How to respond to natural disasters

The increase in extreme weather events is a challenge for governments and the population. What are the economic consequences of climate change? How can we prepare for natural disasters that affect our territory? We talked about it with Gemma Vallet, director of 11Onze District and Càrol Rafales, from the product team.

This year’s summer is expected to be one of the hottest in the historical series, a forecast that seems to be repeated year after year—an early summer marked by unsettled weather and storms. More and more often, meteorologists are warning of a new DANA ((depressió aïllada a nivells alts)), better known as a cut-off low, which can cause heavy rainfall for hours or days.

The effects of climate change are increasingly palpable, and we have no choice but to adapt and take the necessary measures to mitigate the economic and social effects that come with these extreme weather events. As Càrol Rafales explains, “These meteorological phenomena can present violent storms and hailstorms, so we must be prepared”.

How to deal with a DANA

This meteorological phenomenon is characterised by torrential rainfall, often violent and accompanied by strong winds, which can cause flooding. The fact that this rainfall occurs in a short time and in very localised areas means that it can cause years of damage to infrastructures and buildings as it is difficult to channel so much water.

If the region where we live can be affected by a cut-off low “it is essential to stay informed of the development of the storm and avoid leaving home on foot or by car,” says Rafales.

She also reminds us that “we must make sure that the pipes and drains in our house are free of obstructions”.

Similarly, it would not be a bad idea to be prepared if the electricity goes out, which is one of the negative effects that often result from these storms. Rafales advises us to always have our mobile phones charged, or external backup batteries. In cases of extreme flooding, we will have to leave the affected area and seek shelter on higher ground, so it is advisable to have an emergency kit ready, including spare clothes, torches, a radio, a first aid kit and provisions.

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In recent years, the belief that our poor email management is highly harmful to the environment has spread out. The latest research relativises its impact and points to other digital habits as responsible for a significant part of global warming.

The book ‘How Bad Are Bananas? The Carbon Footprint of Everything’, published in 2010, popularised the idea that emails have a large carbon footprint. Its author estimated that each message, even if it is just to reply “thank you”, generates a minimum of 0.3 grams of CO₂ due to the energy consumption associated with our devices and, above all, with large data centres. And it should be borne in mind that between 150 billion and 300 billion emails are sent daily around the world, although most of them are ‘spam’.

Some recent research relativises this alleged environmental damage of our messages. Apart from freeing up some space on the servers that host them, there is no evidence that it substantially reduces the energy consumption of the digital infrastructure if we avoid our expendable emails and delete unnecessary ones. 

We very rarely switch on a mobile phone or computer just to send an email and both storage and data transmission systems run relentlessly, even when we are not using them, so energy consumption remains fairly stable.

An updated perspective

With the new estimates, it is estimated that heating water in a kettle requires more electricity than sending and storing a thousand e-mails. And deleting that thousand messages from our inbox would have a carbon benefit of about five grams of CO₂, the minimum our computer would generate in half an hour if we kept it on to delete them. Although it may be hard to comprehend, manually deleting emails can have a greater impact on carbon emissions than storing them.

In fact, the first effective measure to limit the carbon footprint of email is to reduce as much as possible the number of electronic devices we buy to manage it and to keep them as long as possible, as their manufacture generates a significant carbon footprint. 

But above all, safeguarding the environment means using energy-efficient devices and rationalising the time we keep them switched on: we should not forget that part of the electricity we use to power these devices comes from fossil fuels.

The source of excessive traffic

Obviously, avoiding unnecessary emails, writing concisely, including hyperlinks to files rather than attachments, limiting the number of recipients, regularly emptying the ‘spam’ folder and unsubscribing from newsletters that do not really interest us are best practices that will reduce Internet traffic. But if we really want to contribute with our digital habits to the good health of the planet, we should look beyond our e-mail. 

Email exchanges account for only 1% of Internet traffic, which is tiny compared to video streaming services, which already account for more than 80% of what goes online. And that is an appreciable amount of tons of CO₂.

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In addition to gold’s usefulness in the financial, ornamental and technological fields, it can also contribute to the sustainability of the planet. Research has found that a nanoparticle catalyst of this precious metal can convert waste materials, such as biomass and polyester, into useful organic silicon compounds. 

