Environmental Lending – G Net http://gnet.org/ Fri, 04 Jun 2021 09:30:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://gnet.org/wp-content/uploads/2021/05/default-150x150.png Environmental Lending – G Net http://gnet.org/ 32 32 Private Finance Won’t Decarbonize Our Economies – But The ‘Big Green State’ Can | Daniela Gabor https://gnet.org/private-finance-wont-decarbonize-our-economies-but-the-big-green-state-can-daniela-gabor/ https://gnet.org/private-finance-wont-decarbonize-our-economies-but-the-big-green-state-can-daniela-gabor/#respond Fri, 04 Jun 2021 09:00:00 +0000 https://gnet.org/private-finance-wont-decarbonize-our-economies-but-the-big-green-state-can-daniela-gabor/ The pandemic, we often hear, forces us to rethink the economy. We leave one model behind: the small, austerity-obsessed state that outsources macroeconomic stability work to unelected central banks. Central banks, in turn, have worked to target inflation under a regime of benign neglect for unemployment; it was assumed, meanwhile, that the bond market should […]]]>


The pandemic, we often hear, forces us to rethink the economy. We leave one model behind: the small, austerity-obsessed state that outsources macroeconomic stability work to unelected central banks. Central banks, in turn, have worked to target inflation under a regime of benign neglect for unemployment; it was assumed, meanwhile, that the bond market should and would discipline governments in fiscal correctness.

Now, the Biden administration’s “once-in-a-generation” spending plans suggest a paradigm shift is underway. It puts governments, through fiscal policy (taxation and spending), in the driver’s seat. In this sense, macroeconomics has the potential to become more democratic. But are we celebrating too soon? The great test of paradigm shift, perhaps the fundamental test, is how we proceed to decarbonize our economies.

There are two ways to organize the low carbon transition: by the State itself or by the financial sector. What you might call the “big green state” approach involves massive public investment in green infrastructure and industries. When private finance recently lamented Biden’s infrastructure plans, it opposed a large-state decarbonization path that rejects the rhetoric of public-private partnerships.

Indeed, the “big finance” approach wants the state – through its fiscal and central bank arms – to simply guide the private sector by changing price signals. In this scenario, the state plays a less important role, making carbon expensive by forcing companies to pay to pollute. For example, Germany recently introduced a tax of € 25 (£ 21) per tonne of carbon emissions on petrol, diesel, fuel oil and gas. According to wisdom, higher carbon prices will encourage producers and consumers to switch to green energy. Private finance is there to lend the money that this transition requires.

The numbers behind private green investment seem to add up: there are now $ 30 billion (£ 21 billion) in ESG (environment, social and governance) assets. The green “rush” is expected to accelerate as central banks move to decarbonize their operations and reduce subsidies to carbon-intensive activities. Take the plans of the Bank of England: As part of its new environmental mandate, it argues that the transition to net zero must be largely financed by private finance (as opposed to the state), in a way order that requires central banks to subsidize green and only “escalate” to penalize carbon financiers if, over time, companies do not meet their decarbonization commitments.

The strategy of hugging carbon financiers is at the heart of the Cop26 conference taking place this year in Glasgow. The new private sector job for high-level public employees is green finance. But the world of “green finance” is characterized by injustice and inequality. It reduces democratic government action to higher carbon taxes, which often place the burden of decarbonization on the poor. Public spending should be devoted to “risk reduction” of private infrastructure, in order to close the gap between the charges paid by users of essential public services and the commercial rates of return expected by private investors.

Yet, privatizing public services while increasing carbon taxes on ordinary citizens threatens a political backlash, which will reduce politicians’ appetite for meaningful decarbonization measures. It will also increase pressures to trust global asset managers to set the pace for green investing, even if the “environmental, social and governance” (ESG) rush of financiers is marked by greenwashing: public relations which affix green labels to the Activities. This greenwashing is a characteristic, not a bug, of the great decarbonization carried out by finance. It allows private finance both to take advantage of the green subsidies promised by central banks and to protect the profits of democratic forces that could one day switch from hugging to penalizing carbon financiers.

The big finance approach owes its political appeal to fiscal fundamentalists who point to increases in public debt linked to Covid-19 to argue that the state simply cannot afford to green the economy. Instead, financiers toss billions of ESG investments in front of politicians, tricking them into believing the market will deal with the climate crisis. This validates an unambitious carbon policy, as we see all too clearly in the EU’s sustainable finance initiative, which created a system of green public standards. Four years after its launch, this classification system for “sustainable” activities is now seriously threatened by greenwashing from Member States wishing to include natural gas and other polluting activities in its scope. In turn, European commitments to develop in parallel a system that works to penalize dirty loans have evaporated.

It is easier to give in to vested carbon interests when politicians cannot rely on a plausible green macroeconomic paradigm; instead, they still face threats on a daily basis that central banks affected by inflation will withdraw their protective hand from government bond markets. Indeed, central banks, worried about the inflationary pressures triggered by the reopening of economies, are now fiercely debating the speed at which borrowing costs should be allowed to rise.

Climate activists must be prepared to lead the battle against fiscal fundamentalists with a simple message: government is not a household. It has central banks on its side, and if there’s one macroeconomic lesson the pandemic has taught us, it’s that central banks can do a lot. In high-income countries, central banks bought almost all of the debt issued by governments in 2020. They can and should continue to work closely with governments to accelerate decarbonization. We cannot rely on private finance to get us out of a climate crisis to which it has systematically contributed. We need to take carbon financiers away from accountability, and we do this by ensuring that the democratic state – not investors – leads the way.



Source link

]]>
https://gnet.org/private-finance-wont-decarbonize-our-economies-but-the-big-green-state-can-daniela-gabor/feed/ 0
United relies on the environmental and technical credibility of the supersonic bet https://gnet.org/united-relies-on-the-environmental-and-technical-credibility-of-the-supersonic-bet/ https://gnet.org/united-relies-on-the-environmental-and-technical-credibility-of-the-supersonic-bet/#respond Thu, 03 Jun 2021 11:07:29 +0000 https://gnet.org/united-relies-on-the-environmental-and-technical-credibility-of-the-supersonic-bet/ Purchase and download a copy of this article The last time United Airlines ordered supersonic planes humans had yet to set foot on the moon. More than half a century later, United is once again focused on speed, bucking the most consistent trend in the airline industry over the past 50 years: a desire to […]]]>


Purchase and download a copy of this article

The last time United Airlines ordered supersonic planes humans had yet to set foot on the moon. More than half a century later, United is once again focused on speed, bucking the most consistent trend in the airline industry over the past 50 years: a desire to fly cheaper, not faster.

