G19 Leaves Trump Behind and Moves Forward on Climate Action

A recent G20 summit communiqué out of Hamburg Germany acknowledged the abdication of Trump but emphasized the global commitment to responsible climate action. Historically the G20 has made unanimous declarations but Trump's decision to quit the Paris Climate Agreement resulted in a break with this tradition. Despite the isolation of the US, the world's leading economic powers indicated that they remain serious about climate action. The summit was marked by riots and Trump was singled out as the preferred target of the protestors.

Trump was characteristically awkward at the summit and he appeared to have difficulty following the discussion at times. At one point Trump had to be diverted from his day-dreaming to turn around and pose for the cameras. Trump's only contribution was an initiative to help other countries burn fossil fuels more cleanly. This is rather ironic as the Paris Agreement seeks to end the burning of hydrocarbons.

Trump's decision to quit the Paris Climate Agreement met with widespread resistance. The entire world (except Syria) has embraced the need for climate action and this includes most Americans. Although Trump claims to be a champion of economic growth his decision is being resisted by corporate America and other levels of government.  Led by California, US states and cities have vowed to counteract the Trump administration's inaction. While Trump's climate denial is unpopular at home it is openly reviled abroad.

World leaders

Canadian Prime Minister Justin Trudeau tried to educate Trump on the relationship between climate action and economic growth. Trudeau also pointed to the efforts of Canada's provinces, municipalities, and businesses in the absence of federal leadership on climate change during the Conservative rule of Stephen Harper.

"The fact that the G20 stayed strong and committed, even with the United States stepping aside, is a strong indication that the global community in general is committed and united," Trudeau told reporters. "I think that we can look at the global community holding together so strongly on the topic of climate change is a credit to the G20."

Both German Chancellor Angela Merkel and the UK's Conservative Prime Minister Theresa May said they were "dismayed" by Trump's decision to withdraw from the climate deal.

"Like other world leaders here, I am dismayed at the U.S. decision to pull out of the Paris agreement and I have urged President Trump to rejoin the Paris agreement," May said.

Merkel said she regretted the fact that the US had abandoned the climate consensus. However, she added that she is, "grateful that every other head of state and government acknowledges that the Paris Agreement is irreversible."

Although there is a broad consensus to act on climate change Trump's withdrawal has caused Turkey to consider reevaluating its participation.

Social inequality

Despite attempts by advocates, social issues failed to gain traction at the summit. This is unfortunate because there is an intimate relationship between social inequality and the election of populist leaders like Trump. Social issues must be taken into account if we are to safeguard our democracies against future political travesties.

Despite the efforts of Oxfam's Jörn Kalinski, social inequality was all but ignored. "[I]nequality is destroying social cohesion. People who feel left behind get frustrated and run into the arms of right-wing populists. And that is a threat to democracy," Kalinski told DW.

Russia

The meeting between Trump and Russian President Vladimir Putin went as planned. The two despots denied Russian interference in the 2016 presidential election and agreed to work together. Although it did not make the headlines, cooperation between these pleonectic leaders could augur an environmental and climate disaster.

The end game may be the lifting of sanctions. Putin needs Exxon's cooperation to extract oil from beneath the ocean floor of the Russian Arctic. There is a half a trillion dollars of fossil fuels up for grabs and the climate consequences are catastrophic. If it goes through the "deal" would unleash a massive carbon bomb at a time when we desperately need to reduce emissions by moving away from fossil fuels.

Conclusion

Trump's decision to quit Paris is counterproductive and may not serve his political agenda.  Although he may have support from the minority of Americans that make up his base, his policies, particularly those related to climate action are at odds with the global consensus and reality itself.

"Trump has lost another collision between fantasy and reality. No other global leader shares his fantasy that climate change is a hoax," said Tom Burke, chairman of E3G, a London-based think tank on energy and environmental issues. "Other governments, cities, businesses, entrepreneurs, and communities, including many in his own country, will carry on with the serious business of tackling the greatest strategic threat to our prosperity."

No one did a better job of reviewing Trump's failure at the G20 summit than the award-winning political editor Chris Uhlmann. As reported in the Guardian, Uhlmann said Trump is a man with, "no desire and no capacity to lead the world". The centrist Australian reporter described Trump as "isolated and friendless" at the G20. "He was an uneasy, lonely, awkward figure at this gathering and you got the strong sense that some of the leaders are trying to find the best way to work around him," Uhlmann said.

He went on to say that Trump isolated the US, confused and alienated its allies and ultimately diminished America. Uhlmann concluded that Trump's policies are contributing to the "decline of the United States". He also described the American demagogue as "the biggest threat to the values of the west".

Uhlmann said Trump was obsessed with "burnishing his celebrity" and had "diminished" his own nation to the benefit of Russia and China.

In his final assessment of Trump's malfeasance Uhlmann said he is, "a man who barks out bile in 140 characters, who wastes his precious days as president at war with the west’s institutions like the judiciary, independent government agencies and the free press."

