(This post was co-authored by EDF legal fellow Jesse Hevia)
The Supreme Court has agreed to review a D.C. Circuit decision that struck down the Trump administration’s rule weakening regulations of carbon pollution from power plants.
Here’s a look at what happened – and what might happen next.
This post was coauthored by Ruben Lubowski.
Amazon Canopy.
Stakeholders from all over the world are gathering in Glasgow for the COP26, which is shaping up to be one of the most pivotal climate change convenings. While participants will discuss how to tackle climate change and build back better (and greener), they will also focus on how to mobilize support and resources to reduce tropical deforestation.
Halting tropical deforestation is indispensable for meeting the goals of the Paris Agreement to limit temperature rise to 1.5C and for enhancing global climate action. Although forests are not included in the official negotiation agenda, during COP stakeholders will have the opportunity to turn discussion into commitments, action and finance to reduce emissions from deforestation. EDF will be closely tracking and contributing to these developments. Here’s what you should keep an eye on. Read More
This post is co-authored with Michael Panfil, Director of Climate Risk Strategies Project Manager at EDF.
Climate change presents immense risks for our society. These include, as is becoming increasingly apparent, the financial system. Now, the U.S. Department of Labor is taking a step to help safeguard one critical part of our economy and a cornerstone of many Americans’ financial futures – workers’ retirement savings.
The Labor Department has proposed a rule that would make clear that retirement plan managers can consider climate change when making 401(k) investment decisions. Risk management is bedrock to our financial system, and this proposal empowers 401(k) plan sponsors to incorporate the substantial and growing risks posed by climate change alongside other financial risks.
A substantial body of research highlights the financial risks stemming from climate change. The London School of Economics found that climate change could cause trillions of dollars in financial damage, far more severe than the 2008 financial crisis. The U.S. Fourth National Climate Assessment found climate change could stifle economic growth by 10% by 2100. The U.S. Commodity Futures and Trading Commission released a report last year that found Earth’s rising temperatures, and resulting extreme weather, pose “a major risk to the stability of the U.S. financial system and to its ability to sustain the American economy.” These findings were reaffirmed last week, with an Executive Order initiated risk and finance report by the White House making clear that “climate change poses serious and systemic risks to the U.S. economy and financial system.”
The SEC Centre in Glasgow Credit: CC0/PublicDomainPictures.net
Interest in carbon markets is currently booming and with increased activity comes increased attention and, of course, familiar criticism. A high-integrity carbon market can help companies and countries increase their ambition on the pathway to net zero by mid century.
If designed well, the carbon market can channel public and crucial private sector investment from developed to developing countries and to the most urgent areas for climate action — like tropical forest protection.
A few key changes since countries met at COP25 in Madrid mean we are in a better position to get agreement on Article 6 at COP26 in Glasgow. Read More
This piece was co-authored by Stephanie Jones, Attorney, Climate Risk and Financial Regulations, and Gabe Malek, Project Manager, Investor Influence at EDF.
Climate change poses grave risks across society, including “more frequent and intense storms, wildfires, and heatwaves as well as more damaging droughts and more extensive ecosystem losses.” All people face climate harms, today: “this year alone, extreme weather has upended the U.S. economy and affected one in three Americans.” Policymakers must act with urgency to protect all Americans in the face of the unfolding climate crisis, and safeguarding peoples’ financial health and stability is urgent and paramount – no American should face financial jeopardy due to the harms climate change poses to their retirement account or ability to prudently manage personal and home finances.
Importantly, Washington and Wall Street are increasingly taking steps to recognize and manage climate risks. A number of important activities have taken shape in recently weeks, all designed to protect Americans’ financial futures. Measures range from proposed rules that would improve lifelong retirement savings plan selection to report findings that make transparent the harms climate change presents to the foundational stability of our banking system.
Eight of the most significant recent U.S. developments in the last few months of 2021 are highlighted below. It is crucial that we build upon these steps and take concrete, urgent action now to protect families, all people with bank accounts small and large, investors from main street to wall street, retirees, and all who depend on a financial system that is not destabilized by climate change.
In addition to checking the temperature and the chance of rain before leaving home, many people have been forced to add a new indicator to their daily weather check – air quality.
Ground-level ozone pollution – more commonly known as smog – reached dangerous levels across the U.S. this summer. EDF’s new analysis found that almost every state experienced unhealthy levels of it, with millions of Americans exposed to dangerous air pollution.
The current national standard for ground-level ozone pollution is 70 parts per billion. As you can see from the maps above, 45 states had at least one day between March and August with levels that exceeded that limit.
However, there is a substantial and growing body of scientific evidence that shows serious health effects from ground-level ozone exposure at levels below the current standard. When the data is expanded to consider ground-level ozone levels greater than 60 parts per billion, which would be a health-based standard more consistent with the scientific evidence, the picture of summer ozone levels is even more concerning – all but one state (Hawaii) had at least one day with levels that exceeded that amount.
Our analysis also found:
There were many wildfires this summer and wildfire smoke is one of the sources that can contribute to elevated levels of ozone pollution. EPA establishes standards based on health science alone, and the agency has long had policies in place that allow states to account for truly exceptional events. Our analysis includes all recorded high ozone readings and does not exclude any high ozone days
