Green Lights June 14: Top stories this week
Don't miss a single story of the best from Callaway Climate Insights.
. . . . Welcome back to Green Lights. Here’s our weekly roundup of the best of Callaway Climate Insights. This week, David Callaway explains why oil jobs and auto-worker jobs are quickly becoming a key battleground in the presidential election, and he spotlights a new investment in the race for energy efficiency. Mark Hulbert looks at research showing funds that engage on climate issues with the companies they own — rather than divest — may be better equipped to force change. Have a wonderful weekend. For more great climate finance journalism, please support us and subscribe.
. . . . In a week during which the world’s most prominent energy regulator forecast that global oil supply would begin to outstrip demand within six years, it might seem strange to see oil lobbyists doubling down against new electric vehicle regulations. But that’s election year politics for you. David Callaway says oil jobs and auto-worker jobs are quickly becoming a key battleground in the presidential election.
. . . . Funds that engage on climate with the companies they own rather than divest have always seemed better equipped to force change, but a new Japanese study seems to confirm that, writes Mark Hulbert. Fund managers who worked directly with the management teams of their holdings saw improved ESG scores compared to those who divested or simply voted against management. But there was one surprising catch. The managers needed to be paid to do it. . . .
. . . . A series of massive water pipeline bursts in Atlanta recently highlighted a major new climate emergency. Our water infrastructures are breaking down just when we need them most. Investors have been piling into water funds and ETFs this year as water shortages combined with infrastructure worries drive prices higher. Now the prospect of more pipeline breakdowns will certainly add to the speculation.
. . . . Jonathan Maxwell, the British investment banker who has grown Sustainable Development Capital LLP from a few hundred million dollars in assets under management to more than $2.5 billion in just four years, said this week that SDCL had sold a 24.9% stake to General Atlantic, the giant growth equity firm which raised $3.5 billion last year for climate investments. David Callaway says the investment underscores SDCL’s growth story and in particular the concept of energy efficiency, which promotes reducing carbon emissions and wasted energy through sustainable solutions inside large buildings.
. . . . Siemens Gamesa has plans to produce a massive 21-MW wind turbine in the near future, according to published reports. Bloomberg, citing unnamed sources, said Siemens is working on what could be the world’s largest offshore turbine by power rating.
. . . . The Environmental Defense Fund plans to invest what could be millions into the study of ways to reflect sunlight back into space, according to reports, entering an area once deemed taboo by climate scientists but now being reconsidered as a last resort — geoengineering.
More greenery . . . .
Long, hot summer: Extreme, long-duration heat wave to sweep across the US (Scripps News)
Outlook unsettled: 5 things to know about weather forecasts and climate change (NPR)
Say goodbye to the good life: Climate change is aiming for your wine, cocoa, coffee, and olive oil (WSJ)
We didn’t see it coming: Bird flu, dairy cows, and climate change (Grist)
Thanks, climate change: Billion-dollar thunderstorms, flooding in Florida (Bloomberg)