Climate Change

The International Monetary Fund estimates that the fossil fuel companies are subsidized by the equivalent of $10m a minute every day. The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. No matter there is so much resistance to change for climate action--where is the incentive to change?

As a follow up to an earlier blog about big business pulling money out of fossil fuels and turning to greener pastures to generate profit, the Bloomberg New Energy Finance annual summit in New York shows concrete examples of exactly when and why the energy sector is moving in this direction.

The U.S. and Mexico have agreed to a joint task force on climate policy co-operation on Friday after Mexico announced its emissions will peak by 2026 and fall 22 per cent below "business as usual" levels by the year 2030. Mexico is the first developing nation to submit its nationally determined contribution to the Paris organizers. We now have international arrangements between the U.S., China and Mexico, a major step forward leading into the Paris climate change discussions in December 2015.

For the first time in 40 years, global CO2 emissions did not rise in 2014, while the global economy grew 3%. Pollutant emissions and economic growth are finally starting to decouple.

Was in Montreal yesterday for the launch of our climate action strategy, led by Dr. Caterine Potvin from McGill University. Our plan, developed by 60 + 10 scientists from across the country is a call to action for all Canadian decision makers and leaders, to achieve a decarbonized economy by 2050.

I am part of a group of over 60 scientists led by Dr. Catherine Potvin from McGill University concerned about climate action on the ground now. Our project, Sustainable Canada Dialogues, has just released an executive summary of a proposed climate action plan for Canada that is due to be released in Montreal, Canada on March 17th. This plan should be front and centre of any discussions with politicians during and after any electoral campaigns.

 “A target of net-zero emissions by 2050 is not only desirable but necessary. This is the time to redouble our efforts and further accelerate progress to decarbonize our economy. This is not going to be easy, but the earlier we act, the greater the economic opportunities will be.”

The National Oceanic and Atmospheric Administration has just released an animation showing the decline of sea ice since 1987, the first year for which accurate data is available on ice thickness. In 1987, sea ice that was 4 years old or older made up 26 percent of all sea ice. Fast forward to 2014 and it's down to about 10 percent. Both the decline in old ice and overall ice extent are due in part to increasing ocean and air temperatures.

International business leaders are calling on governments to pledge a zero-net-emissions target for 2050. The B Team Leaders said the transition to a net-zero emissions economy could, if managed correctly, bring economic benefits to all countries, rich and poor, as well as cleaner air and a healthier environment.