THE CARBON WAR

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The Winning of The Carbon War
imperative in terms of climate science, is not going to mean an end to all the
pressure building on them. If they were tempted to hope otherwise, Dutch
citizen activists achieve a world first. They take their government to court,
alleging that the politicians are essentially betraying their duty to the citizens
by agreeing a climate target that falls well short of ensuring a safe future. On
June 26 th , a Dutch court orders the government to cut carbon emissions by
more: 25% within five years.
Environmental campaigners erupt in joy on Twitter. The climate-liability
significance of this landmark ruling is immediately clear, notwithstanding the
prospect of an appeal by the government. International lawyers working with
environment groups will be sharpening pencils and putting on thinking caps,
wondering which corporations and governments might be most vulnerable in
the courts. “The Hague climate change judgement could inspire a global civil
movement”, writes Emma Howard, co-ordinator the Guardian’s divestment
campaign.
The Calderon Commission hands more ammunition to campaigners.
Halting global warming without denting global economic growth is now “within
reach”, the star-chamber of former political leaders and economists argues in
a new report. Indeed, 96% of the cuts needed to abate global-warming danger
are feasible as soon as 2030.
Carbon Tracker adds further ammunition, joining with Client Earth and
others in a letter to the Financial Reporting Council which alleges that fossil
fuel companies are failing in their legal duty to report climate risk.
Meanwhile, in America, Catholics and non-Catholics alike seem to be
listening to the message in the Pope’s encyclical. A major US Protestant denomination,
the Episcopalian Church, votes in Salt Lake City to divest from fossil
fuels. This is a moral issue, the church leaders say.
Other luminaries speak out. The Dalai Lama supports the Pope’s message
during an appearance at the Glastonbury pop festival. Prince Charles gives
a speech in London in which he backs divestment from fossil fuels, and the
Guardian’s “Keep It In The Ground” campaign.
All this is looking ever more likely to be an existential threat to coal. “It
may be too late to save the coal industry from looming financial disaster”, John
Dizard writes in the Financial Times. The biggest US coal miner, Peabody Coal,
is in deep trouble, its shares down 70% this year. Arch Coal bonds are selling
for as little as 14 cents on the dollar.
And so to gas today.