Plastic waste is a problem for humanity. That is why many resources are being invested in the search for ways to recycle them and give them a new useful life. Several lines of research aim to convert these waste materials into useful compounds and products in an efficient way.

One of them, involving scientists at Tokyo Metropolitan University, has found that gold nanoparticles supported on a zirconium oxide support can convert waste materials, such as biomass and polyester, into organosilane compounds, which are valuable chemicals with a wide range of applications. The results of their study were recently published in the prestigious Journal of the American Chemical Society.

The new protocol takes advantage of the combination of gold nanoparticles with a zirconium oxide support, whose characteristics allow it to react both as a base and as an acid. This makes it possible to recycle the waste under less demanding conditions and in a more environmentally friendly way than with the systems investigated so far.

New life for plastic waste

The research team has been working for some time on converting plastic and biomass into organosilanes, which are organic molecules with a silicon atom attached to carbon used in high-quality coatings and in the production of pharmaceuticals and agrochemicals. 

The problem until now was that the addition of the silicon atom involved the use of air- and moisture-sensitive reagents that require high temperatures and extremely acidic or basic conditions. As a result, the conversion process was not at all environmentally efficient.

A key step

The big finding is that the new gold nanoparticle catalyst causes ether and ester groups, both of which are abundant in plastics such as polyester and biomass compounds such as cellulose, to react with the disilane to form useful organosilanes. All that is needed is gentle heating in solution. 

The researchers have identified that the key to the effectiveness of this conversion lies in the combination of the gold nanoparticles and the amphoteric nature of the zirconium oxide support, i.e. its ability to act interchangeably as a base and an acid.

Double advantage

Not only does this system allow polyesters to be decomposed under much less demanding conditions than those used so far. More importantly, the reaction products are valuable compounds ready for use. 

The research team hopes that this new way of producing organosilanes will lead to a carbon-neutral future by allowing plastic waste to be recycled efficiently and preventing thousands of tonnes of plastic waste from burning in incineration plants.

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Artificial intelligence facilitates the fulfilment of 79% of the sustainable development goals set globally in the 2030 Agenda. We analyse a Nature Communications’ study to find out why this figure has been reached and from which areas it will be achieved.

What is artificial intelligence (AI)?

Although there is no single way to describe it, an accurate way is the one described by Britannica, understanding AI as the ability of a digital computer or robot to perform tasks that require human intelligence. In other words, taking advantage of technological tools to optimise human tasks and, at the same time, achieve challenges that until now seemed impossible. Social and economic development cannot be understood without these AI mechanisms that, today, already mark our daily lives. Facial, fingerprint and voice recognition, weather forecasting, interactive communication with machines, automated knowledge extraction and logical reasoning are some of the achievements that will undoubtedly mark this century. The focus, and the challenge, is to create and use this technology to contribute to sustainable development on a global scale.

The three pillars of sustainable development

Society, economy and environment form the basis for understanding today’s world and are therefore the key points for developing strategic actions. The Objetivos de Desarrollo Sostenible (ODS), have been created from these three pillars. 17 goals and 169 targets shape the present and future challenges on a global scale to keep technological advances at bay and ensure that every step contributes positively to social progress.

The 169 goals address all areas such as poverty, quality education, access to food, health and water for the population, clean and affordable energy and the creation of sustainable cities. The Nature Communications’ study, based on more than 60 sources, finds that the right AI development can have a positive impact on 134 of these goals, 79%. The uses of AI are multiple and we find them represented in most everyday actions.

AI to reduce social inequalities

Technology is opening up to reach all pockets, also from an economic point of view. Today, using AI through our smartphones is part of our routine. Voice, touch and fingerprint recognition, device localisation, connectivity… AI tools are being incorporated at full speed to simplify the user experience and make technology accessible to everyone. The aim is to reduce the digital divide.

But AI goes further and seeks to create inclusion mechanisms for certain groups. One example is tools such as Google Lookout or Microsoft Seeing AI that facilitate the perception of the environment for blind people thanks to the identification of objects, people or text.

At home, applications such as the Localizador de la Fundació Arrels use technology as a way to care for groups at risk of social exclusion, in this case focused on supporting homeless people. Another example is the Refugee Aid App, which provides migrants with the location of NGOs, social and humanitarian aid centres where they can be assisted.

