HSBC has announced it will cut direct financing and advisory ties to new oil and gas fields and metallurgical coal projects, after coming under fierce criticism over its climate change policies from shareholders and environmental activists despite its green pledges.
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Media reports today (including the BBC, The Guardian, Financial Times and New York Times) on a breakthrough in the journey to find a near limitless clean and safe of energy, having finally achieved a net gain from a nuclear fusion reaction.
The breakthrough was confirmed at the National Ignition Facility at the Lawrence Livermore National Laboratory (LLNL) in California. However, experts say there is still some way to go before fusion powers homes, as the amount of energy they’ve generated in this experiment is tiny – just enough to boil a very few kettles.
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Saturday’s Yorkshire Post reports that Michael Gove is expected to give his approval for a new coal mine in Whitehaven shortly. The Secretary of State for Levelling Up is reported to have come under considerable pressure from some Tory MPs to give the controversial project the green light.
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After extending the Sharm El Sheikh summit for two days, a new fund to help countries worst-hit by the effects of climate change was agreed by some 200 countries in a historic deal. Called the ‘loss and damage fund’ we don’t yet know the details of how much money it will involve, and where the cash will come from. Poor countries had been pushing for 30 years for rich countries to help foot the bill for ‘loss and damage’ caused by global warming. The summit also agreed that the world needed to cut greenhouse gas emissions nearly in half by 2030.
But critics say the COP27 UN summit in Egypt did not go far enough on cutting the emissions that cause climate change.
Continue reading “COP 27 – financial help for some but no action on fossil fuels”