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How the climate crisis will crash the economy

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The chickens are coming home to roost.

Even before the western United States became a regional inferno, even before the Midwest U.S. became a summertime flood zone, even before an annual hurricane season so bad that the government is running out of names to attach to them, even before Colorado saw a 100 degrees Fahrenheit heatwave swan dive into a 12-inch snowstorm within 48 hours.

Even before all that, we’d been watching the real-world risks of climate change looming and growing across the United States and around the world. And the costs, financially and otherwise, are quickly becoming untenable.

Lately, a steady march of searing heat, ruinous floods, horrific wildfires, unbreathable air, devastating hurricanes and other climate-related calamities has been traversing our screens and wreaking havoc to national and local budgets. And we’re only at 1C of increased global temperature rise. Just imagine what 2C or 3C or 4C will look like, and how much it will cost.

We may not have to wait terribly long to find out.

It’s natural to follow the people affected by all this: the local residents, usually in poorer neighborhoods, whose homes and livelihoods are being lost; the farmers and ranchers whose crops and livestock are withering and dying; the stranded travelers and the evacuees seeking shelter amid the chaos. And, of course the heroic responders to all these events, not to mention an entire generation of youth who fear their future is being stolen before their eyes, marching in the streets. So many people and stories.

But lately, I’ve been following the money.

The financial climate, it seems, has been as unforgiving as the atmospheric one. Some of it has been masked by the pandemic and ensuing recession, but for those paying attention, the indicators are hiding in plain sight. And what we’re seeing now are merely the opening acts of what could be a long-running global financial drama. The economic impact on companies is, to date, uncertain and likely incalculable.

The financial climate, it seems, has been as unforgiving as the atmospheric one.

Last week, a subcommittee of the U.S. Commodity Futures Trading Commission (CFTC) issued a report addressing climate risks to the U.S. financial system. That it did so is, in itself, remarkable, given the political climes.

But the report didn’t pussyfoot around the issues: “Climate change poses a major risk to the stability of the U.S. financial system and to its ability to sustain the American economy,” it stated, adding:

Climate change is already impacting or is anticipated to impact nearly every facet of the economy, including infrastructure, agriculture, residential and commercial property, as well as human health and labor productivity. Over time, if significant action is not taken to check rising global average temperatures, climate change impacts could impair the productive capacity of the economy and undermine its ability to generate employment, income and opportunity.

Among the “complex risks for the U.S. financial system,” the authors said, are “disorderly price adjustments in various asset classes, with possible spillovers into different parts of the financial system, as well as potential disruption of the proper functioning of financial markets.”

In other words: We’re heading into uncharted economic territory.

Climate change, said the report’s authors, is expected to affect “multiple sectors, geographies and assets in the United States, sometimes simultaneously and within a relatively short timeframe.” Those impacts could “disrupt multiple parts of the financial system simultaneously.” For example: “A sudden revision of market perceptions about climate risk could lead to a disorderly repricing of assets, which could in turn have cascading effects on portfolios and balance sheets and therefore systemic implications for financial stability.”

Sub-systemic shocks

And then there are “sub-systemic” shocks, more localized climate-related impacts that “can undermine the financial health of community banks, agricultural banks or local insurance markets, leaving small businesses, farmers and households without access to critical financial services.” This, said the authors, is particularly damaging in areas that already are underserved by the financial system, which includes low-to-moderate income communities and historically marginalized communities.

As always, those least able to least afford the impacts may get hit the hardest.

This was hardly the first expression of concern about the potentially devastating economic impacts of climate change on companies, markets, nations and the global economy. For example:

  • Two years ago, the Fourth National Climate Assessment noted that continued warming “is expected to cause substantial net damage to the U.S. economy throughout this century, especially in the absence of increased adaptation efforts.” It placed the price tag at up to 10.5 percent of GDP by 2100.
  • Last month, scientists at the Potsdam Institute for Climate Impact Research said that while previous research suggested that a 1C hotter year reduces economic output by about 1 percent, “the new analysis points to output losses of up to three times that much in warm regions.”
  • Another report last month, by the Environmental Defense Fund, detailed how the financial impacts of fires, tropical storms, floods, droughts and crop freezes have quadrupled since 1980. “Researchers are only now beginning to anticipate the indirect impacts in the form of lower asset values, weakened future economic growth and uncertainty-induced instability in financial markets,” it said.

