As Greece teeters, Alexis Tsipras is feted in St Petersburg
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Pope Francis, in Sweeping Encyclical, Calls for Swift Action on Climate Change
Photo Pope Francis was greeted by crowds at St. Peter’s Square this week. Credit Filippo Monteforte/Agence France-Presse — Getty Images VATICAN CITY — Pope Francis on Thursday called for a radical transformation of politics, economics and individual lifestyles to confront environmental degradation and climate change , as his much-awaited papal encyclical blended a biting critique of consumerism and irresponsible development with a plea for swift and unified global action. The vision that Francis outlined in the 184-page encyclical is sweeping in ambition and scope: He described a relentless exploitation and destruction of the environment, for which he blamed apathy, the reckless pursuit of profits, excessive faith in technology and political shortsightedness. The most vulnerable victims are the world’s poorest people, he declared, who are being dislocated and disregarded. The first pope from the developing world, Francis, an Argentine, used the encyclical — titled “Laudato Si’,” or “Praise Be to […]
Pope Francis Aligns Himself With Mainstream Science on Climate
Photo An Indian boy with a bag filled with recyclable material at a garbage dump in Gauhati, India. Credit Anupam Nath/Associated Press The new papal encyclical on the environment is a ringing call to action, a critique of consumerism and a prophetic warning about the dangers of ignoring what Pope Francis calls “the ecological crisis.” But amid all his soaring rhetoric, did the pope get the science right? The short answer from climate and environmental scientists is that he did, at least to the degree possible in a religious document meant for a broad audience. If anything, they say, he may have bent over backward to offer a cautious interpretation of the scientific facts. For example, a substantial body of published science says that human emissions have caused all the global warming that has occurred over the past century. Yet in his letter, Francis does not go quite that […]
A child born today may live to see humanity’s end, unless…
Tags: carbon | climate change | geoengineering | global warming A couple hugs while standing on a hilly area overlooking Cairo on a dusty and hazy day where temperatures reached 114 Fahrenheit, May 27, 2015. REUTERS/Asmaa Waguih Humans will be extinct in 100 years because the planet will be uninhabitable, according to Australian microbiologist Frank Fenner, one of the leaders of the effort to eradicate smallpox in the 1970s. He blames overcrowding, denuded resources and climate change. Fenner’s prediction is not a sure bet, but he is correct that there is no way emissions reductions will be enough to save us from our trend toward doom. And there doesn’t seem to be any big global rush to reduce emissions, anyway. When the G7 called on Monday for all countries to reduce carbon emissions to zero in the next 85 years, the scientific reaction was unanimous: That’s far too late. […]
Day Of Reckoning For Fossil Fuel Industry
The fossil fuel industry is facing its day of reckoning – and not just because one of the world’s most prominent religious leaders, Pope Francis, is calling for action . In fact, the industry’s moment of crisis has been in the making for years, as a variety of trends – from rising production costs to cheaper renewable energy and expanding carbon-reducing rules – have taken stronger hold. Today, the fossil fuel monolith is under attack from some of the same people it used to count as its closest friends – Wall Street analysts, investors and governments – because fossil fuels are no longer a safe bet. It has become impossible to ignore the systemic financial risks inherent in the production of coal, oil and other fossil fuels. Perhaps the most glaring, pressing risks are those associated with carbon reserves still in the ground. Better known as “carbon asset risks,” […]
Pope Francis Rides an Encyclical
This could be big. Religious and ethical impulses are powerful shapers of human behavior. That’s why, here in the US, corporate leaders long ago found ways to use religion to Continue Reading
Oil prices up on weak dollar, hopes of Greek talks progress | Reuters
Oil prices gained on Thursday, supported by a weakening U.S. dollar, continuing Middle East geopolitical tensions and hopes of progress in talks between Greece and its international creditors. U.S. July Continue Reading
Dollar Holds Retreat After Fed as GDP Miss Sinks Kiwi; Oil Slips
The dollar maintained losses after the Federal Reserve signaled the pace of monetary policy tightening will be gradual. New Zealand’s currency slid on weaker-than-expected growth data, and crude oil declined. The greenback was steady at $1.1349 per euro by 8:46 a.m. in Tokyo, following a 0.8 percent drop after the Fed statement. Forward contracts on Asian emerging-market currencies advanced. The kiwi slid 1.4 percent. Standard & Poor’s 500 Index futures were little changed after a 0.2 percent increase in the benchmark U.S. gauge. Copper futures climbed before Chinese data on property prices. Oil in New York declined 0.3 percent. While maintaining its forecast for rates this year, the Fed tempered its projection for 2016, with Chair Janet Yellen saying it wants to see more decisive evidence of growth and that it’s likely only gradual increases in borrowing costs will be warranted. Indonesia is expected to keep rates on hold […]
Natural Gas: A Halloween Horror Story
With prices down by almost half in the past year, it seems impolite to raise the subject of oil in Texan country clubs. But changing the subject to natural gas wouldn’t win friends, either. Amid oil’s collapse, it is easy to forget the U.S. gas market has been struggling with shale-derived excess for years. While oil has rallied 12% in 2015, front-month gas futures are down about 2%. At around $2.90 per million British thermal units, gas is well below even its pretty dismal five-year average of $3.67. Like oil, gas inventories are high. Unlike oil, it is certain these will keep climbing—they always do over the summer. The big question is by how much. The “injection” season—when excess gas output is squirreled away ahead of winter—usually stops at the end of October. Last year, 1.97 trillion cubic feet of gas entered storage between early June and the season’s […]
Met Coal Hits Lowest Price in a Decade
Benchmark prices for the coal used in steelmaking have plunged an additional 15% from levels that had already hit a six-year low, likely heaping more pain on several miners facing a financial brink, coal industry reports show. Japanese buyers are signing contracts that pay $93 a metric ton, the lowest price since 2004 for so-called metallurgical coal, Doyle Trading Consultants LLC and IHS Inc. IHS -0.30 % ’s “Inside Coal,” a trade publication, both said on Wednesday. Japanese steelmakers and Australian suppliers agree to contracts every quarter, setting the global benchmark. Prices have fallen more than 70% from a high of $330 a metric ton just four years ago. That spike had inspired a raft of multibillion-dollar deals among miners eager to sell at record-high prices. But their new supply flooded the market just as once-rampant Chinese demand slumped, and prices went into a tailspin that has lasted longer […]