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Javier E

Amsterdam mayor considers closing red-light district | World news | The Guardian - 0 views

  • “For a long time, there was a sentiment of sailors around the red-light district who, after months of sailing, go to a ‘stout’ Dutch woman. The situation now is that predominantly foreign women, of whom we do not know how they ended up here, are laughed at and photographed.”
  • “Trafficking in human beings takes place in the most beautiful and oldest part of our city,” she added. “Over the course of a few hundred years, situations have arisen that are not acceptable.”
  • Halsema said the women behind the red-light district’s 330 windows had become just another tourist attraction for people visiting Amsterdam.
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  • “They are laughed at, often called names and photographed against their will,” she said. “In addition, human trafficking, fraud and money laundering must be reduced, and thirdly, I want less inconvenience for residents and entrepreneurs. It must be quieter, cleaner and more livable there than now.”
anonymous

Amsterdam to hold practice terror attack on November 8 and 9 - DutchNews.nl - 0 views

  • Amsterdammers, particularly in the south and east of the city, are being warned about city council plans to stage a major terrorist attack rehearsal on November 8 and 9.
  • The rehearsal will involve all the emergency services plus specialist army units and will be ‘visible and audible’ to locals, the city council warned in a letter to locals.
  • The national threat level in the Netherlands and the capital has been at ‘substantial’ since March 2013 but there are no indications that an attack in Amsterdam is imminent, officials say.
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  • The Netherlands has so far avoided the sort of attacks witnessed in other European countries, although several people have been jailed for plotting to take part in terrorism.
Javier E

Opinion | Amsterdam shows why the U.S. criminal justice system is a failure - The Washi... - 0 views

  • In the Netherlands, there are roughly 2.6 guns for every 100 people; there are more than 120 guns per 100 people in the United States.
  • “21% of state and 20% of federal prisoners said they possessed a gun during their offense.
  • In the Netherlands there are about 27 gun homicides a year. Not 27 per 100,000. Total
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  • 48,830 people died from gun-related injuries in 2021. (The U.S. population is about 20 times that of the Netherlands; U.S. gun homicides are more than 1,777 times the number in the Netherlands.)
  • “Since 2014, 23 prisons have been shut, turning into temporary asylum centres, housing and hotels. … The number of prison sentences imposed fell from 42,000 in 2008 to 31,000 in 2018 — along with a two-thirds drop in jail terms for young offenders
  • Registered crimes plummeted by 40% in the same period, to 785,000 in 2018.”
  • in the United States, “Drug offenses still account for the incarceration of over 350,000 people
  • possession arrests each year, many of which lead to prison sentences.”
  • the United States has 163 times the number of incarcerated people as the Netherlands, more than eight times as many per 100,000 people.
  • “The United States spends nearly $300 billion annually to police communities and incarcerate 2.2 million people.”
  • “The societal costs of incarceration — lost earnings, adverse health effects, and the damage to the families of the incarcerated — are estimated at up to three times the direct costs, bringing the total burden of our criminal justice system to $1.2 trillion.”
  • These two very different systems didn’t just happen. Each country made choices.
  • In real terms, the U.S. criminal justice system and ubiquitous guns require an industry — ambulances, emergency room personnel, police, courts, judges, prisons, lawyers, private security and more — that the Dutch system does not
  • As I walked down the streets of Amsterdam, I imagined what we could have bought with the money we spend on the criminal justice system: universal college education, universal medical care, a strong social safety net.
  • The human cost of crime in America — a family driven into poverty because a breadwinner is murdered, a child permanently disabled from a gunshot, children terrorized in schools — is astronomically higher than in the Netherlands.
  • there is the opportunity cost in the United States — the murdered child who doesn’t grow up to invent the next cancer cure, the school that is forced to use resources on lockdown drills and grief counselors rather than reading teachers
  • We are very good at feeding a criminal justice system; we’re not so adept at eliminating crime
  • Understand, then, that we have our current criminal justice system because we have fetishized guns, criminalized addiction, neglected mental and emotional health, and resisted addressing social factors driving crime.
  • We could do it differently. We simply don’t want to
Javier E

