G7 countries on Friday agreed to stop all new financing of international coal projects by the end of the year in an effort to meet global climate change targets.
Why it matters: "Coal mining has come under pressure this week after the International Energy Agency said that no new coal mines should be needed if the world is to cut emissions to net zero by 2050," the Financial Times noted.
Drought is tightening its grip on the West, and that could spell fresh trouble for the region’s power grids.
Driving the news: Data released Thursday shows “exceptional drought,” the worst category, now extends across Napa, Sonoma and parts of the East Bay region. All of California is in at least "moderate" drought after an unusually dry winter, despite having entered the wet season without severe short-term drought outside of the northern reaches of the state.
President Biden issued an executive order Thursday that directs agencies government-wide to launch or expand efforts to analyze and lessen economic risks stemming from climate change.
Why it matters: The order lays the groundwork for new oversight and mandates that would affect banking and other sectors. It signals growing concerns that the government lacks sophisticated understanding of how global warming creates new or growing jeopardy for financial and government institutions and consumers.
The National Oceanic and Atmospheric Administration (NOAA) is out with their official Atlantic hurricane season outlook, and it calls for above average storm activity, which would make this the sixth unusually active season in a row.
Why it matters: This hurricane season comes in the wake of the North Atlantic Basin's most active season on record, with 30 named storms occurring in 2020, 12 of which struck the U.S., setting a benchmark.
The Alliance for Market Solutions, a group trying to get political traction for carbon taxes, is launching a new advocacy campaign that counts ExxonMobil and Dow among its backers.
Why it matters: It's the first corporate support for the group that's seeking to win support among conservative lawmakers. The alliance had for years relied only on individual contributions.
Big name investors are putting new capital behind "climate intelligence" — the sophisticated analytics that companies and governments will need to uncover and reduce risk in a warming world.
Why it matters: With the effects of climate change already visible in the form of extreme weather events and sea level rise, companies face increasing pressure from investors and regulators to grapple with their climate-related vulnerabilities.
