Climate Change

Bank of America shareholders approved pay packages for CEO Brian Moynihan, the lender's top executive and elected 14 directors to the board on Tuesday. Institutional Shareholder Services, a proxy adviser, had advised investors to vote against the payouts. They expressed concerns over the process that was used to determine the compensation. Moynihan's earnings for the last year increased by about 21%, to $35 million. The board of directors credited him for increasing the company's net income by 2.3% and revenue by 3.4% last year. Moynihan stated that any impact the tariffs will have on the bank is indirect, depending on...

The Environmental Protection Agency (EPA) sent notices of termination on Tuesday to employees who worked on environmental justice programs in its regional offices and at its headquarters, stating that their work did not align with the agency's mission. Nearly 200 employees of Office of Environmental Justice and External Civil Rights, who had been placed on administrative leave since February, received the reduction-in force letters. The employees were reinstated in the pending legal challenges. The RIF notifications now being served will take effect on 31st July. The letter sent to employees Monday stated that "this action is necessary in order to...

Non-profits in the United States that are focused on climate change prepare to fight against a possible action by the Trump Administration to revoke tax exemptions this week. Climate change groups have circulated memos in the last few weeks outlining the rumored executive action they expect from Donald Trump. This includes a change to IRS regulations to remove climate changes from the list of charitable topics that qualify and blocking the use U.S. grant funding to fund overseas projects. Concerns were raised after Trump made comments criticizing the charitable status granted to Harvard University. This was seen as an initial...

U.S. Energy regulators granted BlackRock permission on Thursday to continue owning major stakes in utilities. This was a victory for the top asset manager of the world over concerns it had too much power. Mark Christie, the Republican Chairman of the U.S. Federal Energy Regulatory Commission, also endorsed its decision. Mark Christie wrote that despite his concerns over BlackRock's power in the market, public utilities still need to access capital. He wrote: "It's a reality of the economy that public utilities regulated under the Commission are forced to seek out investment capital wherever it may be available. And much of...

The U.S. Judge who blocked President Donald Trump On Tuesday, the administration of former president Joe Biden froze billions of dollars of grants that Congress had authorized in two landmark climate investment and infrastructure bills. U.S. District Court Judge Mary McElroy issued an injunction in Providence, Rhode Island at the request of environmental groups. They argued that the Trump administration unlawfully frozen funding already awarded for projects to fight climate change, reduce pollutants and modernize U.S. Infrastructure. The funding was authorized by Congress in accordance with Biden's $1 trillion bill, known as the Infrastructure Investment and Jobs Act 2021 and...

Microsoft announced on Tuesday that it had signed a contract in Louisiana for a project which would remove 6,75 million metric tonnes of carbon dioxide within 15 years. Microsoft claims this is the largest permanent carbon removal project ever undertaken. Microsoft's greenhouse gases emissions last year were 29.1% more than the 2020 levels due to a growing demand for energy in artificial intelligence applications. It reported greenhouse gas emission of 17.2 millions tons annually at the end 2023. AtmosClear, a company that specializes in carbon capture, is developing a bioenergy project at the Port of Greater Baton Rouge. The project...

After a review, the U.S. Department of Agriculture announced that it has canceled a program worth $3 billion for climate-smart agriculture projects. The program did not match the priorities of President Trump's administration. Donald Trump has tried to cut back on other climate initiatives approved under the former administration of Joe Biden. This includes a $20 billion program that funds projects to reduce greenhouse gas emissions. According to the USDA's website, The Partnership for Climate Smart Commodities has allocated $3 billion for 135 projects across all 50 states that encourage soil health, carbon sequestration and reduced methane emission. Some of...

Trump orders national logging increases Residents worry about flooding and recreation access Climate change and wildfires: Critics warn By Carey L Biron This makes them feel especially protective, since Donald Trump ordered last month a major boost in U.S. Timber Production. He wanted to remove regulations and accelerate approval. Nergart, along with hundreds of others, gathered within hours of receiving the orders at the entrance of the Pisgah National Forest. He added that he was concerned about what might happen to the local economies due to concerns over the impact on recreation, conservation and flooding. Nergart stated that the economy...

