globalEDGE Blog - By Tag: climate-change

Gone are the days when a rising tide could be said to lift all boats. According to the Intergovernmental Panel on Climate Change, sea levels rose almost twice as much between 1993 and 2010 as they did over the previous century. Its forecast is for a rise of 0.93 meters by the year 2100. Yet another recent study from May 2019 indicates that sea levels at the end of the century could surge by over 2 meters. 

This year's mild winter has significantly impacted Europe's ski resorts, where declining snow cover due to climate change is disrupting operations.

Almost every large company in the world has used fossil fuels at some point, whether at a federal level or a state level. Restrictions are being placed on how certain corporations handle their carbon footprint. While some companies have pledged toward a more carbon-neutral future, reaching those sustainability goals takes time, effort, and money. This has led to a new industry solely based on carbon dioxide extraction from the atmosphere. The carbon capture and storage industry is on the rise, with Fortune 500 companies investing millions into reducing their carbon credit and billionaires launching their start-ups in the sector.

The Himalayan glaciers constitute a vast glacier system stretching over 2,000 miles across India, Nepal, Pakistan, China, and Bangladesh. As global temperatures continue to rise, these glaciers face a large threat. 

The Panama Canal, one of the world’s largest trading channels, has been dealing with a severe drought this spring and summer, and is expected to continue to experience serious dryness in upcoming months. Panama has two seasons in a year: a dry season and a rainy season. Though the rainy season usually runs from late April until late November, Panama is still experiencing the lowest amount of rainfall since 2000. The unusual drought has caused lower water levels in the canal. According to Boris Moreno, the Vice President of Operations for the channel, the lakes that the passage depends on have close to minimum water levels. 

This past Monday, the United States government gave the green light for the Willow Project, a controversial oil and gas development proposal in Alaska. The project, spearheaded by ConocoPhillips, aims to extract up to 600 million barrels of oil and 3.4 trillion cubic feet of natural gas from the National Petroleum Reserve-Alaska (NPR-A), a 23 million-acre area on the North Slope of Alaska.

As agricultural growth ramps up, drought continues to worsen. This is especially prominent in the Southwest regions of the United States as they face the worst drought in 1,200 years. Rural communities in La Paz County, Arizona have been noticing water disappearing left and right. The water workers in Wenden, Arizona are reporting that they have "never seen anything like this" as they noticed moving water in a well where the water is typically still. This massive underground reservoir stores water built up over thousands of years and was discovered to be moving due to someone pumping it rapidly out of the ground. With further research, it was found that there was a neighboring well belonging to Al Dahra, a United Arab Emirates-based company that was pulling this water for its own benefit.

COP 27, which stands for “Conference of the Parties”, is a yearly conference in which leaders from across the world meet to discuss different topics within climate change. This year, the conference took place from November 6th to November 18th in Egypt and saw more than 33,000 attendees, making it the second-largest COP in history. Specifically, there were record numbers of attendees from African countries and small, less-developed countries and islands, which helped give them a bigger voice at this year’s conference.

Climate change is a subject that few need an introduction to. The world is continuing to see long-term changes in temperature and weather patterns, some of which are being driven by humans. The prevalent use of non-renewable energy has increased this shift in climate, forming new issues in other markets. One industry that is seeing new obstacles due to climate change is the travel industry.

Hurricane Ian, a Category 4 storm, has caused many American citizens to be forced out of their homes or has left no infrastructure for them to return to. The storm first struck the coast of Fort Myers before migrating toward the Carolinas, leaving communities demolished by wind and flooding, ultimately forcing businesses to shut down and leaving Florida with billions of dollars in reconstruction. The damage caused so far has been introductory, but it is evident that the hurricane will be highly disruptive to Florida’s economy over the next ten days with power shortages, suspension of energy production, impact on agricultural crops such as oranges, and flight cancellations.

As the climate disaster is steadily increasing in conversation across nations, the Security and Exchange Commission (SEC) in the United States attempts to place regulations on sustainability reports within large corporations. They are pushing for these reports to act like financial reports; they can be audited in this case. If these regulations pass, the sustainability reports would mimic financial reports and be audited to keep companies from stretching their energy-efficiency disclosures. Without this, it has become a pattern that companies' reports are unreliable and very inconsistent with the revelations they have put out.

In recent years, scientists have warned that temperatures in Russia are rising at higher rates than the global average. The largest landmass of any northern nation is warming 2.5 times faster than the rest of the world.

Climate change has been a popular topic across all headlines for a decade. There have been large media headlines surrounding climate change and the dramatic changes that need to take place in order for us to halt the rapid changes our earth is undergoing. One of the most popular media stories surrounding climate change has been Greta Thunberg, a teenage climate activist from Sweden. This past week she gave a speech and critiques all world leaders on being “blah blah blah” on the action they have failed to take on climate change.

