Coronavirus Augurs Hope for Climate Action

The coronavirus will augur change and while it is far too early to say with any certainty, it may very well drive the kind of radical transformation that we need to address the climate crisis. People are coming together to face this modern day plague. We are seeing a return to multilateralism and perhaps even a reversal of the trend towards increasing polarization. In the first few weeks of the pandemic we also began to see a reduction in climate change causing emissions.

To be clear we have little reason to celebrate at present. Health care systems are being overwhelmed and people are sick and dying. To make matters worse this pandemic is unfolding against the backdrop of the Trump administration's tragic mishandling of the crisis and a global economic meltdown. The stock markets are experiencing unprecedented volatility and U.S. job losses have spiked to a record 3.3 million making recession a virtual certainty.

However, amidst the pain and suffering we are seeing glimmers of hope. The pandemic has encouraged people to once again appreciate the value of expertise and the importance of science. We can expect renewed interest in fact-based decision making and this may arrest anti-science politics in the U.S.

The global pandemic gives us an opportunity to reconsider the myopia of our propensity to avoid long term thinking and planning. It is not unreasonable to assume that global efforts to combat the coronavirus will contribute to renewed interest in climate action. We have been repeatedly warned that we must act to avert this crisis. It stands to reason that we may see an increase in support for efforts to avert the most serious global threat humanity has ever faced.

In recent weeks we have stood together to fight this pandemic, there is no reason why we cannot do the same to engage the climate crisis. COVID-19 could be the shock we need to finally get serious about combating climate change.

We are on the cusp of a climate catastrophe and we must act quickly if we are to avoid surpassing upper threshold temperature limits from which we may not be able to recover. Climate change is the cause of a wide range of diseases and other health concerns. Acting on climate change is about staving off a catastrophe that represents an existential threat to life on earth.

Managing the economic consequences of this pandemic will require a rethink of some basic economic values. Unprecedented times call for unprecedented measures. We need a coordinated global response that will take us into the next century and it should be obvious that business as usual won't do. If we reconsider the de-regulatory mayhem that resulted in the financial meltdown of 2008 and the insanity of deregulation under the Trump administration, we may be able to change our perilous course.

As we are forced to deal with recession we will have to carefully consider the kind of economic stimulus we will apply. It is reasonable to assume that governments will heed the economic case for climate action. The economic benefits of climate action combined with the disincentive of economic collapse if we fail to act, make a compelling case that will be hard to ignore.

Any serious climate action starts with a reappraisal of our energy landscape. Even before the pandemic hit the oil and gas industry was on life support. We need to acknowledge that the dirty energy industry is being abandoned by investors, banks and insurance companies. Rather than trying to prop-up a dying industry governments need to prepare for the way for the kinds of energy that can safely power our future. Clean energy is vital to our future as it will both grow the economy and provide millions of good jobs. The auto industry will be hit hard by the economic downturn, however, with the appropriate government support this could be an opportunity to transition away from the combustion engine. We need to come to terms with the reality that the benefits of climate action far outweigh the costs.

Resistance to the economic reality comes from politicians that are beholden to the old energy industry. However, this pandemic may signal the end of the fossil fuel powered politics of both Trump and the Republican party. After decades of deceiving the American public, the American electorate could bring the GOP's corruption to an end.

Our times challenge some longstanding principles that are at the core of western civilization and the virus may cause more people to question our market driven economy. We need government support to keep the economy from completely collapsing and government stimulus packages should include efforts to retool the economy to prepare for the world of tomorrow. This should include massive investments in clean energy like wind and solar energy. It must also include carbon removal technologies like direct air capture (DAC) and carbon capture and sequestration or (CCS). These so called negative emissions technologies may be our last hope of reigning in climate change.

We need to see an end to business as usual and this pandemic might very well be the catalyst for the kind of change we need to see. This may include structural changes to our economy. .We are already seeing behavioral changes as less people travel and more people are working from home. If nothing else the reaction to COVID-19 shows us that rapid global change is possible.

Climate activist Greta Thunberg denounced governments for taking urgent action against the coronavirus outbreak but failing to treat global warming as an emergency. "It is shameful that for so long the climate and environmental emergency has been ignored. We are still in a crisis that has never once been treated like a crisis," Thunberg said.

Her logic is sound and if reason prevails COVID-19 could bring about an unprecedented paradigm shift. However, there are some dark days ahead. This pandemic is far from over, and many more will suffer from the disease and the economic aftershocks. As Naomi Klein points out such shocks augur change, sometimes they are for the better and sometimes for the worse. We need to anticipate the very real possibility that if we let it, COVID-19 and its aftershocks could drain money and political will from climate action. We must not allow restrictive capital markets to prevent the flow of financing for clean technologies. We must also be ever mindful of authoritarian efforts to use the crisis to undermine democracy. Let us hope that this dark period will be a womb and not a tomb.

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The Scourge of Ghost Planes in the Wake of the Coronavirus

Early in March as the coronavirus was breaking and air travel was declining airlines began flying empty planes so that they could keep their flight slots. According to European rules if airlines fail to fly their allocated flights they risk losing their right to fly these routes. These passenger-less flights are being called ghost planes. As a consequence they wasted thousands of gallons of jet fuel and generated emissions that we can ill afford given our dwindling carbon budgets.

The COVID-19 pandemic has brought air travel to a virtual standstill, and more than $100 billion in losses are expected. This takes place against the backdrop of a stock market in free fall and a collapsing fossil fuel industry. All of this is good news for our climate as it is decreasing GHG emissions, however, government subsidies and ghost flights are pushing us in the wrong direction.