According to a draft White House Budget document, the administration of Donald Trump wants to eliminate the National Oceanic and Atmospheric Administration arm that oversees climate change research and redirect the U.S. Fisheries Service to support energy development. According to the proposal, these moves are part a plan that aims to drastically reduce NOAA, cutting funding by approximately $1.67 billion or 27%. Under the proposal, the Office of Oceanic and Atmospheric Research, also known as NOAA Research would be closed, along with funding of $480 million for regional climate information, agency laboratories and cooperative institutes among other programs. NOAA is...

Atmospheric Rivers are storms that look like rivers in the skies. They can produce massive amounts of rainfall, cause flooding and mudslides, and even result in death and property damage. This article explains how they are formed, their size, and possible impacts. WHAT IS A ATMOSPHERIC RIVE? This weather system is present all over the globe. The weather system begins when tropical oceans are carried to land by a jetstream. As air rises it cools down and condenses resulting in snow or rain. According to NASA, they form most often in oceans at mid-latitudes, between 30 and 60 degrees north...

The President of Palau - one of only a few nations to have avoided U.S. Tariffs - said that he is "positive" that the Trump Administration would continue to focus on the Pacific Islands region, and not retreat permanently. Palau has a population under 17,000 and a free association agreement with the United States. In exchange for the U.S. military's access to their territory, the United States provides economic assistance. Before the majority of U.S. Agency for International Development employees were placed on leave, it received USAID funding for climate change programmes and submarine cables. Surangel Whitpps Jr, the President...

Two sources with knowledge of the matter have confirmed that the Trump administration intends to cancel a contract for an assessment of climate change in order to guide government policy. The administration will terminate the contract with ICF, the global advisory firm that works on the National Climate Assessment. This is a comprehensive report on climate change in the United States published every five-years. ICF is the largest employer of U.S. The U.S. Global Change Research Program, an agency established by Congress in 1990 for the coordination of research and investment related to climate change and overseeing the last five...

According to a termsheet seen by, China has set final price guidance for green bonds with a three-year and five-year maturity to raise 825 million yuan. The term sheet stated that the price guidance for a three-year bond was 1.88%, and the price guide for a five-year tranche was 1.93%. The green bond issued by China's Ministry of Finance is the first of its type by China in an overseas market. The Chinese finance ministry was not immediately available for comment after regular business hours. According to a termsheet, the initial price guidance for Wednesday was that the bond would...

The bank announced on Wednesday that MUFG, a Japanese bank, has appointed its first Chief Sustainability Officer for Europe, Middle East and Africa to help clients become more sustainable. Stephen Jennings is a veteran energy and renewables financier with 24 years of experience. He will now be the chief sustainability officer for EMEA in addition to his existing roles as head of EMEA energy structured finance and head of EMEA sustainable business division. The appointment comes just weeks after MUFG resigned from a UN Climate Alliance that helped banks develop policies to reduce their carbon footprint. In recent months, the...

China will finalise the long-awaited global green sovereign bonds on Wednesday. This is expected to mark the beginning of a series that will increase its market share at a crucial time. The signal was sent to indicate that the vehicle was ready Last month Top Chinese Finance Ministry officials laid out the detail at a meeting in London with investors on Tuesday. The 6 billion yuan bond ($825 millions) is scheduled to be listed on the London Stock Exchange. Green bonds have grown to a market value of $3 trillion over the past few years. China's state-run firms have made...

The size of the wildfires raging across South Korea on Thursday doubled from the day before, with authorities calling the fires the worst natural disaster in the country. At least 26 people were killed and ancient temples destroyed. The largest fire that started in central Uiseong County has burned or is still burning more than 33,000 hectares (81,500 acres). This makes it the largest forest fire in South Korea history. The previous record for a fire in March 2000 was 24,000 ha (59,000 acres). Han Duck-soo, acting president of South Korea, told a government meeting that the rapid spread of...

