Al Gore famously stated on the threat of climate change “The good news is, we have everything we need now to respond to the challenge of global warming. . . . But we should not wait, we cannot wait, we must not wait.” In the early 2000s, the international community was uncertain on how best to address climate change and ensure the world’s increasing development was sustainable. In 2008, the World Bank launched the “Strategic Framework for Development and Climate change” to jump-start public and private sector action against climate change. Included in these proposals was the issuance of “Green Bonds”, an innovative method of encouraging investment in environmental and sustainable development projects across the globe. Green bonds have …show more content…
In response, the private sector crafted voluntary regulations for issuers known as the Green Bond Principles.
Part III of this Comment will analyze the liabilities of voluntary prescription in the industry. Due to the lack of a definitive verification process, American municipal bonds are particularly vulnerable to investment in unhelpful green projects. New laws and regulations may turn off some investors hoping to cash in on the tax-exempt investment grade bonds. Both issuers and recipients of the bonds will need to decide whether they care more about making green or being green. Part III of this Comment will also outline how investors in green bonds can use class action lawsuits to sue issuers who mislead them or greenwash their projects for non-sustainable purposes.
Part IV of this Comment will recommend definitive solutions for the green bond industry. First, the Securities Exchange Commission Securities and Exchange Commission (“SEC”) and the Environmental Protection Agency (“EPA”) through cooperative action should issue a conclusive definition of what a “green project” is. Secondly, this Comment will recommend the Municipal Securities Rulemaking Board (“MSRB”) increase their disclosure laws for municipal issuers of green bonds. Lastly, allowing class action
Author Lawrence M. Ling is a Project Pull Mentor’s Assistant in the Policy and Government Affairs Team of the San Francisco Public Utilities Commission. He is an undergraduate student at the University of California: Los Angeles who majors in Political Science, and he strongly believes that CleanPowerSF is the best solution to the growing trend of global warming.
The election of 2000 took place during a time that was mostly peaceful, unemployment rates were historically low, but however, there were a record number of terrorist threats (Muhlhausen). Despite all of these headlining topics presidential candidate Al Gore and Vice President Joe Lieberman were far more concerned about global climate change (“Al”). Gore was, and still, is very passionate about this topic (“Al”, 9). He has challenged the two biggest polluters in the world, China and The United States to, “Make the boldest move in climate change.” Figure 5
Texas has been successful in becoming a key leader in the energy market. Nevertheless, implementing market-driven regulations similar to California’s cap-and-trade program could provide additional benefits, especially in view of federal expectations to reduce Texas’s CO2 emissions by about 40 percent. This report provides an overview of California’s current efforts and challenges, especially those associated with its cap-and-trade program. The biggest challenge for Texas to adapt cap-and-trade regulation seems to lie within perception and attitude of its residents. Californian’s enthusiasm and investment is evident in the lawsuits aimed at maintaining stringent standards. Additionally, litigations challenges with the interstate commerce dormant clause in mind could cause costly and cumbersome delays to an
In recent years , there is a colossal upsurge in the number of environmental concerns with climate change being a pivotal one. Although convergent efforts, be it an individual , company or a government, are made to ease this concern. I think government play a vital role in this regard.
This paper will address the institutionalized road blocks in the United States that have prevented successful climate change action for the last twenty-five years. First, the United States government has become increasingly influenced by and connected to private industries. The private industries and the government work together as partners. While this likely has been beneficial in some ways it has kept out innovation, competition and prevented the implementation of successful health and public welfare regulations. Second, the Banking, Energy and Media Industry are linked together to promote consensually agreed to messages. These industries work together to keep fossil fuels as our major energy source. Third, each industry works together in non-profit
The Annapolis city government has aimed to reduce emissions by 75% by the year 2025 as well as achieve carbon neutrality by the year 2050 (Savidge 2010). In order to achieve these goals, the city government has committed to reducing energy usage by 10% in public facilities by 2017 and 15% by 2020 (Savidge 2010). The city government also plans to achieve 25% of their energy from renewable sources as well as providing greener and more energy efficient upgrades to public facilities and city transportation (Savidge 2010). The Annapolis community has aimed to reduce emissions by 50% by the year 2025 as well as achieve carbon neutrality by the year 2050 (Savidge 2010). The community has been and will continue to actively encourage locals to purchase green and renewable energy, use alternative forms of transportation, increase recycling and reduce trash production, and to preform energy efficiency upgrades (Savidge 2010). Such efficiency upgrades could take place in the form of financing home energy improvements, energy efficient mortgages, energy smart schools, or zero interest loans for energy conservation and “green energy projects (Roseland 2012).” Mark Roseland published a paper on sustainability “solutions for citizens and their governments” that outlines the benefits that simple energy efficient upgrades can achieve (Roseland 2012). He states examples where residents can save over $1000 each year on oil, gas, and electric bills while reducing their emissions through local
For example, the government claimed that using Greenhouse Gas Reduction Account funds to subsidize electricity prices would produce 3 Mt in emission reductions. We found no evidence to support this claim and concluded that subsidizing electricity rates is not an acceptable use of these funds. Fortunately, the government is no longer proposing to divert Greenhouse Gas Reduction Account funds in this way.
