Dutch government ordered to cut carbon emissions in landmark ruling
A court in The Hague has ordered the Dutch government to cut its emissions by at least 25 percent within five years, in a landmark ruling expected to cause ripples around the world. The court ruled that government plans to cut emissions by just 14-17 percent compared to 1990 levels by 2020 were unlawful, given the scale of the threat posed by climate change. “This is the first a time a court has determined that states have an independent legal obligation towards their citizens. That must inform the reduction commitments in Paris because if it doesn’t, they can expect pressure from courts in their own jurisdictions”, said Dennis van Berkel, legal counsel for Urgenda, the group that has brought the suit. The Dutch government has not decided whether to appeal the court’s decision yet, but opposition politicians are steeling themselves for the prospect. (Guardian)
Climate change should be top foreign policy priority, G7 study says
Tackling climate change risks must become a top foreign policy priority if the world is to combat the global security threat it poses in the 21st century, according to a new study commissioned by the G7 countries. Multiple conflicts have taken the government systems for dealing with them “to their limits”, according to one of the authors of the report. Written by an international consortium, it calls climate change “the ultimate threat multiplier” in fragile situations. Citing conflicts in Syria and Mali and land grabs in Ethiopia, it warns that problems exacerbated by climate change – such as food insecurity, competition for water and land, migration and displacement – could leave fragile states unable to provide for their citizens. The report makes a number of recommendations and calls for leadership from the G7 countries to bring together approaches to tackling climate change with development and peacebuilding efforts. (Guardian)
Reporting
“Set target” for integrated sustainability reporting by business – UN told
European Parliament Rapportuer on Corporate Social Responsibility, Richard Howitt MEP, has urged the European Union to support a target in the UN Sustainable Development Goals to advance the case for companies to integrate sustainability in their financial reporting. On Tuesday, Howitt successfully proposed an amendment in the European Parliament calling for the European mandate for the negotiations to support ‘binding rules’ for company sustainability reporting. Howitt’s call to Europe was made as the inter-governmental negotiations on the proposed SDGs take place in New York this week. Speaking on his proposal, the British MEP said “Governments in Europe and globally have committed themselves to company sustainability reporting becoming a widespread practice, and there is no better way to advance that aim other than a UN target for the whole world”. (Richard Howitt, MEP)
Responsible Investment
Report: Credit agencies are ignoring climate risk
Ratings agencies are failing to account for climate risk, according to the Centre for International Environmental Law (CIEL). In a new report, CIEL finds the likes of Moody’s and Standard & Poor’s are systematically overvaluing fossil fuel assets. “Fossil fuels are on the way out,” said Niranjali Amerasinghe, climate expert at CIEL. “Overstated credit ratings threaten not only investors and markets, but ultimately the global economy.” Examples include a massive coal port project at Abbot Point, Australia, which received a Baa3 credit rating from Moody’s last year, suggesting it is safe enough investment. But scientists calculate 90 percent of Australia’s coal must stay in the ground to hold global warming to 2°C, meaning that effective action on climate change will trash the value of the port. CIEL warns rating agencies that they could be sued by investors misled into backing worthless ventures. (RTCC)
UK Green Investment Bank to be part-privatised
The UK’s Green Investment Bank (GIB), which invests in environmentally-friendly infrastructure projects, is to be part-privatised. Business Secretary Sajid Javid is due to tell the Bank’s annual meeting he will start “exploring options” to bring in private investors. The bank, thought to be the first of its kind, has invested about £2 billion of public money in about 50 projects. But critics called a sale “reckless”, arguing that it would dilute the bank’s purpose and undermine the UK’s commitment to the green economy. It is unclear how much of GIB the government might sell, although the Financial Times has reported that it could be about 70%, with a sale price of well above £1 billion. The move is part of the government’s plan to sell off assets to pay down the deficit. The Edinburgh-based bank, which was launched in 2012, became profitable in 2014-2015. (BBC)
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