A sovereign credit rating is a measurement of a country’s creditworthiness. This rating is calculated by an agency that investigates a country’s economic and political environment. The assessment helps investors identify the risk involved in investing within another country.

Today, our global modern society faces many crucial issues, but one that heavily affects all of us and our impact on climate change is one many seem to forget. That extra box of donuts left in the office, the pork chops you forgot you had and now they are no good, and the lunch you packed that you never ate and instead went to lunch with friends. Think of all the food you prepare, buy, pack for lunch, and now think about how much you actually eat vs how much you throw away, even if it is still perfectly good. This is the major problem of food waste that has been growing. Globally, humans throw out or lose up to USD 2.6 trillion per year. Meanwhile, the amount of food we throw out per year could feed every one of the 815 million people who suffer from hunger not once, not twice, but four times. This blog will take you through why the problem of food waste exists, the impact it is having on climate change, and what we can do as global consumers to reduce our food waste.

Although the news of the Australian bushfires has only become popularized in the last two months, firefighters have been battling the fires since September of 2019. Since the start of the fires, more than 15.6 million acres of land have burned, and the fires are not expected to stop for at least another month.

On Friday, September 20th, thousands of people poured through the streets of capitals and major cities all over the world to march for climate change. Over 150 counties held climate strikes organized by youth advocates and had participants of all ages. The climate strikes attracted the media and have caused numerous political and business leaders to promise change.

As climate change increasingly becomes a bigger issue, investors and companies are looking for ways to minimize their environmental impact with regards to greenhouse-gas emissions. Investors such as Aviva Investors and Aegon Asset Management are encouraging restaurants and food companies to reduce their carbon footprint and redefine their supply chain to be more environmentally friendly. Especially in the United States, this is a controversial period for this issue. Analysts are expecting climate change to be a key issue in the United States 2020 presidential election. It will be a tough negotiating point between all parties involved.

With international turmoil in OPEC countries, scientists clamoring over ‘the sixth mass extinction’ due to climate change, and costs finally becoming competitive in comparison to fossil fuels, renewable energy is becoming an increasingly significant industry for the future of the world’s economies.

Research in climate change suggests that even an incremental increase in average global temperatures can trigger disastrous effects around the world. Although efforts are being made to curb carbon dioxide emissions and sustain stable environments, climate scientists warn that “there will still be consequences" if more drastic actions are not taken. Global businesses that depend on vast energy usage are now paying attention to new corporate social responsibility (CSR) initiatives.

Climate change has become a prominent issue within the past few decades. To stay in tune with global efforts to improve global climate, several nations have committed to the terms of the Paris Climate Agreement, a multinational deal made with the United Nations to curb worldwide carbon emissions. According to the New York Times, many "countries and businesses all over the world [have] already made advances based on the agreement," including rich and poor nations alike. The world's largest emitter of greenhouse gases, China, remains fully "committed in the fight against climate change and to participating in international efforts for a greener world." Brussels and Beijing have been cooperating in order to move forward together with the agreement, and India has pledged its commitment as well.

Over the past few decades, the global agriculture industry has been forced to adjust to sweeping societal changes, including booming population growth, increasing urbanization, decreasing rural populations, and a steep decline in the number of farmers. The industry has been able to shift in certain ways in order to face these challenges—technological incorporation, increased production efficiency, and a focus on mass industrial output. However, the escalating symptoms of climate change are impacting agriculture on a much more devastating scale. Crop harvesting, fertilization, irrigation, and food production are all hit by the effects of climate change, affecting the living standards of populations the world over.

In this installment of the globalEDGE Mega Trends in Business series, we take a look at how global businesses are responding to climate change. Day by day, governments the world over are increasing collaborative efforts against climate change by solidifying various international deals and agreements. With this, regulatory pressure is mounting on multinational companies to ensure that their practices meet environmentally-friendly standards. Several firms are answering the call and taking active stands against the threat of climate change, framing it as a business issue as well as an environmental one. Some corporations are forming coalitions across countries to reach a common consensus on necessary action. Others are shifting their business and investment practices in order to adapt to government legislation. Whatever the process, it is clear that climate change will be an unavoidable factor in future global business practices.

The Paris Agreement focusing on the reduction of emissions and overall achievement of climate neutrality has initiated efforts to reduce carbon emissions throughout the aviation industry. Airlines are one of the major emitters of carbon dioxide, and air travel is forecast to double by 2030. However, aviation had not been included in the agreement until now. 