United and Boom Supersonic have announced a commercial deal for the startup’s 88-passenger airliner, Overture, ready for 2029. The deal is the culmination of a year of talks between United and Boom and would put 15 planes in its fleet – assuming it achieves Federal Aviation Administration Certification – and gives the airline options for 35 more.

Related: Running Out of Money, Aerion’s Supersonic Pursuit Comes to an End

“This is a real plane that we are looking for,” said Mike Leskinen, United’s corporate development manager and architect of the deal. Leskinen informed Air current last week on why United wants a supersonic aircraft and why the airline wants to be the primary operator for the first time since the 777 launched with Boeing in October 1990.

“This is an order, but calling it a firm order is incorrect,” said Leskinen, who notes that the money has changed hands for deposits and that financial protections for United are built into the agreement. “They have to deliver. And we have a number of years to achieve this. We will work closely with them to help them. Boom wants to test the Overture fly in 2026.

Read: Electric and supersonic startups lay their industrial roots

Eight years from the start of service, United brings to Boom its great operational and technical expertise and its credibility. United is one of a group of less than 10 airlines on the planet with the technical and operational know-how to evaluate a new commercial aircraft. Its blue chip status carries enormous weight and has historically acted as a market validator for other airlines.

“This is also such a unique product that we have had the opportunity to review for mainline flights. And so that requires looking a little further, ”said Leskinen, who sees“ zero, zero, zero, absolutely zero ”risk in attaching United to early-stage aircraft manufacturers. “We’re going to make some good smart bets.”

Next post



Source link

]]>
https://gnet.org/united-relies-on-the-environmental-and-technical-credibility-of-the-supersonic-bet/feed/ 0
How to become a socially responsible business in five steps https://gnet.org/how-to-become-a-socially-responsible-business-in-five-steps/ https://gnet.org/how-to-become-a-socially-responsible-business-in-five-steps/#respond Thu, 03 Jun 2021 01:17:48 +0000 https://gnet.org/how-to-become-a-socially-responsible-business-in-five-steps/ A decade or two ago, it doesn’t matter what your political and social views are. Consumers lead their own lives and defend their interests without demanding the same from the companies they support. Over the years, they have realized that companies are making money with them, and they must demand that they take a stand […]]]>


A decade or two ago, it doesn’t matter what your political and social views are. Consumers lead their own lives and defend their interests without demanding the same from the companies they support. Over the years, they have realized that companies are making money with them, and they must demand that they take a stand on some important issues. We’ve seen it over the past year, where people have taken to places of business, demanding that business owners take a stand on a variety of issues – the Black Lives Matter movement, climate change, political injustice and much more.

So where does that leave a small business like yours? You’re afraid of alienating your customers, so you don’t really want to polarize yourself. However, you know how important social responsibility is and you want to use your voice for the good of the community. Taking a stand shouldn’t be polarizing at all. You can support causes that are dear to everyone, such as dropping out of school, poverty and the environment.

1. Build a code of business ethics

More and more companies are realizing the importance of taking care of the environment. This is why it is quickly becoming part of an organization’s overall code of ethics. The code of ethics should reflect your company’s core values, mission, vision and people. Your employees should display the same values ​​when chatting with customers and negotiating with suppliers.

2. Commit to protecting the environment

Every business must do its part in protecting the environment. A simple policy of saving energy at work will greatly contribute to environmental sustainability. One of the best ways to do this is to invest in environmentally friendly choices in your construction and operation processes. Making sure your employees know the steps you are taking to protect the environment will encourage them to do the same.

In the winter, be sure to hire industrial insulation services so the company can check if your heating appliance pipes are insulated enough to withstand the cold. Well-insulated buildings are energy savers. Its employees can use the heating and cooling equipment without management worrying about the high cost of electricity.

3. Talk to your suppliers

You cannot do it alone. To create an effective corporate social responsibility program and policy for your business, you need the help of your suppliers. Make sure your suppliers follow your business ethics, as well as program expectations. Before agreeing to sign the contract, make sure you agree with the suppliers. There is no point in focusing on your social and environmental policies if your suppliers don’t do the same. These types of advocacy are a work in progress.

4. Be aware of giving back

durable

Where do you give your money? What causes are you helping? If you are concerned about climate change, you need to make sure that you are putting money where your mouth is. For example, you should donate to causes focused on sustainability and environmental protection. Support causes important to your business. You can give back to the community by sponsoring events, planting trees, and lending your voice to environmental concerns.

You don’t know the power of a small business owner’s voice until you use it. The idea is to make sure they hear your message loud and clear. This will have a huge impact on how your market perceives your organization.

5. Don’t fool the public

Be fair and honest about your marketing message. Don’t try to deceive the public with deceptive marketing and advertising. From words to deeds. Make sure you stay true to your campaigns. Do what your business tells you to do because the consequence is that the public will start to distrust you. In every business, the most important thing is to earn and maintain the trust of your customers. The moment you lose this, it will be difficult to win it again. So, be careful with the marketing message you want them to believe because you will have to stick with it.

More than ever, businesses must do their part to build community. They must work with governments and other nonprofits to reach the public in the hope of solving some of society’s most pressing problems. Be it poverty, education, the environment, social justice and social media ethics, your voice is as powerful as when you make it heard to people. You cannot deny your brand’s obligation to contribute to the well-being of all.



Source link

]]>
https://gnet.org/how-to-become-a-socially-responsible-business-in-five-steps/feed/ 0
A bold budget vision for the climate https://gnet.org/a-bold-budget-vision-for-the-climate/ https://gnet.org/a-bold-budget-vision-for-the-climate/#respond Tue, 01 Jun 2021 20:30:09 +0000 https://gnet.org/a-bold-budget-vision-for-the-climate/ The federal budget proposed by the Biden administration faces the challenge of climate change with a bold agenda to address it. It provides funds to reduce greenhouse gas emissions, invest in infrastructure and climate resilience, expand climate research and policy development, and partner with the global community to address this common challenge. The budget turns […]]]>


The federal budget proposed by the Biden administration faces the challenge of climate change with a bold agenda to address it. It provides funds to reduce greenhouse gas emissions, invest in infrastructure and climate resilience, expand climate research and policy development, and partner with the global community to address this common challenge. The budget turns climate goals into achievable actions.

It increases climate spending by $ 14 billion to a total of $ 36 billion across nearly every federal agency, investing in resilience and clean energy, improving America’s competitiveness, and working to achieve net zero emissions by 2050. The budget also directs that 40 percent of the benefits of climate spending tackle the disproportionate pollution burdens faced by indigenous and low-income communities and communities of color across our country.

Biden’s budget calls for $ 4 billion for clean energy projects and climate resilience. This includes funding for energy efficient renovations to homes, schools and federal buildings; integrate climate impacts into disaster planning; and increase the resilience of ecosystems and communities to forest fires, floods and drought. These new expenditures include $ 450 million for mitigation, resilience, adaptation and environmental justice projects in the Indian country, which is particularly vulnerable to the impacts of climate change.

