Climate Change

By Manuela Andreoni & Ricardo Brito SAO PAULO - Brazilian prosecutors have filed a lawsuit on June 3 to cancel a $180m carbon offset scheme that the state of Para, in partnership with major corporations and foreign governments signed last year. The case could be a major blow to both the government of Para which is hosting the United Nations Climate Summit, also known as COP30 this year, and the carbon credit market in general, which looked to government programs to help address fraud and abuse concerns. Amazon.com Inc. and at least five companies have agreed to buy the credits...

On Monday, the administration of U.S. president Donald Trump proposed rolling back Biden's limits on oil drilling in Alaska. This area is the largest undeveloped public land tract in America. This move is in line with Trump's energy agenda, which includes reducing regulations on oil and gas production and increasing domestic fuels. The Alaska National Petroleum Reserve is made up of 10.6 million acres (4.39 million hectares). NPR-A is the name given to a 23 million-acre (9,3 million-hectare) area of Alaska's North Slope, which was designated in 1923 for emergency oil supplies by the U.S. Navy. In the 1970s, the...

Winnipeg, Canada's provincial capital, scrambled Friday to provide housing and care to the thousands of people who fled areas devastated by wildfires. Fires have erupted across large areas of the western part of Canada's North due to unusually dry and hot conditions. The flames are devouring hundreds of thousands hectares (hectares) of bushland and forest that is as dry as tinder. "It's hard on everybody," said school maintenance technician Richard Korte, who had fled to Winnipeg from Flin Flon, a regional centre of 5,000 people on the Saskatchewan-Manitoba border, and wondered where his family would sleep that night. Both the...

The Trump administration notified Congress on Thursday of its plans to overhaul the State Department. This will result in the elimination of thousands of jobs and the reorientation of the human rights bureau of the agency towards "Western Values" as well as the reorientation of the refugee bureau for the return of migrants back to their country of origin. The shake-up is part of a historic push by Donald Trump to shrink federal bureaucracy, and align the remaining staff with his "America First' priorities. Secretary of State Marco Rubio announced the reorganization plan in April. He said that the State...

Los Angeles wildfire survivors debate rebuilding Climate change adaptation and rising sea levels are key issues City of Malibu does not plan a'managed retreat' Rachel Parsons Joan is planning to rebuild her Malibu house, located just outside Los Angeles. Laurie, citing the climate change, doesn't. The conflicting views of the siblings reflect a wider conflict that is affecting communities all along the scenic California coast. Communities are debating whether to rebuild along the sandy coastline or not. Climate change is linked with rising sea levels, more frequent and severe flooding and storms. The City of Malibu has pledged to help...

An executive at Gresham House, an alternative asset investor, said that the company raised $500 million to fund its largest ever forestry funds, including backing from several British local government pension plans. Timber investment is becoming increasingly popular among asset owners who are looking for returns that are uncorrelated with those of the financial markets and also want to achieve their environmental goals. Olly Hughes, the head of the forestry department, explained that the final close for Forest Fund VI will invest 375 million pounds ($508 millions) in the planting of new and existing forest across the country. It's our...

BlackRock, BlackRock is the largest asset manager in the world. It said that the U.S. support of a "baseless case" alleging asset management conspired to decrease competition in the coal industry risks undermining the goal of energy independence. The U.S. Department of Justice (DOJ) and Federal Trade Commission (FTC) filed a Statement of Interest on Thursday in the case brought by Texas and twelve other states against BlackRock, Vanguard and State Street Global Advisors. The states claim that the companies used their significant holdings in U.S. companies of coal to discourage competition. BlackRock stated in a press release that "DOJ's...

U.S. antitrust enforcers backed up on Thursday the arguments used by Republican states accusing asset managers BlackRock Vanguard State Street and State Street, of conspiring to reduce coal production through climate activism. The U.S. Department of Justice filed a statement of interests in the case in which Texas and 12 other States claim that the companies used their significant holdings in U.S. Coal companies to discourage the competition. The agencies asked the judge in Tyler, Texas to reject the asset managers' arguments in their bid for dismissal, including the argument that the alleged misconduct falls under an exemption applicable to...