This is one of the key points of AI, favouring interconnection between users from all over the world and facilitating the creation of meeting spaces from which to collectively tackle egalitarian and inclusive social development. Technology provides the platform, but it is the citizens who have to take action.

AI for a circular economy

In terms of sustainable development, the concept of a circular economy is emerging, in which production is aligned with the life cycle of products and moves away from the traditional system based on buy, use and throw away. AI encourages this system based on the simplest everyday actions. Beyond connecting brands and consumers, digital platforms encourage the exchange of second-hand products and, from the digital environment, a trend has been created based on reusing products and promoting DIY.

The industry is also joining production based on the 7Rs, and it is doing so in many different ways. Machines are put at the service of the environment to carry out production based on recycled materials, from tyres to making roads to clothing. The technology is also reaching into means of transport, which are increasingly sustainable and encourage co-operation over private ownership.

In the area of wealth generation, AI is also key in the business sector in terms of efficiency and process optimisation, as well as in the recruitment process. From bringing companies and job seekers together to creating automated talent selection processes. Along the same lines, investment companies such as Circularity Capital connect, through applications, investment and sustainable projects. The business fabric is adapting to environmental needs with technology as its main ally.

AI in the environment: technology to understand the world

With the aim of environmental preservation, platforms have been created that use data analysis to identify species at risk of extinction, prevent desertification in at-risk areas or favour the maintenance of forests. For a more everyday use, there are applications that encourage the consumption of seasonal food, promote local commerce or encourage sustainable consumption of fish, without forgetting the weather forecast that is key in the maritime or outdoor sectors.

At the same time, from our mobile and thanks to AI, we can calculate air quality in real time, greenhouse gas emissions or the carbon footprint we generate on a daily basis. All facilities that demonstrate that leading a sustainable lifestyle is just a click away.

Technology allows us to understand and know what is happening all over the planet, and even on other planets. The applications created through AI extend to all areas and a global vision is positive: we are managing to create a type of technology that makes life easier for humans and, above all, that strives for sustainable development, thinking in terms of the community. The real challenge in this matter, which the study emphasises, is to ensure that the creation and maintenance of this technology does not have a negative impact on the planet. AI can favour sustainable development, but this will only be achieved if the process of achieving it is also environmentally friendly.

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Come rain, snow or shine, the supply of water consumed by more than 80% of Catalans is still in the hands of totally or partially private companies. Despite efforts to recover the public management of this service, the multinationals in the sector are reluctant to lose a very lucrative business.

Through the public company ONAIGUA, the Osona county council took over the management of water supply in the county in April last year, serving 11,400 consumption points and more than 25,000 inhabitants. It became the first county council to take such a step.

We could say that this is a market anomaly, as water supply in Catalonia is mostly in private hands. A small number of private companies manage and profit from this precious commodity in our country thanks to concessions that are often questioned. And yet, in the world, public management supplies 90% of the population and the United Nations recognises water as a human right.

According to data from the Water is Life platform, more than 80% of Catalans obtain their water through a fully or partially privatised service, while those who receive it through a public company do not even represent 20% of the population. This imbalance is explained by the dominance of the private model in the municipalities with the largest population, which are the most profitable.

Pressure to municipalise a basic service

Faced with this reality, there is growing pressure to recover the public management of this service. The Association of Municipalities and Entities for Public Water (AMAP) already has 68 members and represents 47% of the population of Catalonia. It recently published a report with proposals for legislative reforms to change this situation.

Six municipalities, the Association of Microvillages of Catalonia and a newly public company joined this entity in 2022. Of the new municipalities, only Mieres (La Garrotxa), Collbató (Baix Llobregat) and Torroella de Montgrí (Baix Empordà) manage water directly. Castelló d’Empúries is in the process of municipalizing the service, while Manlleu and Sitges are still tied to concessions for more than a decade with Sorea and Agbar. As for the Association of Microvillages of Catalonia, it should be noted that 70% of municipalities with less than a thousand inhabitants already manage their water supply directly.

Almost a monopoly

Although the private companies that manage water in Catalonia go by different names depending on the municipality, most belong to the Agbar group, which is valued at around 3 billion euros.

