The World Bank has decided to support the climate pledges made in the Paris Agreement and take radical steps to decarbonise the world by halting funding for fossil fuel industries after 2019.
This is a significant gesture that will not only help in the mitigation process to limit global warming to 2°C by the end of the century, it also gives a green light for more investment in renewable energy around the world. It might be the breakthrough we have been waiting for as it presents big opportunities to develop promising clean technologies that have suffered from a lack of investment.
This will hopefully mean an acceleration of renewable energy projects around the globe, and the creation of many new job opportunities for communities that desperately need them. Furthermore, we will all be able to enjoy such benefits as decreased levels of pollution, cleaner air, and a healthier climate!
Another benefit of this decision is that it could help exciting new technologies become available for everyday use, such as solar panel-integrated windows or efficient energy storage systems.
We must remember that fazing out fossil fuels will not happen overnight. Polluting power stations will continue to operate for as long as they are financially viable and as long as they are supported by tax-breaks and subsidies from governments.
However, the fact that action is being taken by the World Bank, a major influential institution, brings hope that change is coming. This announcement not only sends a clear message that the days are numbered for the fossil fuel industry, but it simultaneously encourages governments and other institutions to follow suit.
Gyorgy Dallos, Greenpeace International climate campaigner, told The Guardian:
“The world’s financial institutions now need to take note and decide whether their financing is going to be part of the problem or the solution.” (2017, 12th Dec)
While there is still uncertainty ahead and a need to keep up the pressure, this news is a positive step and brings fresh wind into the energy sector. Please support BHESCo in creating our clean energy future by becoming a member.
On Thursday 1st June 2017, US President Donald Trump proceeded to do what everybody knew he was going to do and announced that he was pulling the USA out of the Paris Climate Agreement.
The agreement was made in December 2015 and brought together 195 nations from around the world to create a united response to the threat of global warming. Given his history of describing climate change as a hoax created by and for the Chinese, it was widely expected that the Trump administration would reverse the sustainability actions put in place by Barack Obama in favour of policies promoting fracking, coal, and oil, industries in which he has considerable investments.
And that’s exactly what he did.
However, what at first may appear to be a catastrophe for the climate movement may in fact prove to be a catalyst.
There has been magnificent response from America’s states, defying their President’s agenda and declaring their intention to build a sustainable future despite Trump’s decree.
As the Mayor of Pittsburgh, I can assure you that we will follow the guidelines of the Paris Agreement for our people, our economy & future. https://t.co/3znXGTcd8C
— Bill Peduto (@billpeduto) June 1, 2017
In the days following Trump’s announcement, over 246 city mayors signed a joint statement pledging to “honour and uphold the commitments to the goals enshrined in the Paris Agreement”. Together, city and state officials have committed to reduce emissions by more than one gigatonne of carbon-dioxide by 2030 — the same amount pledged by the US in the Paris Agreement. Commenting on these developments, former mayor of New York Michael Bloomberg said:
“The fact of the matter is, Americans don’t need Washington to meet our Paris commitment, and Americans are not going to let Washington stand in the way of fulfilling it”.
It seems that Trump has misjudged the mood of his people, and unwillingly ushered in an newly invigorated spirit of environmental determinism. As one reporter from CNBC writes:
“The Trump presidency marks a new era. As citizens and business leaders, it is now up to us to take the future into our own hands and create the change we want to see”.
And it’s not just Americans who have beeen vocal about a renewed fever of climate activism. The day after Trump’s retraction, China, India and Europe repeated their commitment to save the future of our planet. German Chancellor Angela Merkel said:
“To everyone for whom the future of our planet is important, I say let’s continue going down this path so we’re successful for our Mother Earth.”
In fact, one of the only global leaders not to decry the actions of the U.S. president was the UK Prime Minister Theresa May. Very little was said about the threat of climate change during the recent election campaign, the topic receiving minimal attention from mainstream politicians and media alike.
That’s why we must follow the example of American environmentalists and unite locally to set our own emissions targets and carve our own path to a sustainable future. We cannot rely on leadership from above.
There are many examples of community energy projects across the UK, with at least five thousand community groups undertaking energy initiatives in the last five years, all motivated by a desire to develop locally owned low carbon energy solutions.
We’re in the middle of a seismic shift in the way we produce and consume energy, with the impetus coming from grassroots communities. The change is unstoppable, whatever President Donald Trump and other backwards looking politicians think.
Be a part of the energy revolution. Find your nearest communtiy energy group and get involved today.