Two sources familiar with this matter said that U.S. antitrust enforcers would likely support Republican state arguments on Thursday accusing asset managers BlackRock Vanguard State Street of conspiring to reduce coal production through climate activism. The U.S. Department of Justice, and the Federal Trade Commission are expected to file an interest statement in the case in which Texas and 12 other States claim that the companies used their significant holdings in U.S. Coal companies to discourage the competition. This is a major political setback for asset managers. BlackRock, Vanguard, and State Street, which together have $27 trillion, are under fire...

Kate Abnett, Charlotte Van Campenhout, and Bart H. Meijer BRUSSELS (May 22) - The European Union's new anti-deforestation legislation will place the most stringent checks on commodities from only four countries. Brazil and Indonesia, two major forest nations, are exempted. In a legal document published on Thursday by the European Commission, it was stated that the law will categorise imported goods from Belarus, Myanmar and North Korea as having a “high risk” of fuelling the deforestation. Brazil and Indonesia will be labeled as "standard risks" because they have among the highest deforestation rates in the world. This means that their...

Shift, a group of climate activists and pensioners, criticized Canada's largest pension plan on Wednesday to abandon its commitment to achieve net-zero emissions of greenhouse gases by 2050. The Canada Pension Plan Investment Board, which manages C$714.4 Billion ($516.93 Billion) in assets and has announced that it will abandon its commitment made in February 2022 of aligning operations and investments with the goal. Shift confirmed that the update, which is covered in its FAQ section, took place on Wednesday, but was unable to confirm the exact date. This action was taken after a wider reevaluation on climate goals, following the...

Greenland handed a mining permit of 30 years to a Danish and French mining group on Wednesday. The group is aiming to mine a lunar-like rock which could provide a climate-friendly option in aluminum production. Since Donald Trump, the U.S. president, expressed interest in buying it in early this year, the Arctic island, rich in minerals and oil, as well as natural gas, has attracted international attention. Greenland Anorthosite Mining, which is developing an area in western Greenland, was granted the permit. The company has the backing of French investment group Jean Boulle Group, as well as state investment funds...

By Manuela Andreoni & Ricardo Brito SAO PAULO - Brazilian prosecutors have filed a lawsuit to cancel a $180m carbon offset scheme that was signed by the state of Para last year, with the support of a coalition of large corporations and wealthy governments. The lawsuit is a strong blow for the government of Para which will host the next global summit on climate change, COP30. It also strikes the carbon credit industry in general, who had been struggling to reposition themselves after years of being accused of fraud and abuse. Para is home to one of the most fragile...

Brazil has 40% public natural areas The "mosaics", or contiguous conservation units, are grouped together. Regional policies are articulated by local governments, NGOs and communities By Andre Cabette Fabio Borges, speaking on her porch near the Negro River in Ecuador, said that her company, Yara Amazonas has partnered with loggers so they can extract oil and seeds from the forests instead of cutting down trees. Yara Amazonas, a sustainable initiative within the Lower Negro River Mosaic of Protected Areas (a group of 14 Conservation Areas established between 1980 and 2018 covering an area greater than Ireland), is one of dozens...

Llamas and alpacas are being celebrated as the heroes of South America's high plateaus because they have adapted to harsh climates and environments, and their value is cultural, economic, and ecological. Early May, representatives from Chile, Bolivia and Ecuador met in Antofagasta, a city in northern Chile, to celebrate animals and improve management strategies. The meeting was sponsored by the U.N. Food and Agriculture Organization. Andres Gonzales, regional officer of Animal Health and Production for the FAO said that these animals were considered heroes because they thrived in harsh environments like the high plateau. They have a natural toughness that...

The debt agreements worth billions of dollars that were designed to protect ecosystems in Africa and Latin America could unravel or need to be reworked amid fears of the U.S. backing drying up under Donald Trump. Debt-for nature swaps have become more popular in recent years. Deals involving the Galapagos Islands and coral reefs as well as the Amazon rainforest are among the most notable. U.S. International Development Finance Corporation has played a major role in the swapping of debt, with nearly 90% of the $6 billion being covered by the DFC. Sources with direct knowledge said that the DFC...