A global recession is a almost certain and this may provide some much needed climate relief and perhaps an opportunity to rethink our dangerous trajectory.  However, if we try to prop-up our economies with ill conceived subsidies we are doomed to continue down our perilous path.

Both the U.S. and Canada are providing bailouts for the fossil fuel industry. However, this is the very industry that is responsible for the climate crisis.  Giving them public money is using our tax dollars to add fuel to the fire.  Ghost planes are an apt metaphor for governments throwing money at an industry that must die if we are to survive.

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Zombie Pathogens and 5 Other Climate Concerns Undermining Human Health

The world is preoccupied with coronavirus, however, our health is also being impacted by climate change in a number of ways. There are a host of serious diseases that are being unleashed as the world continues to warm. Melting ice and rising seas are expected to add to the number of pathogens that undermine human health.

One of the most terrifying climate related diseases is something called "zombie pathogens" that are being released from melting permafrost.These frightening diseases come from a resurgence of deadly bacteria and viruses that have been dormant for thousands of years. Warming temperatures have caused outbreaks of anthrax. In 2016 a Siberian outbreak of anthrax was linked to the thawing of a 75 year old reindeer carcass which decimated reindeer herds and spread to people.. More anthrax outbreaks are expected as the world gets ever warmer.

Smallpox is another disease that may see a resurgence. There are also other even more dangerous pathogens that may emerge from once frozen ice. In some cases these are pathogens that have been dormant for tens of thousands of years. That means we may be plagued by diseases never before encountered by humans and this could be devastating. Some of these disease are being stirred-up by the fossil fuel industry which is largely responsible for the climate crisis. Their extraction operations in the far north may may actually unleash these microbes. Here are five other ways that climate change undermines human health.

INSECT-BORNE DISEASE: More heat and water means more more biting insects like mosquitoes and as a result we will see the spread of diseases like zika, dengue, chikungunya and malaria. Ticks, like those that cause lyme disease and babesiosis may also increase.

WATER-BORNE DISEASE: Flooding contributes increases the likelihood of bacterial, viral and parasitic organisms most of which can be spread by contaminated water. One of the most deadly water borne diseases is cholera and such outbreaks are likely as the world warms.

HEAT: We are seeing a growing number of hot days and protracted heat waves which can cause heat stroke and dehydration. This can be particularly deadly for older people and those with chronic conditions like diabetes, asthma, respiratory illness, kidney and heart disease

WILDFIRE: Climate change can cause increased heat and dryer conditions which are increasing the incidence of wildfires and the smoke they produce contributes to respiratory and cardiovascular distress.

FOOD: Poor nutrition can undermine health and increasing temperatures on land and in the oceans are undermining food quality and contributing to food insecurity. Climate change decreases crop yields and increase the incidence of food borne diseases.

We know what we need to do to minimize these impacts. We need to immediately slash emissions to curb climate change and this starts with weaning ourselves off of fossil fuels.


The Fossil Fuel Industry is Increasing Climate Change Causing Emissions

It is important to acknowledge where most of the current emissions come from. The world still gets about 80% of its energy from fossil fuels today which generate the lions share of emissions. According to the EIA, in 2017, carbon dioxide (CO2) emissions from burning fossil fuels for energy were equal to about 76% of total U.S. anthropogenic GHG emissions (based on global warming potential) and about 93% of total U.S. anthropogenic CO2 emissions. As reported by MIT, as of 2011, the burning of fossil fuels were responsible for more than 36.6 billion metric tons of greenhouse gas pollution (MIT, 2012). We continue to burn fossil fuels at a prodigious rate.

We know that transitioning away from fossil fuels to low emissions alternatives is an essential part of reducing the emissions we generate but this transition is not happening fast enough. Research conducted by Rathi et al indicates that our dependence on dirty energy is here for decades to come. The world currently consumes 100 million barrels of oil each day, and even the most optimistic scenarios estimate that by mid-century, we will still be consuming tens of millions of barrels each day. And because emissions keep rising, we no longer have the luxury of waiting for the energy transition to happen on its own.

According to the Carbon Disclosure Project (CDP), since the Paris Agreement, global banks have invested 1.9 trillion U.S. dollars in fossil fuels. One hundred companies are responsible for 71% of global emissions and over half of global emissions can be traced back to 25 companies and entities. The companies responsible for the most carbon emissions are all in the fossil fuel industry: Saudi Aramco, Chevron, Gazprom, ExxonMobil, National Iranian Oil Co., BP, Royal Dutch Shell, Coal India, Pemex, and Petróleos de Venezuela. The first two emitters alone are responsible for more than 100 billion tonnes of CO2 emissions.  According to research by Sawe, the G20 countries account for almost 80% of total emissions.

The 10 Biggest Carbon-dioxide Emitting Firms In The World (1965 to 2017)
  1. Saudi Aramco, 59.26 billion tonnes carbon dioxide equivalent produced
  2. Chevron, 43.35 billion tonnes carbon dioxide equivalent produced
  3. Gazprom, 43.23 billion tonnes carbon dioxide equivalent produced
  4. ExxonMobil 41.90 billion tonnes carbon dioxide equivalent produced
  5. National Iranian Oil Co., 35.66 billion tonnes carbon dioxide equivalent produced
  6. BP, 34.02 billion tonnes carbon dioxide equivalent produced
  7. Royal Dutch Shell, 31.95 billion tonnes carbon dioxide equivalent produced
  8. Coal India, 23.12 billion tonnes carbon dioxide equivalent produced
  9. Pemex, 22.65 billion tonnes carbon dioxide equivalent produced
  10. Petroeos de Venezuela, 15.75 billion tonnes carbon dioxide equivalent produced

Together these top ten carbon emitting companies have generated more than 350 billion tonnes of carbon   Our addiction to fossil fuels is unrelenting with emissions of approximately 36 billion tons of CO2-equivalent per year. In this context COVID-19 may reduce emissions. Although China saw a 25 percent decrease in emissions, government subsidies risk undermining these reductions.