The Philippines Commission on Human Rights (CHR) has sent a 65-page complaint to about 47 different energy and mining giants, accusing them of contributing to climate change and thus violating the fundamental rights of Filipino citizens. Grievances listed include violation of the rights to "life, food, water, sanitation, adequate housing, and to self determination." The document demands that the corporations respond within 45 days with formal plans to either eliminate or lessen their carbon footprints. Major companies listed in the dispatch include Shell, BP, Chevron, ExxonMobil, and BHP Billiton. Both human rights and environmental organizations are calling this a "landmark case." 

On Wednesday, United States President Barack Obama, Canadian Prime Minister Justin Trudeau, and Mexican President Enrique Peña Nieto will meet in Ottawa for the annual North American Leaders' Summit. The meeting, commonly referred to as the Three Amigos Summit, has gathered almost every year since 2005 to discuss strategic cooperation and important economic issues. This year's meeting in particular will prove to be of high significance. The primary objective of the 2016 Summit is to develop clean power plans for each country in the continued combat against climate change. However, recent political developments may cast a shadow over this year's talks.

In a legally-binding agreement reached in last years' COP21 conference, over 195 nations pledged to reduce carbon emissions from 2020 onward. The ultimate goal of the conference was to adapt measures that would keep global temperatures from rising 1.5 to 2 degrees Celsius. The passing of this agreement--the first of its kind--appears indicative of the current worldview of climate change. Most world leaders are now unified in the idea that climate change is an increasingly urgent global concern. As a result, the pressure to utilize renewable energy sources has never been higher. Such resources, including hyrdo-electric power, wind turbines, and solar cells, are growing in both popularity and efficiency. Now, the goal is to deviate totally from fossil fuels, both in daily energy use and in international business.

From November 30 to December 11, leaders and negotiators from 195 countries are meeting in Paris to reach a deal on global carbon emissions and rising global temperatures. The meeting is officially known as the United Nations Paris Climate Change Conference and the 21st session of the Conference of the Parties, or COP21 for short. The Conference of the Parties is an annual U.N.-supervised global meeting that has taken place since 1995 and is dedicated to reducing the effects of climate change. COP21 is one of the largest conferences organized yet, meeting with the goal of creating the first legally binding global climate agreement. Past climate change agreements, including the Kyoto Protocol and the Copenhagen Accord, either focused mainly on curbing carbon emissions or introduced measures that did not reach unanimous global approval. The nations meeting in COP21 aim to change this with a new agreement.

Global discussion and concern about climate change has amplified in the past few years, as more research has been conducted and more world leaders have voiced their opinions on the issue. The most recent world leader to do so was Pope Francis, leader of almost 70 million Catholics worldwide, who declared global warming to be a threat to life on the planet and called for a reduction of the usage of fossil fuels. As this movement garners further support, more and more nations are turning to clean and renewable alternative energy sources to supplement, and eventually replace, their fossil fuel driven energy sources. Of these renewable alternatives, solar power is one of the most popular worldwide.

In recent years, scientists have noted the impacts of climate change on crops worldwide. As a result of rising temperatures and widespread drought, coffee crops in Vietnam are suffering. In Pakistan, the recent periods of intense rains and hailstorms have reduced the yields of wheat nationwide. Although there are many measures being taken to prevent further climate change, such as major corporations reducing their carbon dioxide output, global economic expansion is exacerbating the effects of climate change and is actually harming some industries.

In part 3 of our global energy blog series, we discussed which countries could capitalize on the falling oil prices. For the fourth installment of the series, we turn our eyes to some of the environmental issues surrounding the energy industry, specifically the issue of carbon emissions. As climate change fears increase and become more urgent on a global scale, world leaders have been looking for solutions to reduce harmful emissions while avoiding the economic pitfalls that can be associated with taxes or regulation. One solution gaining popularity is carbon markets, which create carbon emission allowances that are given to businesses. These credits can be used or sold depending on the amount of emissions the business produces, giving companies an incentive to reduce their emissions.

On a meeting in Berlin on Thursday, thirty wealthy nations pledged to donate $9.3 billion towards the Green Climate Fund, a sum dedicated toward reducing emissions and helping to protect developing and poorer nations from the stark effects of climate change. This is a little short of the $10 billion goal that was supposed to be reached, but it is a big step forward in investing to prepare help prepare for the effects of climate change. Environmental officials everywhere have highly praised the fund, and more countries are to offer donations by the end of the year.

On Monday, June 2nd, the Obama administration announced through the EPA that new rules have been put into effect to reduce carbon pollution by coal and power plants by 30% by 2030. This is a historic occasion, as it marks the first time that the United States government has acted to try and regulate power plant emissions. The new rules have been met with high praise by many environmental groups and activists. However, debate has sparked over the potential economic impact of these rules. While concerns have been voiced over the effects on the coal and energy industries, many economists are also claiming these rules will lead to an overall positive outcome for the U.S. and the world. Here is a closer look.

