“A Nordic hedge fund worth more than $90bn has dumped its stocks in some of the world’s biggest oil companies and miners responsible for lobbying against climate action.

Storebrand, a Norwegian asset manager, divested from miner Rio Tinto as well as US oil giants ExxonMobil and Chevron as part of a new climate policy targeting companies that use their political clout to block green policies.

The investor is one of many major financial institutions divesting from polluting industries, but is understood to be the first to dump shares in companies which use their influence to slow the pace of climate action.

Jan Erik Saugestad, the chief executive of Storebrand, said corporate lobbying activity designed to undermine solutions to “the greatest risks facing humanity” is “simply unacceptable”.

https://www.theguardian.com/environment/2020/aug/24/major-investment-firm-dumps-exxon-chevron-and-rio-tinto-stock

From an Article by Fiona Harvey, The Guardian, Manchester, UK, June 18, 2020

The world has only six months in which to change the course of the climate crisis and prevent a post-lockdown rebound in greenhouse gas emissions that would overwhelm efforts to stave off climate catastrophe, one of the world’s foremost energy experts has warned.

“This year is the last time we have, if we are not to see a carbon rebound,” said Fatih Birol, executive director of the International Energy Agency.

Governments are planning to spend $9tn (£7.2tn) globally in the next few months on rescuing their economies from the coronavirus crisis, the IEA has calculated. The stimulus packages created this year will determine the shape of the global economy for the next three years, according to Birol, and within that time emissions must start to fall sharply and permanently, or climate targets will be out of reach.

“The next three years will determine the course of the next 30 years and beyond,” Birol told the Guardian. “If we do not [take action] we will surely see a rebound in emissions. If emissions rebound, it is very difficult to see how they will be brought down in future. This is why we are urging governments to have sustainable recovery packages.”

Carbon dioxide emissions plunged by a global average of 17% in April, compared with last year, but have since surged again to within about 5% of last year’s levels.

In a report published on Thursday, the IEA – the world’s gold standard for energy analysis – set out the first global blueprint for a green recovery, focusing on reforms to energy generation and consumption. Wind and solar power should be a top focus, the report advised, alongside energy efficiency improvements to buildings and industries, and the modernisation of electricity grids.

Creating jobs must be the priority for countries where millions have been thrown into unemployment by the impacts of the Covid-19 pandemic and ensuing lockdowns. The IEA’s analysis shows that targeting green jobs – such as retrofitting buildings to make them more energy efficient, putting up solar panels and constructing wind farms – is more effective than pouring money into the high-carbon economy.

See the full article at this link:

https://www.theguardian.com/environment/2020/jun/18/world-has-six-months-to-avert-climate-crisis-says-energy-expert