ApocaDocuments (4) matching "economic myopia" from this week
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Thu, Sep 2, 2010
from Jeffrey Sachs, in Scientific American:
The Deepening Crisis: When Will We Face the Planet's Environmental Problems?
During the four years of this column, the world's inability to face up to the reality of the growing environmental crisis has become even more palpable. Every major goal that international bodies have established for global environmental policy as of 2010 has been postponed, ignored or defeated. Sadly, this year will quite possibly become the warmest on record, yet another testimony to human-induced environmental catastrophes running out of control.
This was to be the year of biodiversity. In 2002 nations pledged, under the auspices of the United Nations Convention on Biological Diversity, to slow significantly the planetary loss of biodiversity by 2010. This goal was not even remotely achieved. Indeed, it was barely even noticed by Americans: the U.S. signed the convention in 1992 but never ratified it. Ratification fell victim to the uniquely American delusion that virtually all of nature should be subdivided into parcels of private property, within which owners should have their way.... The Senate, true to form, sustained its 18th year of inaction on global warming since ratifying the U.N. Framework Convention on Climate Change in 1992.... Fifth, vested corporate interests have mastered the dark arts of propaganda, and they can use their deep pockets to purchase a sea of deliberate misinformation to deceive the public.
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The free market of corporate politics is my friend! They told me so!
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Thu, Sep 2, 2010
from Mongabay, via DesdemonaDespair:
Morgan Stanley to underwrite coal mining on Borneo
Morgan Stanley, CIMB Securities, and Credit Suisse will underwrite the initial public offering of PT Borneo Lumbung Energi (Borneo Energy), a company that owns Asmin Koalindo Tuhup, a mining company that operates in Central Kalimantan in Indonesia Borneo, reports ANTARA.
The news comes on the same day that India's state-run National Aluminum Co. Ltd (NALCO) said it plans to "buy stakes in Indonesian coal mines to secure supplies for its aluminum project in East Kalimantan," according to Reuters. Nalco said it is seeking to buy 8-10 million metric tons per year of thermal coal, half of which would go towards its Borneo operation and half of which would be shipped abroad.... The Borneo Energy offering may prove controversial for the underwriters, with environmentalists ramping up campaigns around coal production in Borneo. Green groups fear that increased coal production could increase deforestation and pollution on the rainforest island, while boosting greenhouse gas emissions globally. Today, two UK-based organizations published reports on coal mining: Mines and Communities, an activist network, released Dark Materials, a paper which details increased coal use in Asia, while Down To Earth issued a sister report on coal mining in Indonesia. ...
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Thank you for watching over our financial well-being, financial overlords.
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Mon, Aug 30, 2010
from Bloomberg News:
Low prices stoke coal sales, despite pollution concerns
Coal trading is poised to rise to a record high this year as prices at less than half their 2008 peak stoke demand, defying governments' efforts to phase out the most-polluting fossil fuel. The volume of coal derivatives bought and sold around the world may jump as much as 46 percent this year to 2.3 billion metric tons, based on data from exchanges and brokers, according to Guillaume Perret, founder of Perret Associates Ltd. and a former trader at RWE AG, Germany's second-biggest utility.
That would exceed the record 2.2 billion tons traded in 2007.
"It's looking pretty good for coal," Kris Voorspools, director of 70Watt Capital Management, a Luxembourg hedge fund that specializes in trading spreads in energy and carbon markets, said last week. "It's the fuel for the developing world. China and India are using it to grow." ...
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That sucking sound you hear is humanity's last gasp of growth.
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Mon, Aug 30, 2010
from Globe and Mail:
Elevated levels of toxins found in Oil Sands' Athabasca River
A study set to be published on Monday has found elevated levels of mercury, lead and eleven other toxic elements in the oil sands' main fresh water source, the Athabasca River, refuting long-standing government and industry claims that water quality there hasn't been affected by oil sands development.
The author of the study, University of Alberta biological scientist David Schindler, criticized the province and industry for an "absurd" system that obfuscates or fails to discover essential data about the river. "I think they [the findings] are significant enough that they should trigger some interest in a better monitoring program than we have," he said.... The study, to be published in the journal Proceedings of the National Academy of Sciences, found the oil industry "releases" all 13 of the United States' Environmental Protection Agency's so-called priority pollutants, including mercury and lead, into the Athabasca at concentrations that are higher near industry during the summer. In winter, before a melt, only levels of mercury, nickel and thallium were elevated near industry
Overall levels of seven elements - mercury, lead, cadmium, copper, nickel, silver and zinc - exceed those recommended by Alberta or Canada for the protection of aquatic life, it said, concluding the "oil sands industry substantially increases loadings" of toxins into the river. ...
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Good thing that water goes away somewhere!
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