🌱 The Grumpy Optimists #39
Could this be the beginning of the end for fossil fuels? Read on for this week's good news stories.
Happy Monday everyone. 👋
Welcome back to another week. This week we look at what Shell pulling out of the Cambo oil field project means for the future of fossil fuels and whether this will do enough to keep the oil in the ground. We also look at how the London borough of Islington is using community-led bonds to fund green infrastructure.
Before we get stuck in, we want to hear from you! What do you want to see from the Grumpy Optimists? Is there something we should cover, a fantastic company or charity we should look at, or do you want to see more deep dives? Let us know at thegrumpyoptimists@gmail.com.
👀 Articles to read
🛢️ Shell pulls out of Cambo oil project in the North Sea. In a major win for the climate, Shell has withdrawn from the contentious UK oil project. While it's fair to seem excited, experts say it does not mean that the 170 million barrels of oil will stay in the ground forever.
💭 Why does this matter? Not only is keeping oil in the ground a major victory in the face of our warming planet, but the most important part of this story is that there wasn't a strong enough economic case for the project. With fluctuating oil prices, the financial impact of net zero targets, the likelihood of a carbon tax in the future, and the falling cost of renewables, investment in oil projects is no longer a sure way to strike it rich. That's good news for us all.
🗑️ London uses community-led bonds for green projects. The borough of Islington is hoping to raise £1m from the sale of a green bond to invest in green community infrastructure, including EV charging stations and solar panels. Residents can invest as little as £5 with a 1.55% yield over a five-year term. The project is not just about the money, but a way for thousands of locals to buy into and support green projects. Check out the pitch here.
🛫 A milestone in sustainable aviation as United Airlines as the first-ever passenger flight powered by sustainable air fuels takes off. Aviation accounts for 2.5% of global carbon emissions and while it is clear we need to reduce the amount that we travel, using sustainable aviation fuel (SAF) is the only way the industry can reach net zero. SAF won't completely eliminate carbon emissions, but it will make a huge difference.
💷 It pays to cut carbon emissions. Research by Lazard, a financial advisory firm, found that companies who are tackling their carbon emissions have a higher share price relative to earnings, signalling strong investor belief in cutting emissions. Lazard predicts that valuations will become tied to emissions as climate controls grow stronger.
📑 Danish self-professed "Skeptical Environmentalist” Bjorn Lomborg uses climate study results out of context. President of the Thinktank, The Copenhagen Consensus Center, Bjorn Lomborg, is an outspoken critic of policies and investment towards combatting climate change. Bjorn has recently quoted from a paper that "reducing emissions 95% by 2050....would cost 11.9% of gross domestic product, or more than $US11,000 ($15,300) for each American citizen every year”. The authors of the paper, published in Nature Climate Change, have since emphasised that Lomborg "took the results out of context and used them for a purpose [they] explicitly said they were not to be used".
🌱 Grassroots action in Pennsylvania accelerates a movement towards "green amendments" in the US state constitution. The small community of Robinson Township, Pennsylvania, managed to subvert a zoning law that limited local government power to challenge fossil fuel companies on where they could extract gas. They did so using a 1971 constitutional amendment that asserted a right to "clean air, pure water, and to the preservation of the natural, scenic, historic and aesthetic values of the environment". This has now catalysed a strong movement towards using state constitutions to protect the right to a healthy environment, including a similarly successful petition in New York.
🎙️ A podcast to check out
Science communication duo Mitch and Greg first won our nerdy hearts with their YouTube videos where they explain science using visually digestible animations. If you're more of an audio learner, they also have a podcast where they show us "studies are bae" by setting themselves a topic to research online (many of which are environment-related) and sharing their findings with each other - interspersed with hilarious commentary. One episode that you might particularly be able to relate to is their episode exploring eco-anxiety: why it happens and how to cope with it.
That’s all from us this week folks. Send us a mail with any cheeky requests, thoughts, or feedback at thegrumpyoptimists@gmail.com, we’d love to hear from you.
Have a great week,
The Grumpy Optimists 💚