An important part of the climate plan is devoted to innovation and science.

It is committing $ 4 billion to a broad portfolio of climate research across multiple agencies to improve understanding of climate change and how to adapt and become more resilient to it. Funding for clean energy and resilience in non-defense agencies would increase to over $ 10 billion, helping to transform our country’s electricity, transportation, buildings and industry sectors to achieve a net zero carbon economy by 2050. Finally, it provides $ 1 billion for new initiatives to seek high-risk, high-return solutions for adaptation, mitigation and resilience in the face of climate change. climate crisis and supports clean energy technologies.

A centerpiece is $ 1.5 billion in new funding for the National Oceanic and Atmospheric Administration to expand its climate observation and forecasting work and provide better data and information to decision makers; support coastal resilience programs to protect communities from the economic and environmental impacts of climate change; and investing in modern infrastructure to enable these essential efforts.

The federal budget also includes $ 300 million in new investments in next generation agriculture and conservation, and supports $ 6.5 billion in loans for additional clean energy, energy storage and transmission projects. in rural communities.

Finally, the budget supports international cooperation on the climate. It will accelerate progress towards the Paris Agreement goals, with $ 1.2 billion for the first US contribution since 2017 to the Green Climate Fund to help developing countries reduce their emissions and improve themselves. adapt to climate change. It also provides an additional $ 1.1 billion for multilateral climate work and to help developing countries adapt to climate disruption, increase clean energy production and reduce landscape emissions.

EPA

The EPA plays an important role in this broad federal strategy, and its 2022 fiscal budget addresses climate change with the urgency demanded by science. The budget increases EPA funding by $ 2 billion, with 90% of the increase – $ 1.8 billion – going to climate crisis programs, which the EPA defines extensively. The EPA’s budget also directs resources to underprivileged communities and increases funding for its environmental justice program by $ 282 million.

The FY2022 budget also increases support for air pollution reduction, including $ 153 million for the EPA’s air and climate programs, and $ 100 million to improve air pollution monitoring. air quality and provide real-time data on air pollution to disadvantaged communities. Funding for science on air issues increases by $ 82 million, including $ 60 million for research on climate change and its impacts.

The budget also adds $ 100 million in grant funding to help states and tribes tackle greenhouse gas emissions, and it provides $ 59 million in targeted airshed grants to reduce pollution in the communities with the most polluted air in the country. It is also providing $ 150 million to reduce diesel emissions that can impose crippling pollution loads on disadvantaged communities near transportation corridors and facilities.

Another element of the EPA’s climate strategy is to improve America’s water infrastructure to ensure the safety, health and resilience of communities in the face of catastrophic events that accompany climate change. Extreme conditions such as flooding, storm damage and fires can overwhelm water systems and leave entire communities without safe drinking water.

The administration deals with water infrastructure with $ 101 billion as part of the US employment plan to remove lead from drinking water systems and to improve and modernize aging drinking water systems, water wastewater and stormwater.

And the EPA budget also provides significant support for water infrastructure, increasing revolving loan funds for the state’s sanitation and drinking water infrastructure by $ 460 million. It includes $ 100 million that can help small, disadvantaged communities fund water systems, tackle lead in drinking water, test for lead in school water, and manage water overflows. ‘sewers.

Harsh weather events can also disrupt and circulate dangerous pollution from around 800 Superfund toxic waste sites that are vulnerable to forest fires and flooding. The EPA’s budget addresses these risks with new $ 300 million in Superfund clean-up funding to start or speed up cleanings at 34 priority sites. Finally, it is adding $ 40 million to funding for brownfields to redevelop old hazardous waste sites.

The EPA budget, like the federal budget, defines the climate challenge broadly and takes bold steps to address it. Congress must support the EPA’s request for funding as well as other federal climate action.

David F. Coursen is a former EPA attorney and member of the Environmental Protection Network, a non-profit organization of EPA alumni that works to protect the agency’s progress toward protecting the air, water, land and climate.



Source link

]]>
https://gnet.org/a-bold-budget-vision-for-the-climate/feed/ 0
Newcastle Port Agreement – Highlights https://gnet.org/newcastle-port-agreement-highlights/ https://gnet.org/newcastle-port-agreement-highlights/#respond Tue, 01 Jun 2021 00:44:15 +0000 https://gnet.org/newcastle-port-agreement-highlights/ In May 2021, NAB announced its role in developing a loan for the Port of Newcastle. This loan aligned funding for Australia’s largest seaport on Australia’s east coast with long-term results that respect the environment and society. Read the full May 4, 2021 announcement here. As the Sustainable Finance Structuring Coordinator, NAB has contributed to […]]]>


In May 2021, NAB announced its role in developing a loan for the Port of Newcastle. This loan aligned funding for Australia’s largest seaport on Australia’s east coast with long-term results that respect the environment and society.

Read the full May 4, 2021 announcement here.

As the Sustainable Finance Structuring Coordinator, NAB has contributed to the development of a sustainability related finance framework and a green finance framework with the Port of Newcastle.

This transaction was widely reported in the national and international media. Due to the complexity of the refinancing arrangement, some reports contain factual inaccuracies.

The NAB is keenly aware of all points of view on how to manage our planet in a safe and sustainable manner. We want to make sure the facts are clearly stated.

NAB is committed to achieving zero net emissions in its funding by 2050.

We are the only Australian bank to have signed up to the United Nations Environment Program Collective Commitment to Climate Action, which provides us with the framework to achieve this.

Key facts about NAB’s role and involvement in the recent Port of Newcastle refinancing

  • NAB was one of 10 lenders involved in this transaction. NAB was not the only lender.
  • The Port of Newcastle is a long-standing customer of NAB. The NAB did not step in to subscribe to Port of Newcastle.
  • NAB’s exposure to the Port of Newcastle has not changed following this recent refinancing.

Key facts about the Port of Newcastle Sustainability Loan (“SLL”) and the Green Loan Structure

  • NAB has not allocated the SLL loan exposure to its portfolio of green bond assets.
  • There was no impact on NAB labeled bonds (which remain compliant with the Climate Bonds Standard / Green Bond Principles). Specifically, SLLs are not included in the NAB Green Bond asset portfolio unless they also meet the relevant criteria for Green Bonds.
  • The frameworks for green financing of SOPs and financing of loans linked to sustainable development are consistent with applicable internationally recognized market standards and are the subject of second part opinions of third-party insurance provider DNV GL.
  • NAB is not one of the lenders in the green loan tranche of the refinance.
  • The Newcastle Port transaction is aligned with NAB’s current lending policies.

