Equilibrium/Sustainability — Ending the ‘outdated’ tradition of coal on Christmas
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Doling out lumps of coal to “naughty” children on Christmas should be reconsidered amid global efforts to combat climate change, one pediatrician argues in a top medical journal.
Chastising poorly behaved children with lumps of coal — widely available from online retailers — is an “outdated and potentially harmful” tradition, writes Tamsin Holland Brown, along with her daughters Lilac and Marigold, in the Christmas issue of leading British medical journal BMJ.
The trio argue that not only does burning this nonrenewable fossil fuel worsen the climate crisis, but its effects on air quality can harm children’s lungs.
While families might not actually burn these ashen stocking stuffers — which are typically part of a light-hearted household jest — the authors took issue with the values they represent.
“At school, children learn about sustainability and individual responsibility to protect the environment,” the pediatrician and her children wrote.
“It would be good for goodness’ sake if coal was left in the ground,” they added.
The BMJ opinion piece comes just days days after the International Energy Agency issued a report indicating global coal usage has reached an all-time high.
Coal usage is set to surpass 8 billion metric tons for the first time this year, amid the chaos of a worldwide energy crisis, according to the report.
In addition to opposing the distribution of coal, the pediatrician and her daughters also made a case for rewarding “naughtiness,” rather than punishing such behavior.
They pointed to the success of youth climate activist Greta Thunberg at capturing the attention of world leaders “with her impassioned speeches about the climate emergency.”
“Thunberg inspired millions of children to go on school strike and attend climate marches — surely these children deserve to be on the nice, not naughty, list?” the authors wrote.
To replace coal and ease anxiety over the climate crisis, the writers suggest encouraging children to give recycled or “upcycled” gifts, or spend time in nature.
Making such choices, the authors argued, could improve mental and physical health over the holiday season and “make a lifetime of difference.”
Welcome to Equilibrium, we’re Saul Elbein and Sharon Udasin. Today we’ll start with a pivotal deal that aims to conserve nearly a third of global oceans and lands. Then we’ll dive into the details surrounding Europe’s new gas price cap.
Countries sign UN deal for nature
World governments on Sunday agreed to conserve nearly a third of global lands and waters as part of a broader effort to stem the collapse of global plant and animal populations.
The last-minute deal at the United Nations biodiversity conference in Montreal (COP15) comes as approximately 1 million species — an eighth of the total — are threatened with extinction, according to the U.N. Environmental Program (UNEP).
Massive changes: About three-quarters of Earth’s land area (and two-thirds of its oceans) have been “significantly altered” by human activity, with farming and fishing being primary causes of the ongoing threat of extinction, per UNEP.
Peripherally involved: While U.S. representatives were present in an advisory role, the U.S. itself is not a signatory of the underlying Convention on Biological Diversity.
The convention was signed in Rio de Janeiro in the early 1990s, creating a nearly universal global agreement to preserve (and sustainably use) nature.
Then-President Clinton signed the convention in 1993 on behalf of the U.S., but the Senate refused to ratify the document.
Where’s the money? While attention focused on the top-line agreement to protect 30 percent of global lands and waters by 2030, arguments swirled around how to pay for it — and the role of business in making it happen.
Signatories to the COP15 agreement agreed to pay $200 billion per year by 2030 into conservation.
That’s two-thirds of the amount called for this month by the U.N., as we reported.
Last minute controversy: Just $20 billion per year would go to poorer countries by 2025, an amount that is supposed to increase to a minimum of $30 billion by 2030.
This amount — far less than what poorer countries had asked for — led to objections from several African and Latin American states, Reuters reported.
Cutting subsidies: Signatories did agree to cut subsidies that support nature-harming behaviors — like incentives for unsustainable fishing or logging — by $500 billion per year by 2030.
DISCLOSURES FOR NATURE
While the U.S. is not an official signatory to Sunday’s deal, the agreement has serious implications for American corporations doing business in other countries.
The COP15 agreement signals a formal debut for the idea of biodiversity reporting in finance.
It builds on the trend of companies facing calls from governments, investors and customers to report (and decrease) their impacts on biodiversity, as The Wall Street Journal reported.
By the text: The agreement calls on governments to make sure that large transnational corporations and financiers “monitor, assess, and transparently disclose their risks, dependencies and impacts on biodiversity.”
That agreement is part of a broader pattern in which investors are increasingly calling for companies to disclose biodiversity risks in a manner similar to ongoing calls for them to disclose their climate risks, as we reported.
EU nations agree on temporary gas price cap
European Union energy ministers agreed on Monday to set a cap on natural gas prices, a temporary measure aimed at protecting citizens from excessive costs during winter.
The new regulation seeks to curb episodes of excessive gas prices that do not reflect world market conditions, while guaranteeing supply security and financial stability, the European Council announced on Monday.
Safeguarding citizens: “We have succeeded in finding an important agreement that will shield citizens from skyrocketing energy prices,” Jozef Síkela, Czech minister of industry and trade, said in a statement.
“We will set a realistic and effective mechanism, which includes the necessary safeguards that will steer us clear from risks,” added Síkela, whose country holds the EU Council presidency.
What’s the price cap? The price cap will be activated if gas prices exceed 180 euros ($191) per megawatt-hour on the Dutch Title Transfer Facility — a primary European benchmark — for three working days, the EU Council said.
Prices also must be 35 euros ($37) higher than a reference price for liquefied natural gas on global markets in the same period.
When will this begin? The market correction mechanism is set to take effect on Feb. 15, 2023, and will apply for 20 working days once activated, the Council stated.