Official data released in march showed that China's glacier areas have shrunk 26% due to global warming. 7,000 small glaciers have disappeared completely, and the glacial retreat has intensified in recent years. According to a UNESCO study, glaciers are disappearing more quickly than ever. The largest glacial mass losses on record occurred in the past three years. Environmental groups warn that the shrinking of important water towers will lead to a greater competition over water resources. The retreat of the glaciers also presents new disaster risks. China's glaciers can be found mainly in the north and west of the country....

Wildfires raged in the southeast region of South Korea on Tuesday. They threatened a World Heritage site and forced thousands more residents out of their homes. A city official and a text message alert informed residents of Andong's 150,000-strong population to move to safer areas. Officials said that the fire is currently located about 10 kilometers (6.21 miles), from Hahoe. Authorities designated counties affected as'special disaster areas'. Wildfires continue to burn in the region, causing death. Since Saturday, when fires broke out across several regions, fuelled by dry weather and strong winds, at least four people were killed and hundreds...

A study commissioned by WaterAid on Wednesday showed that the weather in many of the most densely-populated cities around the world is changing from droughts to flooding and back again, as rising temperatures disrupt the global water cycle. Researchers found that South and Southeast Asia are experiencing the most wet weather, while Europe and the Middle East, as well as North Africa, are getting drier. The study was based on 42 years' worth of data from over 100 of the largest cities in the world. Michael Singer, Water Research Institute at Cardiff University and one of the study's authors, said...

David Lammy, British Foreign Minister, said that Britain and the Philippines are committed to an international order based on rules. Lammy, on an official visit to the Philippines, said that both countries had stood together, supporting Ukraine, and promoting a free, open Indo-Pacific. Lammy and his Philippine counterpart said at a press conference that they were charting a course for their relationship in the face of global instability. They also emphasized that it was important to strengthen ties with other like-minded countries, such as the Philippines. The Philippines and Britain have signed a framework agreement for enhanced cooperation in multiple...

In a small workshop in Nuuk, the capital of Greenland, goldsmith Nadja Kreutzmann polishes stones and metals mined on this vast island rich in minerals. Her jewellery is decorated with Inuit symbols for life and survival. Indigenous identity in Greenland is resurging ahead of the March 11 general elections called by U.S. president Donald Trump after he said he wanted Greenland to be his. Trump's interest in Greenland has shaken up the status quo. This, coupled with growing Inuit pride has led to some locals viewing the vote as an historic opportunity to free Greenland of Danish influence. Greenland is...

By Joachim Klement March 4, 2019 - As the transatlantic alliance seems to be tearing apart, Europe must quickly devise a strategy to harness geopolitical power. China could be a good source of ideas on how Europe can achieve this. Enhancing defensive capabilities is the first step. China's military was modernised in the early 1990s by its leadership. World Bank estimates that Chinese defence spending grew from $12 billion in 1993, to approximately $296 billion by 2023. This represents an annual growth of more than 11% compared to the 3.5% average in the U.S. China has the largest naval force...

This week, countries will gather in Rome to try again to figure out how to raise $200 billion per year to preserve biodiversity around the world. It's a chance to give global cooperation a boost as the United States pulls back. Donald Trump's moves to cut development funding since his January inauguration have cast a cloud over discussions and put pressure on participants, despite the fact that the world's largest economy wasn’t a signatory of the efforts. Last October, after striking a landmark agreement in 2022 - the Kunming Montreal Global Biodiversity Framework to stop nature losses by 2030 –...

Atomic scientists on Tuesday moved their Doomsday Clock closer to midnight than ever before, citing Russian nuclear threats in the middle of its intrusion of Ukraine, tensions in other world hot spots, military applications of expert system and climate modification as elements underlying the threats of global disaster. The Publication of the Atomic Researchers set the clock to 89 seconds before midnight - the theoretical point of annihilation. That is one 2nd closer than it was set in 2015. The Chicago-based nonprofit developed the clock in 1947 throughout the Cold War tensions that followed World War 2 to warn the...