After only five months of Trump's rule, his presidency is proving to be an unmitigated disaster. Trump is more than a disgrace, he is a clear and present danger both domestically and abroad. The sooner his presidency comes to an end the safer the world will be.

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Event - COP 22 and IRENA Renewable Energy Side Events

COP 22 will take place November 7-18, 2016 in Marrakech, Morocco. The United Nations Framework Convention on Climate Change (UNFCCC), established in 1994, aims to stabilize the concentration of greenhouse gases in the atmosphere at a level that prevents "dangerous anthropogenic interference with the climate system".

The Framework’s Conference of Parties (COP) was created and put in place in order to structure the efforts of the Parties to the Convention as they address climate change. The COP meets annually to review and assess the implementation of the UNFCCC and any other legal instruments the body adopts with the goal of reducing greenhouse gas emissions and fighting climate change.

At this year’s COP, COP22, IRENA will host several side events related to advancing the deployment of renewable energy. Details of the side events can be found on the renewable energy track website.

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Paris Climate Agreement Comes into Force

The world's first global initiative to reign in climate change has come into effect. On October 5, 2016, less than a year after the Paris Climate Agreement was signed at COP21, a critical threshold was passed. With the ratification of more than 62 countries, the pact will formally enter into force on November 4, 2016.

Many thought we would not be able to secure a deal in Paris at the end of last year. Then detractors doubted that enough countries would ratify it. The naysayers have been proven wrong.

This historic agreement is designed to combat climate change through drastic emissions reduction pledges known as the INDCs. To bring this carbon cutting global agreement into force 55 countries representing 55 percent of global emissions had to formally join.  The US, China and the EU have all signed onto the deal.

President Obama welcomed this historic step in our global efforts to combat climate change saying:

"If we follow through on the commitments this agreement embodies, history will judge it as a turning point for our planet." The President also said that the deal will contribute to a wave of opportunties. "[The pact will] unleash high-tech low carbon investment and innovation at a scale we have never seen before. So this gives us the best possible shot to save the one planet we've got."

See the President's full remarks in the video below:



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US China and Others to Sign the Paris Climate Agreement on Earth Day Suggesting an Early Start to Implementation

The US and China, the world's leading carbon emitters have agreed to sign the historic Paris Climate Agreement at a signing ceremony on Earth Day. The signing of the agreement on Friday April 22nd at UN headquarters is more than just a symbolic gesture.

Of the 196 countries on-board at COP21 in Paris last December, as many as 155 other nations, including India, are expected to sign the agreement on Earth Day.

The signing by the US and China is crucial as they account for 38 percent of global emissions. This sends a powerful message that will be heard around the world. This is but the latest cooperative climate statement by these two nations.  In November, 2014 the US and China launched their joint efforts to limit carbon emissions and then they followed this up with more climate cooperation in September, 2015.

To make the agreement operational 55 percent or 55 countries will need to sign the agreement.This would mean that the agreement would come into effect far sooner than the 2020 target date floated prior to COP21. The final Paris agreement does not make mention of the 2020 implementation date. Early implementation will increase the political pressure to increase carbon reduction targets in 2018.

More ambitious targets are necessary given that current INDCs will increase global temperatures to 2.7C (the upper threshold limit set in the Paris agreement is between 1.5C and 2C). We need to see emissions peak by 2020 if we are to be able to keep temperatures from breaching 2C of warming above pre-industrial times.

As reported by the Guardian, Eliza Northrop, an analyst at the World Resources Institute, said there was growing momentum behind an early approval of the agreement.

"It’s likely it could come into effect in 2017. It could even happen this year," she said.

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COP21 Deal Signals the End of Fossil Fuels and the Beginning of an Era of Unprecedented Growth for Renewables

The Paris climate deal erases any doubt that fossil fuels will be replaced by renewable energy. Even before the start of COP21, the world had already begun to accept that the end of fossil fuels and the dawn of a low carbon economy powered by renewables. We now have the political will, investment dollars and technological innovation required to drive the transition from fossil fuels to renewables.

In an interview taped for CBS' Face the Nation, John Kerry called the climate pact "a breakaway agreement" that will change how countries make decisions and "spur massive investment." We have already seen how reduced demand and increased supply have resulted in a glut of oil pushing prices to around $36 a barrel. Oil prices have not been this low in more than five years.

A Forbes article titled, Oil Matters Less than Wall Street Thinks, suggests that oil has not hit bottom and prices will continue to slide, "in the long term, oil can go a lot lower...the demand side trends all point lower." As the article indicates, "oil is fading into history." We are already seeing clear evidence of this trend. In 1980, energy (mostly fossil fuel) stocks were responsible for almost 29 percent of the S&P 500, now they make up less than 9 percent of the total market value of the index.