Key facts around the modern slavery metric in sustainability lending

  • Federal law is a modern slavery risk management disclosure requirement. It is not prescriptive on how to manage and measure this risk (it asks you to explain what you are doing).
  • There are provisions in the sustainability loan that encourage specific modern slavery risk management practices and allow us to measure PON’s performance for modern slavery risk.
  • Specifically, PON will review all vendors and engage with medium and high risk vendors to resolve any modern slavery issues identified.

Key facts about the role of the Port of Newcastle in the community and its diversity of commerce

  • The Port of Newcastle (PON) supports around 9,000 full-time equivalent jobs nationwide.
  • The port handles 4,400 vessel movements and 164 million tonnes of freight per year. The port handles a variety of international trade, including coal, wheat and other grains, fertilizers, steel, cement, bulk liquids, containers, machinery and alumina.
  • The Port of Newcastle is diversifying its trade while striving to create a secure, sustainable and environmentally and socially responsible future.
  • The Port of Newcastle became the first port in Australia and New Zealand to be EcoPort certified in January 2020, a global environmental and sustainability standard for the port sector.

You can read more here about how the NAB is putting together a team of climate experts to support low carbon transition plans.

David Gall, Group Director of NAB – Corporate & Institutional Banking, explains why bankers’ skills in climate matters are important.

/ Public distribution. This material is from the original organization and may be ad hoc in nature, edited for clarity, style and length. See it in full here.



Source link

]]>
https://gnet.org/newcastle-port-agreement-highlights/feed/ 0
Businesses are talking about sustainability more than ever, but are they preaching it? | News | Eco-business https://gnet.org/businesses-are-talking-about-sustainability-more-than-ever-but-are-they-preaching-it-news-eco-business/ https://gnet.org/businesses-are-talking-about-sustainability-more-than-ever-but-are-they-preaching-it-news-eco-business/#respond Mon, 31 May 2021 03:52:00 +0000 https://gnet.org/businesses-are-talking-about-sustainability-more-than-ever-but-are-they-preaching-it-news-eco-business/ Over the past year or so, there has been an increase in the frequency and volume of corporate sustainability discussions, according to a report by analytics firm GlobalData. All other businesses seem to be using a word that first appeared in the 1980s, entered boardrooms in the 1990s, became mainstream in the 2000s, and grew […]]]>


Over the past year or so, there has been an increase in the frequency and volume of corporate sustainability discussions, according to a report by analytics firm GlobalData.

All other businesses seem to be using a word that first appeared in the 1980s, entered boardrooms in the 1990s, became mainstream in the 2000s, and grew steadily in popularity until the epidemic of Covid-19 virus.

According to GlobalData, the number of times the word “ sustainability ” has been mentioned in annual reports, quarterly reports, earnings transcripts and investor presentations has reached all-time highs in 2020, and nowhere has the word n ‘was as commonly used as in Asia Pacific, where sustainability mentions were up 80% from 2019.

In the study of more than 20,000 companies across geographies and industries, Asian companies used the word “ sustainability ” more than 300,000 times in their business filings in 2020.

“Sustainability in a corporate context has been magnified over the past year, likely in response to the Covid-19 pandemic, and Asia has been the first region to know its impact,” said Oriana Brine, Associate Director, MullenLowe Sustainability, a sustainability communications agency.

Banks are definitely talking about a great game, but for many, talking is as far as it gets.

Oriana Brine, Associate Director, MullenLowe Sustainability

Asian banks talk the most about sustainability, according to GlobalData’s findings, reflecting increasing pressure on financial institutions to disengage from industries that significantly contribute to greenhouse gas emissions and to encourage their businesses. clients and their clients to do the same.

Bank Rakyat Indonesia (BRI), Indonesia’s largest state-owned bank, spoke about sustainability more than any other company in Asia-Pacific between 2016 and 2020.

BIS’s domestic rivals CIMB Niaga and Permata Bank also top the GlobalData whistleblower rankings for sustainability, alongside India’s Yes Bank, Japanese financial giant Sumitomo Mitsui Trust Holdings and Japanese insurer. Tokio Marine.

Japan’s financial giants have come under international pressure to reduce their exposure to carbon loans, with Tokio Marine issuing a climate strategy last year. Indonesian banks are also coming under scrutiny for lending to the coal and deforestation risk sectors, and came second after banks in Singapore in a 2019 WWF study on the sustainability of banks in Asia. from the South East.

Antam, Indonesia’s largest nickel miner, Sumito Metal Mining in Japan, Indonesian construction company Wijaya Karya, and Indonesia’s second-largest cement producer, Indocement, have also hinted at sustainability prolifically, according to GlobalData’s five-year business deposit screening.

Everyone talks?

The talkative nature of sustainable development has been accompanied by a series of commitments from the business world to reduce its environmental and social impact over the past 18 months, such as reducing emissions and switching to zero. This is due to growing consumer expectations and regulatory and policy changes geared towards sustainability in certain sectors, Brine said.

A coalition of global banks pledged to achieve net zero greenhouse gas emissions by 2050 and adopt interim targets much earlier by forming the Net Zero Banking Alliance (NZBA) in April. It is designed to use the power of the financial sector to meet international carbon emission reduction targets under the Paris Agreement.

But sectors such as financial services can raise red flags with so much green talk. “Banks are definitely talking about a great game, but for many, talking is all it takes for now, and there are legitimate concerns about whether the declaration of intentions will have a material impact on results.” , said Brine.

She referred to comments from Tariq Fancy, the outgoing investment director of sustainable investing at BlackRock, who interviewed the credibility of a major banking trend: sustainable finance. “In many cases, it’s cheaper and easier to sell yourself as being green rather than doing the long-term work of actually improving your sustainability profile,” said Fancy.

A criticism of the banking sector is that the implementation of “green” measures focuses on selling financial products, Brine added. The question also arises as to whether the new “sustainable” activities have contributed to the real economy, she said.

“Even where commitments are made, there is woefully insufficient data, tracking and incentives to understand how companies will make the changes necessary to evolve the system,” Brine said. “So while a corporate sustainability strategy is now widely accepted as a ‘must-have’, the impact or depth of implementing many of these strategies is still questionable.”

So far this year, businesses in North America, where climate-conscious President Joe Biden took office in the United States in January, are talking more about sustainability than their European or Asian counterparts, although this could be explained by regional differences in companies. reporting schedules.

Mentions of the word “sustainability” in company records, 2016 to May 2021. Source: GlobalData

Among North American companies, the sectors that mentioned sustainability the most were oil and gas, electricity, mining and foodservice. In Europe, financial services, oil and gas, power, construction and automotive companies are talking about the biggest sustainability game, according to GlobalData research.

