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Your Climate Action Diary - 32

Year 2023 • Week 4 • Anushthatri Sharma
Hi,

Hope you are well !
The news circle for this bi-weekly captures the on-going dialogue around - Fossil Fuels & Greenhouse Gas - which is at the very heart of the climate mess, we find ourselves in. 

To help you contextualise the following pieces, consider this : 

(1) Burning of fossil fuel (coal, oil and gas) results in greenhouse gas emissions into our atmosphere. 

(2) Carbon Dioxide, Methane and Nitrous Oxide are all Greenhouse Gases. 

(3) The excessive unrestricted emission of greenhouse gases in the atmosphere, since the Industrial Revolution, has enhanced the natural greenhouse gas effect, causing global warming and destabilising our climate system today (what we popularly called climate change’).

Notice, how oil and gas companies (a.k.a. fossil companies) find themselves at the centre of the climate debate.

Stay Safe ! 

Regards, 

Harish, Team OnePointFive Tribe

BNP Paribas Commits To Cut Fossil Loans

BNP Paribas (the second largest bank in Europe), has pledged to reduce its lending to oil & gas companies by 80% by 2030 & instead invest in renewable energy projects. It will no longer provide financing for new coal-fired power plants, as well. The bank also announced plans to achieve net zero greenhouse gas emissions by 2050 and to align its portfolio with the Paris Agreement on climate.

UN Chief Criticised "Big Oil" Companies In Davos 2023

The UN Chief António Guterres criticised "big oil" firms for not doing enough to address climate change; besides urges countries & companies to make credible commitments to reach net-zero emissions, in the Davos 2023 conference. The UN chief also stressed the need for cooperation and collective action to achieve this goal.

Texas EPA Decision To Not Regulate Methane, Causes Spur

Critics argue that the decision by the Texas EPA - to not regulate methane emissions from Oil & Gas operations in the state, will lead to increased methane emissions and ultimately harm the environment. The Texas Oil and Gas Association, however, supports the decision, stating that the industry is already taking steps to reduce methane emissions.

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