Climate
New Ally Joins Fight to Defend Rooftop Solar in California
"It's outrageous that California regulators keep attacking rooftop solar and it has to stop," said one attorney in the case.
A leading U.S. green group on Tuesday joined the legal challenge to a California rule banning solar contractors from installing or maintaining photovoltaic battery storage.
The Arizona-based Center for Biological Diversity (CBD) joined an amended lawsuit filed in San Diego County Superior Court against a California Public Utilities Commission (CPUC) regulation enacted last year in accordance with the wishes of Pacific Gas & Electric and two other investor-owned utilities.
The amended lawsuit supplements a complaint filed by CalPIRG, the Solar Rights Alliance, the California Solar & Storage Association, and a solar contractor adversely affected by the new CPUC rule. Climate campaigners and Democratic state lawmakers have previously launched challenges to the regulation.
CBD said the new rule "would increase the cost and administrative burden of installing rooftop solar and storage, vital technologies that make communities more resilient to utility blackouts and the fossil fuel-driven climate emergency."
Roger Lin, a CBD senior attorney, said in a statement: "It's outrageous that California regulators keep attacking rooftop solar and it has to stop. They're undermining California's climate goals and putting clean energy further out of reach for working-class families."
"This licensing trick is straight from the utility playbook and will cause electricity rates to skyrocket while worsening the climate emergency," Lin added. "People are dying from extreme heat and California desperately needs smart, resilient energy solutions. Instead, the board is propping up a brittle electricity grid that devastates critical habitats and promotes environmental injustice."
The new suit came on the same day that the California Energy Commission (CEC) announced nearly $19 million in new grants meant to assist communities in their efforts to automate the approval of residential solar energy permits.
"We are thrilled to be able to disburse funds to over 330 cities and counties across California to make it easier for residents to go solar," CEC Chair David Hochschild said in a statement, calling the program "a win for residents, building departments, solar businesses, and our environment."
Report Names Institutions Behind $4.3 Trillion in Climate-Wrecking Investments
"Investors need to draw a red line on fossil fuel expansion and they need to do it now," said an author of the report, which cites Vanguard and BlackRock as the largest institutional investors in fossil fuel companies.
Institutional investors including the Vanguard Group and BlackRock collectively own $4.3 trillion in the stocks and bonds of fossil fuel companies, according to a report released Tuesday by Urgewald, a nonprofit based in Germany.
Urgewald and partner nonprofits tracked investments into nearly 3,000 companies in the coal, oil, and gas sectors for Investing in Climate Chaos 2024, a report that follows on similar research they published last year.
The $4.3 trillion in financing jeopardizes the quick phaseout of fossil fuels that's necessary to avoid unmanageable climate breakdown, the report says.
"If institutional investors continue backing companies that are still expanding their coal, oil, and gas operations, it will be impossible to phase out fossil fuels in time," Katrin Ganswindt, Urgewald's head of financial research, said in the report. "Investors need to draw a red line on fossil fuel expansion and they need to do it now."
🆕 Investing In Climate Chaos reveals top investors in coal, oil and gas.
👉 Discover who they are & the full report:https://t.co/ix94o84YtT
📢 Calling on all investors to stop all forms of financial support (bonds, loans...) to companies developing new fossil fuel projects. pic.twitter.com/VsRmXD41tl
— Reclaim Finance (@ReclaimFinance) July 9, 2024
Urgewald looked at the holdings of more than 7,500 institutional investors worldwide including "pension funds, insurance companies, asset managers, hedge funds, sovereign wealth funds, endowment funds, and asset management arms of commercial banks" as of May 2024.
The true investment total may be higher than $4.3 trillion, given the lack of transparency in bond markets; the report authors estimated that they only included 20-30% of actual bond holding in fossil fuel companies.
Of the $4.3 trillion, more than half was invested by U.S.-based companies. In fact, $1.1 trillion was held by just four companies: Vanguard, BlackRock, State Street, and Capital Group—dubbed "the filthy four" by Urgewald—each of which had more than $160 billion in fossil fuel investment holdings.