This group fully controls the company Sorea and owns almost 80% of Companyia d’Aigües de Sabadell (CASSA), 68% of Aigües de Rigat (Igualada) and 49% of Empresa Municipal Aigües de Tarragona (Ematsa). In addition, it owns around 35% of Mina Pública de Terrassa and 31% of Girona SA.

Its profits come not only from the sale of water, which last year it intended to make 7.4% more expensive in Barcelona. They also come from subcontracting services to its subsidiaries. This means that in Barcelona, for example, the cost of water meters for the end user ends up more than tripling the original cost. We are talking about 17 million euros of additional profit per year.

Prosecution strategy

Faced with a business of this size, it is not surprising that Agbar would take to court any initiative aimed at recovering the public management of the water supply, as detailed by the ctxt portal. In Barcelona alone, this multinational and its related entities have filed around forty legal actions. 

Its strategy of bogging down these processes in court to delay or dilute them has even led it to file a lawsuit against a simple agreement between Barcelona City Council and the Metropolitan Area for the exchange of information between institutions.

One of the most notorious cases has to do with the consultation that Barcelona City Council wanted to promote in order to find out the opinion of the citizens on the possible public management of water. Various entities, including Agbar, lodged appeals. Finally, the High Court of Justice of Catalonia (TSJC) suspended the regulation on citizen participation in the part relating to consultations and prevented the initiative from going ahead.

The case that affects the largest number of municipalities is the one that Agbar brought against several councils in the Metropolitan Area of Barcelona. Initially, a ruling by the TSJC in 2016 annulled the concession to Aigües de Barcelona for the water supply in several municipalities in the metropolitan belt, with which the company ensured the service to almost three million inhabitants for 35 years and revenues of 3.5 billion euros. The court saw “grounds for annulment due to defects in the contracting process” when the joint venture in which Agbar participated was set up. However, the Supreme Court overturned this ruling in 2019, considering that the procedure used by the Administration to award the service without a public tender was endorsed by the Public Sector Contracts Act.

Shady practices

As denounced by Eloi Badia, councillor for Climate Emergency and Ecological Transition of Barcelona City Council, Agbar’s shady practices to obtain concessions have led it to be indicted in three macro legal cases (Pokémon, Punica and Petrum), in addition to being expelled in 2017 from water management in Girona after its links with the 3% scheme were demonstrated.

The reports of the latter case found that, for more than two decades, the people of Girona paid more than 1 million euros in overcharges for the water service. In addition, the Tax Agency warned that the company’s directors had charged personal expenses to the company and concluded that Girona SA had charged hundreds of thousands of euros for services not rendered. 

As we explained in the article “Public services, increasingly privatised”, the privatisation of essential services has been advancing relentlessly in Europe since the 1980s. And this is having an unquestionable price for the citizens as a whole. 11Onze agent Jordi Coll points out that this process has meant subjecting the provision of these services “to the logic of market criteria and, therefore, of private profit”.

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In the face of the climate emergency, the economy is tending to decarbonise at a rapid pace. Against a backdrop of rising taxes on polluting industries, a study shows that increasing the share of gold in a diversified investment portfolio reduces its overall carbon footprint without affecting returns.

EU data confirm that Europe experienced its warmest summer ever in 2022 and that global temperatures over the past eight years have been the highest since records began. The pace of global warming urges a drastic reduction in greenhouse gas emissions. This is the only way to avoid the catastrophic consequences associated with climate change.

Given this reality, the process of decarbonising the economy is such an urgent priority that it is conditioning a large part of current political, business and investment decisions. In this regard, a report by the consultancy Urgentem concludes that the inclusion of gold in a diversified investment portfolio “can have a positive impact on portfolio performance from a climate transition perspective”, as it reduces the overall carbon footprint of the portfolio without affecting returns. 

More gold, fewer emissions

The study analysed how diversified investment portfolios with different asset mixes would have performed over five years to determine how the inclusion of gold affects the risk-return profile and the overall carbon footprint.

Their conclusion is that, for example, in a portfolio with 70% equities and 30% bonds, devoting 10% of that portfolio to gold would reduce emissions by 7% while increasing the percentage of gold to 20% would reduce emissions by 17%. Furthermore, there are clear indications that the inclusion of gold in the portfolio improves the risk-return profile.

