Breaking Waves: Ocean News

The radical Stern report showed that a low-carbon future is also good economics. But it seems that capitalism needs a reminder Saving the only planet we have makes good economic sense. There is, after all, no money to be made on a dead Earth. There may be costs involved now, but they are worth paying to protect our children from certain destruction. These propositions seem self-evident now. But two decades ago, mainstream economists had very different ideas. They had proved that the climate crisis would be a mere economic blip, easily absorbed by growing economies and therefore not worth spending money on. In their accounting, they considered ice caps and glaciers functionally worthless, that trees only add to GDP when they are cut down, and that a livable climate shouldn’t even merit a line on a spreadsheet. Fiona Harvey is an environment editor at the Guardian Continue reading...

Critics warn of climate danger as president in Texas claims change will save companies and consumers billions Donald Trump announced his administration is “terminating” Biden-era regulations holding oil and gas companies accountable for large leaks of planet-warming methane during a rally in Lubbock, Texas, on Tuesday evening. Trump said during a campaign rally in Texas that the change would save consumers and energy producers $45bn and unlock 210 million barrels of oil – equivalent to about 10 days of US petroleum consumption. “Tonight, I’m officially terminating Biden’s expensive and unnecessary methane regulations to save consumers and energy producers,” Trump said, lifting what he called “crippling regulations on methane that caused prices to skyrocket” for small oil and gas operators. Continue reading...

The public accounts committee has said the risk to billpayers is ‘extraordinary’ The government’s plan to fund a multibillion-pound nuclear plant at the Sizewell site in Suffolk represents a “terrible deal” for the UK taxpayer over the rest of the century, according to the government’s spending watchdog. MPs on the public accounts committee (PAC) have warned the government that the cost of the Sizewell C nuclear reactor could spiral to almost £48bn, leaving bill payers on the hook to provide an extra £9.8bn to construct the plant before 2040 and a further £12bn over its 60-year operating life. Continue reading...

Emissions from exported oil would not count against carbon budget, insiders say – reasoning likely to draw dismay from climate campaigners The giant Rosebank oilfield can be approved without breaching the UK’s emission targets, according to government insiders, in a boost to those in the cabinet who are pushing for it to be given the go-ahead. The Guardian revealed last week that Miatta Fahnbulleh, the energy secretary, was leaning towards rejecting the project, but her position has put her at loggerheads with cabinet colleagues, including the chancellor, John Healey, who are lobbying for an approval. Continue reading...