And if you really want a sleepless night or two, read this story about “The Biblical Flood That Will Drown California,” published recently in Mother Jones magazine. Even if you don’t have a home, business or operations in the Golden State, your suppliers and customers likely do, not to mention the provenance of the food on your dinner plate.

Down to business

The CTFC report did not overlook the role of companies in all this. It noted that “disclosure by corporations of information on material, climate-related financial risks is an essential building block to ensure that climate risks are measured and managed effectively,” enabling enables financial regulators and market participants to better understand climate change’s impacts on financial markets and institutions.

However, it warned, “The existing disclosure regime has not resulted in disclosures of a scope, breadth and quality to be sufficiently useful to market participants and regulators.”

An analysis by the Task Force on Climate-related Financial Disclosure found that large companies are increasingly disclosing some climate-related information, but significant variations remain in the information disclosed by each company, making it difficult for investors and others to fully understand exposure and manage climate risks.

The macroeconomic forecasts, however gloomy, likely seem academic inside boardrooms. And while that may be myopic — after all, the nature of the economy could begin to shift dramatically before the current decade is out, roiling customers and markets — it likely has little to do with profits and productivity over the short time frames within which most companies operate. Nonetheless, companies with a slightly longer view already are considering the viability of their products and services in a warming world.

Consider the recommendations of the aforementioned CFTC report, of which there are 20. Among them:

  • “The United States should establish a price on carbon.”
  • “All relevant federal financial regulatory agencies should incorporate climate-related risks into their mandates and develop a strategy for integrating these risks in their work.”
  • “Regulators should require listed companies to disclose Scope 1 and 2 emissions. As reliable transition risk metrics and consistent methodologies for Scope 3 emissions are developed, financial regulators should require their disclosure, to the extent they are material.”
  • The Financial Stability Oversight Council “should incorporate climate-related financial risks into its existing oversight function, including its annual reports and other reporting to Congress.”
  • “Financial supervisors should require bank and nonbank financial firms to address climate-related financial risks through their existing risk management frameworks in a way that is appropriately governed by corporate management.”

None of these things is likely to happen until there’s a new legislature and presidential administration in Washington, D.C., but history has shown that many of these can become de facto regulations if enough private-sector and nongovernmental players can adapt and pressure (or incentivize) companies to adopt and hew to the appropriate frameworks.

Finally, there is collaboration among the leading nongovernmental organizations focusing on sustainability reporting and accountability.

And there’s some news on that front: Last week, five NGOs whose frameworks, standards and platforms guide the majority of sustainability and integrated reporting, announced “a shared vision of what is needed for progress towards comprehensive corporate reporting — and the intent to work together to achieve it.”

CDP, the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Integrated Reporting Council and the Sustainability Accounting Standards Board have co-published a shared vision of the elements necessary for more comprehensive corporate reporting, and a joint statement of intent to drive towards this goal. They say they will work collaboratively with one another and with the International Organization of Securities Commissions, the International Financial Reporting Standards Foundation, the European Commission and the World Economic Forum’s International Business Council.

Lots of names and acronyms in the above paragraph, but you get the idea: Finally, there is collaboration among the leading nongovernmental organizations focusing on sustainability reporting and accountability. To the extent they manage to harmonize their respective standards and frameworks, and should a future U.S. administration adopt those standards the way previous ones did the Generally Accepted Accounting Principles, we could see a rapid scale-up of corporate reporting on these matters.

Increased reporting won’t by itself mitigate the anticipated macroeconomic challenges, but to the extent it puts climate risks on an equal footing with other corporate risks — along with a meaningful price on carbon that will help companies attach dollar signs to those risks — it will help advance a decarbonized economy.

Slowly — much too slowly — but amid an unstable climate and economy we’ll take whatever progress we can get.

I invite you to follow me on Twitter, subscribe to my Monday morning newsletter, GreenBuzz, and listen to GreenBiz 350, my weekly podcast, co-hosted with Heather Clancy.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.greenbiz.com/article/how-climate-crisis-will-crash-economy

Cleantech

Tips and Tricks to Avoid Clogged Drains

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Whether it is in the kitchen, bathroom, or laundry room, a clogged drain should not be taken for granted. Clogged drains that are left unattended even for just one day can bring you a multitude of problems.