Climate Related Excerpts from the March 15th Democratic Presidential Debate between Joe Biden and Bernie Sanders

Here are the climate related excerpts from the CNN Univision Democratic Presidential Debate between Joe Biden and Bernie Sanders that took place on March 15, 2020 in Washington DC. The debate was moderated by CNN's Jake Tapper, Dana Bash, and Univision’s Ilia Calderón.  Although the coronavirus was predominate theme in the debate, more than 12 minutes were devoted to climate change and fossil fuels. Here is the full summary:

Jake Tapper: (13:37)
Let’s move now to the climate crisis. I’m coming right to you Senator Sanders. The world Health Organization calls the climate crisis, a “Health crisis” and warns that climate change could fuel the spread of infectious diseases. Can you point to specific measures in your climate plan that address that threat?

Bernie Sanders: (13:57)
Well, of course we do. I mean we… Look, this is what the scientists are telling us, the same scientists who make your point there, Jake. What they’re telling us is, if we don’t get our act together in the next seven or eight years, there would be irreversible damage done to this planet. We’re talking about cities in America, from Miami to New Orleans to Charleston, South Carolina being underwater. We are talking about severe droughts which will prevent farmers in the Midwest from growing the food that we need. We’re talking about extreme weather disturbances which hit Houston Texas, Venice Italy, just a few months ago.

Bernie Sanders: (14:37)
We are talking about the absolute need and I want to hear Joe’s position on this. This is not a middle of the ground thing. This is not building a few more solar panels or a few more wind turbines. What this is about is transforming our energy system, as quickly as we humanly can, away from fossil fuel. It is insane that we continue to have fracking in America. It is absurd that we give tens of billions of dollars a year in tax breaks and subsidies to the fossil fuel industry. This has got the end and end now if we love our kids and future generations.

Jake Tapper: (15:15)
Vice President Biden?

Joe Biden: (15:16)
First thing that President Obama and I were summoned to the State Department… Excuse me, the Defense Department for was to meet with all the chiefs, the single greatest threat to our national security, they said, is climate change. Single greatest threat to our national security, because as populations have to move because they can no longer live where they are, because their islands are sinking, because you saw what happened in Darfur, with the change in weather patterns and the deserted there. It causes war, it causes great migrations, great migrations. They said that’s the single biggest problem. Number two, there’s an awful lot of people today who are in fact getting ill because of the changes in the environment, particularly up where Bernie lives. I’m not… It has nothing to do with him. But having, up in the Northeast, because you have everything from beetle infestation and a whole range of things that are causing diseases as well, in addition to eliminating foliage. But-

Jake Tapper: (16:11)
So Vice President Biden, let me ask you then, you talk about this being the number one crisis-

Joe Biden: (16:16)
Yes.

Jake Tapper: (16:17)
… they told you at the Pentagon. The price tag for your climate plan is about $1.7 trillion. That’s about $14 trillion less than Senator Sanders wants to spend on this. Is your plan ambitious enough to tackle this crisis?

Joe Biden: (16:30)
Yes, it is ambitious enough to tackle the crisis, because what… Go to joebiden.com, I lay out the first 13 things I would do immediately upon being elected. Number one, we’re going to once again reinstate all the cuts the President made and everything from the cafe standards, how far automobiles can go, investing in light rail so that we take cars off the road, making sure we’re in a position where we are now in a position that we put 500,000 charging stations in areas that… [silence 00:17:03] … all new highways that we built, making sure that we spent $500 billion a year… [silence 00:17:22] and the federal government paying for transportation, the vehicles we run, all of those being converted to being able to run on low carbon fuel and/or be able to run on no carbon fuel at all by having them move into a direction that is all carbon free. We can do these things. We can lay down the tracks where nothing can be changed by the next President or the following President, the one beyond that.

Joe Biden: (18:02)
In addition to that, we also have to… I would immediately rejoin the Paris climate accord, which I helped put together. I would call the 100 nations, over a hundred nations, but the hundred major polluters to the United States and the first hundred days, to up the ante and make it clear that in fact if they didn’t, there’d be a price to pay. And lastly, I would be right now organizing the hemisphere and the world, to provide $20 billion for the Amazon, for Brazil no longer to burn the Amazon, so they could have forests… They’re no longer forests but they could have farming and say, “This is what we’re going to do.” … the region is burning out than we admit in one entire year, per year.

Jake Tapper: (18:41)
Thank you, Mr. Vice President. Senator Sanders?

Bernie Sanders: (18:43)
All well and good, but nowhere near enough. I mean, you mentioned, we started this debate talking about a warlike situation in terms of the coronavirus and we said, “We have to act accordingly.” You said it. I think you’re right. I said it. We have to act dramatically, boldly, if we’re going to save lives in this country and around the world. I look at climate change in exactly the same way. It’s not a question of reentering the Paris Accord. That’s fine. Who cares? It’s not a big deal. The deal right now is, do we have the courage? And this gets back to the point I’m trying to make all night long. Do we take on the healthcare industry and tell them their profits are not more important than healthcare for all? Do we take on the fossil fuel industry?

Bernie Sanders: (19:28)
Look, in terms of the fossil fuel industry, these guys have been lying, they’ve been lying for years, like the tobacco industry lied 50 years ago. “Oh we don’t know if fossil fuels, if oil and carbon emissions are causing climate change.” They knew. ExxonMobil knew, they lied. In fact, I think they should be held criminally accountable. But this Jake, is an issue of enormous consequence. What Joe was saying goes nowhere near enough. It’s not a question of money. Give me a minute here. We have time to talk about this. This is a world shaking event.