The Brazilian Senate approved legislation that will loosen environmental licensing despite criticisms from climate policy groups, and even some members of President Luiz inacio Lula's government. The bill was passed by the Senate on Wednesday night with 54 votes in favor and 13 against. It would allow for projects that are considered to have only a moderate impact such as dams or basic sanitation to be built, without the need to seek approval from environmental agencies. The powerful agribusiness group, including Lula's chief of staff Rui Cost, has endorsed the legislation. The bill highlights the government's divisions over environmental policy,...

BRUSSELS (May 22) - The European Union's new anti-deforestation legislation will place the most stringent checks on commodities from only four countries. Brazil and Indonesia, two major forest nations, are exempted. In a legal document published on Thursday by the European Commission, it was stated that the law will categorise imported goods from Belarus, Myanmar and North Korea as "high-risk" items of fueling deforestation. Brazil and Indonesia will be labeled as "standard risks" because they have historically had the highest deforestation rates. This means that their goods will be subject to lighter compliance checks when exported to Europe. The United...

According to a Wednesday report, massive fires caused by climate change will cause global forest losses to break records in 2024. The loss of tropical forests reached 6.7m hectares (16.6m acres), a spike of 80% compared to the year 2023. This is an area about the size of Panama. Brazil, which will host the next climate summit in November struggled to control fires in Amazon during the worst ever drought recorded in rainforest. Wildfires also devastated a number of countries including Bolivia and Canada. The World Resources Institute's annual report and the University of Maryland's study showed for the first...

The Brazilian reforestation start-up re.green said it had received 80 million reais (about $14.13 million) from the state development bank BNDES. Bradesco was also a financial intermediary in this deal. The deal is similar in nature to the 160 million reals deal announced last month by Mombak, which was the first reforestation program backed by Brazil’s 10 billion reals "New Climate Fund", unveiled by 2023 for financing climate-related projects. As Brazil's new carbon market gains momentum, private investors and lenders like Bradesco and Santander are interested. Bradesco acted as Mombak's intermediary. Many investors still view restoration as a risky business,...

A deep cracking noise from the ice foretells the imminent dramatic fall. A block of ice 70 meters tall (230 feet) - about the height of a 20 story building - falls from the Perito-Moreno glacier face into the aquamarine waters below. Visitors to Argentina's most famous Glacier have been drawn by the sight for many years. They wait on platforms in front of the ice for the next crack that will split the cool Patagonian atmosphere. The size of ice fragments that are breaking off, a process known as "calving", has recently begun to alarm local glaciologists and guides,...

According to a letter released by the Brazilian presidency on Thursday, COP30, which is this year's global climate summit, has called for new global governance mechanisms in order to help countries implement their commitments and curb global warming. The summit in the Amazonian town of Belem, in November, will mark the 10th anniversary since the Paris Accord when signatories agreed that warming should be kept well below 2 degrees Celsius compared to pre-industrial levels. Many nations are still struggling to bring their plans to life and reduce carbon emissions to the level necessary to prevent the planet from reaching catastrophic...

Global expansion of community-managed nature fund In four years, investments in communities have increased by 38% but are still small Community funds are looking for local priorities and a simpler bureaucracy By Andre Cabette Fabio Atelie Derequine Indigenous Fashion Collective, founded in 2020, produces masks against COVID-19. Models are dressed and take part in runways in Brazil's industrial city of Manaus. This fashion collective provides jobs for Indigenous people and is a platform to promote their rights. Vanda Witoto is the person responsible for mobilizing AtelieDerequine. She said, "We bring political awareness to the runways where we have raised banners...

Foreign Ministers of BRICS Group of Developing Nations met on Monday, to discuss a common defense of the global trading system and coordinate their response to President Donald Trump's barrage of new duties. The group, which was formed by Brazil and Russia but has recently been expanded to include China, South Africa, India and South Africa, is expected to issue a joint statement in Rio de Janeiro criticizing the "unilateral trade measures" of this group. Brazilian Ambassador Mauricio lyrio stated that the ministers were negotiating a statement to reaffirm multilateral trade agreements as the primary axis for action in the...