Although none of the asset mixes analysed would achieve the zero emissions target by 2050, the ones that would come closest would be those that include a higher percentage dedicated to gold. In fact, the only ones that manage to reduce emissions are those that devote at least 20% of their investment to gold.

In terms of the contribution of investment portfolios to the projected global temperature rise up to 2100, gold would also play a very positive role in mitigating its climate impact. The study estimates that devoting half of the portfolio to gold would result in a 40% reduction (more than 1°C) in the warming generated by that portfolio. A portfolio with 70% equities and 30% bonds would generate an increase of 2.96°C, while a portfolio with 45% equities, 5% bonds and 50% gold would only increase it by 1.76°C.

What if emissions taxes were raised?

One of the main policy tools to curb climate change and accelerate the transition to an emission-free economy is the taxation of greenhouse gas emissions. In this respect, analysis of carbon dioxide prices shows that a higher proportion of gold will help reduce the market risk for a portfolio. The more stringent emission reduction policies become, the more desirable it will be to increase the share of gold in the portfolio.

The authors of the study admit that the limited time frame (five years) of the data initially collected and the relative outperformance of gold over this period may have biased expectations of gold returns, but they caution that longer-term analysis also confirms the favourable effect of gold inclusion on the return profile of the portfolio, albeit to a lesser extent.

Moreover, the report’s authors assume that an investor inherits a substantial proportion of the carbon footprint associated with gold mining and production. Their forward-looking analysis, therefore, allows them to assess how much portfolios would be affected by the potential decarbonisation of this precious metal.

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The lack of rain leads to a reduction in the water supply in many municipalities in our territory. These restrictions directly affect agriculture and, consequently, livestock farming. The increase in production costs and the loss of crops due to lack of water have a significant impact on the rise in inflation. Sílvia Garriga, 11Onze agent, explains it to us.

Global warming caused by human activity has exacerbated drought, an endemic problem in Mediterranean countries. A fact that is evident in the state of water reserves in aquifers and reservoirs in our territory. Catalonia has accumulated months of drought and water reserves have fallen to 33%, almost half of last year’s reserves.

Rainfall and water reserves are vital for agricultural production and have a direct impact on the prices we pay for products in the supermarket. This link between drought and inflation is not always obvious. As Garriga points out, “many of us have not been aware of the drought-induced increases in production costs“.

In addition to the rising costs of electricity, fuel, fertilisers, and animal feed, there is the loss of crops due to the lack of water, which leaves the agricultural sector with no profit margin. “If crops are lost due to the lack of water, demand does not decrease, and products have to be imported, which will end up being more expensive for the consumer,” explains Garriga.

More than 500 municipalities with water restrictions

Catalonia is suffering the worst drought since 2008 when water reserves in reservoirs and internal basins fell by up to 20%. Faced with this situation, the Catalan Water Agency (ACA) has been forced to decree a drought alert in several areas of the territory, approving limitations on water consumption in more than 500 municipalities.

In addition to the 301 that were already on alert, more than 100 municipalities in the regions of Alt Penedès, Anoia, Baix Llobregat, Barcelonès, Garraf, Maresme, Selva, Vallès Oriental and Vallès Occidental, which supply the Ter-Llobregat basin, and also those affected by the area of influence of the Darnius-Boadella reservoir, were added on Tuesday.

Although the situation is not expected to worsen so much as to reach exceptionality, at which point reserves fall below 25%, everything will depend on the rainfall that may fall during the remainder of the autumn. The long-term weather forecast maps suggest that, from November to January, there will be more rain than normal on the coast and in the counties of Girona, but less rain than usual in the western Pyrenees.

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The European Union’s plan to ban the sale of new petrol and diesel cars by 2035 is facing resistance on several fronts. Member states, car manufacturers, consumers and industry experts question the feasibility and impact of such a move.

The European Union was scheduled to formally approve the landmark agreement on Tuesday, 7 March. After ratification of the legislation by the European Parliament, it was pending approval by all EU member states, but contrary to forecasts, the initial unanimity is now far from assured. For new legislation to become effective, at least 15 of the 27 countries – representing at least 65% of the EU’s population – have to vote in favour of the legislation.