These sectors are under considerable pressure to reduce their environmental footprint. A study of companies, released Monday, that report their carbon emissions to CDP, a nonprofit carbon disclosure organization, finds the sectors that have made the most progress in decarbonization are utilities, healthcare and consumer goods.

The most carbon-free sectors

How the emission profiles of different industrial sectors are changing. Public services are leading the way. Emissions from carbon-intensive industries continue to increase. 2DS = 2 degree global warming scenario.

Financial services have also cut emissions, as energy companies, materials companies, IT and real estate continue on a high-carbon trajectory that is not aligned with the Paris agreement on climate change, according to CDP data.

Thanks for reading the end of this story!

We would be grateful if you would consider becoming a member of the EB Circle. This keeps our stories and resources free to all, and it also supports independent journalism dedicated to sustainable development. For a small donation of S $ 60 per year, your help would make such a big difference.

Find out more and join the EB circle



Source link

]]>
https://gnet.org/businesses-are-talking-about-sustainability-more-than-ever-but-are-they-preaching-it-news-eco-business/feed/ 0
Now is the time to retire from Bitcoin https://gnet.org/now-is-the-time-to-retire-from-bitcoin/ https://gnet.org/now-is-the-time-to-retire-from-bitcoin/#respond Fri, 28 May 2021 22:43:23 +0000 https://gnet.org/now-is-the-time-to-retire-from-bitcoin/ The rise in the price of cryptocurrencies has increased the demand for electricity to produce cryptocurrencies, writes the professor. John Quiggin. Two recent developments in financial markets directly oppose the future of the global climate. On the other hand, every financial institution sells carbon-based fuel. On the other hand, we are increasingly embracing one of […]]]>


The rise in the price of cryptocurrencies has increased the demand for electricity to produce cryptocurrencies, writes the professor. John Quiggin.

Two recent developments in financial markets directly oppose the future of the global climate. On the other hand, every financial institution sells carbon-based fuel. On the other hand, we are increasingly embracing one of the most absurd and destructive trends these days: cryptocurrencies: Bitcoin.

First of all, good news. Until very recently, withdrawals from coal mines and coal-fired power plants were symbolically morally carried out by socially-oriented investors who were willing to narrow their investment options rather than profit from the destruction of the environment. It looked like a gesture. After all, social investors Well done. On the other hand, the hardliners who kept the miners and the oil companies in their portfolios lost a lot.

Immerse yourself in the present, divestment is the norm, but the process is usually done in a series of small steps. At this point, almost all financial institutions in the developed market economy have limited their exposure to coal and have strategies in place to end their connection to the steam coal used to generate electricity. (Coal for metallurgy is used in steelmaking and, unlike solar and wind power, is in its early stages of development).

Think for yourself: Cryptocurrency

You’ve heard of Bitcoin and Ethereum, but what about Dogecoin and Halicion? None is fake, at least one is a scam. As AI critical thinker John Turnbull discovered, the world of cryptocurrency is mysterious and prone to hype and deception.

As recent research shows, the key question for financial institutions is “the sadness to income ratio”. Loans or investments in coal are guaranteed to attract hostile attention not only from environmental activists but also from regulators. The future assessment of regulators necessarily rests on the premise that the global commitment to decarbonize the economy will be met.

On the other side of this equation, the risk of investing in coal becoming a “stranded asset” keeps increasing. Most of the global companies (with the notable exception of Glencore) have sold coal assets and suffered significant losses in the process.

As a result, most mines are now owned by marginal managers who are prepared to make sufficient profits in the short term. These companies prove that they do not represent a major credit risk and that financial institutions are reluctant to deal with it.

The result was recently revealed. Parliamentary Inquiry Called by the instigation of pro-coal members George KristensenCoal miners such as White Haven and New Hope complained that it was nearly impossible to get funding from Australian banks. Asian banks were willing to lend to coal, but were postponed for lack of their own backing. Additionally, as Japanese and South Korean lenders participate in the pullout movement, China is increasingly becoming the sole source of financial support for coal.

The aim of the study was to pressure Australian financial institutions to support coal, but this appears to have been counterproductive. Even during the hearing, Macquarie Bank announced a complete coal withdrawal by 2024. Australian Prudential Regulation Authority It explained its exposure to climate risk and warned financial institutions that it must limit its holdings accordingly.

Its importance in blockchain and the current cyber warfare

Digital infrastructure platforms could become the next tool of cyber warfare as trust wanes and tensions between world powers increase.

The progress of the coal withdrawal contrasts with the enthusiastic acceptance of Bitcoin and other cryptocurrencies. Once used to replace existing currencies as a medium of exchange, cryptocurrencies are now only used as speculative assets and only as a means to conduct illegal transactions such as: Ransomware payment.

“Proof of Work” The process by which Bitcoin and other cryptocurrencies are generated “Miner Using specially designed computers and large amounts of power, we compete to solve increasingly sophisticated but devoid of mathematical problems meaning.

A few years ago the power used in mining Bitcoin was calculated. Comparable Meet the aggregate demand of a small country like New Zealand. However, as prices rose, demand for electricity resources increased until abandoned coal-fired power plants were reopened. Even though Bitcoin is mined using renewable electricity, that electricity must be diverted from other uses and depends on coal or gas electricity.

Amid growing concerns about the destruction of the environment by virtual currencies, Green “How To Produce Them.” This kind of past effort has failed but will likely succeed. But there is no time to wait. Financial institutions must withdraw from cryptocurrencies and financial regulators must shut them down. Whenever an environmentally friendly version emerges, it can be considered again.

John Quiggin He is professor of economics at the University of Queensland. His new book, The Economic Consequences of the Pandemic, will be published by Yale University Press at the end of 2021.

Related article



Source link

]]>
https://gnet.org/now-is-the-time-to-retire-from-bitcoin/feed/ 0
Standard Bank Accelerates New Era Change at Board Level https://gnet.org/standard-bank-accelerates-new-era-change-at-board-level/ https://gnet.org/standard-bank-accelerates-new-era-change-at-board-level/#respond Fri, 28 May 2021 04:19:55 +0000 https://gnet.org/standard-bank-accelerates-new-era-change-at-board-level/ Through Dineo Faku 25 min ago Share this article: ShareTweetShareShareShareE-mailShare JOHANNESBURG – In a show of low confidence, 32.37% of Standard Bank shareholders voted against the re-election of group chairman Thulani Gcabashe at the company’s 52nd annual general meeting (AGM). is held practically yesterday. Gcabashe and Standard Bank have come under pressure from activism from […]]]>


Through Dineo Faku 25 min ago

Share this article:

JOHANNESBURG – In a show of low confidence, 32.37% of Standard Bank shareholders voted against the re-election of group chairman Thulani Gcabashe at the company’s 52nd annual general meeting (AGM). is held practically yesterday.