Regardless of what type of plumbing system you have, the possibility of it developing clogs is almost always 100%. So, when you start noticing that something is wrong with your drains, find a solution for your problem right away. Do not be one of those homeowners who would wait until it’s too late to even call for plumbing repair. It is always better to prevent clogged drains than scramble to fix them.

THE HARMFUL EFFECTS OF CLOGGED DRAINS

Clogged drains do not only affect your home’s structural integrity, but they can also cause problems for you and your family.

Structural Damage

Clogged drains cause water backflow that seeps into your home’s foundations. With water surrounding the foundations, the structure and integrity weaken, leading to significant damage.

Blocked drains that have been unattended for a long time may cause flooding that can easily damage your walls and floors. 

Health Problems

Unattended clogged drains bring with them waste and bacteria, which can cause allergies and diseases and can spread viruses. If you or someone in your household has asthma or airborne allergies, the blocked drains may trigger attacks. Also, the water that builds up in the pipes is contaminated and may cause skin irritation or inflammation.

A Smelly Home

The stagnant water that accumulates in the pipes mixes with sewage, which is the perfect recipe for unpleasant smells. It does not only make your home smell bad, but it also poses a risk to you and your family. The smell can cause nausea, headaches, and even allergic reactions.

Pests, Molds, and Contaminated Water

Stagnant water is a magnet for mosquitoes, pests, and other insects. They become a breeding ground for germs. Additionally, if your blocked drains remain unattended for a long time, your water will be contaminated.

Slow Drainage and Leaks

Clogged drains slow down drainage systems, which means they won’t be able to work efficiently. Also, leaking is possible because there is too much water trapped inside the pipe. Since the water does not have anywhere to go, the pipe can end up bursting and leaking.

To prevent the situations mentioned above from happening, learn how to avoid clogged drains. Below is an infographic that can serve as your guide.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://usgreentechnology.com/tips-and-tricks-to-avoid-clogged-drains/

Continue Reading

Cleantech

Tips and Tricks to Avoid Clogged Drains

Avatar

Published

on

Whether it is in the kitchen, bathroom, or laundry room, a clogged drain should not be taken for granted. Clogged drains that are left unattended even for just one day can bring you a multitude of problems.

Regardless of what type of plumbing system you have, the possibility of it developing clogs is almost always 100%. So, when you start noticing that something is wrong with your drains, find a solution for your problem right away. Do not be one of those homeowners who would wait until it’s too late to even call for plumbing repair. It is always better to prevent clogged drains than scramble to fix them.

THE HARMFUL EFFECTS OF CLOGGED DRAINS

Clogged drains do not only affect your home’s structural integrity, but they can also cause problems for you and your family.

Structural Damage

Clogged drains cause water backflow that seeps into your home’s foundations. With water surrounding the foundations, the structure and integrity weaken, leading to significant damage.

Blocked drains that have been unattended for a long time may cause flooding that can easily damage your walls and floors. 

Health Problems

Unattended clogged drains bring with them waste and bacteria, which can cause allergies and diseases and can spread viruses. If you or someone in your household has asthma or airborne allergies, the blocked drains may trigger attacks. Also, the water that builds up in the pipes is contaminated and may cause skin irritation or inflammation.

A Smelly Home

The stagnant water that accumulates in the pipes mixes with sewage, which is the perfect recipe for unpleasant smells. It does not only make your home smell bad, but it also poses a risk to you and your family. The smell can cause nausea, headaches, and even allergic reactions.

Pests, Molds, and Contaminated Water

Stagnant water is a magnet for mosquitoes, pests, and other insects. They become a breeding ground for germs. Additionally, if your blocked drains remain unattended for a long time, your water will be contaminated.

Slow Drainage and Leaks

Clogged drains slow down drainage systems, which means they won’t be able to work efficiently. Also, leaking is possible because there is too much water trapped inside the pipe. Since the water does not have anywhere to go, the pipe can end up bursting and leaking.

