Climate Change

The Sierra Club Foundation, a prominent U.S. environmental organization, said that it would move $10.5 millions away from BlackRock as the asset manager had not pressed portfolio firms enough on climate issues. BlackRock managed $11.6 trillion worth of assets at the end March. Of that, $1 trillion was held in sustainable funds. The company is also building up assets for energy transition. The move highlights how BlackRock must balance environmental and social concerns with customers around the world who have a variety of opinions. Sierra Club Foundation's Executive Director Dan Chu explained that the change was made after BlackRock reduced...

The oppressive heatwave that has been sweeping the United States since last week is expected to reach its worst on Tuesday. National Weather Service: Temperatures are expected to reach 101 degrees Fahrenheit in Washington and Boston, breaking previous records of up to 6 degrees. Central Park in New York City could see temperatures reach 99 F (37 C), exceeding the previous high of 96. According to the NWS, there is the possibility of record heat in other parts across the Eastern U.S. including northern Georgia and the Carolinas. Bob Oravec is the lead forecaster for the National Weather Service, College...

The oppressive heatwave that has been sweeping the United States since last week is expected to reach its worst on Tuesday. National Weather Service: Temperatures are expected to reach 101 degrees Fahrenheit in Washington and Boston, breaking previous records of up to 6 degrees. Central Park in New York City could see temperatures reach a record high of 99 F (37 C), exceeding the previous area high of 96. According to the NWS, there is the possibility of record heat in other parts across the Eastern U.S. including northern Georgia and the Carolinas. Bob Oravec is the lead forecaster for...

Authorities and public health specialists in the United States issued warnings about heat to keep people safe as tens of thousand people prepared for even more extreme heat on Monday. The Midwest and East Coast of the United States, as well as much of Southern Europe, experienced temperatures in the 90s Fahrenheit this week. What are the health risks from extreme heat? Heat can have a variety of effects on health. Heat exhaustion can cause a person to feel dizzy, shaken, thirsty, or get a headache. Heat exhaustion is usually not serious, unless a person cannot cool down in 30...

Bahrain and Kuwait -- both home to U.S. military bases -- prepared on Sunday in case the Iran conflict spreads to their territories. Bahrain asked drivers to avoid the main roads, and Kuwait set up shelters within a ministry complex following U.S. attacks on Iran's nuke facilities. U.S. forces attacked Iran's main nuclear sites on Saturday night, and President Donald Trump warned Tehran that it will face even more devastating attacks if the country does not accept peace. Tehran warned that if the United States attacked it, it would target American assets, including U.S. bases in the region. Bahrain is...

Could baby poop, fungi and landfill waste work together? This is the concept behind a new product from an Austin-based startup, which sells disposable diapers with fungi that are designed to break down plastic. Hiro Technologies MycoDigestible Diapers come with a packet containing fungi that should be placed in the diaper before throwing it away. The fungi will begin biodegrading after a few weeks when they are exposed to moisture in feces and urine. Disposable diapers are a significant contributor to landfill waste. According to the Environmental Protection Agency, approximately 4 million tons worth of diapers was disposed in the...

French President Emmanuel Macron is visiting Greenland this Sunday in a show to Denmark of solidarity, and to send a message of European resolve following the threat by Donald Trump to seize control of the island. Greenland is an autonomous part of Denmark, with the right to declare its independence. Greenland's and Denmark's governments both say that it is not up for sale, and that only Greenlanders have the right to decide their own future. Donald Trump said that he wanted the United States take over the strategically located, mineral-rich Arctic island. He hasn't ruled out using force. In March,...

French President Emmanuel Macron is visiting Greenland this Sunday in a show to Denmark of solidarity, and to send a message of European resolve following the threat by Donald Trump to seize control of the island. Greenland is an autonomous part of Denmark, with the right to declare its independence. Greenland's and Denmark's governments both say that it is not up for sale, and only Greenlanders have the right to decide their own future. Donald Trump said that he wanted the United States take over the strategically located, mineral-rich Arctic island. He hasn't ruled out using force. In March, JDVance,...

Mozambicans are in need due to drought and conflict USAID cuts put strain on charities and households UN warns about 'children's crisis' By SAMUEL COME Nobody brings food, clothes and blankets anymore to her camp in Pemba city, where she's lived for five years, ever since she fled the rebel attack on Macomia, a northern town, five years ago. "They used to help us for a long time but they have now left us." "Everyone manages on their own, we don't receive food or clothing, and no one supports the children any longer," she said. Omar and the other families...

Ajay Banaga, president of the World Bank, said that its board had agreed to lift a ban on financing nuclear energy projects for developing countries. This is part of an effort to meet the growing demand for electricity. Banga sent an email outlining the bank's new energy strategy to its staff following what he described as a constructive meeting with the board. Banga said that the board had not reached a consensus on whether or not the bank should be involved in upstream natural-gas projects. He wrote, "This will need further discussion." In 2017, the global development bank, a lender...

US Energy Aid Program Helps Six Million Low-Income Americans Budget talks bring balance to future of programs Increasing number of cities require working air conditioning By Carey L. Biron Experts warn that the combination of climate change and increased summer temperatures could be deadly for communities in poverty. In April, the Department of Health and Human Services, which oversees the LIHEAP program, fired the staff of the federal Low-Income Home Energy Assistance Program. Trump's budget plan for the following month recommended eliminating LIHEAP entirely, stating that it was "unnecessary" because states have policies to prevent utility disconnection of low-income families....