Foreign and domestic investment are spiking for Canadian Corn because of global warming and a drought in the Corn Belt region of the United States.  Climate change and the resulting increase in temperatures in the last 50 years have extended the growing season in Canada’s Prairie Provinces approximately two weeks.  The Prairie Provinces: Alberta, Saskatchewan, and Manitoba have long been big producers of wheat, but are now beginning to incorporate and in some cases completely switch to corn.  This is due to a decrease in corn supply in the drought-ridden Midwest region of the United States, high demand for the crop, and the fact that corn has a higher yield than wheat on a per acre basis.

The changing global climate has become increasingly more difficult to ignore due to climbing air and water temperatures, rising sea levels, and melting of polar snow and ice. Recent reports have stated that the area of ice in the arctic has never been smaller, which has recently caught the attention of Asian economists. The opening of the Arctic north promises new trade routes, untapped reserves of oil, and an abundance of minerals to discover.

As the human population grows and environmental complexities become more widespread, social responsibility and the fight against climate change have become major issues for businesses across the globe. Many companies are beginning to implement sustainable business practices to combat climate change and mitigate harmful emissions. You may be wondering what businesses around the world are at the top of the list in developing environmentally friendly business operations. Look no further, because a United Kingdom research company has just released rankings that track how large global companies are mitigating climate change and creating clean technology solutions.

With concerns of a changing global climate, many countries around the world are looking for efficient energy sources designed to lower carbon emissions and combat global warming. One well-known energy project is harnessing the power of the wind with turbines to produce electricity. While many wind farms are built on land, offshore wind turbines are expected to grow rapidly as these climates are filled with constant driving winds. These offshore wind turbines hold great potential for the future of energy and new technology is changing the way wind farms operate.

The European Union has been one of the most devoted players in the attempts to combat global climate change and reduce carbon emissions. The long-term energy plans proposed by the European Union depend largely on high technology projects designed to capture carbon dioxide emissions and store them underground. This would help abate global warming while also allowing industries to continue to burn large amounts of fossil fuels. However, weak support for the experimental carbon capturing technology has held the European Union back from reaching its energy goals.

With many concerns and debates regarding climate change, countries around the world are looking for ways to reduce carbon emissions. These carbon emissions happen to be the leading cause of climate change and large coal-burning industries are mostly responsible. One way to reduce these harmful emissions involves a new technology that captures carbon dioxide from the air and pumps it directly underground for permanent storage. This project was operated in Germany, Scotland, and the United States with little success. However, the two largest consumers of carbon dioxide, China and the United States, are investigating a new way to reduce carbon output and are looking toward a surprising industry for this solution.

Since the Industrial Revolution coal has been one of the most important energy commodities for countries and industries across the world. However, this is beginning to change as many businesses search for cleaner energy sources. With new drilling techniques, lower prices, and a large domestic supply in the United States, natural gas is becoming a very popular energy commodity. This energy switch from coal to natural gas is often viewed as beneficial for the environment but there has been some doubt regarding this belief.

Can environmentally conscious consumers convince businesses to develop sustainable practices, or must government regulations force their hand? According to United Nations officials such as Christiana Figueres, the executive secretary of the U.N. Framework Convention on Climate Change, governments cannot be responsive enough to quickly alter the negative impacts of human actions on the environment. As government, business, and academic leaders recently met at the CNN Earth’s Frontiers debate in Cancun, Mexico, many people are asking which organizations are best suited to lead the fight against global warming.

Businesses and countries alike are finding new ways to protect the environment by reducing emissions of harmful pollutants. One of these ways is a market-based approach called carbon trading which provides economic incentives for business firms that limit their output of carbon emissions. These carbon trading markets are beginning to form all around the world and the country of Kenya plans to launch Africa’s first carbon exchange.

Seasonal rains and high global temperatures have caused many problems for the agricultural industry this year. Many countries rely on agricultural investments for income to meet global food production demands, making this a hard year for many regions. Food insecurity is an increasing problem throughout the world. Food production has been greatly affected by climate change as both heavy rains and dry fields have taken their toll on agriculture.

The European Commission recently funded a five year project that was completed during fall 2009 - the ENSEMBLES project. Its purpose was to develop a prediction system to provide relevant information on climate change and its interactions with society. According to a report submitted by the scientists who worked on the project, France, Italy, and Spain are some of the countries that will most likely experience great changes by the end of the century due to climate changes.

CNN's World Report on Climate Change - a 3 part series. A synthesis of incredible information on the issue, with numerous global business implications.