Fossil Fuels on the decline

Post COP21, we can expect to see far more radical disruptions in the fossil fuel industry. Concerns about the risks associated with fossil fuels are driving the shift away from fossil fuels. Specifically, the fear of stranded assets related to unburnable carbon. These concerns are reviewed in a 2013 report titled Unburnable carbon 2013: Wasted capital and stranded assets from Carbon Tracker and the Grantham Research Institute on Climate Change and the Environment at London School of Economics. The report indicates that between 60 to 80 percent of coal, oil and gas reserves of publicly listed companies are “unburnable” if we are to keep the planet from warming less than 2° Celsius. We currently have five times more fossil fuels that can be safely burned to stay within the 2C upper threshold limit.

Now that the COP 21 agreement has reduced the upper threshold limit to 1.5C, even more fossil fuels will need to stay in the ground. As reported in Climate Change News, scientists confirm that the 1.5C warming limit means that fossil fuels must be phased-out by 2030. 350.org’s Do the Math campaign says we can emit 565 more gigatons of carbon dioxide and stay below 2°C of warming — anything more than that risks catastrophe for life on earth. We have 2,795 gigatons of carbon dioxide in fossil fuels.

A new report suggests that there are trillions of dollars of fossil fuel investments that are at risk of becoming worthless. In the article Global Warmings Terrifying New Math, Bill McKibben quotes John Fullerton, a former managing director at JP Morgan who now runs the Capital Institute, as saying that there are about $20 trillion in fossil fuel assets that are at risk.

Even big oil is coming to terms with the risks associated with their core business activities. ExxonMobil recently published a “Carbon Asset Risk” report in which it acknowledged that climate change will drive down the valuation of its oil reserves. The report shows how market forces and climate regulation will make some of its carbon reserves unburnable.

Concerns about stranded assets used to be an issue of interest to environmentalists, economists and savvy investors. Now the term is informing both private and public policy decisions. Fossil fuel assets will encounter serious headwinds once pollution controls are partnered with carbon pricing schemes. Social and political movements will also contribute to the stranding of fossil fuel assets. This includes growing fossil fuel divestment, environmental advocacy and public protest.

Investors cannot ignore the risks associated with high carbon holdings. Led by organizations like Ceres, investors are becoming increasingly mindful of the dangers associated with traditional carbon laden investments.

As Jonathan Koomey PhD explained in a 2014 blog post: "[O]nce markets realize there’s an arbitrage opportunity, they relentlessly chip away at it until it is eliminated. And the stranded fossil asset arbitrage opportunity is one that’s worth many trillions of dollars. So the pressure will continue to build, and soon the disclosures will result in attention paid to this asset risk that simply hasn’t been present before. That attention will become a flood very rapidly. It’s the beginning of the end of the fossil-fuel economy, but the big players just don’t realize it yet (or if they realize it, they’re not admitting it)."

A report, Stranded Carbon Assets (PDF), from Generation Foundation, thinks that the process of transitioning away from fossil fuels will be much quicker than some expect. "The inevitable transition to a low-carbon economy will revolutionize financial markets at an unprecedented magnitude...investors who equate the transition with drawn-out, incremental change do so at their own peril as the stranding of carbon assets may occur at unforeseen rates and at an unpredictable scale." The fall in the costs of renewable energy will also continue to leverage market forces in a way that shifts investment dollars into clean energy, effectively stranding fossil fuel assets.

Growth of renewables

Renewable energy is already experiencing tremendous growth and the Paris climate deal will accelerate that growth exponentially. As reported by Scientific American, studies show that, "switching to an entirely renewable energy system would save money and lives."

Rich and poor nations alike agree that renewables are a cost-competitive source of energy. They are not only good for the climate, they are good for the economy and they provide good jobs. The combination of new policies, new regulations, new investments, new technologies and new partnerships will grow renewable energy at an ever accelerating rate.

Driven in part by the growth of renewable energy, greenhouse gas emissions are already declining in 2015. The International Energy Agency (IEA) is among those who have provided evidence that the shift towards renewables is happening now. Their annual World Energy Outlook for 2015 report states, “There are unmistakable signs that the much needed global energy transition is under way,” with “60 cents of every dollar invested in new power plants to 2040 [to be] spent on renewable energy technologies.”

The IEA says that between 2015 and 2040, global investments in renewable energy will total $7 trillion, representing 60 percent of all power plant investment. In 2013, renewables contributed only 12 percent of global energy to power generation; however, by 2040 they will supply at least 24 percent.

Contrary to the facetious rhetoric from big oil, renewable energy is powering the growth of the developing world. This includes places like Brazil, China, India, Afghanistan, Albania, the Caribbean, and Costa Rica. The IEA says that the developing world alone will spend $2.7 trillion on renewable-based power plants between 2015 and 2040.

