decarbonization

By Brendan Montague - The Ecologist, November 12, 2021

The future was supposed to be copitalism: a new global economic paradigm where national governments work together through the United Nations (UN) Conference of the Parties (COP) process to limit emissions and prevent runaway climate breakdown - while leaving capitalism otherwise intact.

The climate conferences have taken place annually for a quarter of a century. The aim is to negotiate global emissions targets that will be translated into national policies. The high-water mark was the Paris Agreement of COP21 when the worlds’ leaders agreed to limit global heating to 1.5C. 

The mechanism agreed was "nationally determined contributions" (NDCs). This means national governments are responsible for submitting commitments to cut emissions to the UN. The COP process is also supposed to include a “ratchet mechanism” where those government commitments are made increasingly ambitious. 

By Elizabeth Perry - Work and Climate Change Report, November 11, 2021

 “Canadian pensions are retiring fossil fuel investments” (Corporate Knights magazine, November 9) strikes a hopeful note about the state of Canada’s pension funds, stating: “Canadian pension portfolio exposures to fossil fuel stocks are down to a 10th of what they were 10 years ago, notwithstanding some controversial private equity investments.” The article summarizes analysis from the Canadian Pensions Dashboard for Responsible Investing, a new project of The Natural Step Canada, Smart Prosperity Institute, and Corporate Knights. That full report is a unique overview of sustainability performance, and employs measures such carbon footprint of the portfolio, presence of net-zero targets, the pay link to Environmental Standards (ESG), support for shareholder environmental resolutions, and more.

Another related Corporate Knights article describes youth-driven campaigns which have challenged pension plans to acknowledge and adjust to climate risk. “How young people are using climate litigation to fight for their future” focuses on youth activism targeting pension funds. It describes a years-long challenge to the Retail Employees Superannuation Trust (REST) in Australia, which ultimately ended in the pension fund settling a lawsuit out of court by acknowledging that “climate change is a material, direct and current financial risk” that could “lead to catastrophic economic and social consequences.” The fund also agreed to be more proactive and “ensure that investment managers take active steps to consider, measure and manage financial risks posed by climate change and other relevant ESG risks.” A second example describes the current activist campaign calling for the Ontario Teachers’ Pension Plan (OTPP) to phase out all current fossil fuel investments by 2025 and completely decarbonize its portfolio by 2030. Retired teachers and high school students have mobilized in Toronto, under the leadership of Shift Action for Pension Wealth and Planet Health (Shift), which is organizing similar campaigns at the ten largest Canadian pension funds. In September 2021, the Ontario Teachers Pension Plan Board announced  “industry-leading targets to reduce portfolio carbon emissions intensity by 45% by 2025 and two-thirds (67%) by 2030, compared to its 2019 baseline. These emission reduction targets cover all the Fund’s real assets, private natural resources, equity and corporate credit holdings across public and private markets, including external managers.” The WCR has more detail here .

Relevant to all pension management: new research published in Nature Energy and summarized in The Guardian with this headline: “Half world’s fossil fuel assets could become worthless by 2036 in net zero transition” .

By Kevin Lindsay (ASLEF), Michael Hogg (RMT), Gary Kelly (TSSA), and Pat Mcllvogue (Unite) - Project for Peace & Justice, November 10, 2021

By staff - Transport Salaried Staffs' Association, November 10, 2021

TSSA, ASLEF, RMT, and Unite unions today united with Jeremy Corbyn and the STUC at COP26 to call on the Scottish Government to invest in Scotland’s Railways in order to fight climate change.

The unions held an event in Websters Theatre to promote their report “A Vision for Scotland’s Railways” which calls for better investment in railway infrastructure and staffing in order to encourage passengers back onto the railway. The report argues that staffed stations are safer at night and more accessible for passengers with disabilities.

Jeremy Corbyn said, “The land taken up by railways compared to roads is utterly minimal… For environmental considerations railways are the right way forward and this document indicates all of that.”

TSSA Organiser Gary Kelly said, “It’s not just the climate which is code red, it’s the railway itself. We're in the middle of a climate catastrophe when rainfall puts the railway at risk and the government's answer is to cut Network Rail staff. We're facing a real Code Red here. The question is what are we going to do about it?

ASLEF Organiser Kevin Lindsey said, “We want to see our vision become the template…. It’s crucial that passengers have an input, whether that’s people representing women, people representing young people or people representing disabled passengers, or just general passengers we want all voices to be heard. It’s so crucial to have a railway for all of Scotland.”