To prevent the situations mentioned above from happening, learn how to avoid clogged drains. Below is an infographic that can serve as your guide.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://usgreentechnology.com/tips-and-tricks-to-avoid-clogged-drains/

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Cleantech

The 6 Uses of Green Technology

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Green technology uses eco-friendly practices to create sustainable innovations to bring a positive impact on the environment. These innovations are produced to fulfil society’s needs without harming the environment. Ultimately, green tech aims to limit using natural resources, create recyclable products, modify operational processes to reduce waste and pollution, and replace environmentally destructive practices.

To give examples of how green tech is used in society and everyday life, here are several uses of green technology, from electric scooters to renewable energy sources.

1. Road Transportation

In the US alone, road transportation is responsible for 29% of greenhouse gas emissions, making it the largest contributor to carbon emissions. That’s why it makes sense that the transportation industry is pushing for more electric vehicles and other eco-friendly ways to travel.

In particular, electric scooters have become one of the most popular forms of electric vehicles among commuters due to their convenience, affordability, and efficiency. Moreover, e-scooters are easy to purchase. Riders only need to drop by their nearest e-scooter shop or order online through reliable electric scooter websites

Besides e-scooters, electric cars have also made their way to consumers as brands like Toyota and Tesla offer electric or hybrid models. As demand for eco-friendly cars rises, more manufacturers will use green tech to provide eco-friendly and sustainable vehicles.

2. Data Server Technology

Data centres are buildings or spaces dedicated to housing computer systems such as servers. Tech giants like Google usually maintain large data centres, resulting in high energy consumptions and expenses. Due to the servers’ financial and environmental impact, Google and other tech giants like Apple and Amazon have been actively creating and maintaining efficient data centres.

Using green tech, these corporations can make cooling more efficient to reduce energy consumption. Some data centres even use waste heat to warm people’s homes. It proves that green tech’s benefits will inevitably extend to others.

3. Architecture

Green technology application in construction and architecture help minimise the harmful effects of constructing buildings, houses, and infrastructures on the environment and human health. It is done by using eco-friendly materials or applying sustainable construction practices.

A great example of green architecture is the Pixel Building in Australia. It is the country’s first carbon-neutral building that can generate power and water on its own. The building features colourful panels that act as both shade and natural lighting, a roof that catches rainwater, supports for processing wastewater, and vertical wind turbines. All these features allow the building to function without depleting natural resources and producing harmful substances to the environment.

4. Mining

As one of the industries that contribute most to the destruction of the natural environment, the mining industry is taking steps to make mining greener. Green mining uses technologies, processes, and best practices that reduce mining’s impact on the environment. The effects of green mining include reducing greenhouse gases and chemical use and improving energy efficiency.

An example of green mining technologies includes the Carbon Capture and Storage (CCS), which traps carbon dioxide produced from mining and stores it inside underground storage. Another green mining approach is using clean fuel on mining machinery to decrease gas emissions and integrate clean energy sources.

5. Recycling and Waste Management

As population and consumerism increases, all kinds of waste will also increase. Green tech will be vital to segregate, manage, recycle, and discard them properly. Several technologies and approaches are already being used to make efficient waste management and recycling. These include automated food waste tracking systems and smart containers to separate and manage solid waste.

Moreover, green tech is also being used to turn waste into power. A series of machinery known as “digesters” take in waste, such as food, animal waste and agricultural leftovers, and turn them into energy that can be used onsite. Other green technologies being used in this sector include thermal conversion and plasma arc recycling.

6. Energy Production

Finally, green tech offers the most applications in this sector. Green tech brings new methods to create new and efficient energy sources and alternative sources of energy to reduce fossil fuel usage. It is also used to improve the energy efficiency of buildings through green design and construction. 

One notable example of green tech in energy production is biofuel. It is any fuel produced from plants, algae, animal waste, and other biomass. Since these sources are replenishable, biofuel is considered a renewable energy source. Due to its sustainability and potential, more initiatives are developing biofuels from forestry, waste papers, and crop residues, among others.

