It’s Friday, July 31, and much more banks are coming clean about carbon emissions.
Citi and Bank of all America are after Morgan Stanley in joining the Partnership for Carbon Accounting Financials (PCAF), a consortium which standardizes how banks measure their carbon footprints. Morgan Stanley announced its decision to combine PCAF a week, becoming with the first major U.S. bank to join the group.
Along with linking PCAF, Citi declared a $250 billion vow to fund low-carbon initiatives linked to renewable energy, sustainable transportation, green buildings, sustainable agriculture, and water quality. That’s in addition to the $164 billion which Citi says it’s already committed to low-carbon solutions. Citi can be pledging to decrease the CO2 emissions from the operations by 45 percentage by 2025 and usage 100 percent renewable power from the end of 2020.
In linking PCAF, Bank of both America and Citi are currently the group’s biggest strength holders — and its biggest polluters. Between 2016 and 2019, Citi was the world’s third biggest financier of the fossil fuel business, Bank of America was rated fourth, and Morgan Stanley rated 11th.
PCAF is expecting to align with the banking sector’s company portfolios using the Paris Agreement on Climate Change, which requires heating to be limited to two degrees C. PCAF currently has 70 members holding a joint $9.7 trillion in assets.
— Alexandria Herr
At least a quarter of Bangladesh, a state of 165 million individuals, is presently flooded because of torrential rains. Meanwhile, Bangladesh’s shore was identified as a place especially in danger from sea-level increase with a new analysis published Thursday. The study found that around 171 million individuals globally face at some possibility of coastal flooding from high tides and storm strikes today.
The Environmental Protection Agency has finalized a rule that will enable a number of jelqing coal ash ponds to keep on receiving waste for the following two to seven decades, substituting Obama-era principles which were assumed to decommission them . Coal ash is a poisonous byproduct from naturally-occurring electricity plants, and if disposed of in unlined ponds, it may leak into groundwater and drinking wells.
The Clean Air Act has successfully reduced air pollution, but has it put a dent at the disparities that decide who occupies the contaminated air? A new study finds that it hasn’t. The pieces of the U.S. which were the most polluted in the 1980s had the dirtiest air in 2016.
— Emily Pontecorvo