Over the past three decades, renewable sources of energy have been growing at a prodigious rate. In the last three decades, solar power has been doubling every two years while the costs have been falling (75 percent in the last five years). At the current rate, solar will be able to effectively supply all of our energy needs in less than 2 decades.

Solar is seeing tremendous growth in places like Germany, Spain, Portugal, Australia, and the U.S. Wind is seeing tremendous growth in places like Brazil, China, South Africa and the U.S. Growth is also expected with other clean energy sources like biomass, thermal, tidal, and waste-breakdown energy.

A Grist article by Michael Klare titled, Renewables poised to surge after Paris Agreement, says that "2015 can be viewed as the year in which the epochal transition from one set of fuels to another took off, with renewables making such significant strides that, for the first time in centuries, the beginning of the end of the fossil fuel era has come into sight."

A number of initiatives have been launched at or around COP21 that are not only good for the climate, they represent good business practices.

Indian Prime Minister Modi has pledged to get 40 percent of its electricity from renewable energy by 2030 and 175GW of renewables by 2022. Solar power generation in India is expected to grow by 2,500 percent over the next seven years, expanding output from 4 to 100 gigawatts.

India has brought together 120 countries to be part of a solar energy alliance. Modi has committed $30 million for the establishment of the alliance’s headquarters in New Delhi. The eventual goal is to raise $400m from membership fees and international agencies. Some of the companies involved in the project include Areva, Engie, Enel, HSBC France and Tata Steel. Another solar initiative called the Global Solar Council comprises over 1000 companies.

To accelerate clean energy innovation, several leading countries launched Mission Innovation. Bill Gates and a number of other CEO's are fostering innovation through an initiative called the Breakthrough Energy Coalition. It will seek both private and public funds to expedite the development of advanced green-energy technologies to speed the transition from fossil fuels to renewables. Private sector initiatives like RE100 have dozens of global business leaders who have pledged to source all of their electricity from renewable sources.

Governments see the wisdom of sourcing their energy from renewables. On December 4, 1000 mayors and local leaders signed the "Paris City Hall Declaration" committed to "support ambitious long-term climate goals such as a transition to 100% renewable energy in our communities, or an 80% greenhouse gas emissions reduction by 2050." As explained by Klare:

"As the consumption of renewable energy explodes, the incentives for power and money-saving technical breakthroughs are only going to grow and the rate of discovery is sure to rise as well, undoubtedly offering enormous payback possibilities for those getting a piece of the action early...make no mistake about it: The future belongs to renewables."

While there are some who are skeptical that renewables can replace fossil fuels, a 2014 Washington Post article titled, The coming era of unlimited - and free- clean energy, makes the point that many megatrends had early detractors who were proven wrong. A Greenpeace report indicates that 100 percent renewable energy is possible by 2050.

The more renewables that are deployed the more it will reduce costs, which in turn will drive even more growth. Post COP21, we will see an unstoppable shift away from fossil fuels that will augur the unprecedented growth of renewable energy.  

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Market Reaction to COP21 Deal: Fossil Fuels Crash while Renewables Soar

As predicted renewable energy stocks soared while fossil fuel holding have continued their slide after the announcement of the COP21 agreement. At the Paris climate summit a total of 195 countries effectively agreed to end fossil fuels and transition to renewable energy. This worsens an already grim forecast for fossil fuels and improves the prospects for even more growth in renewables. While clean energy is the clear winner fossil fuels are the clear loser post Paris. Due to the deal that was struck at COP21, the fossil fuel industry is facing a $33 trillion hit to its expected revenues over the next 20 years.

While it has long been known that fossil fuels are the leading cause of both pollution and climate change, it is now unavoidably obvious that petrochemicals are also a bad investment. Conversely renewable energy is both good for the environment and a tremendous investment opportunity.

The oil industry and by extension the banks have reason to be nervous. Wall Street is feeling the pinch from low oil prices and firms that finance oil have ongoing concerns about impending defaults associated with the poor outlook for fossil fuels.

As reported by CNN Money long before the Paris conference, banks that finance the fossil fuel industry were already hurting. Bank of America reported $46 billion in commercial credit exposure to the energy industry up from $41.5 billion in 2014. After the COP21 deal the financial outlook for fossil fuels worsened considerably. The worries associated with these debts were also exacerbated by the positive outcome at COP21.

"[Banks] are going to lose money on the loans they've made. That's pretty evident -- whether oil prices go to $30 or $80 a barrel," said Dick Bove, an analysts who covers banks at Rafferty Capital.

Banks like JPMorgan Chase (JPM) are having to put money aside to deal with the impending wave of defaults. Wells Fargo (WFC) mentioned the "deterioration in the energy sector" and Bank of America (BAC) said that it is preparing to deal with troubled commercial loans in its oil and gas portfolio.

Oil represents around 3 percent of big banks' total loans and if they start calling in credit it will be the death knell for a number of oil companies.