The Future of Green Technology

Because of green tech, technology proves that it can truly help society create a better future. As more governments and organisations push for and apply green technology today, more people will incorporate green tech into their daily life. As a result, green tech will not only provide a sustainable lifestyle but also open more jobs. Time will only tell how green technology will expand in the future and how deep its influence will be.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://usgreentechnology.com/the-6-uses-of-green-technology/

Continue Reading

Cleantech

The 6 Uses of Green Technology

Avatar

Published

on

Green technology uses eco-friendly practices to create sustainable innovations to bring a positive impact on the environment. These innovations are produced to fulfil society’s needs without harming the environment. Ultimately, green tech aims to limit using natural resources, create recyclable products, modify operational processes to reduce waste and pollution, and replace environmentally destructive practices.

To give examples of how green tech is used in society and everyday life, here are several uses of green technology, from electric scooters to renewable energy sources.

1. Road Transportation

In the US alone, road transportation is responsible for 29% of greenhouse gas emissions, making it the largest contributor to carbon emissions. That’s why it makes sense that the transportation industry is pushing for more electric vehicles and other eco-friendly ways to travel.

In particular, electric scooters have become one of the most popular forms of electric vehicles among commuters due to their convenience, affordability, and efficiency. Moreover, e-scooters are easy to purchase. Riders only need to drop by their nearest e-scooter shop or order online through reliable electric scooter websites

Besides e-scooters, electric cars have also made their way to consumers as brands like Toyota and Tesla offer electric or hybrid models. As demand for eco-friendly cars rises, more manufacturers will use green tech to provide eco-friendly and sustainable vehicles.

2. Data Server Technology

Data centres are buildings or spaces dedicated to housing computer systems such as servers. Tech giants like Google usually maintain large data centres, resulting in high energy consumptions and expenses. Due to the servers’ financial and environmental impact, Google and other tech giants like Apple and Amazon have been actively creating and maintaining efficient data centres.

Using green tech, these corporations can make cooling more efficient to reduce energy consumption. Some data centres even use waste heat to warm people’s homes. It proves that green tech’s benefits will inevitably extend to others.

3. Architecture

Green technology application in construction and architecture help minimise the harmful effects of constructing buildings, houses, and infrastructures on the environment and human health. It is done by using eco-friendly materials or applying sustainable construction practices.

A great example of green architecture is the Pixel Building in Australia. It is the country’s first carbon-neutral building that can generate power and water on its own. The building features colourful panels that act as both shade and natural lighting, a roof that catches rainwater, supports for processing wastewater, and vertical wind turbines. All these features allow the building to function without depleting natural resources and producing harmful substances to the environment.

4. Mining

As one of the industries that contribute most to the destruction of the natural environment, the mining industry is taking steps to make mining greener. Green mining uses technologies, processes, and best practices that reduce mining’s impact on the environment. The effects of green mining include reducing greenhouse gases and chemical use and improving energy efficiency.

An example of green mining technologies includes the Carbon Capture and Storage (CCS), which traps carbon dioxide produced from mining and stores it inside underground storage. Another green mining approach is using clean fuel on mining machinery to decrease gas emissions and integrate clean energy sources.

5. Recycling and Waste Management

As population and consumerism increases, all kinds of waste will also increase. Green tech will be vital to segregate, manage, recycle, and discard them properly. Several technologies and approaches are already being used to make efficient waste management and recycling. These include automated food waste tracking systems and smart containers to separate and manage solid waste.

Moreover, green tech is also being used to turn waste into power. A series of machinery known as “digesters” take in waste, such as food, animal waste and agricultural leftovers, and turn them into energy that can be used onsite. Other green technologies being used in this sector include thermal conversion and plasma arc recycling.

6. Energy Production

Finally, green tech offers the most applications in this sector. Green tech brings new methods to create new and efficient energy sources and alternative sources of energy to reduce fossil fuel usage. It is also used to improve the energy efficiency of buildings through green design and construction. 

One notable example of green tech in energy production is biofuel. It is any fuel produced from plants, algae, animal waste, and other biomass. Since these sources are replenishable, biofuel is considered a renewable energy source. Due to its sustainability and potential, more initiatives are developing biofuels from forestry, waste papers, and crop residues, among others.

The Future of Green Technology

Because of green tech, technology proves that it can truly help society create a better future. As more governments and organisations push for and apply green technology today, more people will incorporate green tech into their daily life. As a result, green tech will not only provide a sustainable lifestyle but also open more jobs. Time will only tell how green technology will expand in the future and how deep its influence will be.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://usgreentechnology.com/the-6-uses-of-green-technology/

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