Image by Elena Mozhvilo.
There’s a new trend in the world that’s working against the planet, you know, the one you’re standing on. This new trend, over the past year or so, spells “thumbs down” for planet Earth. It’s a disheartening, and fraught with danger, change in attitude, dismissing commitments, left and right.
A figurative Planet Support Switch has been turned off by several key players. Proof of this agnostic attitude is found in every meeting of nations of the world over the past couple of years. They are turning their noses up on prior commitments. This is a new attitude. And it’s happening as climate change has turned into an ogre of destruction that’s impossible to ignore, featured on nightly news programs with automobiles tumbling as if children’s toys in torrential rivers of city streets (Paiporta).
Meanwhile, COP29, the UN Conference of the Parties on climate change, Nov 11th-22nd, is being held in oil-rich Azerbaijan. Such a strange coincidence: UN climate meetings have become an outgrowth of oil producer largess. After all, they do have spectacular venues, hmm. Gotta wonder what they’ll do to stave off all-time record heat, caused by fossil fuel emissions, Co2? The paradox is devastatingly inescapable.
A key data point exposes the challenge COP29 faces: Annual CO2 released into the atmosphere, 37.4 billion metric tons in 2023 vs. 9 billion metric tons in 1960.
According to Dr. Patrick McGuire, of the University of Reading and National Centre for Atmospheric Science: “The new Global Carbon Budget reveals a disturbing reality – global fossil CO2 emissions continue to climb, reaching 37.4 billion tonnes in 2024. Despite clear evidence of accelerating climate impacts, we’re still moving in the wrong direction. The need for rapid decarbonization has never been more urgent.” (Source: Fossil Fuel Co2 Emissions Increase Again in 2024, University of Reading, November 13, 2024)
Also, of more than passing interest at COP29, according to Victoria Cuming, head of global policy at BloombergNEF: “Donald Trump’s dramatic victory in the US election will drip poison into the climate talks.” (Source: Bloomberg Green Daily: COP29 Climate Money Fight)
The planet is losing key support. Yet, it doesn’t take a climate scientist to figure out the planet has already gone ballistic with (1) rampant wildfires (2) torrential rains (3) massive destructive floods (4) brutal scorching droughts (5) pounding hailstorms (6) frightening thunder/lighting all unprecedented and all on a regular schedule nowadays. There are no more once-in-100-year storms; they’re every other year.
Recent talks on protecting nature at the UN Biodiversity Conference d/d October 21-November 1st in Colombia collapsed when nations could not agree on key goals. This was the 16th meeting of the Conference of the Parties to the UN Convention on Biological Diversity. It was a disaster: “Talks were overshadowed by a lack of progress on implementing the Kunming-Montreal Global Biodiversity Framework, the landmark ‘Paris Agreement for nature’ deal made at COP15 in Montreal in 2022.” (Source: Carbon Brief Nov. 2, 2024) By summit’s end, only 44 out of 196 parties had come up with a new biodiversity plan. This is pitiful.
As for Net Zero prospects to halt global warming, forget it!
At the G20 summit September 9th-10th countries demanded rolling back promises to cut back burning oil, coal, and gas (Source: G20 Countries Turning Backs on Fossil Fuel Pledge, Say Campaigners, The Guardian, Sept. 10, 2024).
“Over the last few months, we’ve seen everyone from major corporations to countries backpedaling on climate commitments made in the recent months and years. Despite growing, urgent evidence that climate change continues to accelerate, this is no real surprise.” (Source: Countries Are Rolling Back Their Climate Commitments, Climatebase, October 7, 2024)
Global corporations from Ford to J.P. Morgan Chase are all rolling back their commitments to climate change, which is all deeply intertwined with what played out ahead of COP29, now playing before bemused Middle Eastern oligarchs.
“Instead of indicating that the money required to green the economy is ready to flow, industry leaders now say their first priority is delivering financial returns for clients—and that means energy-transition investments will only be undertaken if they’re considered profitable,” (Source: Wall Street Wants You to Know Profit Comes Before Net Zero, Bloomberg, September 18, 2024.)
The bankers are pointing their fingers at the politicians and governments, who have been largely unwilling to make significant headway in fighting climate change globally.
Meanwhile, stating the obvious, which cannot be emphasized enough, climate warning signs have never been stronger than this year. Just for starters, a 2–3-foot sea level rise hangs by a cryosphere thread at the Thwaites Glacier in West Antarctica. If it goes down for the count, and there’s reason to think it’ll happen during current generations, all bets are off for 8 of the world’s 10 largest megacities, nestled along coastlines. This is but one of several tipping points at the edge, and tipping. The protagonist is fossil fuels that emit carbon dioxide (CO2) which makes up around 76% of total greenhouse gas emissions, making it the primary greenhouse gas responsible for the majority of climate change impacts.
And it is a fool’s errand that carbon capture/sequester will save the day; it’s too slow too unwieldy too expensive too inefficient takes too long and overwhelmed by the task at hand, sans super-duper-effective technology. “Despite its long history, carbon capture is a problematic technology. A new IEEFA study reviewed the capacity and performance of 13 flagship projects and found that 10 of the 13 failed or underperformed against their designed capacities, mostly by large margins.” (Source: Carbon Capture Has a Long History of Failure, Bulletin of the Atomic Scientists, September 1, 2022)
Losing key support for the planet couldn’t come at a worse time. According to Perilous Times on Planet Earth: 2024 The State of the Climate Report, 25 of 35 planetary vital signs are at record extremes. Two-thirds with record-extremes is viewed by climate scientists as a clear mandate for a planet “on the edge.”
Alas, losing key support because of “concern over profits” is nonsensical and trivial at best, thinking small, not big. A report by Potsdam Institute for Climate Impact Research contradicts that notion and exposes the silliness behind focus on “profit over planet,” to wit: “The analysis of data from 1,500 regions over the past 30 years showed that 30 percent have managed to lower their carbon emissions while continuing to thrive economically.” (Source: Green Growth: 30 percent of regions worldwide achieve economic growth while reducing carbon emissions, Potsdam Institute For Climate Impact Research, Oct. 29, 2024)
Beyond the insanity of profits at the expense of mitigation efforts for the planet, which exposes the underbelly of high-end capitalism, some good news: According to some climate experts, Trump’s re-election and his statements that green energy is a scam, and the likelihood that he withdraws the US from UN Climate agreements might drive a new sense of unity, even building a coalition that actually does something positive to stop fossil fuel emissions to support a parched planet. It’s possible, but here in America Wall Street prefers profits over planet. Umm, honestly, shouldn’t that be reversed?
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