RMT Organiser Mick Hadley said “If we are serious about addressing the concerns about Scotland by giving the most vulnerable people access to trains, we need to give them access to staff - we need station staff to ensure it's safe to use Scotland's trains”

The unions criticised privatisation for failing both ScotRail and the people of Scotland.

Unite the Union Organiser Pat McIlvogue said, “All Abellio are concerned about is the profit, not concerned about the service, not concerned about the people, not concerned about the country. We've got a chance for a change now.”

Chairing the event, STUC General Secretary Roz Foyer said, “The current rail model fails services users and employees. We have a real opportunity when Scottish Government takes over ScotRail in April… There's an absolute need for us to mobilise people to demand that it stays a public service”

The tragic events at Stonehaven show climate change is real - it's here we're living with the effects. We need change. The rail unions are committed to working together to make that change happen.

By Niall Christie - Morning Star, November 10, 2021

Cop26 summit ignores rail, buses, ferries and bicycles and puts its focus on cars and planes instead.

CREATING universal and comprehensive public transport is the only way to effectively cut carbon emissions from travel at home and abroad, unions and campaigners have said during Cop26.

Campaigners and politicians condemned the lack of consideration of rail, bus, ferry and cycle transport during proceedings at the summit today, where the focus was put on cars and planes instead.

Officials and delegates at the gathering in Glasgow made a number of announcements on transport, including on zero-emissions vehicles, so-called green shipping corridors, and on decarbonising air travel.

Tory Transport Secretary Grant Shapps said that travel, including aviation, should be “guilt-free.” He also said that the government did not see flying as “the ultimate evil,” after officials, including Prime Minister Boris Johnson, were condemned for using planes for short journeys during Cop26.

But unions and campaign groups highlighted the need for stronger rail and bus services throughout Britain, and backed public ownership to ensure that services work for all.

Before talks began at the conference hall on the River Clyde, a large demonstration took place in George Square with demands for equal access to transport systems in the summit’s host city.

Delegates at the summit have been given a travel pass which grants free travel on buses, trains and the subway system.

But no integrated travel system exists in Scotland, and the cost of the largely privatised sector has been on the rise in recent years.

Friends of the Earth Scotland transport campaigner Gavin Thomson told the Morning Star that only a radical overhaul of the transport system can deliver a just transition to a greener planet.

“We need to start thinking about transport like we do about health and education: as so important to public life that it’s paid for out of general taxation and free at the point of use,” he said.

“Not just because we drastically need to reduce emissions from transport, but because it is so important to things like education, employment and reducing social isolation.”

Trade union leaders joined the call for focus on public transport, with STUC deputy general secretary Dave Moxham asserting that the free market has no place in the sector.

The alternative is to run our own bus and rail networks, he said, adding that now is the time to act.

A Transport Scotland spokesman said the government “is taking forward a comprehensive suite of measures to promote more sustainable, affordable public transport journeys and deprioritise car use.”

At an event organised by the Peace and Justice Project, rail unions set out their vision for the railways.

Kevin Lindsay, Aslef’s organiser in Scotland, said that rail in Scotland will largely remain privatised even after Scotrail returns to public hands next year.

In a move towards providing a railway for all, he said that everybody under the age of 24 should be given free transport on rail services.

RMT organiser Mick Hogg said he was increasingly concerned about suggested cuts to services, and called for passengers, vulnerable communities and railway infrastructure to be put first.

We Own It director Cat Hobbs said that Britain must bring buses and trains back into public ownership and control.

“We can’t tackle the climate crisis unless we give people a real alternative to cars and planes, instead of just trying to make them greener,” she said.

“We need a decent, affordable, high-quality public transport network that we can all rely on, to make the best use of shared resources.

“The privatisation money-grab of the last 30 years hasn’t served passengers or the planet.”

Former Labour leader Jeremy Corbyn said there must be an increase in rail capacity from north to south, and called for urgent action to protect the future of the railways in Scotland and beyond.

The transfer of Scotrail to public hands must be the beginning of full public ownership of public transport in Britain, he said, adding: “Get the leeches off the railway, get the staff into the trains, and get the public back onto the railway.”

By staff - Unison, November 10, 2021

UNISON adds its voice to concerns that the UK’s own COP president is ignoring ‘just transition’ in the COP26 negotiations.