Category: Economics

Matters of money

PhD proposal progress

I have come across a lot of exciting material for my PhD project in the last few weeks. Documents like the papal encyclical Laudato Si raise interesting questions about the connections between the faith community’s involvement in the effort against climate change, anti-capitalism, and the moral contemplation of the environment. For instance, there are interesting parallels between this theological interpretation of biodiversity loss and ‘deep’ ecology in which nature is considered valuable for its own sake and not only for human purposes.

Another encouraging development is the universal enthusiasm for the project. I have discussed it with experts in faith and aboriginal communities, people at Massey College, committee members and potential supervisors, people at parties, environmentalists, journalists, and civil servants. People are sometimes skeptical about whether it will prove logistically feasible to talk to so many people and follow the routes of two phantom pipelines, but nobody has argued that the project is not worth trying.

Once the Community Response to the ad hoc committee on divestment’s report has been assembled, my top priority will be the creation of a major new version of my proposal for circulation to committee members and potential supervisors.

We met President Gertler

Amil Davis, Lila Asher, Amanda Harvey-Sanchez, Graham Henry, and Milan Ilnyckyj

After four years of work, the fossil fuel divestment campaign at the University of Toronto met with President Meric Gertler today. He didn’t commit to anything, but the discussion was generally productive and encouraging.

We are working on a Community Response to the divestment committee’s report, with a target of February 25th. We’re expecting President Gertler to make a final decision by the end of March.

U of T ad hoc committee recommends divestment

The presidential committee at the University of Toronto just recommended divestment!

They lay out criteria for excluding stocks based on their climate change impact and “recommend… that the University of Toronto instruct its investment managers to divest immediately” from such holdings.

They specifically identify ConocoPhillips, ExxonMobil, the Peabody Energy Corporation, Arch Coal Inc., Alpha Natural Resources LLC, Cloud Peak Energy, and the Westmoreland Coal Company for divestment.

Look for more information on this in the hours ahead from UofT350.org and Toronto350.org.

Responses to the Paris Agreement

A bit of what I have seen online so far:

My quick take: there is lots to be disappointed about in this agreement. Targets aren’t legally binding. Indeed, the agreement text seems far too aspirational in many places. I can’t help but feel that an international agreement on trade or defence would include more concrete measures for effective implementation. It’s also objectionable that the agreement seeks to prohibit people harmed by climate change from suing those who are causing it for damages.

Even if fully implemented, this text doesn’t do nearly enough to prevent catastrophic climate change. That being said, having an agreement endorsed by so many parties — and which does include mechanisms for increasing ambition over time — makes me a bit more hopeful that this problem can ultimately be resolved.

Alberta’s 2015 climate plan

There’s a mass of news coverage and punditry about Alberta’s newly-announced pre-Paris climate change plan:

To me, this seems like a useful step forward: an acknowledgement that Alberta must act to curb climate pollution and that fossil fuel expansion cannot continue forever.

That said, this is all happening late. We should have stopped expansion decades ago and by this point jurisdictions like Canada with high GDP per capita and very high GHG pollution per capita should be on the downslope of cutting back aggressively.

Keystone XL rejected

From today’s announcement from Barack Obama:

Today, we’re continuing to lead by example. Because ultimately, if we’re going to prevent large parts of this Earth from becoming not only inhospitable but uninhabitable in our lifetimes, we’re going to have to keep some fossil fuels in the ground rather than burn them and release more dangerous pollution into the sky.

As long as I’m President of the United States, America is going to hold ourselves to the same high standards to which we hold the rest of the world. And three weeks from now, I look forward to joining my fellow world leaders in Paris, where we’ve got to come together around an ambitious framework to protect the one planet that we’ve got while we still can.

If we want to prevent the worst effects of climate change before it’s too late, the time to act is now. Not later. Not someday. Right here, right now. And I’m optimistic about what we can accomplish together. I’m optimistic because our own country proves, every day — one step at a time — that not only do we have the power to combat this threat, we can do it while creating new jobs, while growing our economy, while saving money, while helping consumers, and most of all, leaving our kids a cleaner, safer planet at the same time.

This action is a major statement about the need to transition away from fossil fuels and avoid developing them in their most damaging form. It will surely add even more energy to efforts to block other bitumen sands pipelines and otherwise drive the transition to a climate-safe global economy.

Marching again for fossil fuel divestment at U of T

Tomorrow, Toronto350.org and UofT350.org are holding our second march in support of fossil fuel divestment. The one we held back in November 2014 involved about 200 people.

Right now, Toronto’s weather is pretty miserable. After today’s dentist appointment I swung by MEC to get a waterproof silicone cover to protect my backpack (better than my crude black garbage bag cover) and some ‘Darn Tough Vermont’ merino wool socks.

Hopefully, tomorrow’s evening weather will be OK and we will see a strong turnout. The march is timed to coincide with a meeting of the Governing Council, who will hopefully be walking out of Simcoe Hall at the same time as we have people giving speeches there.

Open thread: Trudeau on climate

Now that he has been elected Prime Minister, Justin Trudeau is going to have to make some crucial decisions on climate: how much fossil fuel infrastructure he will allow (including for export); the degree to which he will promote zero-carbon energy; whether he will establish a price on carbon; how he will engage internationally; etc.