BlackRock's attorney called Republican-led state antitrust claims "unprecedented and unsound" on Monday, and claimed that they failed to demonstrate how firms' involvement in industry climate groups affected market competition. Gregg Costa, an attorney with Gibson Dunn, spoke about the antitrust lawsuit brought by Texas and other states against BlackRock. The result could have major implications on how companies that together manage $27 trillion in passive and active funds manage their investments. States claim that the climate activism of fund firms pushed coal companies to cut production and increase utility bills. The companies that continue to hold fossil fuel stocks say...

After days of rain, multiple rivers in China's flood hit province of Guizhou burst their bank. This is the southwest end of the seasonal rain belt which stretches from Japan to China. Congjiang, and Rongjiang, both riverside cities with populations of more than 300,000 people, told their residents to leave the low-lying and fast-rising areas and along the rivers' banks. Since last week, the East Asia monsoon has been bringing heavy rains to parts of China. This is breaking records for rainfall. Scientists warn that while China has experienced summer flooding before, climate change will bring more rain and heavier...

Brazilian soy farmers have been pushing deeper into the Amazon rainforest in order to plant more crops. This puts pressure on an historic deal signed 20 years ago that was meant to slow down deforestation. A loophole exists in the Amazon Soy Moratorium. This voluntary agreement was signed in 2006 by the top grain traders of the world that they would no longer buy soy produced on deforested land after 2008. Moratorium The law protects the old-growth forest that has not been previously cleared. However, it excludes other types of vegetation or forests that have grown back on land that...

On Thursday, Prabowo Subito announced that foreign investors were invited to participate in Indonesia's plan for a seawall of hundreds of kilometers to prevent flooding along the north coast on its largest island Java. The wall is expected to cost $80 billion and will be built to prevent flooding. The project builds on a plan from 2014 by the government of Jakarta to protect the city against rising sea levels, land subsidence and flooding along the north Java Coast. Prabowo announced that he will form an agency for the project to build a giant seawall stretching from Banten province to...

On Tuesday, temperatures above 40 degrees Celsius (104 degree Fahrenheit), scorched northern and central China. Authorities issued heat warnings to farmers and offered assistance to protect their food production. The temperatures in China's Hebei Province, Henan Province, which is a major wheat-producing area known as China's Granary, and Shandong province (in the east) all reached 40 degrees Celsius on Tuesday. Authorities reported that in Zhengzhou and Shahe (both located in Henan Province), the mercury reached its highest level ever for May on Monday. National Meteorological Centre of the United States said that temperatures will continue to rise until Wednesday. Climate...

On Tuesday, temperatures above 40 degrees Celsius (104 degree Fahrenheit), scorched northern and central China. Authorities issued heat warnings to farmers and offered assistance to protect their food production. The temperatures in China's Hebei Province, Henan Province, which is a major wheat-producing area known as China's Granary, and Shandong province (in the east) all reached 40 degrees Celsius on Tuesday. Authorities reported that in Zhengzhou and Shahe (both located in Henan Province), the mercury reached its highest level ever for May on Monday. National Meteorological Centre of the United States said that temperatures will continue to rise until Wednesday. Climate...

State media reported that heavy rains over the weekend in China's southern Guangdong province and Guangxi affected trains and power supplies, and killed at least six. There were also alerts for geological disasters and severe flooding in certain parts of China. The National Meteorological Centre of China issued several heavy rain warnings from Sunday through Monday in the Jiangxi region, Zhejiang province, Fujian, Guangxi, Guangdong and Guangxi regions, and the northwestern province Xinjiang. The yellow alert, which indicates a high-risk of mountain flooding, was issued for parts of Zhejiang and Fujian. According to Shenzhen Railway authorities, heavy rains on Monday...

Five people were killed and several others went missing in heavy rains that swept through southern China's Guangdong province and Guangxi Province over the weekend. Authorities had issued warnings about severe rain, mountain floods and geological disasters. The National Meteorological Centre of China issued multiple warnings of heavy rains from Sunday through Monday in the provinces of Jiangxi and Zhejiang as well as Fujian, Guangxi and Guangdong. Xinhua reported that a yellow alert had been issued for parts of Zhejiang and Fujian as well as Guangdong, Guangdong, and Guangxi. This indicates a high risk of flooding in the mountains. China...

China warned on Friday of a high-risk of hot, dry winds between Monday and Thursday, which could cause damage to winter wheat crops, especially in Henan, a major wheat-growing region known as "the granary" for the country. The China Meteorological Administration has predicted that temperatures will exceed 40 degrees Celsius during this period. CMA warns that extreme heat and wind could cause wheat to grow too quickly and disrupt the filling process. Henan will produce about 27% (or more) of China's total output of wheat in 2024. Harvesting usually begins around late May. China could increase its wheat imports if...

The European Parliament has cleared the way for a rapid approval of EU CO2 emission targets for cars and vans, which will give automakers more time and reduce potential fines. European automakers warned that failing to meet existing targets this year could lead to fines up to 15 billion euro ($17.0 billion), as the goals depend on selling more electric cars, a segment in which they are behind their Chinese and U.S. competitors. After heavy lobbying by automakers, the European Commission has proposed that they meet their targets using the average emissions for the period of 2025-2027 rather than this...

Scientists said that climate change made the worst wildfires ever seen in South Korea twice as likely. They also warned that such disasters may become more common if temperatures rise. The fires that raged in the southeast of the country lasted for almost a week. They killed 32 people and destroyed around 5,000 structures before being brought under control at the end of March. The fires spread over 104,000 hectares (257,00 acres), which is nearly four times as much land as South Korea's worst fire season of 25 years ago. After combining observations with climate models, a 15-member team from...

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...