“Greenpeace activists have landed on the roof of a European Central Bank building to protest the financial institution’s loans policy, which they say favors heavily polluting industries”

https://abcnews.go.com/International/wireStory/greenpeace-protests-ecbs-loans-carbon-heavy-industries-76358324

ECB injects over €7 billion into fossil fuels since start of COVID-19 crisis

Key findings

  • Between mid-March and mid-May 2020, as part of its response to the coronavirus pandemic, the European Central Bank (ECB) purchased corporate bonds to the tune of almost €30 billion.
  • €2.4 billion went into bonds of integrated, upstream and downstream oil and gas companies. The estimated carbon footprint of bond purchases of Shell – one of the most polluting companies on earth – Total, Eni, Repsol and OMV is almost 8 million tons of CO2.
  • A total of €4.4 billion went to utilities, with the bond purchases of prominent polluters Engie and EON alone contributing an estimated 3.2 million tons of CO2.
  • A further €5.6 billion went into industries such as aerospace, automobiles, cement, and other environmentally damaging companies, such as Airbus, Daimler or Peugeot.

Read the full analysis by Greenpeace Central and Eastern Europe.

https://www.greenpeace.org/eu-unit/issues/climate-energy/3942/ecb-bankrolling-climate-crisis/

Comment: yes a “better” world is possible and needed for mankind to survive long term

actually it is “easy” to create “a better world”

all that would be needed is

banks giving easy access loans to “good projects”

not “bad projects”

many banks (including the GLS Bank) are not doing a very good job at this

PS: just hope Greenpeace did not use fossil fuel in the process of landing on that building? (those gliders were all battery powered! ok good to know!)

Links:

“stop lending against brown bonds”

https://www.bloomberg.com/news/articles/2021-03-09/ecb-urged-to-rethink-collateral-rules-to-lower-carbon-footprint

https://apnews.com/article/europe-climate-climate-change-environment-germany-50b570632c8c5172ea03fc3848501e9f

China Carbon Neutral by 2060?

While it is certainly good great news to hear some numbers, but even more important:

  • how will this big aim be divided into sub-targets?
    • for example: can China increase it’s renewable energy usage to 50% by 2040?
  • Coal-fired electricity generation in China, the world’s largest coal consumer, is expected to remain flat through 2040, according to EIA’s International Energy Outlook 2017 (IEO2017).
  • Other fuels, such as renewables, natural gas, and nuclear power, are expected to make up increasing shares of China’s electricity generation.
  • (https://gastopowerjournal.com/markets/item/7772-china-s-power-mix-shifts-towards-renewables-gas-and-nuclear)

2060 is the year oil and gas fossil fuel reserves of the planet will likely have come to an end anyway, with still a lot of coal in the ground.

Will China stop burning coal in 2060?

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