There could be an increase in bankruptcies "if the financial sector gets scared or handcuffed," said Riccardo Bertocco, a partner at Bain & Co. who specializes in oil and gas.

While fossil fuels are tanking renewable energy companies are seeing big upticks due to the Paris deal. When the markets opened on Monday December 14th after the signing of the COP21 agreement on Saturday December 12th, fossil fuel stocks tumbled while renewable energy soared. The Paris deal reiterated the reality that the era of fossil fuels is rapidly being replaced by renewables.

According to Reuters, “The MAC Global Solar Energy Index was up 4.5 percent. The iShares Global Clean Energy exchange-traded fund, which allows investors to trade a basket of renewable energy stocks, rose 1.4 percent. The U.S. Oil & Gas Index fell 1 percent before reversing losses, and was up 0.2 percent as oil edged higher after plumbing the lowest levels in about seven years."

Shares of companies that produce coal also took a hit. For example Peabody Energy Corp. plummeted 12.6 percent. Investors are understandably worried about stranded assets post COP21. 

Portfolio manager Thiemo Lang of Zurich’s RobecoSAM told Reuters the Paris agreement “will help boost the mid- to long-term fundamentals in renewable energy generation, especially solar, while making any further investments in fossil fuels increasingly vulnerable.”

Wind and other forms of renewable energy are expected to keep climbing as are electric cars, battery makers and efficiency focused products and services. 

"Without question, solar is positioned to make the single biggest contribution of any industry to carbon reduction goals – more than wind, more than efficiency, more than any other technology on the horizon," SunPower Corp Chief Executive Officer Tom Werner said.

Shares of SunPower increased by 8.7 percent, while First Solar Inc gained 5 percent.

"So for those companies, renewable energy policies and goals created around the world create a lot of opportunities, regardless of the landscape in the US," said Alex Klein of IHS in Cambridge, Massachusetts.

As reported by RenewEconomy, oilEnergy analysts from the UK-based investment bank Barclays said the COP21 agreement will "result in a boost to renewable energy, and will cause a rethink from investors about new investments in fossil fuel sources."

They quote lead analyst Mark Lewis who says "the implications for the fossil fuel industry are profound, and will likely cause it to suffer a loss in revenue of around $US33 trillion out to 2040 over business as usual." The push towards decarbonization will cause the oil sector to lose $22 trillion, the gas sector is expected to lose $6.1 trillion and the coal sectors will lose $5.7 trillion. These loses will come mostly from fossil fuel investments that will not move forward.

The Paris deal will increase concerns about the risks of fossil fuels and investors are expected to exercise greater caution. To illustrate this point the Bank of England has announced that it will avoid over-investment in what appear to be stranded fossil fuel assets.

‘The upshot of the Paris Agreement will be a tightening of climate policy over time that should speed up the deployment of renewable and other zero and low-carbon energy sources and thereby accelerate the transition to a low-carbon global energy system that is already underway in any case,” Lewis says in the report.

“The message from our analysis for fossil-fuel companies is that they will need to be increasingly cautious regarding future investments in high-cost, high-carbon projects, as these are the ones most vulnerable to future stranding under any future policy tightening of the carbon constraint.

“Moreover, given the sheer size of the numbers we are talking about here, it would not require a policy outcome in future climate negotiations to be fully in line with a 2°C world for the appropriate investment profile for fossil-fuel companies to change significantly.”

Indeed, Lewis says the COP21 deal will “significantly lower fossil-fuel investments and much higher clean-energy investments” than the trajectory the world is on at the moment.

“With the Paris Agreement now committing the Parties to a more ambitious long-term temperature objective than ever before, and to five-year reviews of their INDCs (country pledges) as a way of getting on track to meet that long-term objective, the ground has been laid for an ongoing tightening of climate policies globally over the next few decades.”

Lewis pointed to the decision by The Financial Stability Board creation of a Task Force for Climate-Related Financial Disclosure (TCFD) to be chaired by the former mayor of New York City, Michael Bloomberg. The task force will help to create a consistent global reporting standard for companies on the climate-related risks they are exposed to, and give financiers s the information they need to allocate capital as efficiently as possible.

“We think this will lead to increased pressure on companies to monitor and disclose their carbon risks, and to greater awareness of and attention to the carbon intensity of different companies on the part of investors.”

The deal not only signals an end to fossil fuels it heralds the beginning of a brave new expedited phase of renewable energy growth.

“We know where we’re going now,” Bill McKibben said. “No one can doubt that the fossil fuel age has finally begun to wane and that the sun is now shining on, well, solar."

The oversupply and reduced demand that we saw in 2015 will keep oil prices low in 2016. A revised analysis from JPMorgan Chase (JPM) indicates that "oil prices will remain low for longer."

The glut of coal and declining demand in places like China will make coal even less attractive to investors. A more stringent regulatory environment will put significant downward pressure on all fossil fuel stocks. Cheap, clean renewables will replace dirty and expensive forms of energy and we will see more investment and new technologies will come online which will drive prices down even further.