Gcabashe and Standard Bank have come under pressure from activism from shareholders and environmental rights groups who want the group to abandon funding for environmentally damaging projects in Mozambique, Tanzania and Uganda.

One of the groups, Just Share, believed the reasons for the votes against Gcabashe were likely to emerge in the coming months when asset managers released their voting rationale and records.

“It will be interesting to see if this unusually high level of votes against the re-election of a sitting president is in part a reflection of shareholder dissatisfaction with the bank’s management of climate risk,” Just Share said.

At yesterday’s annual general meeting, shareholder organizations and environmental rights advocates raised concerns about the bank’s proposed financing of the East African Crude Oil Pipeline (EACOP ), a 1,445 kilometer pipeline stretching from Tanzania to Uganda.

Campaigners claim that EACOP, if built, threatened the environment, communities, wildlife and the planet. They also highlighted the pipeline’s human rights impacts on affected communities, the intimidation of activists and the impact of the Net Zero by 2050 scenario recently released by the International Energy Agency. on the bank’s fossil fuel financing decisions.

Shareholder activists asked the group about Total’s Liquefied Natural Gas (LNG) project in Mozambique where Standard Bank is one of the banks financing this project as well as the climate competence of Standard Bank’s board of directors.

However, Standard Bank Managing Director Sim Tshabalala said project lenders, including Standard Bank, have ensured that Mozambique’s LNG project adheres to international environmental industry standards, including the Equator Principles.

“The lenders ensured that the project design included technology to minimize greenhouse gas emissions, such as routine zero flaring.

“In our opinion, the role of gas as a transitional fuel was definitely a consideration in the lending decision and cannot be excluded from our responses to this question.

“The Mozambique LNG project is crucial in promoting the switch from coal to gas in power generation,” Tshabalala said.

Gcabashe, who was appointed group chairman at the end of the company’s 2015 AGM and is a seasoned executive having served as chief executive officer of Eskom between 2000 and 2007 and previously chairing the boards of MTNZakhele and of Imperial Holdings.

Gcabashe opened yesterday’s general meeting with a statement confirming that the bank would publish, with its 2021 reporting to shareholders, a climate strategy and short, medium and long-term objectives to reduce its exposure to fossil assets according to an aligned timetable. on the Paris objectives.

This followed last week’s meeting between the bank and co-reporters, including Just Share, of a non-binding shareholders’ resolution linked to climate risk, which the bank declined to file earlier this month. .

“At the meeting, Standard Bank confirmed its intention to publish a climate strategy in accordance with the resolution’s request, and confirmed that it does not oppose the filing of non-binding resolutions by shareholders,” Just said. Share.

[email protected]

ACTIVITY REPORT



Source link

]]>
https://gnet.org/standard-bank-accelerates-new-era-change-at-board-level/feed/ 0
The race for net-zero is on. This is how we can do it https://gnet.org/the-race-for-net-zero-is-on-this-is-how-we-can-do-it/ https://gnet.org/the-race-for-net-zero-is-on-this-is-how-we-can-do-it/#respond Thu, 27 May 2021 07:22:46 +0000 https://gnet.org/the-race-for-net-zero-is-on-this-is-how-we-can-do-it/ Nature can play a fundamental role in achieving net zero, with the capacity to provide one-third of cost-effective solutions to climate change. Securing a net zero sustainable future for land use will require coordinated transformation. There must be a shift towards positive and net zero land use, which will require continued financial support and investments […]]]>


  • Nature can play a fundamental role in achieving net zero, with the capacity to provide one-third of cost-effective solutions to climate change.
  • Securing a net zero sustainable future for land use will require coordinated transformation.
  • There must be a shift towards positive and net zero land use, which will require continued financial support and investments in nature-based solutions.
  • Financial institutions should commit to becoming “ positive for nature ” by 2030, including by reversing the loss of biodiversity associated with investment and lending portfolios.

The world faces converging environmental crises that are inextricably linked: the accelerated destruction of nature and climate change, driven largely by unsustainable production and consumption. Science warns us that if we deviate from the Paris Agreement target of limiting global warming to 1.5 ° C, the world could quickly find itself at a tipping point.

Nature is the foundation of our global economy, generating approximately $ 44 trillion in global economic value. Nature will also play a fundamental role in achieving net zero, with the capacity to provide one-third of cost-effective solutions to climate change.

Meanwhile, cultivated land accounts for 38% of the world’s land surface and agricultural practices are a major contributor to tropical deforestation. Together with forestry and other land use activities, they account for 24% of total global emissions, mainly due to deforestation and agricultural emissions related to livestock, soil and nutrient management. Agriculture alone is the main driver of land use change and deforestation in the tropics, accounting for over 90% of the estimated forest loss over the past two decades.

We know that between 1990 and 2016, the world lost 130 million hectares of forest. Agricultural products such as livestock, palm oil, soybeans, cocoa, rubber, coffee and plantation wood fiber accounted for 26% of the global tree cover loss from 2001 to 2015, replacing 71 , 9 million hectares of forest, an area twice the size of Germany. The 2019 report of the United Nations Intergovernmental Panel on Climate Change on Land Use concluded that protecting and restoring forests and urgently reorganizing the global food system through food change are solutions keys to the escalation of biodiversity, climate and food security crises.

Agriculture, forestry and land use is a unique sector as it provides foodstuffs that feed the earth’s population of around 7.6 billion people, livelihoods for billions of people around the world and constitute an essential resource for sustainable development in many regions. Land use is therefore both a source and sink of CO2 emissions, playing a crucial role in the fight against climate change.

The race to zero

Securing a sustainable net-zero future for land use will be a challenge and will require coordinated transformation. Policymakers, businesses, investors, innovators and citizens all need to come together to trigger this transformation and agree on next steps. With the United Nations Climate Change Conference (COP26) in Glasgow, which is a crucial milestone later this year, the promises and commitments made by governments must be translated into meaningful action, starting today.

Calls for change have also been accompanied by the arrival of initiatives that can accelerate change in the land use sector. One example is the FACT (Forest, Agriculture and Commodity Trade) dialogue launched by the COP26 presidency and supported by the Tropical Forest Alliance (TFA) to accelerate the transition to more sustainable land use practices in order to open up new investment opportunities and jobs.

While the net zero finish line seems a long way off, the good news is we can get there, and in a way that is good for business and promises a resilient future that more than justifies taking action.

– Justin Adams and Gonzalo Muñoz

But even with changes underway, the world must quickly make inroads into all sectors of the global economy. Race to Zero is a global campaign to rally the leadership and support of businesses, cities, regions and investors for a healthy, resilient and zero carbon recovery that prevents future threats, creates decent jobs and unleashes inclusive growth and durable. Winning the race to net zero emissions by 2050 (at the latest) means that we must collectively halve current emissions by 2030 and then again by 2050. There is no time to waste .