Alec Connon, co-director of Stop the Money Pipeline, said the outsized role of the U.S. was the result of poor governance.
"This mirrors the complete lack of action by U.S. regulators to effectively monitor and address the climate and transition risks of large institutional investors," Connon said in the report. "This inaction lays the ground for the next economic crisis and puts the world on a fast track towards climate chaos."
Nearly $4 trillion of the $4.3 trillion in holdings went to companies that are actively developing new fossil fuel projects, not just tapping existing projects, though the report doesn't specify how much actually went toward new development; many companies do both.
In any case, it's clear that new development abounds: Companies have increased capital expenditure on oil and gas exploration by more than 30% since 2021. ExxonMobil, among the biggest beneficiaries of the institutional investing documented in the report, alone spends $1.4 billion annually searching for new reserves in 37 countries, the publication says.
All of this is in spite of pledges to "transition away" from fossil fuels, as countries agreed to do at the United Nations climate summit in Dubai in December. Environmental campaigners are trying to use those pledges, loophole-ridden as they may be, to pressure institutional investors and regulators to take action.
"The question is, will institutional investors continue snapping up bonds of companies like Saudi Aramco, ExxonMobil, or TotalEnergies whose business model relies on heating up the planet?" the report's authors asked. "Or will pension funds, insurers, and asset managers realize that these investments will produce more heatwaves, more catastrophic floods, more climate disasters?"
Urgewald is one of the NGOs that produces the annual Banking on Climate Chaos report, the latest publication of which found that big banks shoveled nearly $7 trillion into fossil fuel companies in the eight years after the Paris agreement was signed in 2015. That report, released in May, showed that major banks including JPMorgan Chase and Citigroup together financed fossil fuel companies to the tune of $705 billion in 2023, the hottest year on record.
'All of Our Tricks Worked': Spoof ExxonMobil Ad Nails Just How Easy It's Been for Big Oil
"Do you have any idea how easy it is to get you off our backs with a little bullsh*t about your responsibilities to the planet?"
A new parody ExxonMobil advertisement released Tuesday by a group founded by Adam McKay—the Academy Award-winning writer and director of the blockbuster doomsday climate comedy Don't Look Up—mocks humanity for letting Big Oil get away with causing one of the biggest existential threats of all time.
"There's a world we all want to live in again. A world where the air is pure and crisp and clean and fills your lungs with joy. A world where you can drink water from any river or creek and your house will still be there tomorrow if it rains," the narrator of Yellow Dot Studio's latest parody video says in the two-minute clip. "Here at Exxon, we believe in that world, and we're working hard to make sure that our customers believe that we believe in that world."
"We understand the road has been bumpy, and we haven't always done the best we could," he says over footage of the Exxon Valdez disaster, in which more than 10 million gallons of crude oil were spilled in Alaska's Prince William Sound in 1989.
Wow, this new Exxon ad is surprisingly candid. pic.twitter.com/FYEf2GNdGE
— Yellow Dot Studios (@weareyellowdot) July 9, 2024
The voice-over continues:
Sure, our own scientists accurately predicted climate change 60 years ago. But we didn't want you to know about it. That's why we spent billions on ads and media manipulation covering it up, then we rigged the government so leaders in both parties would do our bidding, and yes, we did everything in our power to block clean energy tech so we could keep force-feeding you oil via expanding global infrastructure, monstrous vehicles, and disposable plastics and chemicals that don't go away. Ever.
The video follows the recent conclusion of a bicameral Senate investigation into Big Oil's decades of spreading climate disinformation and obstructing a green transition—after which lawmakers called on the U.S. Department of Justice to investigate fossil fuel giants. There is also a nascent movement urging state and local prosecutors to go after the oil and gas industry for climate-related deaths.
