CERAWeek began today, the “preeminent annual gathering of fossil fuel billionaires and their enablers in government, finance, insurance, and consulting who lead the way in polluting our Gulf Coast communities while destroying the global climate.”
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Protests at CERAWeek
CERAWeek began today, the “preeminent annual gathering of fossil fuel billionaires and their enablers in government, finance, insurance, and consulting who lead the way in polluting our Gulf Coast communities while destroying the global climate.” Oh, wait, sorry, that’s from a website making fun of it.
In all seriousness, expect a lot of talk this year on how the U.S. needs to pump more oil and gas to thwart Putin. But the conference will be missing key voices to counter that argument, as Svitlana Romanko, award-winning Ukrainian environmental attorney and clean energy advocate, was just banned from attending.
Also interesting to note the participation of big private equity firms this year, including a plenary with Carlyle co-founder David Rubenstein. The sector in general, and Rubenstein in particular, are getting flak for their deep investments in fossil fuels. Protests are also planned by community leaders from across the Gulf Coast in downtown Houston.
Baby’s first veto
In a largely party-line vote last week, congressional Republicans passed a resolution nullifying a Labor Department rule allowing investors to factor climate change into retirement plan management. With trillions on the line, it’s notable that President Biden's first expected veto will be over anti-ESG legislation. Not surprisingly, those behind the attacks on responsible investing — those beating the drum the loudest — personally benefit from their efforts. And wealthy donors and special interests are funneling campaign cash to the same politicians leading the anti-free market pushback.
Woke World Bank
Some conservatives are quiteunhappy with Ajay Banga’s nomination for the World Bank, saying calls for a greater focus on climate show the “supreme priority that the technocrats of the liberal order place on climate change.”
On Banga’s end, as he begins his “global listening tour” to shore up support, one of his focus areas will be to understand the intertwining of development solutions with climate goals. He’s already declared he’s a “big believer” in the established scientific consensus on climate change, but did not seem to be on board with a key call from leading environmental and development groups for the Bank to raise its overall lending capacity. The Bank can potentially make much more capital available for developing countries at low interest rates, which is necessary to help these countries build clean energy and respond to climate change.
Debt crisis deepens global hunger
And why is cheaper access to capital an essential lifeline for many nations? Leading food systems experts issued a report today warning that the rising costs of food, fertilizer, and energy are deepening the debt crisis in many low-income and some middle-income countries. The report, by IPES-Food, warns that rising hunger and poverty risk reversing decades of progress and sparking further conflict.
“Africa is stuck in a bind,” said Million Belay, an IPES-Food expert from Ethiopia. “We’re selling coffee and cotton to the rich to pay off debts, while we import increasingly unaffordable staple foods from outside.”
Mar 22: Proxy Preview 2023 by As You Sow, the Sustainable Investments Institute (Si2), and Proxy Impact. Register here.
Mar 22-24: Join Ceres Global and industry leaders from high-emitting sectors to examine what’s needed to transition to a more stable, just, and climate-resilient economy. Register here.
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