MANY years ago when my kids were little (the youngest is 31 now) we had a Beetlejuice doll. It was about 18 inches tall and when you pulled a string it would say “Beetlejuice, Beetlejuice, Beetlejuice” and its head would spin around. It would freak out our dog and at one point he tore the thing apart leaving only the head and the voice box which still functioned!
Watching the news this past week has made me feel like Beetlejuice.
My head is just spinning! Recall that last week I showed you the headlines of 15 articles which revealed the breadth and speed at which change is coming at us. I think that I can only do it again because so much is developing all at the same time that it is literally breathtaking.
So here we go. A few of my comments and observations along the way.
FEMA (Federal Emergency Management Agency), FERC (Federal Energy Regulatory Commission), The Federal Reserve Bank, The Department of the Treasury, Congress, Hundreds of Corporate Leaders and now…The World Bank. They are all elevating climate to the top of the list of threats to, well, everything.
World Bank President Embraces Climate Fight
April 9, 2021
“The transformation reflects the changing political winds…one that could have important consequences if the World Bank can resume its central role in the fight against climate change”
I have been telling you for many, many years that the so called experts were WAY underestimating the speed and intensity with which the climate was changing AND the speed we would see the costs of renewables come down. Both perceptions are now being proven out.
DOE Study Upends Assumptions About Wind Power Costs
April 16, 2021
“Wind power’s costs have declined at a pace that has defied even the most bullish predictions of industry experts”
This same phenomenon is happening in the development of batteries. You will recall that I have been saying that the lithium ion battery technology that is currently being used in today’s EVs will NOT be the technology in the longer run. R&D into new solutions is progressing fast and will eventually be adopted.
GM’s Big Battery Bet
April 16, 2021
“GM and its partner, battery startup SES, would produce a high tech lithium-metal battery in batch amounts starting in 2023. The technology could be a game changer.
Those lithium-metal cells might just be the technology that will give GM’s Ultium battery — the power plant that will sit beneath each of the 30 electric models planned by 2025 — a jolt in driving range and a haircut on cost that will make EVs just as appealing as gasoline burners.”
And for those that say that converting the fleet of vehicle in the US will cost toooooo much…
U.S. Could Save $2.7T Going all EV — Report
April 15, 2021
“The report, out today by California researchers, says that if the U.S. sells only EVs by 2030, it could save drivers and fleets about $2.7 trillion in vehicle, fuel and maintenance costs through 2050.
Put another way, that’s $1,000 per household per year.”
As the following article title suggests, there are those that think that just saying it don’t make it so and that many people are skeptical about JPMorgan’s real commitment or whether this is simply greenwashing and saying what people want to hear. While there may be some truth to this, I don’t believe that once they’ve made this pronouncement that with public and competitive pressure from other financial institutions that they will be able to not move strongly in this direction. I want to add a personal comment. I talk to some people who question not simply the conversion from a fossil fuel economy to one of sustainable energy ever or in time enough to make a difference. I point out that a business as usual approach won’t make it happen. But, as I am pointing out, business as usual WON’T be the order of the day. So many resources and incentives (and alternatively, disincentives such as a carbon fee and regulations) are coming into place that the reallocation of resources is only at the embryonic stage of happening.
JPMorgan Ups its Climate Commitment. But Skepticism Lingers
April 15, 2021
“Three of the world’s largest investment banks announced this month that by 2030 they would provide a combined $2.75 trillion in financing to accelerate the transition to a low-carbon economy.
JPMorgan Chase & Co. today became the latest to elevate its sustainable finance commitment — following in the footsteps of Bank of America Corp. and Morgan Stanley, which recently did the same.
JPMorgan, the largest bank in the United States, said it would “finance and facilitate” at least $2.5 trillion to advance sustainable development and climate solutions within the decade. At least $1 trillion of that figure would be focused on fighting global warming specifically, by targeting “green initiatives that support climate action,” according to a JPMorgan statement.
The bank’s announcement marks a significant increase from JPMorgan’s previous goal: to provide $200 billion in sustainable financing in 2020, with $50 billion going to climate-focused purposes.
“We are going to need globally so much investment in deployment of not only existing technologies, but the creation of new technologies that will help reduce emissions, especially in hard-to-abate sectors,””
On the effects of the warming climate there’s this indirect impact. We’re getting better at realizing and understanding the trickle down impacts that boiling the climate is causing.
Runoff From Extreme Rains Threatens Coral Reefs
April 16, 2021
“As muddy rainwater surged from Hawaii’s steep seaside mountains and inundated residential communities last month, the damage caused by flooding was obvious — houses were destroyed and businesses swamped, landslides covered highways, and raging rivers and streams were clogged with debris.
But extreme rain events predicted to become more common with human-caused global warming not only wreak havoc on land — the runoff from these increasingly severe storms also threatens Hawaii’s coral reefs.
“These big events are the ones that have the greatest damage because they are the ones that put the most sediment and nutrients out onto the reef,””
And finally this tidbit which actually may be some good news.
Northern Forests are Dramatically Changing After Wildfires
April 16, 2021
“Wildfires sweeping across Alaska and Canada are slowly transforming the landscape in their wake.
The region’s iconic black spruce forests are gradually giving way to new species. Aspen, birch, poplar and other deciduous trees are springing up on the scarred terrain in their place.
Experts have warned about the side effects of increasing fires in the boreal forests of North America. As they burn up trees and smolder deep into the soil, these blazes can release huge plumes of climate-warming carbon into the atmosphere.
Now, scientists say, the shifting landscape may offer some hope.
Deciduous trees grow much faster than spruce, storing up carbon in the process. Over the course of a century, they can offset the losses from wildfires — and then some.”
Breathtaking, isn’t it? Makes your head spin. So much happening and being reported every day it’s hard to keep up with how fast EVERYTHING is changing. Don’t be caught offguard!