Briefings on EPA’s Clean Power Plan: How state emission budgets were established, and legal (reasonableness and fairness) issues.
Climate change, a global scale challenge that is most important due to its present and long-term dangers, deserves not only much discussion, but attention as well. In particular, one former president who wanted to fight this challenge head on was Al Gore. When speaking to this challenge, former President Al Gore stated, “It is wrong to use the sky as an open sewer, it is wrong to condemn future generations to a lifetime haunted by continual declines in their standard of living, and give them a world of political disruption and all the chaos that scientists have warned us about” (Carrington 2017). To put it differently, Al Gore is simply implying that climate change is the leading force of great destruction to come. For this reason, Al Gore
The Dow Chemical Company has successfully polluted the environment with no regulations by law enforcement. The chemical company manufactures and sells chemicals and materials that have harmed the environment for many years. Dow Company is well known for its involvement in the deadly creation of “Agent Orange (Katz, 2010).” Dow is so economically powerful, that it is more powerful than the EPA, who is supposed to regulate their harmful activities (Katz, 2010). This has led to no law enforcement criminal prosecution against the
The essay “The Climate emergency” is based on a speech made by Al Gore at Yale University in April 2004 to a room full of students. Al Gore is the former Vice President of the United States under President Bill Clinton. He is also an environmental rights activist. In the beginning of the speech the former vice president shares a story about his trip to a Shoneys Restaurant with his wife Tipper to draw the audience in. (300-301). Once he captures their attention he is able to focus them on his real message.
Climate changes on a daily, weekly, monthly and yearly basis. The purpose of this paper is to discuss government regulation of climate change as well to explain various viewpoints on climate change, and explain and justify, briefly, my viewpoint on the issue of climate change. This paper will also describe command and control regulations versus incentive based regulations, and provide the advantages and disadvantages of each. Lastly this paper will describe which type of regulations I would advocate if I were in the Federal Congress or Administration and why.
The world economy is a very complex system; in the system harmful externalities disrupt capital flows and determine economic productivity. Most notable of these externalities is inadvertent global warming. Spending towards research and regulation of climate change at both the national and international level are very important in determining current and future business trends. Economists and scientists worldwide continuously debate the pros and cons of emissions reduction and what consequences can quickly follow. Though many have different views on the issue, all can agree that the immediate and long term effects of climate change have become an economic matter of paramount importance. The sweeping impact from climate change will have important fiscal, financial, and macroeconomic ramifications that influence global commerce standards.
Al Gore wrote a clear idea about the global climate change, which persuades (pressures/ initiates) every reader of the book what he felt in his thirty years study. Personal I also felt something about climate changes in the world.
Another very common strategy is to sell "credits guaranteed delivery”. This means that the seller (often the fund manager) pay the difference if the proposed Clean Development Mechanism (CDM) underlying does not provide the promised number of credits. This promise, particularly if it is made by a well-capitalized financial institution makes offsets guaranteed more expensive than those that are not guaranteed (Wanner: 2015; Kegley & Blanton: 2016). But as the investment contract provisions are rarely made public, we can ask ourselves about what happened to the project Timarpur Waste Management Company. The Luxembourg government funded this project through its participation in the Asia Pacific Carbon Fund (APCF), up to $ 15 million, managed by the Asian Development Bank (ADB) (UNEP, 2009) . According to the United Nations Framework Convention on Climate Change (UNFCCC), the project should begin issuing credits since April 2009, while the construction of the plant waste in Delhi, India is expected to close only late 2012 (Bond: 2012). For some reason, the fund manager decided to withdraw from the project in May 2010, without our government knows why. No explanation either on the largest database of carbon market data, the Carbon Market Data and even less in the usual sources of funds in question, which supports an evaluation report by one of the departments the Asian Development Bank and confirms the lack of data in transactions, as well as the social and environmental impact