. 24/7 Space News .
CLIMATE SCIENCE
Global companies pledge transparency on climate risk
By Marlowe HOOD
Paris (AFP) June 29, 2017


Multinationals worth $3.5 trillion and financial institutions managing $25 trillion in assets pledged on Thursday to follow new guidelines for disclosing exposure to climate change risk in both operations and investments.

Spearheaded by former New York mayor Michael Bloomberg, recommendations by the Task Force on Climate-related Financial Disclosures should help shareholders determine if businesses are aligned with the global shift toward a low-carbon economy, and not unduly burdened with assets that could be stranded during that transition.

"Climate change present global markets with risks and opportunities that cannot be ignored, which is why a framework around climate-related disclosures is so important," Bloomberg said in a statement.

"The Task Force brings that framework to the table."

Financial and insurance companies whose CEOs have endorsed the recommendations, laid out in a 75-page report, include Bank of America, Barclays, AXA Group, Allianz SE, and Industrial and Commercial Bank of China.

Industrial powerhouses such as Unilever, Dow Chemical Company, Tata Steel and PepsiCo have also backed the move towards climate transparency, along with the "Big Four" professional services giants, and ratings agencies Moody's and S&P Global.

Royal Dutch Shell is, so far, the only oil and gas company to tender its support.

The fossil fuel industry is especially vulnerable to questions about climate risk as the race to decarbonise the world economy gathers pace.

A report released earlier this week found that, on average, 30 percent of investments planned by 69 oil and gas majors over the next decade -- worth more than $2 trillion (two trillion euros) -- could be wasted if the world economy retools to cap global warming at two degrees Celsius, researchers warned Wednesday.

The 2C (3.6 degree Fahrenheit) target is the cornerstone of the 196-nation Paris Agreement, inked in 2015.

- G20 endorsement in doubt -

Major energy companies are already under growing pressure from investors to explain how global warming -- and the shift to a low-carbon economy -- will affect their bottom lines.

Last month, three-fifths of ExxonMobil shareholders defied the board and voted for the company to report annually on how new technology and 2C policies will affect business and investment plans.

Weeks earlier, a majority of Occidental Petroleum shareholders called for similar measures.

The climate Task Force was set up in December 2015 by the Financial Stability Board (FSB), itself an advisory body established after the 2009 G20 summit to oversee the global financial system.

"The Task Force's recommendations have been developed by the market for the market," said FSB Chair and Bank of England Governor Mark Carney, whose September 2015 speech outlining the risks posed by climate change rattled the financial industry.

The 32-member climate task force spent 18 months consulting, looking at both how climate-relevant data could be gathered and used by business.

Homogenising existing standards was a challenge, said Christian Thimann, Group Head of Regulation, Sustainability and Insurance Foresight at AXA Group, and one of four vice chairs of the Task Force.

"We counted up to 400 different reporting frameworks" already in existence, he told AFP.

"If we are successful, in a few years you will see that every large corporation in G20 countries -- in its annual financial report -- will have a section that say, 'This is how we deal with climate risks and opportunities'."

The Task Force recommendations were on track to be adopted by the July 7-8 G20 summit in Hamburg, Germany until real estate mogul Donald Trump was elected president of the United States.

But after Trump's decision to withdraw from the Paris Agreement, and his refusal to join a climate consensus at a G7 summit in late May, such an outcome seems doubtful.

CLIMATE SCIENCE
US mayors bypass Trump to back Paris climate goals
Brussels (AFP) June 27, 2017
President Donald Trump's decision to pull out of the Paris climate accord has triggered a bipartisan push from US mayors to stick to the emissions cuts Washington had pledged to hit, the mayor of Atlanta said Tuesday. Mayor Kasim Reed said he was sending a signal of "optimism, passion and action" on fighting climate change to mayors worldwide despite the pullout Trump announced this month. ... read more

Related Links
Climate Science News - Modeling, Mitigation Adaptation


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

CLIMATE SCIENCE
Return to the blue

NASA Selects Army Surgeon for Astronaut Training

Teachers doubt most students interested in subjects that promote space careers

Plants to feed Earth and beyond

CLIMATE SCIENCE
Falcon 9 launches Bulgaria's first geostationary communications satellite

India launches PSLV rocket with 31 satellites

Orbex reveals space rocket factory

Developing Landing Tech for Space

CLIMATE SCIENCE
No One Under 20 Has Experienced a Day Without NASA at Mars

Mars Orbiter spots rover ascending Mount Sharp

India's Mars Orbiter Mission Completes First 1,000 Earth Days

University Students Mine for Water at NASA's Mars Ice Challenge

CLIMATE SCIENCE
China's cargo spacecraft completes second docking with space lab

China to launch four more probes before 2021

New broadcasting satellite fails to enter preset orbit

China launches remote-sensing micro-nano satellites

CLIMATE SCIENCE
Gravitational wave mission selected, planet-hunting mission moves forward

Boeing Streamlining Defense and Space Unit to boost competitiveness

Trudeau under pressure to reject China bid for satellite firm

Jumpstart goes into alliance with major aerospace and defence group ADS

CLIMATE SCIENCE
Smooth propagation of spin waves using gold

Lightweight steel production breakthrough: Brittle phases controlled

New photoacoustic technique detects gases at parts-per-quadrillion level

Ahead of the curve

CLIMATE SCIENCE
Could a Dedicated Mission to Enceladus Detect Microbial Life There

New branch in family tree of exoplanets discovered

NASA discovers 10 new Earth-size exoplanets

Finding new Earths: PLATO spacecraft to be built

CLIMATE SCIENCE
NASA Completes Study of Future 'Ice Giant' Mission Concepts

King of the Gods: Jupiter Dated to Be Oldest Planet in the Solar System

New Horizons Team Digs into New Data on Next Flyby Target

A whole new Jupiter with first science results from Juno









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.