It is reported that the cargo shipments passing through the Northern Sea Route (NSR) reached 30 million tonnes in 2019, achieving a major rise in fossil fuel deliveries from one of the most vulnerable environment globally.
According to Reuters, the Swiss UBS Bank decided to stop providing its support concerning drilling in the Arctic. In fact, the bank will stop funding future offshore oil and gas projects located in Alaska, amid efforts to face climate change.
According to BBC, the Keele University through its initiative, is boosting United Kingdom’s hydrogen revolution a step forward. Specifically, the University’s natural gas supply is being blended with 20% of hydrogen, reducing the CO2 amount that is being produced through heating or cooking.
British oil major BP announced that it will leave three US-based organisations, following a review examining the alignment of their climate-related policies and activities with BP’s positions. This comes as BP unveiled ambition to become a net zero company by 2050, earlier this month.
Jeff Bezos, CEO of Amazon, the largest online retailer in the US and the second largest in the world, will commit $10 billion to fund scientists, activists, nonprofits and other groups fighting to counter the effects of climate change, as announced earlier in February.
Following its two sustainability commitments in 2017, New York-based bank JPMorgan Chase announced additional steps to address climate change and further promote sustainable development. Among others, the bank committed to stop financing coal-fired power plants or oil and gas exploration projects in the Arctic.
JP Morgan economist alerts that climate change will be catastrophic without actions being taken to improve the current situation of the environment, as climate change will severely impact economic growth, shares, health, and how long people live.
A new freshwater charge that was applied this month in order to help the Panama Canal address climate change, will eventually cost the shipping industry up to $370 million a year. This fact marks another hit for the industry, after the coronavirus blow.
The UK Government provided an £1.2 billion fund to develop a state-of-the-art “supercomputer” which will predict severe weather and the impacts of climate change fast and accurately and is said to be the world’s most advanced dedicated to weather and climate.
Heads of state and government will meet on February 20, aiming to reach an agreement on the size and purpose of the next EU budget. The outcome should tell whether Europe is able to finance its transition to carbon neutrality.