Jake Tapper: (20:03)
I understand. I just want to give him a chance to respond and then we can come back to you.

Bernie Sanders: (20:05)
Okay, fine let’s stay on.

Jake Tapper: (20:06)
We’re staying on this issue.

Joe Biden: (20:07)
Number one, no more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends, number one. Number two, we’re in a situation as well where we cannot… We are able to move rapidly to change the dynamic, in terms of what we can do to set in motion. The fact that he says climate change, Paris Accord doesn’t mean much. We could get everything exactly right, we’re 15% of the problem. 85% of the problem is over there. We need someone who can deal internationally. We need someone who can bring the together again. We need someone who can move in a direction that in fact, if you violate the commitment you make, you will pay an economic price for it. Like what’s happening in China there they’re exporting coal, significant coal.

Jake Tapper: (21:00)
Thank you.

Bernie Sanders: (21:01)
Okay. Look, obviously the Paris Accord is useful, but it doesn’t go anywhere… If you’re laughing Joe, then you’re missing the point.

Joe Biden: (21:08)
You’re missing the point.

Bernie Sanders: (21:08)
This is an existential crisis.

Joe Biden: (21:10)
Bingo.

Bernie Sanders: (21:11)
You talk about… I’m talking about stopping fracking, as soon as we possibly can. I’m talking about telling the fossil fuel industry that they are going to stop destroying this planet. No ifs, buts and maybes about it. I’m talking about speaking-

Joe Biden: (21:27)
So am I.

Bernie Sanders: (21:28)
… to China… Well, I’m not sure your proposal does that. I’m talking about speaking to China, to Russia, to countries all over the world and in this moment, making the point that instead of spending 1.8 trillion on weapons of destruction designed to kill each other, maybe we should pool our resources and fight our common enemy, which is climate change. I know your heart is in the right place, but this requires dramatic, bold action. We’ve got to take on the fossil fuel industry. Your plan does not do that.

Joe Biden: (21:59)
My plan takes on the fossil fuel industry and it unites the world. He just got finished saying, what’s he going to do? He’s going to bring these countries together, making it clear to them. I’m saying we bring them together, make them live up to the commitments. If they don’t live up to the commitments, they pay a financial price for it. They pay an economic price for it. Because we can do everything, my state is three feet above sea level. I don’t need a lecture on what’s going to happen about rising seas. I know what happens. I watched the whole Delmarva Peninsula, just like it is in South Carolina and the rest. Something I know a little bit about, I wrote the first climate change bill that was in the Congress, which PolitiFact said was a game changer. I’m the guy who came along and said with Dick Lugar, that we’re going to trade, we’ll forgive your debt if you don’t cut down your FARs. I’ve been way ahead of this curve. This idea that all of a sudden Bernie found this out is amazing to me.

Jake Tapper: (22:53)
Senator Sanders?

Bernie Sanders: (22:53)
No, Bernie didn’t find it out. Bernie is listening to the scientists and what… You’re talking about making countries around the world fulfill their commitments. Those commitments are not enough. What this moment is about Joe, is that the scientists are telling us they underestimated the severity of the crisis. They were wrong. The problem is more severe. So all that I’m saying right here is that we are fighting for the future of this planet, for the wellbeing of our kids and future generations. You cannot continue, as I understand Joe believes, to continue fracking, correct me if I’m wrong. What we need to do right now is bringing the world together, tell the fossil fuel industry that we are going to move aggressively to win solar, sustainable energies-

Jake Tapper: (23:43)
Thank you.

Bernie Sanders: (23:44)
… and energy efficiency.

Jake Tapper: (23:45)
Thank you Senator.

Joe Biden: (23:46)
No more, no new fracking. And by the way, on the Recovery Act, I was able to make sure we invested $90 billion in making sure we brought down the price of solar and wind, that is lower than the price of coal. That’s why not another new coal plant will be built. I did that while you were watching, number one. Number two, we’re in a situation where we in fact have the ability to lay down the tracks where no one can change the dynamic. And that’s why we should be talking about things like I’ve been talking about for years, high speed rail, taking millions of automobiles off the road. Making sure that we move in a direction where no more, no more drilling on federal lands, making sure that we invest in changing the entire fleet-

Jake Tapper: (24:32)
Thank you.

Joe Biden: (24:32)
… of the United States military to… I know.

Jake Tapper: (24:35)
Thank you, Mr. Vice President. Senator Sanders-

Bernie Sanders: (24:36)
Can I respond?

Jake Tapper: (24:37)
… I want to talk to you about fracking because you want to ban fracking-

Bernie Sanders: (24:40) Yes.

Jake Tapper: (24:40)
… which is a method of extracting natural gas. The shift towards natural gas and away from coal has resulted in reduced US carbon emissions. So how can the US transition to your targeted goal is zero emissions with fracking completely out of the picture?

Bernie Sanders: (24:56)
Because we have to invest in an unprecedented way, in an unprecedented way. You started off by saying that we’re talking about a 13, $14 trillion investment. That is a lot of money and I’ve been criticized for that. But I don’t know what the alternative is, if we are playing for the future of this planet. So we’ve got to be dramatic and what being dramatic is, massive investments in wind, in solar and sustainable energies in general and research and development, in making our buildings all over this country… In my state of Vermont and around this country, got a lot of old buildings. We can put millions…

Emission Reductions from the Coronavirus are Being Undermined by Government Subsidies

The coronavirus pandemic has killed more than 4,000 people and infected more than 120,000, but on the upside it is cutting global carbon emissions for the first time in more than a decade. In China we have seen emissions fall by 25 percent (200 megatonnes of CO2). We are seeing a tremendous decline in emissions intensive air travel (global air traffic decreased by 4.3% in February) and a looming recession could decrease fossil fuel consumption and resultant emissions just like we saw in the recession of 2008-2008.