The price ceiling is much lower than the 275 euro ($282) per megawatt cap proposed last month.
LOOKING TO THE FUTURE
“Europe will be better prepared for the next winter season and for a new round of storage filling, which will be more challenging than it has been this year,” Kadri Simson, EU’s commissioner for energy, said in remarks on Monday.
And looking to the past: The EU Council’s decision comes amid an uncertain winter and intends to “prevent the repetition” of a price surge that occurred this past summer, according to the European Commission.
Natural gas prices reached all-time highs in Europe during the second half of August, when Russian state-run energy company Gazprom shut down its main gas indefinitely.
A wildcard bends: One potential holdout, Germany, ended up voting to support the deal, Reuters reported.
Berlin had raised concerns about the policy’s effect on Europe’s ability to attract gas supplies in a competitive global market.
But officials ultimately agreed to the price cap after other member countries approved separate regulations to speed up renewable energy permitting the same day.
To read the full story, please click here.
Qatar threatens EU amid corruption scandal
A senior Qatari diplomat has warned that the EU’s handling of a recent corruption scandal could “negatively affect” energy security partnerships between the bloc and the gas-rich state, the Financial Times reported.
However, the diplomat told the Times that Qatar was not threatening to cut liquefied natural gas (LNG) supplies to Europe or politicize gas exports.
What’s the scandal? The controversy revolves around allegations that Qatar and Morocco sought to bribe EU officials to influence policy, according to the Times.
Four people were charged in Brussels with corruption, money laundering and involvement in a criminal gang.
The charges were made after police seized nearly 1.5 million euros
($1.6 million) in cash from the homes of one current and one former European Parliament member.
Qatar crackdown: The European Parliament voted in favor of a resolution that called for representatives of Qatari interests to have their security passes suspended, The Wall Street Journal reported.
No decision had been made on banning Qatari representatives as of Sunday, a parliament official said.
The legislative body was reviewing its rules on officials of foreign governments and NGOs.
A tense backdrop: The scandal comes amid ongoing criticism in Europe about Qatar’s hosting of the World Cup and over issues such as labor and LGBTQ rights, the Financial Times reported.
Qatar has denied involvement: The Gulf state’s government slammed the EU for suspending legislative work connected to Qatar but not to Morocco, according to the Times.
Blaming the situation on preconceived prejudices, Doha stressed it was “not the only party named in the investigation” but was exclusively under attack, the Journal reported.
What about energy impacts? Qatar is the world’s largest exporter of LNG and has built a reputation as a reliable supplier, according to the Times.
Its contribution to global gas markets surged after the worldwide energy crisis sparked by Russia’s invasion of Ukraine.
Qatari officials have stressed the state has never abused its role in gas markets for diplomatic gains.
Fierce competition: But Qatar has been selling LNG to China, South Korea and Japan on long-term contracts, the Journal reported.
The Gulf state did agree last month to ship Germany 2 million tons of gas annually for at least 15 years, beginning in 2026.
But while the EU has filled its storage tanks ahead of winter, analysts say procuring gas in the future may become difficult amid surging global competition.
EU takes big steps to cut carbon
Representatives of the European Union on Sunday agreed to reform the bloc’s carbon market to more quickly cut emissions, according to a statement from the European Council.
About 10,000 EU power plants and factories must buy carbon credits to cover their emissions under existing rules, Reuters reported
The new plan slashes the number of carbon pollution permits available in the EU, forcing firms to clean up their operations.
“From 2027 on, it’s crunch time. Everybody needs to reduce emissions by then or will have to pay a lot,” EU Parliament lead negotiator Peter Liese said, according to Reuters.
Tightening standards: Under the new carbon trading system, Europe’s energy and manufacturing industries will have to cut their emissions to 62 percent below their 2005 levels by 2030.
That’s an increase from the 43 percent cuts that were in place before.
The EU will realize these goals by cutting the number of free pollution vouchers (carbon credits) in circulation.
The EU will retire 90 million such credits in 2024 and 27 million in 2026.
Avoiding leakage: To keep cleaner European industries from being outcompeted by cheaper and more fossil-fuel dependent rivals — like the U.S. — the EU will charge a tariff for imported goods, the Financial Times reported.
The tariff is based on the amount of emissions required to produce products like steel, cement and fertilizers.
“There are a lot of concerns coming from our side about how this is going to impact us and our trade relationship,” a US official said last week.
Motor Monday
Long tunnel sparks hot debate, a flight to Hawaii is rocked by clear air and Tesla investors rally at thought of Elon Musk leaving Twitter.
A heated debate over fixing NJ’s biggest traffic jam
A $10.7 billion project to widen an 8.1-mile stretch of the New Jersey Turnpike has become the subject of much local contention, The New York Times reported. While the effort would help open up a “traffic-choked” highway that leads into the Holland Tunnel, opponents argue that this would invite additional congestion, according to the Times.
Eleven airline passengers hurt by invisible hazard
Eleven passengers were seriously injured after a Hawaiian Air flight from Phoenix to Honolulu hit an unexpected patch of severe turbulence, The Associated Press reported. So-called “clear-air turbulence” is the most dangerous form of the phenomenon and one of the hardest to detect, according to the AP.
Tesla stock rallies on prospect CEO will step down at Twitter
Electric vehicle manufacturer Tesla’s stock — which has fallen 56 percent this year — rose briefly on Monday on speculation that chief executive Elon Musk would step down as head of Twitter, as millions of the sites users voted for him to in his Sunday poll, The Wall Street Journal reported. Musk’s public rightward trend has led Democrats to “sour” on the Tesla’s electric cars, the Journal reported last month.
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