"And yes, every now and then you squawk about how evil we are, but then we drop gas prices a nickel and you shut right back up," the narrator says. "Do you have any idea how easy it is to get you off our backs with a little bullshit about your responsibilities to the planet? About your carbon footprint? Pretending plastic recycling actually makes a difference?"
"You're letting us get away with it, you dumb bitches" he adds mockingly. "All of our tricks worked. The world is a burning, out-of-control charnel house. The last generation to die of old age has already been born, and you still let oil executives freely show their face in public."
"We're just one company but you're 7 billion people," the video concludes. "Get off your asses and do something, you fucking peasants!"
'Climate Caught in Crossfire' as NATO Emissions Surged Last Year
"By 2030, we have to make a radical cut in emissions," an author said. "Military spending... isn't just not addressing the problem, but actually worsening the problem."
The militaries of North Atlantic Treaty Organization member countries emitted an estimated 233 million metric tons of greenhouse gases in 2023, a sharp uptick that exacerbates climate breakdown and serves only to enrich weapons manufacturers, according to a briefing issued Monday by the Transnational Institute, a research and advocacy organization, and several other nonprofits.
The 32 national militaries together emitted more carbon than the country of Colombia, which has a population of about 52 million people, the briefing says. NATO countries' military spending increased from about $1.21 trillion in 2022 to $1.34 trillion in 2023, thanks in part to the conflicts in Ukraine and Palestine. TNI used a spend-emission conversion factor to estimate the carbon cost of the spending.
The briefing's authors warn that NATO's spending targets must be abandoned or its emissions will continue to rise significantly in the next few years—despite a pledge to reduce emissions by 45% by 2030. Member countries have pledged to spend at least 2% of gross domestic product on defense, and many have have already met or surpassed the target.
The authors note that the Intergovernmental Panel on Climate Change determined that all sectors of the economy need to reduce emissions by 43% by 2030 from 2019 levels to keep global warming at or below the Paris agreement's 1.5°C target.
"By 2030, we have to make a radical cut in emissions," Nick Buxton, TNI's communications manager, toldThe Guardian. "But the biggest investment we're making worldwide, and in particularly NATO, is in military spending, which isn't just not addressing the problem, but actually worsening the problem."
If NATO members increase their spending to 2% of GDP in the next five years, they will divert an estimated additional US$2.57 trillion away from climate spending. This would be enough to pay for climate adaptation costs for all low- and middle-income countries for seven years. pic.twitter.com/7KJkqutYXS
— Transnational Institute (@TNInstitute) July 9, 2024
The United States accounts for more than two-thirds of NATO countries' military spending and one-third of the world's, which also surged in 2023. U.S. military spending increased by 24% from 2022 to 2023, and some leading Republicans in Congress have recently called for large increases.
A 2022 report from the Conflict and Environment Observatory, a research and advocacy group, estimated that military emissions accounted for 5.5% of all global carbon emissions. Estimates are difficult because lack of transparent reporting practices by many militaries, experts say.
The new briefing suggests that military spending could be diverted to climate finance for developing countries, which have been the subject of intense international negotiations in recent years, with rich countries slow to provide funding even as they spend profligately on their militaries, critics have argued.
"The climate is caught in the crossfire of war," TNI said on social media. "We need peaceful solutions to conflicts if we are to defend our world. There is no secure nation on an unsafe planet."
The "only winners" from NATO's spending policy are weapons manufacturers, says the briefing, which states that backlogs of weapons orders at the 10 largest arms companies based in NATO member countries went up by an average of 13% in 2023.
Source: Transnational Institute
Current orders will lock in emissions for decades, as military systems are normally used for 30 or 40 years, the briefing warns. For example, Lockheed Martin, a major defense manufacturer, has said that NATO countries will by 2030 fly 600 of its F-35 jets, which use 5,600 liters of oil an hour, even more than the F-16 jets they're replacing, the briefing says.
"The legacy of this increased arms trade will be an ever more militarized world at a time of climate breakdown," the authors wrote. "This military expenditure will fuel wars and conflict that will compound the impact on those made vulnerable by climate change."