Whether or not the coronavirus has long-term impacts depends on what we do. Subsidies, such as those that prop-up the fossil fuel industry will exacerbate the problem. The key question is will we go back to business as usual or will we take this opportunity to get serious about climate action. If the past is any indication of the future it is likely that we will ramp up carbon intensive activity once this crisis abates. If we do this then the future is grim. However, there is a small chance that this may give us pause for refection and perhaps even augur change.

Businesses are closing and people are being forced to work from home. Meetings, conferences, summits and a vast array of sporting and entertainment events are being cancelled. All of these actions will decrease emissions and alter--at least temporarily--our perilous trajectory. In the last decade emissions have grown at an annual rate of 1 percent, or about 317 megatonnes. These emissions put us on track to surpass the upper temperature threshold limit.

Although the coronavirus is reducing emissions we are seeing government stimulus packages that are undermining these reductions. U.S. President Donald Trump has just announced a stimulus package for the fossil fuel industry and Chinese President Xi Jinping has indicated the government will provide extra stimulus packages to help the economy recover. This could also be harmful to the Chinese solar industry.

Any government action that ramps up fossil fuel production or relaxes environmental regulations is bad news for climate action. If nothing else the global response to the coronavirus proves that governments are capable of serious actions to address a crisis.. Whether the same urgency will be brought to bear on the climate crisis remains to be seen. If governments and corporate leaders decide to combat climate change, we could see a shift that augurs hope for our future. At the very least this virus may have bought us a little more time.

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Event - Impact Investing Forum 2020 (West Palm Beach)

Opal Group's 5th annual Impact Investing Forum will take place on March 29, 2020 - March 31, 2020 at the Hilton West Palm Beach, West Palm Beach, FL.

Impact investing is an approach that seeks to create positive social and environmental impact alongside a financial return. Today, we see an increase in companies proving that mission-driven and communication based strategy, can attract value based workforce, investor base, and like-minded consumer. Impact investing strategies are also proving to be able to generate returns in line to their traditional counterparts. Over the next four decades, it is estimated that over $41+ trillion will transfer from baby boomers to Millennials. As we move to the next generation of investors, we are going to find companies aligning their beliefs, operation, and communication strategies with that of the Millennials. The Impact Investing Forum will look at many of the asset classes that encompass this space.

At the Impact Investing Forum you can meet top influencers, experienced investors, money managers, and service providers that are leading the charge in this ever growing space. Themes include defining impact investing, portfolio construction, asset class opportunities, and the role of the investor and many others

On March 29th, Opal Group will host a pre-event networking activity for registered participants. Held in conjunction with attendees from Opal Exchange and the Real Estate Investment Summit, we will host a networking brunch at the International Polo Club Palm Beach. Come and enjoy the 116th U.S. Open Polo Championship. Considered to be the most prestigious polo tournament in the world, indulge in fabulous cuisine, exquisite fashion, and mingle with world-class celebrities. Polo is a private brunch and requires separate registration. Limited tickets are available. Ticket Sales and Pricing Information will be made available approximately one month prior to the event.

Click here for the speakers list
Click here to register

Two Climate Pledges Honoring the Paris Climate Agreement

Businesses have signed two climate promises in recent years. The most recent is the Climate Pledge which was founded by Amazon along with Global Optimism an organization founded by Christiana Figueres, the UN’s former climate change chief and Tom Rivett-Carnac, a former senior advisor to the Executive Secretary at the UN Climate Convention.  As part of his work with the UN, Carnac developed the political strategy for the landmark Paris Climate Agreement.

The Climate Pledge is a commitment to meet the goals of the Paris Agreement 10 years early. It calls on signatories to reach net zero carbon emissions across their businesses by2040, a decade ahead of the Paris Agreement goal of 2050.

Companies that sign the Climate Pledge agree to:
  • Measure and report greenhouse gas emissions on a regular basis
  • Implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon emission elimination strategies
  • Neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially-beneficial offsets to achieve
"Bold steps by big companies will make a huge difference in the development of new technologies and industries to support a low carbon economy," Figueres said.

Another climate pledge was launched under U.S. President Barack Obama.  A total of 154 businesses signed the American Business Act on Climate Pledge.  The pledge reads as follows:
We applaud the nearly 200 countries that came together to adopt the most ambitious climate change agreement in history. We believe the Paris Agreement establishes a long term, durable global framework to reduce global greenhouse gas emissions and charts an irreversible course for investment in a low-carbon, sustainable future. We call on all countries to take steps to implement their contributions to the Paris Agreement and put forward increasingly ambitious targets over time. And as companies, we will strive to do the same – by implementing our climate commitments, set before the Agreement was adopted or that we set in the months ahead.

We recognize that delaying action on climate change will be costly in economic and human terms, while accelerating the transition to a low-carbon economy will produce multiple benefits with regard to sustainable economic growth, public health, resilience to natural disasters, and the health of the global environment.
By signing the American Business Act on Climate pledge, companies demonstrated an ongoing commitment to climate action. As part of this initiative, each company made pledges such as reducing their emissions, increasing low-carbon investments, deploying more clean energy, reducing water consumption, sending no waste to landfills, procuring 100 percent renewables and ending deforestation in their supply chains.
    In 2016 Donald Trump became president and he pulled the United States out of the Paris Agreement. Trump has also systematically dismantled climate action along with a raft of almost 100 environmental protections.

