rain forest
DESCRIPTION
Silicon French Sustainability GroupTRANSCRIPT
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Global Finance Campaign
Bill BarclayGlobal Finance Campaigner
April 12th, 2007Silicon-French Panel
Menlo College
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Climate Change
Are we up to the challenge?
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Up to 11.5° F hotter by 2100
Business as usual is not an
option
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Impacts Assessment
•Species extinctions
•Heat waves
•Water stress
•Sea level rise
•Agriculture disruption
IPCC 2007
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5% of world population25% of global emissions
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80% reduction in GHG by 2050 needed: Will Congress
deliver?
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“Climate change is the most massive case of market failure in human history.”Sir Nicholas Stern, November 2006
“Another decade of business-as-usual carbon emissions will probably make it too late to prevent runaway climate change.”
“We need an immediate moratorium on new coal fired power plants.”
- Dr. Jim Hanson, Chief Climate Scientist, NASA.
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King Coal•Electricity 30%
of CO2 in US
•Coal is dirtiest fossil fuel
•50% of electricity, but
•80% of CO2
•1/3 of global CO2 from coal
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150 new coal power plants
currently proposed in
the US
• 585 million tons of CO2 emissions/year
• More than the energy emissions of 95% of world’s countries
• $125 billion to build
• $50 billion annually in externality costs
• Each major new plant = 1 million new cars
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The Campaign Model
Global Finance Campaign
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• Expose destructive side of brands
• Strengthen “marketplace democracy”
• Make real & significant progress – align corporate policy with environmental values
• Applaud strong corporate leadership
• Motivate laggards by leveraging public opinion and consumer pressure
Markets Activism
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$
Chain of destruction
Exploration
Extraction
TransportRefinement
Consumption
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•Top Funder:
•Logging
•Oil & Gas
•Mining
•Hydro Projects
Follow the Money
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November 13, 2002
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January 26, 2004
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Implementation
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Equator Principles
50 banks =
Led by Citi, ABN Amro, Barclays, & West LB
of global project finance
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Equator Principles
• Based on World Bank Safeguard Policies
• Restricts funding available in critical natural habitats
• No climate policies
• Only applies to project finance, not direct investment or any other extension of credit
• Limited coverage leaves banks exposed.
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Changing Climate
Round two
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TXU: Climate Change Texas Style
• $10 billion project• 11 new coal power plants• 78Mt new CO2 =
* Japan’s entire Kyoto emission reduction* 80% of UK’s KP target* 15 million new cars* BP’s entire GHG
emissions globally• 14% of France’s total GHG emissions
Risky business!
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TXU Buyout
•Largest buyout in history ($32 billion)
•Climate issues front and center of deal
•8 of 11 new coal power plants cancelled
• Increased investment in energy efficiency
• Increased investment in renewable energy
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March 23, 2007
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The Wall Street Seven
No New Coal!
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Investment hierarchy for climate friendly power
1.Put a price on carbon
2.Invest in energy efficiency (Negawatts)
3.Invest in new renewable energy (solar, wind)
4.Invest in new fossil fuel power which meets strict carbon emission standards
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•The probabilities are terrible
•but
•The opportunities are marvelous
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Global Finance Campaign
www.ran.org