12 Sep 2008 - Following
the recent reports of polar bears swimming
for their lives off Alaska, clear evidence
has emerged in far-eastern
Russia of how vanishing ice in the Arctic
is having a catastrophic effect on walruses.
Until recently scattered
ice was usually present each summer in the
Chukchi Sea, off the north-eastern extremity
of Asia, and walruses were able to rest
on the ice.
But now the ice has
retreated to the deep water zone, leaving
the sea completely free of ice in the summer.
The walruses cannot feed in such deep water
so they are forced on to crowded haulout
areas on beaches on the Chukotka coast.
These coastal haulouts
are extremely crowded, leading to animals
being killed when they stampede over each
other. The extreme concentration of walrus
herds also leads to a shortage of food and
provides ideal conditions for infections
to spread.
Last year more than
1,000 dead walruses were counted by WWF
staff and volunteers on just 350 kilometres
of coastline. The absence of ice in the
vicinity means the seas are also rougher
and as walruses swim further in these stormy
seas to find food some are dying from exhaustion.
+ More
Finance houses back
auctions of carbon permits
15 Sep 2008 - Brussels,
Belgium - Auctioning of emissions allowances
is needed to provide a clear signal for
investors and shareholders looking to secure
future investments in an increasingly carbon-constrained
world, a group of leading financiers told
a virtual - and virtually emission-free
- conference today.
BOS Bank (Poland), CA
Chevreux (France), Climate Change Capital
(UK) and Natixis E&I (France) acknowledge
at a WWF round-table conference that auctioning
permits allocated under the EU Emissions
Trading Scheme - the world’s largest - was
the most effective way to include climate
costs in company balance sheets and have
them into account in investment decisions.
“Auctioning emission
allowances will ensure that the cost of
carbon is recycled into the economy and
not just directed to utility shareholders”,
explains Adrien Assous, Carbon Chief Economist
of Natixis E&I.
Therefore the EU climate
package, currently under discussion, is
a very important step forward in providing
a clear sign post as to where business should
be heading in the future.
Rupert Edwards, managing
director, carbon finance of Climate Change
Capital says: “This autumn, European policy-makers
face a major credibility test on climate
change. Lack of ambition would be the kiss
of death to an exciting new business sector,
undermining the potential for both technological
innovation and long-term employment opportunities
within Europe. The low carbon economy is
in sight, but private investors need strong,
long-term regulatory signals.”
“WWF's discussions with
the financial sector consistently show that
addressing the problem of climate change
is in our economic interests,” said Keith
Allott, WWF UK’s Head of Climate Change.
“Forward-thinking financiers
recognise the risks for failing to take
action and the opportunities that a new,
low-carbon world presents.”
Allot said the EU needed
to recall some basic economics in strengthening
its climate package and providing the regulatory
framework to tackle climate change and direct
future investments.
“For years auctioning
in capital markets and exchanges has been
applied as the economically most suitable
and least distorting allocation process,”
Allott said.
“It makes those activities
transparent and prevents secret agreements
of market participants; it will not only
be in the interest of the world’s climate
but also of the clients and shareholders
of European companies.”
The round table discussion
was hosted by the World Wide Fund for Nature
(WWF) and WWF Climate Savers member Hewlett
Packard, using high-tech video-conferencing
technology.
Notes to the editors:
• Climate Change Capital is a leading investment
banking group and fund management business
specialising in the investment opportunities
created by the low carbon economy. It advises
and invests in companies who recognise that
combating global warming is both a necessity
and an economic opportunity. Its activities,
which also include investment management
and financing emission reductions, aim to
make the world's environment cleaner while
delivering attractive financial returns.
• Natixis E&I is an alternative asset
management firm and a subsidiary of the
investment bank Natixis. The firm manages
the European Carbon Fund and the newly launched
European Kyoto Fund, as well as other funds
specialised in infrastructure and renewable
energy investment.
Keith Allott, Head of the Climate Change
Unit at WWF-UK
Claudia Delpero, Communications Manager
at WWF European Policy Office