      Trump's Mishandling of the Coronavirus is a lot like his Climate Strategy

      U.S. President Donald Trump did not cause the Coronavirus just like he did not invent hate or the climate crisis, but he does have an extraordinary aptitude for making bad situations worse. More than 1000 Americans are known to have the virus but that number is likely far higher as tests are in short supply. According to the Centers for Disease Control (CDC) only slightly more than 8,000 Coronavirus tests have been administered in the U.S. to date. The WHO offered the administration a test a month ago but Trump refused it. This has led many people to conclude that this administration may be trying to minimize the number of tests available to keep the numbers artificially low.


      The liar-and-chief


      Trump lies about everything and examples of his Coronavirus deceptions are no exception. Trump said we have enough tests, his vice president Mike Pence says we do not. "They have the tests. And the tests are beautiful. Anybody that needs a test gets a test...and the tests are all perfect, like the letter was perfect. The transcription was perfect, right? This was not as perfect as that, but pretty good." This is not true, tests are not available and nor was the letter that got him impeached.

      Trump said that the situation is "getting much better in Italy" just as new cases and deaths spiked in the country.  The administration also commented on the number of cases, saying that "within a couple of days is going to be down to close to zero. That’s a pretty good job we’ve done." "We’re going very substantially down, not up," Trump added. 

      Trump's propensity for mendacity mean in moments of crises, he has no credibility. Even if he does manage to tell the truth, people have every reason to disbelieve him.

      Anti-science


      Trump has repeatedly expressed disdain for science, and yet at moments like this, political leaders desperately need science-based information to inform their decisions. However, as is typical of this president, when his failings are exposed he doubles down.

      This is an administration that is at war with science.  As the U.S. is feeling the effects of a growing pandemic the E.P.A. has hatched a plan to limit the consideration of scientific studies used in making environmental rules. This would allow the administration to ignore research that shows the link between pollution and health.

      Trump is using his climate denial strategy to make light of the Coronavirus. He disagrees with the science and dismisses media who report the facts as "fake news". Trump also derides those who refer to science, as illustrated by his recent reference to Washington Governor Jay Inslee as a "snake".

      Initial response


      Just as he did with climate change, Trump dismissed early warnings about the Coronavirus calling it "a hoax". He then shared his "hunch" about the Coronavirus saying he does not believe experts like the director general of the WHO who reported a 3.4 percent fatality rate. Trump said, "I think the 3.4 percent is really a false number". 

      Trump failed to heed early warning and he opted not to begin preparations last year. On February 25th health officials at the CDC said Coronavirus is "likely" to continue to spread throughout the United States and the American public should "prepare for the expectation that this is going to be bad". His efforts to deny the reality of the pandemic continued in the face of spikes in new cases and more deaths in Asia, the Middle East and Europe.

      Dismantling of infrastructure


      Just as his dismantling of environmental protections make Americans unsafe, he got rid of federal government infrastructure designed to manage pandemics. In 2018 Trump ordered the shutdown of the White House National Security Council's entire global health security unit. Disolving the NSC's pandemic response team, like the 96 ways he has weakened environmental protections, endangers the health of Americans.

      So while he did not invent the Coronavirus, he is responsible for failing to address the crisis. In a bumbling series of missteps Trump has actively diminished the country's ability to manage this outbreak.

      When he was asked why he disbanded his global health team two weeks ago he said "we don't need them", more recently he changed that to "you can never really think is going to happen," (scientists have been saying for years that it is not if but when the next pandemic will strike). Here is the rest of Trump's bumbling response:

      "You know, who -- I've heard all about, 'This could be...' -- you know, 'This could be a big deal,' from before it happened. You know, this -- something like this could happen.... Who would have thought? Look, how long ago is it? Six, seven, eight weeks ago -- who would have thought we would even be having the subject? ... You never really know when something like this is going to strike and what it's going to be."

      Economic messaging


      Even as he launched a response plan he spent more time talking up the economy than he did addressing the health concerns of Americans. He continued to play down the threat while scientists flatly refuted his revisionist narrative.

      He tries to rally the stock market in free fall instead of focusing his energies on restricting the spread of the virus.   Trump's messaging is focused on propping up a faltering economy which was expected to see only 1.25 percent growth in the first half of 2020 even before the virus hit.  As the number of those afflicted increases and the death toll doubles Trump urged people  "to feel comfortable" and "have a good time".

      This president may not care about the health of Americans but he does appear to be looking into offering assistance to the dirty energy industry. Rather than being a national leader at a time of crisis, Trump's fossil fuel powered presidency is doubling down on efforts to provide federal assistance for oil and gas producers as they struggle with plummeting oil prices. 

      Callous insensitivity and self-interest


      Trump does not appear to have much empathy for average Americans, nor does he seem to care about those who have died, or will die from this pandemic. This is far from the first time he has shown callous disregard in the face of Americans suffering from hardships. Trump's handling of Hurricane Maria comes to mind. He will always be remembered for handing out paper towels as people were dying in the wake of Hurricane Maria.

      His handling of the Coronavirus is a reflection of his narcissistic personality. Like almost everything that he does, he puts his self-interest ahead of the national interest. On the way to Mar-a-Lago, Trump visited the CDC in Atlanta where he touted his performance and his intelligence. When asked about the dangers of community spread at his rallies he replied by saying "I haven't had any problems filling them."  He then bragged about his TV ratings from his town hall interview on Fox News. "I heard it broke all ratings records."