The goal of the Paris agreement is to keep temperatures from increasing more than 1.5 degrees Celsius. Sewn into the deal is an agreement to review national emissions reduction pledges every five years. So we can expect that the current level of emissions reductions promises will be followed up by even more drastic reductions so that the world can keep temperatures from exceeding 1.5 C.

To help keep temperatures within these limits it is expected that fossil fuel subsidies will come under increasing scrutiny in the aftermath of the Paris conference. The combination of existing emissions reductions, improved commitments, regulation, the elimination of subsidies, and carbon pricing will continue to exert even more downward pressure on fossil fuels.

The demise of fossil fuels will accelerate the ascendancy of renewable energy.  Investors can no longer ignore the risks associated with fossil fuels or the opportunities associated with investing in renewable energy.

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Saudi Arabia is on the COP21 Naughty List

Saudi Arabia continued to block climate action at the Paris climate talks. The COP21 negotiations were marked by opposition from oil-producing states like Russia and Venezuela, but no country was more focused on trying to scuttle the talks than Saudi Arabia. By resisting carbon caps, periodic reviews, the 1.5C target, and full decarbonization by 2050, Saudi Arabia was accused of trying to "sabotage" the climate deal. Saudi Arabia has 18 percent of the world petroleum reserves is the the earth's tenth largest polluter. The nation has been the world's largest producer of crude oil until it was overtaken by the US in 2015. Saudi Arabia's economy is heavily dependent on fossil fuels and it uses its oil wealth to power its electricity grid.

"They are seeing the writing on the wall," environmental activist Wael Hmaidan told the Guardian, adding, "The world is changing and it’s making them very nervous. Anything that would increase ambition or fast forward this energy transition that is already taking place is something that they try to block," Hmaidan said.

Not only did the kingdom take a hard line opposing a positive outcome at the Paris talks they tried to forge a block of resistance by throwing their weight around with other Arab countries. "We feel Saudi Arabia is playing a bully role in undermining the position of other Arab countries," Hmaidan said.

In the Spring of 2015 Ali al-Naimi, Saudi minister of petroleum and mineral resources accepted that the world is moving away from fossil fuels and seemed to signal that his country accepted the shift.

"In Saudi Arabia, we recognize that eventually, one of these days, we are not going to need fossil fuels. I don’t know when, in 2040, 2050 or thereafter," he said.

Before COP21 Saudi Arabia seemed to soften its position when it released a plan to combat climate change. However, their proposal was criticized for being opaque.

"It is unacceptable for developing countries, like my own, to be asked to participate in this so-called ratchet mechanism," the Saudis were reported to have told the session.

Due almost entirely to oil revenues Saudi Arabia is the 15th largest economy in the world, however, they tried to play the poverty card and resisted the Green Climate Fund suggesting that only industrialized countries should have to contribute. They even had the audacity to suggest that if tiny island nations were to receive compensation for climate change the Saudi kingdom should also be compensated for loss of oil revenues and the acquisition of green energy technologies. In response to periodic reviews, one Saudi delegate was quoted as saying, "We developing countries don’t have the capacity to do this every five years. We are too poor, we have too many other priorities. It’s unacceptable."

At the end of the day Saudi Arabia failed to derail the talks and they were forced to go along with the rest of the world and sign the final climate agreement.

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COP21 Naughty List: Republicans Presidential Contenders

Republicans vying for the presidential nomination have all opposed the COP21 climate accord. Republicans have a well earned reputation for denying the veracity of climate change and opposing anything with a "clean" prefix (energy air and water). The GOP did all it could to undermine the COP21 climate agreement.

Republicans advanced two motions to kill the clean power plan. However, President Obama swiftly pocket vetoed the motions. The Republican's anti-science climate stance would be comical if it did not come with such grave implications for US climate action.

"The American Republican party is the only major party that I can think of in the advanced world that effectively denies climate change," President Obama said. "It’s an outlier."

Because of the key role that President Obama played in securing a COP21 climate deal, he has been the target of Republican ridicule. In fairness the GOP has hated Obama since he was first elected president.

As reported by Politico, Republican presidential candidates derided the President's support for a positive outcome at COP21. During a town hall in Iowa, Texas Sen. Ted Cruz said Obama “apparently thinks having an SUV in your driveway is more dangerous than a bunch of terrorists trying to blow up the world.”

Carly Fiorina, the former CEO of Hewlett-Packard, called Obama and Democratic presidential contender Hilary Clinton delusional at a forum in South Carolina.

“Hillary Clinton and President Obama are both delusional when they say that our most pressing national security issues is climate change,” Fiorina said. “It is not. It is ISIS.”

On Twitter Former Arkansas governor Mike Huckabee chided Obama for his science driven climate knowledge:

“Obama is clueless. We need a commander-in-chief NOT a meteorologist-in-chief.”

