseeing dozens of chapters at post-secondary schools and hosting biennial conferences on clean energy. A virtual summit is taking place next week on Oct. 8.

The charity is responding to the United Nations’ call for action on climate change, joining member states, businesses, cities and NGOs in making “energy compacts” with concrete commitments to work toward net-zero emissions.

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RBC Supports Expansion of Tar Sands Pipelines With “Sustainability” Loan

“In the lead up to the critically important COP26 climate summit, Canada’s largest bank, the Royal Bank of Canada (RBC) inked a new deal to underwrite a CAD $1.5 billion bond for Enbridge which is currently expanding fossil fuel infrastructure across North America, including building the highly contested, Indigenous rights violating, Line 3 tar sands pipeline,” says Stand.Earth in its September 24 press release.

“Once again, we are seeing RBC fail to make good on their half-baked climate pledges. RBC’s backing of Enbridge and their ineffective sustainability goals, along with a host of other Canadian banking laggards, is a disgrace and pure greenwash,” said Richard Brooks, Director of Climate Finance, Stand.earth. “It is time for banks to stop hiding behind so-called sustainable financing and sustainability linked loans in an attempt to greenwash their continued investments in fossil fuel companies expanding oil and gas production and building new pipelines.

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CANADA NEWS

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Caisse to sell off remaining oil assets by next year

Quebec pension giant has been exiting the sector for a while

Caisse de dépôt et placement du Québec says it will divest all of its oil investments by next year as part of the pension plan’s plan to help combat climate change by cutting its carbon footprint in half by 2030.

The province’s public pension fund unveiled its climate change strategy on Tuesday.

A core plank of the policy is to divest all assets that produce crude oil products by the end of 2022. 

“The climate situation affects everyone, and we can no longer address it with the same methods used a few years ago,” CEO Charles Emond said. “We have to make important decisions on issues such as oil production and decarbonizing sectors that are essential to our economies.”

The pension plan has been selling off assets in the oil sector, but the declaration means it will move ahead with selling off what it has left.

According to regulatory filings, as of the end of June 2021, the fund owned sizeable stakes in a number of oil companies including:

  • $661 million in French oil giant Total
  • $397 million worth of oilsands company Canadian Natural Resources
  • $359 million in Calgary-based Suncor
  • $110 million in Russia’s Lukoil
  • $65 million in BP
  • $61 million in Shell.

The company owns smaller stakes in other public oil companies, along with potentially several more private investments, and large stakes in oil-related companies such as pipelines and natural gas.

Overall, the Caisse has about $390 billion worth of assets, and about one per cent of them — just under $4 billion — are tied up in oil-related investments.

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Are mining companies hiding Indigenous opposition from their investors?

It’s time for companies and securities regulators to make sure the whole truth of Indigenous rights claims are brought to light through corporate risk disclosures

There was once a time when the worst thing that could happen to investors in Canadian junior mining companies was that their windfall could turn out to be so-called moose pasture (i.e., worthless from a minerals perspective). Junior mining companies search for new deposits of minerals and are known to be high-risk, high-return investments. Today, however, a significant risk for investors is the fact that their claims are often located on the homelands of Indigenous Peoples with inherent governing authority.

An increased public awareness of broken treaties, unmarked graves, racism and ongoing cultural genocide is contributing to a powerful social movement for #LandBack across the country. This means that claims of Indigenous rights and jurisdiction – rather than being dismissed as mere distractions – are rightfully considered material facts that can delay a mine, stop a pipeline and force a government to buy out mining exploration projects.

When students in Osgoode Hall Law School’s Environmental Justice and Sustainability Clinic recently decided to take a close look at junior miner Noront Resources Ltd.’s corporate disclosures filed with the Ontario Securities Commission (OSC), they found some gaping holes. The company had disclosed almost nothing about the fierce Indigenous opposition to its projects in Ontario’s Ring of Fire region, a mining district once touted as “Ontario’s oil sands,” located in the roadless boreal peatlands some 500 kilometres northeast of Thunder Bay.

The students, working with Greenpeace, MiningWatch and the Council of Canadians and led by the Neskantaga First Nation, conducted research and analysis into Noront’s annual information forms (AIFs) and management’s discussion and analysis (MD&A) over the last five years. Noront plans to develop a nickel mine and other deposits in the area.

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WORLD NEWS

Climate change: How to measure a shrinking glacier

Calls for more action to combat climate change at pre-COP26 summit

On the final day of climate talks in Italy the COP26 president said there was a consensus to do more to reach the target of limiting global warming to 1.5 degrees Celsius as outlined in the Paris Agreement.

Speaking on Saturday afternoon in Milan, Alok Sharma also said the world’s leading economies would deliver on their promise to deliver $100 billion a year to poorer countries struggling to deal with climate change.

In the past week, Italy’s financial capital transformed into a hub of debate ahead of the United Nations’ official COP26 Summit Glasgow next month.

The vice president of the European Commission, Frans Timmerman, gave a stark warning of the depth of the climate crisis.

“There can be no doubt in anybody’s mind that we are fighting for the survival of humanity, and that the climate crisis and the threatening ecocide are the biggest threat humanity faces,” he said.

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