To go further, the Race to Zero Breakthroughs offers a set of roadmaps to achieve the Paris Agreement targets of 1.5 ° C in all sectors. For nature-based solutions (NbS) and the land use sector, the ambition is for 20% of the food supply industry to adopt a science target aligned with the Paris Agreement by the latest at COP26, commit to a supply without deforestation. -chains by 2023, adopt a science-based goal of net zero to reverse biodiversity loss and improve regenerative agriculture by 2023.

What Can Businesses Do?

While the net zero finish line seems a long way off, the good news is we can get there, and in a way that is good for business and promises a resilient future that more than justifies taking action. The roadmap’s exponential research is consistent with this, indicating that nature can help us reduce and remove up to 98GT CO2e from the atmosphere as early as 2030. The World Economic Forum’s Nature and Net Zero report, as to He believes that natural climate solutions, including cover crops, can deliver up to 7 Gt of CO2 per year and at a lower cost than other forms of CO2 removal. In most cases, prices are between $ 10 and $ 40 per tonne of CO2 with variations between geographic areas and types of projects.

Image: Report Nature and Net Zero

The world can feel encouraged even in the face of COVID-19; during the pandemic, net zero liabilities practically doubled. Corporate commitments under the Race to Zero campaign alone now cover over 12% of the global economy and $ 9.81 trillion in revenue. We also know that 55% decarbonization of the global food supply chain is sustainable by nature.

To join the movement for a zero-rate, nature-positive economy, companies should integrate the full value of ecosystem services from forests and other natural landscapes into all business decisions by 2025. In addition, companies can also deliver on their commitments to end losses in primary forests and other natural ecosystems such as mangroves, peatlands, grasslands and savannas, so that by 2030, the loss of nature has been canceled.

But breakthroughs cannot happen if we all work in isolation. The challenges of competition and inertia often reduce our ambitions. There must be a shift towards positive and net zero land use, which will require continued financial support and investments in NbS.

Financing nature’s positive race to zero

Facilitating this shift towards net zero land use will require continued financial support and will require a reorientation of negative financial flows. The recently released State of Finance for Nature report indicates that around $ 133 billion a year is currently found in nature, with public funds accounting for 86% and private funding 14%. The report also says investments in NbS are expected to at least triple in real terms by 2030 and quadruple by 2050 if the world is to meet its climate change, biodiversity and land degradation targets.

However, current investments and capital flows can have a negative impact on nature. Countries that produce two-thirds of global agricultural production provided an average of $ 600 billion per year in agricultural financial support from 2014 to 2016. Only 5% of this funding supports any kind of conservation or climate goal, and only 6% support research and technical assistance. Governments should create economic and regulatory incentives to scale up investments that favor nature.

Image: World Resources Institute

Given its critical role in both mitigation and adaptation, it is fundamental that financial institutions commit to becoming ‘nature positive’ by 2030, including by reversing biodiversity loss associated with investment and loan portfolios. Financial institutions should design and deliver innovative financial products that promote climate-smart agroecological practices, and work with governments and donors to design appropriate financial mechanisms for the same purpose, with the aim of reducing half the emissions and reverse the loss of nature by 2030.

Financial alliances such as the Glasgow Financial Alliance for Net Zero, which brings together leading net zero initiatives from across the financial system to accelerate the transition to net zero emissions by 2050 at the latest, and the Net Zero Asset Managers Initiative, will play a decisive role. in realizing these financial and business opportunities. This coordination between financial institutions should promise that 20% of large asset owners, asset managers and banks will engage in investment portfolios without land conversion by 2025.

Five months away from COP26, and as we enter the United Nations Decade for Ecosystem Restoration, we have arrived at a critical moment to avoid a climatic and ecological disruption. Together, the world must move towards a resilient, healthy and carbon-free world. Rather than reaching a tipping point, 2050 could be a world where low-carbon industries are associated with fertile forests and restored land.

The race for positive nature is on.



Source link

]]>
https://gnet.org/the-race-for-net-zero-is-on-this-is-how-we-can-do-it/feed/ 0
Historic Justice Department Appointment: Kristen Clarke Confirmed As First Black Woman To Head Civil Rights Division https://gnet.org/historic-justice-department-appointment-kristen-clarke-confirmed-as-first-black-woman-to-head-civil-rights-division/ https://gnet.org/historic-justice-department-appointment-kristen-clarke-confirmed-as-first-black-woman-to-head-civil-rights-division/#respond Wed, 26 May 2021 15:08:05 +0000 https://gnet.org/historic-justice-department-appointment-kristen-clarke-confirmed-as-first-black-woman-to-head-civil-rights-division/ Kristen Clarke, Assistant Attorney General for Civil Rights, United States Department of Justice By Charlene Crowell (Trice Edney Wire) – In recent years, many people of different races and ethnicities have fought backlashes to hard-earned racial progress. From health disparities exposed in the COVID-19 pandemic, to voting rights, criminal justice, fair housing and more, much […]]]>


Kristen Clarke, Assistant Attorney General for Civil Rights, United States Department of Justice

By Charlene Crowell

(Trice Edney Wire) – In recent years, many people of different races and ethnicities have fought backlashes to hard-earned racial progress. From health disparities exposed in the COVID-19 pandemic, to voting rights, criminal justice, fair housing and more, much of black America has suffered in a way that is reminiscent of Jim Crow and its separate, but never equal, status.

But since a new administration began in January, there have been a series of encouraging signs that regressive and nefarious practices will be challenged in the name of justice. On May 25, the US Senate confirmed Kristen Clarke as the Department of Justice’s Deputy Attorney General for Civil Rights. Never before has a black woman led this division that guides the federal government’s commitment to civil rights for all.

Appointed by President Joe Biden on Jan. 7, his remarks underscored both its importance and its timeliness.

“The Civil Rights Division is the moral center of the Department of Justice. And the core of that fundamental American ideal that we are all created equal and deserve to be treated equally, ”President Biden said. “I am honored that you have accepted the call to return to fulfill the promise made to all Americans.”

Shortly thereafter, a tsunami of support for Clarke’s confirmation revealed nationwide and diverse support for her service. The list of supporters included unions, environmental activists, law enforcement officials, as well as legal colleagues and civil rights leaders.

Perhaps one of the oldest and most poignant expressions is that of the son of the first associate black judge of the United States Supreme Court, John W. Marshall. Written on behalf of his family, the February 9 letter to the leadership of the US Senate established a key historical connection.