Another Huckabee quote later that same day read:

“Not a joke: @POTUS thinks two-stroke engines & sunburns are a greater threat to  America than Islamic terrorism. #ParisClimateConference”

Not to be outdone New Jersey Gov. Chris Christie criticized the president for his support of COP21 at a New Hampshire business roundtable.

"I'm struck to watch the president today overseas, and he said that climate change is the imperative for our nation,” Christie said. “I have to tell you that when I think back on the Obama administration years from now, the one phrase that I think is going to stick with me the most to describe this administration, including this former secretary of state who now wants a promotion, is 'often wrong but never in doubt.'

In response to a question from Fox "News" host Greta Van Susteren, Florida Senator Marco Rubio said:

"What he is saying is that it's the greatest threat facing future generations and that I don't agree with," Rubio said. "I think the greatest threat facing future generations domestically is $19 trillion debt for which there is no answer in place. And a national security apparatus in this country that continues to deteriorate at a time when the world is growing more dangerous."

Donald Trump is the seemingly unhinged Republican contender who continues to lead the pack. He questioned the legitimacy of climate change on Breitbart News Daily radio Tuesday saying: "We do have weather that changes you have storms and you have tornadoes and you have hurricanes and you had them always.”

Bush may be the most mild-mannered of the GOP Candidates for president,  but even Bush tried to score points by belttling Obama's trip to COP21. As reported by the New York Times, Bush claimed that unlike almost every head of state he would not have gone to the Paris conference.

“I’m not sure I would have gone  the climate summit if I was president today,’’ Bush said.“So I’d be uncertain whether I would attend a meeting like that where it seems the movement is toward policies that will hurt our economy."

At a town-hall event Mr. Bush disputed the scientific evidence proving the role of human behavior in global warming. Bush Says he wants to protect the economy even though the devastating economic impacts from climate change have been widely documented. This includes the Risky Business Report produced by Republicans like Hank Paulson. Using the same broken logic Bush opposes the president’s Clean Power Plan even though there will be billions worth of economic benefits.

While Bush does not support mitigation efforts he does support the role of governments in helping communities to adapt to climate change.

“The climate has been changing forever, and it will always change and man will always contribute to it,” Mr. Christie said on MSNBC’s “Morning Joe.” It’s not a crisis.”

 Speaking of the Paris climate agreement and Republican threats to undo it if they win the White House, secretary of state John Kerry said, "This has to happen...I believe this will continue because I just personally cannot believe that any person who doesn't understand the science and isn't prepared to do for the next generation what we did here today and follow through on it cannot and will not be elected president of the United States.

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The COP21 Climate Deal and the Crucial Role of Obama's Leadership (Video)

Under the leadership of President Barack Obama the US played a salient role in securing an agreement at the recent COP21 climate talks in Paris. History will record that the US President was a pivotal figure who helping to craft a positive outcome at the Paris negotiations.

Obama described the COP21 agreement as "a turning point for the world," and all but the most cynical can agree that the deal is a momentous leap forward.

After decades of discussion and negotiations every nation on earth has come together to sign an historic deal that unites the world in the fight against climate change. This is an historic agreement that heralds the start of our journey towards a low carbon future.

The US President launched COP21 with a powerful speech. However, Obama's support for climate action began long before the start of the climate talks at the end of November. In recent years he has transformed the US into an international leader in the fight against climate change.

His climate efforts date back to 2009 when he made sizable investments in renewable energy. The incentives included in the Recovery and Reinvestment Act helped to dramatically lower the costs of clean energy. More recently he has launched some new initiatives in support of renewables.

In his second term, the President is making climate action the centerpiece of his policy agenda. The scope of his ambition became clear in his historic Georgetown speech in which he laid the foundation for his climate action plan.

He has raised fuel efficiency standards for US cars and trucks. In response to Republican obstructionism, the President is also using his executive authority and executive orders to execute his climate plan. The crowning jewel of his climate accomplishments is the EPA's Clean Power Plan. Through the Department of Energy he has launched efficiency guidelines, including newly added standards, that will reduce emissions by 3 gigatons.  

In addition to acting domestically the President has brokered climate deals with a number of countries including, China, India, Brazil, and Mexico.

US implications of US efforts extend well beyond Paris. The agreement will have positive repercussions that will be felt for generations. US actions have helped to usher in the dawn of the low carbon economy their efforts will also unleash a wave of renewable energy investment.

As President Obama said after the deal was signed:

"Today, the American people can be proud - because this historic agreement is a tribute to American leadership...In short, this agreement will mean less of the carbon pollution that threatens our planet and more of the jobs and economic growth driven by low-carbon investments."