Germany is the latest country to show its opposition to measures to ban the sale of fossil fuel cars from 1 January 2035. Berlin is calling for technology neutrality so that industry can find zero-emission solutions that are not limited to electrification, for example, insisting that Brussels ensure that synthetic fuels can continue to be used after 2035.

The Teutonic country’s vote is key, but Bulgaria, Slovakia, Hungary, Italy, Poland, Portugal and Romania had also called for a renegotiation of the agreement. Italy disagreed and proposed reducing CO₂ emissions by 90% in 2035, instead of 100%, to give manufacturers more time to adapt to the electric transition. It was also critical of phasing out combustion engines altogether, as it would jeopardise the viability of iconic brands such as Ferrari and Lamborghini.

The Italian parliamentary group in the European Parliament managed to agree on a derogation until the end of 2035 for manufacturers with small annual production volumes – up to 10,000 cars or 22,000 vans – and a total derogation for those with less than 1,000 vehicles registered per year. Even so, these figures would not be sufficient to meet the sales volumes of the brands mentioned above and others, such as Porsche, where their combustion engine is an intrinsic part of the DNA that makes them desirable to consumers.

Electrification cannot and need not be the only solution

Germany’s finance minister, Christian Lindner, was blunt in stating that a total phase-out of the combustion engine in Europe was “a mistake and that the German government would not agree to a ban”, adding that “there will continue to be niches for combustion engines”. Perhaps here, in diversity, lies the key to the solution.

While electrification is a laudable goal, given the massive increase in electric car sales and the expected production volumes, other factors have to be considered and remain unresolved. According to a study by Volvo, the production of an electric car generates 70% more emissions than its internal combustion engine equivalent. Taking into account the sources of current global energy production, an electric car would need to travel more than 100,000 kilometres to achieve parity with a petrol-powered car.

From the manufacture of batteries to their recycling, from the techniques used to extract the rare metals that are used – highly harmful to the environment – to the infrastructure of recharging points, which is insufficient and impractical for the majority of the population who do not live in a house with a garage. If you want clean energy, you have to ask yourself how this energy is produced and whether it is affordable for the consumer.

In addition, the high prices of electric vehicles are compounded by taxation, which in some countries has already put the price of charging an electric vehicle on a par with the price of filling up with petrol or diesel, thus hindering the long-term amortisation of the high purchase price of electric vehicles compared to internal combustion vehicles. A set of challenges to which solutions can be found, provided that we do not assume that electrification is the only option, to the detriment of innovation in other sectors that can ensure that the energy transition, undoubtedly necessary, is inclusive and accessible rather than exclusive and unaffordable.

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Is it possible to stop global warming? For nearly a decade, Project Drawdown has insisted that this is not a utopia if the right measures are taken to stop the build-up of greenhouse gases in the atmosphere.

With greenhouse gas emissions reaching record highs in the past decade, the pace of global warming has intensified. Temperatures are rising at a rate of almost 0.2°C per decade. Worse still, it could rise by a further 1.5°C between 2030 and 2052, according to a UN report.

In this context, the publication in 2017 of the book ‘Drawdown’ generated a huge media echo. With nearly a hundred proposals, it was the most comprehensive plan to reverse global warming to date. The title referred to that desired future moment when the levels of greenhouse gases in the atmosphere stop rising and begin a gradual decline that avoids catastrophic consequences.

The book’s editorial team continued to advance their proposals to reach that “crucial point for life on Earth; a point we must reach as quickly, safely and equitably as possible”, as detailed on their website. In 2020 they published “The Drawdown Report”, which updates their proposals and sets out a series of fundamental reflections on climate balance.

A reference report

Its solutions place particular emphasis on the areas of energy, industry, food, transport and construction, which account for 90% of greenhouse gas emissions. The proposals, which are intended to serve as a starting point for legislators, institutions and individuals, are based on ten key ideas that should guide humanity’s efforts to avert environmental disaster.

