[GWSG] Dem's plan; Chesapeake bankrupt; Shell devalues; SLR resources; CDC flees fossils; World Bank flees meat & dairy; Tesla > Exxon

[Tilley, Al]

1. Grist’s take on the House Democrats’ climate plan provides a good summary of its provisions (fairly, though not grandly and perhaps not sufficiently ambitious) and its prospects (dicey, even with a Democratic sweep in November). https://grist.org/politics/house-democrats-finally-have-a-goddamn-climate-plan/?utm_medium=email&utm_source=newsletter&utm_campaign=daily

My hope is that the climate situation will become sufficiently clear and well-known in coming months to drive a program up to the problem. Going for electrification of transportation by 2035 and an 85% emissions cut by 2050, as challenging as those goals are, do not meet the scale of our needs.



2. Chesapeake Energy, which led the development of shale oil and gas in the US, has filed for bankruptcy. https://reneweconomy.com.au/poster-child-for-us-shale-revolution-files-for-bankruptcy-37818/



3. Sunk assets (literally) have led Shell to reduce its estimated worth by $22 billion. BP preceded them in this recently. As the Wall Street Journal said, “Large amounts of oil and gas are likely to be left in the ground.” https://climatecrocks.com/2020/07/01/left-in-the-ground-another-major-oil-write-down/



4. Climate Central has a wide array of planning tools, including a flexible set of sea level rise calculators. Climate Central is not an advocacy organization but advocates and planners use their tools, and are welcome. More tools are on the way. Thanks to Chris Carnevale of SACE for setting up an introduction to the resource. SACE will be posting the webinar.  https://sealevel.climatecentral.org/



5.   The CDC Group, the UK’s government owned development bank, will invest only in companies which align with the Paris Agreement. They will no longer fund at least the worst fossil fuel projects in developing countries, and will put close to a third of its funding into climate projects. They are still a bit gassy. https://www.theguardian.com/environment/2020/jul/02/uk-governments-development-bank-to-end-fossil-fuel-financing



6. Last week the World Bank committed to developing sustainable diets and to “address drivers of increased meat consumption.” An analysis of investments by development banks show they have a great task ahead of them, as billions are going into funding meat and dairy production. https://www.theguardian.com/environment/2020/jul/02/revealed-development-banks-funding-industrial-livestock-farms-around-the-world



7. Tesla’s market value now surpasses that of Exxon Mobil. https://cleantechnica.com/2020/07/01/teslas-market-value-overtakes-exxon-in-historic-paradigm-shift-tsla-xom/

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