Here is a video of President Obama's post Paris address acknowledging the signing of the COP21 climate agreement:



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Republican's Failed Attempts to Undermine the COP21 Climate Agreement

Republicans in Congress did what they could to scuttle a climate deal at COP21. Just as Republicans are expert in sewing doubt about the scientific veracity of climate change they tried to cast doubt on US support for a climate agreement at COP21. Republican committee chairs held hearings and they tried to undermine the work of government scientific agencies.

Republicans also used their control over the purse strings to try to stop the US from contributing to the Green Climate Fund. They even threatened to shut down government by refusing to pass a spending bill.

Just ahead of the start of the Paris climate talks at the end of November, Sens. John Barrasso (R-Wyo.) and Jim Inhofe (R-Okla.), the chair of the Senate environment and public works committee, sent a letter to President Obama to make it clear to the world that Congress hasn't approved green climate funding.

"The money is the linchpin," Barrasso said before the deal was signed. "The money is the linchpin that has to get a number of countries engaged in a kind of pay to play approach, and we want to make sure they know they are not going to get paid."

Republicans also tabled legislation designed to compromise US efforts in Paris. One such bill had the support of Sen. Bob Corker (R-Tenn.), chairman of the Senate Foreign Relations Committee, which is responsible for the State Department spending bill.

However the green climate fund is a priority issue for the President and many Democrats in Congress. In a deal announced on Wednesday December 16th Republican's traded their opposition to the Green Climate Fund for the lifting of a ban on oil exports.

House and Senate Republicans planned to go to the COP21 talks in Paris to tell other countries that Congress does not share the President's views on climate action. Rep. Ed Whitfield (R-Ky.) was supposed to have led the House delegation. Renowned climate denier Sen. James Inhofe (R-Okla.) released a white paper outlining ways Congress could undermine a deal, and he sent some aides to Paris.

Republicans like Whitfield were at work trying to compromise a Paris agreement even before the start of the summit on November 30. One of a series of efforts to compromise the official US position at the talks came late November when Republicans Congress voted to block EPA's Clean Power Plan. The vote was split along party lines with only four Democrats joining and all but two Republicans in support. This was an attempt by the GOP to show the world that a Republican president will not follow through on President Obama's Paris commitments.

"We want the world to know that there is disagreement with the president on this issue," Whitfield said.

Even before the ink on the climate deal was signed Republicans went on attack led by Republican senate majority leader Mitch McConnell.

"The president is making promises he can’t keep, writing checks he can’t cash, and stepping over the middle class to take credit for an ‘agreement’ that is subject to being shredded in 13 months," McConnell said.

Despite the rhetoric from Republicans it will not be as easy for them to overturn the climate agreement even if through some miracle they manage to win the next presidential election.

"The rest of the world is going to expect the U.S. to live up to its commitment [made at the Paris meeting], no matter who is in the White House," said Henrik Selin, professor of international relations at the Pardee School of Global Studies at Boston University. "If you have a president who comes in and starts rolling back the Obama initiatives, you're going to have international leaders being very unhappy about this – and they are not just countries, they are trading partners. This is not just a domestic issue, it's also very much a foreign policy issue."

While Republicans did not manage to undermine a climate deal in Paris they did succeed in making emissions reductions legally non-binding. A legally binding treaty would have required the support of the Senate. However, other elements of the deal are legally binding including the procedures that ensure transparency and periodic reviews.

As reported in Politico, Republican presidential candidates dismissed President Obama’s address at COP21. The New York Times reports that Governor Jeb Bush would have skipped the climate conference altogether if he were president.

Once again Republicans are hopelessly out of touch with the American people. According to a New York Times/CBS poll conducted in November, 66 percent of Americans said that they believed the US should join an international treaty requiring America to reduce emissions in an effort to fight global warming.


The Poll indicates that Americans are in favor regulating business activity and capping power plant emissions. A total of 50 percent of Americans want the government to restrict drilling, logging and mining on public lands. Although most respondents indicated that they do not want to pay more for electricity or gas, most Americans said that in situations where a sacrifice must be made, protecting the environment was more important than stimulating the economy (54 percent to 34 percent).

A number of prominent people including Jane Goodall and Pope Francis called out Republicans for their efforts to undermine a climate deal

In a speech to the African UN headquarters, the Pope leveled a criticism that was squarely aimed at Republican Presidential contenders and lawmakers. Francis said, "It would be sad, and dare I say even catastrophic, were special interests to prevail over the common good and lead to manipulating information in order to protect their own plans and interests."

Republicans continue to put the interests of the fossil fuel industry ahead of the interests of the American people. As the party that opposes the EPA's efforts to provide Americans with clean air and water their efforts to undermine COP21 should not surprise anyone. The Obama administration deserves credit for doing a masterful job of making the Paris agreement impervious to the GOP. So, try as they may the Republicans could not kill the deal reached at COP21. However they did manage to draw even more attention to their contempt for climate action.

Their actions around COP21 reveal that they are disconnected from the will of Americans, out of step with attitudes of world leaders, and out of touch with the reality of climate change.

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