      Self-described expert


      Trump is infamous for saying he knows more than the generals. He has tried to infer that he is also an expert on Coronavirus.  When reporters asked about his administration lack of preparedness, he referenced his uncle at MIT as though having an uncle who is a scientist somehow equips him to understand the issue.

      "You know, my uncle was a great person. He was at MIT. He taught at MIT for, I think, like a record number of years. He was a great super genius. Dr. John Trump."

      He also said, "I like this stuff. I really get it. People are surprised that I understand it. Every one of these doctors said, 'How do you know so much about this?' Maybe I have a natural ability. Maybe I should have done that instead of running for President."

      The response from the White House at the end of February has proven to be patently false. Top White House economic advisor Larry Kudlow said the U.S. economy is "holding up nicely" and that the coronavirus in this country is "pretty close to air-tight’ containment."

      Fox and other Trump mouthpieces are somehow trying to blame "the left" and "the media" but this is just another installment of their endless spin. They say that reporting on Trump's handling of the Coronavirus is like the Mueller probe or his impeachment as though these were baseless allegations. It is not merely that Trump lacks moral character, or even his rampant corruption, what troubles many
      Americans is his flagrant incompetence. Some people will not consider the facts, but thinking people know that Trump has no one to blame but himself.

      Trump's failure to respond to the Coronavirus is akin to his failure to act on the climate crisis. His presidency is a threat to the health and well-being of Americans. 

      Female Investors Make More Money by Caring about People and the Planet

      Women control $14 trillion of personal wealth in the U.S. and they are an important part of the rapidly growing impact investing market. According to the Global Impact Investing Network (GINN) the size of the impact investing market doubled between 2017 and 2018 to $228 billion in assets under management.

      The investing community is still very much a male dominated world.  Between 80 and 90 percent of hedge fund managers, financial advisors, and traders are male. However, this is changing as illustrated by the recently launched Impactive Capital LP,  whose co-founders are two women by the name of Christian Asmar and Lauren Taylor Wolfe. Their ESG focused fund launched with $250 million from the California State Teachers’ Retirement System, or CalSTRS.

      According to Lynne Ford, Executive Vice President of Calvert Investments women are leading the way on sustainability.  A survey conducted by Calvert found that 95 percent of affluent women ranked "helping others" and 90 percent ranked "environmental responsibility" as important.  These women are more than twice as likely to invest responsibly (70 percent vs. 31 percent).

      These women are not only more concerned about benefiting people and planet they are also better at generating a profit. A 2017 survey by Fidelity Investments found that the research suggests that women generate better returns than their male counterparts.

      Goldman Sachs is a bank that acknowledges the value of women. Goldman's CEO David Solomon said that over the last four years companies going public with women on their boards have performed "significantly better" than those without.

      Goldman has four women on their board of directors and they are intent on allocating capital to low carbon businesses, they are also helping to increase the presence of women on company boards. Goldman recently announced that starting on July 1, 2020 at least one women will be required on a company board if they want to go public. In 2021 that number will double to 2.

      The takeaway is that women are better money mangers and they are expected to control even more capital going forward. According to some projections, up to 70 percent of the $30 trillion intergenerational wealth transfer over the next 25 years will go to women. Women's interest in impact investing will only increase as younger women get older. There are good reasons to believe that women will soon hold a majority share of investment dollars and this will drive the growth of impact investing.

      Why the Climate Movement Needs Women in Positions of Political Power

      Countries with female political leaderships adopt more stringent climate change policies, so if we had more women heads of state we could expect to see more ambitious actions. This is the conclusion of a 2018 study which demonstrated that female politicians are better climate leaders than their male counterparts.

      We are seeing an increasing number of women assuming positions of political leadership all around the world. In 2017 Iceland elected the Green Movement's Katrín Jakobsdóttir who is working to make Iceland a global climate leader.

      In 2019 Slovakia elected Zuzana Caputova as its first female president, she is a lawyer and an environmental activist. In addition to addressing the climate crisis she has also vowed to combat corruption. Prior to becoming president, Caputova was best known for winning the 2016 Environmental Prize for her successful crusade to close a toxic landfill site in her hometown.

      Perhaps the best example of female leadership can be found in Finland. The country is being run by women and the nation is thriving. Sanna Marin is prime minister and she heads a coalition with four other parties that are led by women. A total Twelve out of 19 cabinet ministers are also women. Finland has been recognized as a global leader for its international climate policy performance and it is ranked number one in Environmental Health. In almost every respect Finland is one of the most successful countries in the world.

      At the beginning of 2020 Greece elected environmentalist Katerina Sakellaropoulou as its first female president. A landslide victory propelled the former top judge into Greece's highest political office. Sakellaropoulou also chairs an environmental law society and champions refugee rights. This is a positive step for a country with a significant gender gap. Compared to other European countries, Greece is far behind when it comes to the number of women in senior political positions. 

      We have also seen other positive developments around the world last year. Ursula von der Leyen was elected as the European Commission's first female president. Brigitte Bierlein was tapped to be Austria's first female chancellor (she oversaw the country's caretaker government prior to elections that were held in September). Lebanon's Raya Haffar Al Hassan became the first female Interior Minister in the Arab world.

      It is worth noting that many of these women came to power in the wake of corruption scandals.  Corruption detracts from environmental protections and the sustainability focused political leadership of these women combats corruption.

      Although women are still underrepresented in politics, they are increasingly assuming leadership positions around the world. However, Americans do not appear to be ready to embrace a female president. This is suggested by the loss of Hilary Clinton in 2016 (although she won the popular vote by more than 3 million votes) and the failure of Elizabeth Warren's bid to secure the Democratic presidential nomination in 2020. She failed to secure support from primary voters despite having the most clearly developed environmental and climate policy positions of any of the candidates.