1. It is possible to reach the drawdown point by mid-century. Yes, despite the difficulties, it is possible to halt emissions growth, but this requires maximising the climate solutions available today. As the report warns, “available is better than new, and society is ready to start such a transformation today”.
2. A comprehensive system of solutions is needed. There is no single, miracle cure for a problem as complex as the climate crisis. Many of the solutions can be combined and made to feedback on each other for the most significant possible impact. For example, efficient buildings make renewable electricity generation more viable.
3. Solutions rarely have only one climate impact. Many of them can generate employment, improve resilience to climate impacts such as storms and droughts, and provide other environmental benefits such as the preservation of water resources.
4. The savings from climate solutions significantly outweigh the costs. Arguments about the lack of economic viability of climate action are false. The report estimates that net operational savings are four to five times the net implementation costs. And if we take into account the financial value of the associated benefits, such as savings in health services through reduced pollution, and avoided climate damage, such as reduced agricultural losses, the economic case is even stronger.
5. It is essential to promote solutions that reduce or replace the use of fossil fuels. The use of fossil fuels for electricity, transport and heating generates two-thirds of the world’s heat-trapping gas emissions. Hence the importance of this section. Approximately 30% of the solutions proposed in the report calls for a reduction in the use of fossil fuels through increased efficiency and almost another 30% propose alternatives. These measures, which range from boosting solar and wind energy to retrofitting buildings, can provide almost two-thirds of the emission reductions needed to reach the drawdown point.
6. Nature’s carbon sinks must be encouraged. If we want to prevent the water in a bathtub from overflowing, we can turn off the tap, but we can also remove the stopper so that the liquid goes down the drain. A similar thing happens with carbon in nature. Human activities can enhance natural carbon sinks, and many ecosystem-based or agriculture-related climate solutions have the dual benefit of reducing emissions and sequestering carbon.
7. More attention should be paid to some of the most impactful climate solutions. The report warns that beyond onshore wind turbines and industrial-scale photovoltaic plants, progress is needed in areas such as reducing food waste and improving the disposal of chemical refrigerants, which are potent greenhouse gases.
8. Accelerators are needed to drive solutions at the scale, speed and scope required. Some accelerators, such as policy change and capital displacement, are closer to home and have more direct impacts. Others, such as cultural change and political empowerment, are more distant and indirect in their effects.
9. Changes must be made at all levels, from the individual to the global. The climate crisis requires systemic and structural changes in our society. Interventions are needed at the individual, community, organisational, regional, national and global levels to maximise benefits and achieve transformation.
10. Much commitment, collaboration and ingenuity will be needed to reverse the current situation. The report warns that “the path we are on is far more than risky, and it is easy to feel paralysed by that danger”. However, it also stresses that change is possible: “together we can build a bridge from where we are now to the world we want” for generations to come.

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French NGOs are suing BNP Paribas bank for failing to meet its commitments to fight the climate emergency and to demand that it stops investing in fossil fuels. It is the first legal action of its kind against a commercial bank.

Les Amis de la Terre, Notre Affaire à Tous and Oxfam France have filed a lawsuit against BNP Paribas in a Paris court to demand that it honours its climate change commitments and stops investing in fossil fuels. It is the first legal action of its kind against a European commercial bank.

The lawsuit is based on 2017 French legislation, which requires large companies based in France, or international corporations with a significant presence in the country, to establish clear measures to prevent human rights violations and environmental damage.

Activists accuse BNP Paribas of financing fossil fuels and supporting companies that aggressively develop new oil and gas fields and infrastructure, while urging the financial institution to adopt an exit plan from its current portfolio based on hydrocarbon loans and investments.

In a statement released in January, the bank insisted on its commitment to economic sustainability and support for the goal of achieving climate neutrality by 2050. It stresses that, to date, more than half of its financing for energy production is oriented towards low-carbon energies.

Spanish banks are not doing their homework

The International Institute for Law and Environment (IIDMA) has repeatedly warned that major Spanish banks are not fulfilling their obligation to report on the environmental impact of their financial activities, as required by the law on the Commercial Code since 2018.

In the latest report published by the Institute in November 2022, it analyses the degree of compliance of Bankinter, Banco Sabadell, Banco Santander and CaixaBank. Although the IIDMA recognises that progress has been made in terms of transparency, it also warns that the main Spanish banks continue to omit relevant information on the environmental impact of their financial operations.

Specifically, it notes that Spanish banks do not disclose data on greenhouse gas emissions attributable to their financial products, as well as their exposure to climate change-related risks. While banks reaffirm their commitment to decarbonising their customer portfolios, the study points to shortcomings in identifying and reducing their exposure to the most carbon-intensive sectors.

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