Why are younger voters flocking to the far right in parts of Europe? | The far right | ... - 0 views

  • Several factors may explain the phenomenon, analysts say. “We really should be careful about assuming a cultural or ideological alignment between young voters and the far right,”
  • “We know in many countries young people are more pro-immigration than older voters. They have not become xenophobic. But their lives are more precarious. These are often votes for what in this Dutch election was called ‘livelihood security’.”
  • The Dutch word bestaanszekerheid translates roughly as an existence with a sufficient and predictable income, a satisfactory home, adequate access to education and healthcare, and a cushion against unexpected eventualities.
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  • In the Netherlands, the PVV surged to become the largest party among 18- to 34-year-olds, winning 17% of their vote against 7% previously. In Sweden’s 2022 ballot, 22% of the 18-21 cohort voted for the far-right Sweden Democrats, against 12% in 2018.
  • “I am not a racist because I voted for Wilders. It frustrates me that migrants receive more help from the government than Dutch people – but I’m not against Islam; I don’t want mosques closed. I just think we need to control immigration better.”
  • Koen, 19, a student in Amsterdam, echoed that view. “I still live with my parents – I can’t afford a room in Amsterdam,” he said. “I have to commute every day. Wilders wants to give housing to people who are from here – I don’t think that’s strange.”
  • Far-right parties are not the preferred option – or even second choice – for younger voters everywhere in Europe, analysts caution. The trend appears strongest in countries such as Austria, Germany, the Netherlands, Sweden and Denmark
  • In Spain, the ultra-conservative Vox party’s share of the under-35 vote soared from 22% in April 2019 to a record 34% that November, echoing its rollercoaster performance with the electorate as a whole. It fell back in July this year but still stands at 27%.
  • Issues such as housing, overcrowded classes and struggling hospitals were key to the youth vote, De Vries said. “Wilders may want ‘Dutch people first’ but he promises to fix these things,” she said. “The government parties imposed austerity.”
  • Zerka also identified economic insecurity as the most significant factor. “Young voters haven’t moved rightwards on migration, abortion, minority rights,” he said. “Far-right parties have convinced them that they offer a credible economic alternative.”
  • Other factors include some far-right parties “managing to position themselves as a ‘cool’ electoral option”, Zerka said. “They are increasingly offering younger voters equally young, often charismatic politicians – people who speak their language.”
  • Zerka also cites far-right parties’ social media skills: Spain’s Vox has a particularly slick operation, and Sławomir Mentzen, the 37-year-old leader of Poland’s ultra-liberal far-right Konfederacja (Confederation) party, has 800,000 followers on TikTok.
  • Jacob Davey, the head of policy and research at the Institute for Strategic Dialogue thinktank, identified the influence of a far- and ultra-right youth counterculture, typified by the far-right pan-European Generation Identity group, as an additional factor.
  • Even if “economic grievances, insecurities around housing, jobs, futures” may account for much of the youth vote, he said, “we’re seeing the growth to fruition of a concerted far- and extreme-right effort to reach and radicalise young people”.
  • finally, said De Vries, there was “simply, normalisation. For many of these young voters, far-right parties have been part of the political landscape their whole lives. They’ve grown up with them. There’s not the stigmatisation there once was.”
  • “My mother’s a nurse, and healthcare is not coping. Wilders campaigned on investing in healthcare and old people’s homes. When it comes to migration, people from a war country deserve a better life here but it shouldn’t be at the expense of Dutch people.”
katyshannon

Scientists Figured Out How to Detect Cancer From a Single Drop of Blood - 0 views

  • Dutch researchers just invented a way to detect many different cancers using just a drop of a patient's blood.
  • The study, published by researchers at the Cancer Center Amsterdam of VU University Medical Center, found that cancers could be spotted with 96% accuracy, even at early stages.
  • Currently, the methods for detecting cancer include self-examination and doctor-ordered blood tests, biopsies and urine analysis. Existing blood tests — blood protein testing and tumor-marker tests — cannot determine without a shadow of a doubt that the cancer does or does not exist.
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  • From testing a drop of blood, researchers could determine the type, whether it had spread into other parts of the body and where the tumor was in the body.
  • The researchers note that some cancers were easier to detect, such as intestinal cancers, while brain cancers were harder to find (the rate of reliable detection dropped by 11%). The reason for the latter, the researchers suspect, is because of the blood-brain barrier, which reduces accuracy. Still, this detection method is better than anything they'd tried previously.
  • having such a minimally invasive procedure capable of early detection could mean stopping an enormous amount of potentially fatal cancer diagnoses — many of which are discovered too late to be stopped.
krystalxu