      In an address at the WEF this year Swiss President Simonetta Sommaruga gave a speech that communicated the urgent need for climate action. She urged the crowd of leaders to take stronger actions on climate change, telling them that the "world was on fire." She said politicians need to "take action in their own countries." In a private meeting she brought this message to the world's chief climate denier, Donald Trump. Sommaruga is emblematic of  the kind of climate leadership we so desperately need. Sommaruga was first elected as President of the Swiss Confederation for 2015 she returned to this post in 2020.

      Related
      28 Posts Commemorating the Seminal Efforts of Female Environmentalists

      28 Posts Commemorating the Seminal Efforts of Female Environmentalists

      March 8 is International Women's Day, and this is a day to honor all the women who have contributed to environmental stewardship around the world. However, this year we are forced to acknowledge that women are increasingly being targeted by a growing chorus of misogynistic voices.

      In the era of trump sexism is thriving. The despicable abuse hurled at global climate icon Greta Thunberg by world leaders is a deplorable case in point.  The problem extends well beyond world leaders as demonstrated by the U.N. Development Program's Gender Social Norms Index in which nearly 90 percent of respondent indicated that they harbor some type of bias against women.

      As explained by Nina Munteanu in a Vancouver Sun article, the reason that conservative men are so negatively disposed towards female environmentalists is because these women threaten their gender identity. She illustrated the link between climate-denial and misogyny by citing an August 2019 article by Martin Gelin which explains that attacks against Greta are "consistent with a growing body of research linking gender reactionaries to climate-denialism."

      She points to the anti-feminism of right wing nationalists and the disrespect commonly shown for indigenous Earth defenders.  She also references work by Anshelm and Hultman suggesting that climate skeptics are linked to [toxic] masculinity. She quotes researchers who state that climate science is feminized and derided by the industrial patriarchy. Finally she cites an article in Scientific American titled "Men resist green behavior as unmanly," In this article Brough and Wilkie argue that "women have long surpassed men in the arena of environmental action — across age groups and countries, females tend to live a more eco-friendly lifestyle. Compared to men, women litter less, recycle more, and leave a smaller carbon footprint." Munteanu concludes, "Time for a paradigm shift. We’re not in the 1950s anymore …"  We could not agree more.

      To help counter ignorance and to celebrate the achievements of women, here are 28 posts commemorating their seminal efforts.

      Fifty Shades of Greta

      Greta Thunberg may be the the world's most famous activist but she is quick to shine the spotlighton the thousands of other activists around the world. Luisa-Marie Neubauer is an activist who is commonly called the German face of the Fridays for Futuremovement. However, Neubauer rejects comparisons with Greta. "We're building a mass-movement and reaching out quite far in our methods of mobilizing and gaining attention. What Greta does is incredibly inspiring but actually relatively far from that," she said.

      Many activists have been fighting in the trenches long before Greta came on the scene. Greta is a recent incarnation in a lineage of young environmental advocates that dates back decades. More than a quarter century ago a 12-year-old by the name of Severn Cullis-Suzuki spoke at the plenary session of the Rio Earth Summit. She may have been among the the first to say "we are fighting for our lives" a phrase which has become the battle cry of this generation. Ten years ago, 11-year old Smoan Brianna Fruean founded the Samoan chapter of 350.org after a powerful cyclone devastated her community. At 16, she became the youngest person ever to win the prestigious Commonwealth Youth Award.

      Here is a brief introduction to 50 young, mostly female activists that are fighting for the health of our planet and our communities. 

      Women are the Key to a More Sustainable Future

      The importance of women to the future of our species goes way beyond their procreative power. Female leadership is better leadership and this augurs a better world. Women's Day is an opportunity to advocate for true equality and to share the evidence revealing why women are the more sustainable sex. Empowering them is good for people, the planet and profits. If we want to move forward we need to unambiguously assign blame. Women's rights are human rights and men that deny these rights need to be called out.
      Read more »

      Women are at the Forefront of Historic Change in the US

      Women are claiming their rightful place in the halls of political power and they are changing the world in the process. Nowhere is this more evident than in the blue wave that solidly rebuked the GOP's leadership in the US midterm elections of 2018. In recent years women are making their voices heard with unprecedented vigor and in unprecedented numbers. The day after Trump was inaugurated women staged the single largest day of protest in US history. They came out again to demonstrate against Trump's first year in office with a day of national protest. Almost 2.5 million people came out for the second annual Women’s March to fight for women’s rights, resist Trump and denounce the Republican agenda. At these demonstrations they carried signs like "grab him by the midterms" and that is precisely what they proceeded to do.

      Women are More Environmentally Friendly

      According to a large number of studies, women are greener than men in both their attitudes and their actions. One study shows that women have a greater stake in managing climate change as they are "more likely to lose their lives and otherwise fare worse than men in extreme events from heat waves to hurricanes and tsunamis." According to an international survey by Synovate, women are greener than men. A study published by France’s National Institute of Statistics and Economics shows that women emit less carbon than men. Men emit an average of 39.3 kilograms of carbon per day, women emit an average of 32.3 kilograms of carbon per day.
      Read more »


      Empowering Women is Synonymous with Combating Climate Change

      If we want to address climate change around the world and in the developing world in particular we need to see more women in leadership roles. There is good evidence to support the idea that when women lead communities are more sustainable. Climate change is a critical issue for everyone, but it is especially hard on women. Happily women are also an essential part of the solution, not only because they make up half (48.1), but because women tend to be more green in their lifestyle choices and women in the workforce tend to more sustainable. 
      Read more »