One consequence of global climate change is that it is bringing easier access to the oil and gas reserves of the Arctic. Russia, the USA, Canada, Denmark, and Norway have now signed an agreement about how the region will be divided up between them. This lessens the chances of military conflict - but makes it more likely that this relatively new source of fossil fuels will push CO2 emissions still higher.
A new opinion poll survey (from GfK NOP) shows increasing scepticism about claims of "corporate social responsibility". 62% of people in the UK agree with the statement "companies are only out for themselves." The importance people attach to buying local brands has also increased, with most people (51%) saying they support buying local, up from 39% a year ago. The most ethical shopping brand is seen as being the Co-op, with Body Shop second and M&S third. Tesco came in at number 10.
Is insurance more dependable than altruism? The giant insurance company Swiss Re is planning to offer insurance policies to Asian governments, which would receive emergency financial aid following natural or climate disaster. They would, of course, have to keep up with their premiums, which would not be paid for by the countries principally responsible for climate chaos.
The latest figure for CO2 concentration in the global atmosphere is 387 ppm (parts per million). The rate of increase of concentrations - a more reliable indicator of what is happening to the atmosphere than emissions alone, because it takes account of the planet's ability to absorb CO2 - is rising. During 2007 the level rose by 2.14 ppm, compared to an average between 1970 to 2000 of 1.5 ppm each year. These figures come from the US National Oceanic and Atmospheric Administration. The rapid rate of increase implies that, at the same time as emissions are rising, the ability of forests, oceans, and soils to absorb CO2 is falling.
One of the problems about economic policy in Britain is the dominance of the Treasury and the attitudes of its civil servants. The problem of "the Treasury ethos" has now been acknowledged in an official report, one of a series reviewing the capabilities of different Whitehall departments. Referring to the culture of HMT (Her Majesty's Treasury, as they are keen to call themselves) officials, the report says: "Whilst the strong culture has many positive virtues, some stakeholders and government departments believe that HMT would improve outcomes if it acted with greater humility and in a more open and inclusive way." Humility and openness in the Treasury? Whatever next?! [ The quote is from p21 of "Capability Review of HM Treasury": http://www.hm-treasury.gov.uk/media/F/D/hmt_capabilityreview171207.pdf ]
Nicholas Stern, former chief economist at the World Bank and lead author of the influential Stern Report on the economics of climate change, has now said he wishes he had gone further in his report. The "Financial Times" reported him as telling them: "We underestimated the risks ... we underestimated the damage associated with the temperature increases ... and we underestimated the probabilities of temperature increases."
Miriam Kennet June 2008 from various source compiled by our man in Westminster
