The true test of the Paris green Olympics challenge
Plus, China’s wind power growth is leaving Europe in the dust.
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PARIS (Callaway Climate Insights) — Bike lanes everywhere, solar panels on the Seine, an opening ceremony on boats, an experimental air-conditioning system, and an entire process powered by renewables-fed electric generators instead of dirty diesel.
That’s the promise of French officials this summer for the City of Light’s first Olympic games since 1924, when Johnny Weissmuller (Tarzan) won swimming gold.
But Paris’s vow to cut Olympic emissions to half of what they were in London 12 years ago is more than just another test of another international Olympic host’s confidence. It’s the first major test of how an ancient city can transition for coming climate challenges, including searing summer heat.
How Paris performs will determine whether future Olympic games are hosted by other cities or broken up into several locations, as environmental activists have long demanded. Any two-week event with 15 million visitors and 10,000 athletes racing around is bound to be a climate challenge.
In particular, how the plan to cool the city down in July and August with a new system that pumps water underground will be closely watched. Many teams are bringing their own portable A/C systems, just in case. Also, plans to use the Seine River for the Opening Ceremony will be interesting. Originally, officials wanted to have swimming events in the river, which has been closed to public use since 1923 — before the last Olympics — because of pollution.
And all of this must be done against a security backdrop of unprecedented proportions, with Russia and France in a war of words over Ukraine and ISIS now active again.
What’s most at stake, though, is that once the games are over and the cameras are turned off, how will Paris’s plan to refit existing infrastructure vs. build new complexes work as the city shifts to a low-carbon future?
Paris’s success — or failure — to transition for its Olympics spotlight this summer is a sneak peak at what all historical cities will have to undertake in coming years. The stakes are much higher this time around than just who wins the gold.
Don’t forget to contact me directly if you have suggestions or ideas at dcallaway@callawayclimateinsights.com.
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Zeus: Politics, pubs and energy security as UK election nears
. . . . Among London’s historic pubs, none is more politically famous than the Red Lion in Westminster, just a few blocks from Parliament. David Callaway went there this week to remember past political drama and look forward to a general election later this year that will bring the opposition Labour Party to government for the first time since 2010. The chattering among pundits is that Prime Minister Rishi Sunak will call a general election by October, one month before the U.S. presidential election. How the candidates will handle the question of a green transition vs energy security will provide valuable clues about the priority of climate change among voters in Europe and America. . . .
Thursday’s subscriber insights
China’s wind turbines power up
. . . . It pretty much started off with European makers dominating the market for wind turbines. But like so much, China has now risen to dominance in the space, partly because of the huge expansion in renewables on its home turf. How will it shake out? Read more here. . . .
Sobering news: wine regions threatened by warming
. . . . Swedish wine? Finnish wine? Norwegian wine? English wine? Yes, drinkable wines are now being produced in those northern climes. And it’s due to global warming. Which makes it more difficult — with heatwaves and droughts — to make wine in the traditional areas. A new study reveals how bad it could get. Read more here. . . .
One for your calendar
. . . . Speaking of Paris, Stefania di Bartolomeo, founder of Physis Investments in Boston and friend of Callaway Climate Insights, will be hosting a special Paris-style breakfast next month at New York Fintech Week to discuss the impact of AI on sustainable investing.
The event will be from 9 to 11 a.m. Eastern, April 9, and features a panel discussion with Andrew Lee, Head of Sustainable and Impact Investing at UBS and CJ Jaskoll, Head of Investment & Data Technology at Neuberger Berman. Here is the event sign up link with additional information for those of you who are interested. We understand there are still a few spots available. . . .
Editor’s picks: New England set to go coal-free; plus, dodgy emissions data
Two New England coal plants marked for retirement
The Beyond Coal/Beyond Carbon campaigns, championed by the Sierra Club and Bloomberg Philanthropies, announced yesterday that a deal to retire the last of two coal plants in New Hampshire makes New England the second coal-free region in the U.S. New England’s six states will be coal-free by June 1, 2028. The campaigns have successfully secured the retirement of 72% of coal-fired power plants in the U.S. — 381 out of 530 plants. The group’s statement said that “since 2011, Bloomberg Philanthropies has partnered with the Sierra Club to end America’s reliance on coal and transition the country to a more affordable, reliable, and clean energy future through the Beyond Coal campaign. To date, the effort has helped achieve more than 80% percent of all U.S. emissions reductions since 2010.” The coal plants being shuttered are the Merrimack Station in Bow, N.H. and Schiller Station in Portsmouth, N.H. This transition makes New Hampshire the 16th coal-free state in the U.S. and New England as only the second coal-free region in the country, following the Pacific Northwest in 2011.
Undercounting emissions puts UN goals at risk
Are we flying blind when it comes to emissions? The national inventories of emissions supplied to the UN climate convention by most countries aren’t reliable, according to a growing body of research. A report from Yale Environment 360 says the data supplied to the UNFCCC are typically out of date, inconsistent, and incomplete. According to the report, one analyst is quoted as saying the existing patchwork of greenhouse gas inventories is woefully inadequate and rife with measurement errors. A Yale Environment 360 review of UN data found that Qatar, which has the world’s highest per-capita CO₂ emissions, last submitted data only covered emissions up to 2007. The report also notes the UNFCCC web page on reporting rules says: “Without transparency, we are left to act blindly.” But a spokesperson said in an email to Yale Environment 360 that the UNFCCC had no ability to compel countries to submit timely inventories, which are a “non-mandatory requirement.”
Latest findings: New research, studies and projects
Climate policies and money flow
How do climate policies affect the reallocation of international capital? The authors of the study titled Climate Policy and International Capital Reallocation find that the stringency of climate policy in the destination country is significantly and positively associated with an increase in the allocation of portfolio equity and banking investment to that country. From the abstract: “However, it does not show significant effects on the allocation of foreign direct investment and portfolio debt. Our findings are not driven by valuation effects, and we present evidence that suggests diversification, suasion, and uncertainty mitigation as possible underlying mechanisms.” Authors: Marius Fourné, Halle Institute for Economic Research; and Xiang Li, Halle Institute for Economic Research.
More of the latest research:
Words to live by . . . .
“I know a bank where the wild thyme blows, Where oxlips and the nodding violet grows, Quite over-canopied with luscious woodbine, With sweet musk-roses and with eglantine.” — William Shakespeare, “A Midsummer Night’s Dream.”