I suppose climate risk could be another product to monetize...however we get there.
CFTCâs groundbreaking climate-change report sounds a bipartisan alarm on costly risks for U.S. financial system
Last Updated: Sept. 11, 2020 at 10:10 a.m. ETFirst Published: Sept. 9, 2020 at 2:34 p.m. ETBy
Rachel Koning Beals
The U.S. financial system, including banks, agricultural and oil interests, as well as regulators and investors, requires a unified front in accounting for climate-change risk, says the first comprehensive government report on such efforts.
Notably, the report released Tuesday by the Commodity Futures Trading Commission and an affiliated panel representing several sectors revives a call for taxing carbon pollution.
The CFTCâs Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee released its findings in Managing Climate Risk in the U.S. Financial System. The panel behind the release voted unanimously 34-0 to adopt the over 190-page report which recommends that 16 financial regulators and other bodies âincorporate climate-related risk into their mandates and develop a strategy for integrating these risks in their work, including into their existing monitoring and oversight functions.â Disjointed rules and goals has been a major gripe from an investing world thatâs increasingly factoring in climate change to decision-making.
Satellite data show 30% drop in air pollution over the major metropolitan areas of the U. S. Northeast. (NASA, April 9, 2020) The average concentration of nitrogen dioxide measured in March of 2015-2019, compared to the average in March 2020, as measured by the Ozone Monitoring Instrument on NASAâs Aura satellite. Nitrogen dioxide, primarily emitted from burning fossil fuels for transportation and generating electricity, can be used as an indicator of changes in human activity, said NASA.
Though variations in weather from year to year cause variations in the monthly averages, March 2020 shows the lowest monthly atmospheric nitrogen dioxide levels of any March during the satellite data record, which spans 2005 to the present.
Some studies have been conducted on a possible correlation of air pollution and the Corona virus(studies:1, 2, 3).
Domesticated animals, including livestock, have shared the
highest number of viruses with humans, with eight times more zoonotic
viruses compared to wild mammalian species. This is likely a result of
our frequent close interactions with these species for centuries.
animals that have increased in abundance and adapted well to
human-dominated environments also share more viruses with people. These
include some rodent, bat and primate species that live among people,
near our homes, and around our farms and crops, making them high-risk
for ongoing transmission of viruses to people.
At the other end of the spectrum are threatened and endangered species. These are animals
whose population declines were connected to hunting, wildlife trade and
decreases in habitat quality. These species were predicted to host
twice as many zoonotic viruses compared to threatened species that had populations decreasing for other reasons.
The Macondo well disaster was most unfortunate. But at least the damage was temporary. It was not a dam. It was not a clear-cut on a steep, wet slope. It was not yet another low-density, asphalt, concrete rich suburub. It is not agricultural monoculture.
Besides, the fish in Gulf of Mexico got a temporary reprieve as oversubscribed fisheries cut back.
The real damage from fossil fuels comes on the consumption side. That is where most of the environmental damage, sickness and death occurs.