“Ms. Clarke is a revolutionary lawyer, like my father, who built her career advancing civil rights and equal justice before the law, and breaking down barriers through her leadership for people of color while improving our nation for everyone, ”wrote Mr. Marshall.

Her letter also shared a revealing example of Ms. Clarke’s groundbreaking work in the area of ​​civil rights. Ms. Clarke successfully used the law as a means to promote equality, as my father did. For example, she successfully represented Taylor Dumpson, who was the target of a hate crime after her election as the first female president of the American University Black Student Body. ”

Likewise, the country’s oldest and largest civil rights organization, the NAACP, informed Senate leadership ahead of the scheduled confirmation hearing of its support for Ms Clarke as well.

On April 12, Derrick Johnson, its President and CEO wrote: “The NAACP believes that Ms. Clarke is uniquely placed to oversee the Civil Rights Division at a time when people of color have suffered devastating damage to their hands. law enforcement. She is the leader we need to ensure that local police services obey civil rights laws and advance public safety by maintaining positive relationships with the communities they serve. Ms. Clarke has pursued cases of police misconduct and has worked to make the criminal justice system fairer for people of color.

“As chair of the Lawyers Committee for Civil Rights Under the Law, Ms. Clarke has been an important partner in working to reduce predatory lending and to fight for fair housing, including campaigns to end Payday loan debt trap and efforts to protect important fair housing and lending rules, noted Nikitra Bailey, an executive vice president of the Center for Responsible Lending. “Ms. Clarke’s experience as a lawyer in the Department of Justice and as the executive director of a major civil rights organization not only qualifies her, but makes her the best candidate for this position. urgently needed.

The vote took place mid-afternoon Tuesday, 51-48 depending on party lines. Senator Susan Collins of Maine was the only Republican to vote for her confirmation. Black women-led and civil rights organizations, including People for the American Way, had fought vehemently for her confirmation alongside the April 21 confirmation of Vanita Gupta as associate attorney general. Gupta is Indo-American.

“These women are ready to make a difference – the change we voted for,” People for the American Way president Ben Jealous wrote in one column. “They represent the type of inclusive multiracial, multi-ethnic society that we are building together – and the commitment of the Biden-Harris administration to building one of the most diverse leadership teams in our country’s history. “The Senate vote comes amid an escalation in hate crimes, visible killings of blacks by police, and attacks on the franchise by state legislatures across the country.

“Kristen is very experienced in dealing with these issues and how to overcome them,” said Dr. Mary Frances Berry, professor of American social thought, history and African studies at the University of Pennsylvania. “With legislation passed in states to implement more voter suppression, she will be at the forefront of finding ways to try to prevent this from happening.”

Clarke’s legal career takes on even more significance when you consider that this Jamaican immigrant daughter grew up in public housing in Brooklyn New York. Although financial resources are limited; the teachings of discipline and hard work from the family were not. Public schools, her college education took her to the prestigious Ivy League.

In 1997, she received her bachelor’s degree from Harvard University. Three years later, in 2000, Clarke received her Juris Doctorate from Columbia University.

Her first job as a new lawyer was as a federal prosecutor in the Department of Justice, working on voting rights, hate crimes and human trafficking. In 2006, she joined the NAACP Legal Defense Fund until New York Attorney General Eric Schneiderman appointed her director of the state’s Office of Civil Rights. In this state role, Clarke has led enforcement actions spanning criminal justice, voting rights, and fair lending. housing discrimination, disability rights, reproductive access and LGBTQ rights.

As recognition for her legal acumen grew, the number of honors she received increased: the 2010 Paul Robeson Distinguished Alumni Award from Columbia Law School; The 40 best under 40s of the National Bar Association in 2011; the 2012 award for best brief for the 2012 Supreme Court term from the National Association of Attorneys General; and the 2015 Rising Stars of the New York Law Journal.

Months later, the August 2016 edition of the American Bar Association (ABA) Journal featured a question-and-answer interview with Clarke. In part, she reflected on her childhood and how it influenced her career aspirations.

“I experienced what it is to be disadvantaged, and I have also known very privileged contexts. I feel a deep sense of responsibility to use the opportunities given to me to help those most in need. We live in a nation divided on the basis of race and class. I have a personal idea of ​​what life is like on both sides of this divide, and I want to understand how we are closing some of these gaps and leveling the playing field. ”

During the April 14 Senate Judiciary Committee hearing on her appointment, Clarke recalled her legal career path and the principles that have guided her work.

“I started my legal career traveling across the country in communities like Tensas Parish, Louisiana and Clarksdale, Mississippi,” Clarke said. “I’ve learned to be a lawyer for a lawyer – to focus on the rule of law and let the facts lead where they can.”

“When I left the DOJ,” she continued, “I carried the words of the late Supreme Court Justice Thurgood Marshall as my guide: ‘Where you see evil or inequality or injustice, speak up, because this is your country. This is your democracy. Do it. Protect it. Pass it on ”. “I have tried to do just that at every stage of my career.”

Clarke will now return to the Department of Justice as the agency is once again focused on fair service to the entire nation. Since the start of this year, a series of actions reflect the agency’s renewed commitment to civil rights. Here are some examples:

• In February and following an FBI investigation, a Michigan man was charged with hate crimes after confronting black teens with racist slurs and guns for using a public beach.

• In March, two former Louisiana correctional officers were convicted for their role in a cover-up of the death of a prisoner in 2014 in the parish of the state of St. Bernard, following the lack of medical care during their stay. incarceration.

• In April, the DOJ and the city of West Monroe, Louisiana reached a consent agreement following a lawsuit alleging a violation of voting rights law. Although nearly a third of the city is black, the general election of the city aldermen resulted in all local officials being white. With the consent decree, the method of selecting aldermen will shift to a combination of single district representatives and other elected officials at large.

• On May 7, the DOJ issued a three-count indictment against four Minneapolis police officers for federal civil rights charges in the death of George Floyd. Additionally, former convicted officer Derek Chauvin faces another two-count indictment for his actions in 2017 against a 14-year-old. The indictment accuses Chauvin of keeping his knee on the teenager’s neck and upper back, as well as using a flashlight as a weapon.

In addition, the DOJ is currently investigating police practices in Louisville and Minneapolis. Readers may recall that Breonna Taylor was killed in her Louisville home during a late night police entry with an arrest warrant.

“Our nation is a healthier place when we respect the rights of all communities,” Ms. Clarke said in her confirmation hearing remarks. “In every role I have held, I have worked with and for people from all walks of life… I listened attentively to all facets of the debates, regardless of their political affiliation. There is no substitute for listening and learning in this job, and I promise you that I will bring that to this role.



Source link

]]>
https://gnet.org/historic-justice-department-appointment-kristen-clarke-confirmed-as-first-black-woman-to-head-civil-rights-division/feed/ 0