Why Blockchain Will Survive, Even If Bitcoin Doesn't - WSJ - 0 views

  • For every venture capitalist or technical expert, there’s a half-dozen hype men and fly-by-night startups making the entire space look like a 21st-century version of the Amsterdam tulip mania.
anonymous

World's first plastic-free supermarket aisle debuts - CNN - 0 views

  • The world's first plastic-free supermarket aisle was unveiled in Amsterdam today as pressure to curb the world's plastic binge and its devastating impact on the planet continues to grow. With nearly 700 plastic-free goods to select from at one of the branches of Ekoplaza, a Dutch supermarket chain, the aisle gives shoppers the opportunity to buy their groceries in "new compostable bio-materials as well as traditional materials" such as glass, metal and cardboard.
  • Sian Sutherland, co-founder of the environmental campaign group A Plastic Planet, which advocates for a plastic-free aisle in every supermarket, says the aisle is "a symbol of what the future of food retailing will be" and hopes it has a knock-on effect.
  • According to a study published in the journal Science Advances, by 2015 humans had manufactured 8.3 billion metric tons of plastic, and of that, 6.3 billion metric tons had become plastic waste. Of that waste, only 9% was recycled and 79% ended up in landfills or the natural environment.
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  • In August, Kenya introduced the world's toughest law aimed at reducing plastic pollution, where Kenyans who produce, sell or even use plastic bags risk up to four years or $40,000 fines. British Prime Minister Theresa May said she would eradicate avoidable plastic waste by 2042.Richard Eckersley, a former Manchester United footballer, says he recently set up the UK's first zero waste shop, Earth.Food.Love, with his wife in Totnes, southwest England. He says "plastic is an amazing material," the problem is how we use it.
anonymous

Suez Canal: A Long Shutdown Might Roil The Global Economy : NPR - 0 views

  • Before the grounding of the massive Ever Given container ship in the Suez Canal, some 50 vessels a day, or about 10% of global trade, sailed through the waterway each day — everything from consumer electronics to food, chemicals, ore and petroleum.
  • Now, with the ship lodged sideways in the canal, closing off the main oceangoing highway between Europe and Asia, much of that cargo is sitting idle. It's either waiting to transit the canal or stuck in port while owners and shippers decide what to do.
  • Ultimately, they may be forced to place a bet on whether the canal will be reopened soon or gamble on expensive and time-consuming alternate routes. Lloyd's List estimates that the waiting game is costing $9.6 billion per day.
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  • Ship owners and operators have some options, but none of them are particularly good ones. The adage that time is money couldn't be more true in the shipping business. For the vessels already backed up in the canal, if the waterway isn't clear for transit soon, a decision will need to be made about whether to continue waiting or go to Plan B.
  • To get an idea just what a shortcut could be lost, commodity analysts Kpler said that for a vessel averaging 12 knots (14 mph), Suez to Amsterdam, takes 13 days via the canal. Around the Cape of Good Hope, it takes 41 days.
  • The situation could become clearer in the next week, Karatzas said, but if the Ever Given looks likely to require a massive operation to break free, shippers will have to make some tough and potentially costly decisions. The same goes for vessels that haven't yet left port, although the cost in time and money for them wouldn't be as great.
  • Another possible option is to go through the Panama Canal by way of the Pacific. But many of the largest commercial vessels today, such as the 1,300-foot Ever Given, are too big to fit through the Panama Canal.
  • Jonathan Roach, a container market analyst for Braemar ACM Shipbroking, said in a recent letter to clients that the route via the Cape of Good Hope was the most likely detour, even for vessels that can fit through the Panama Canal.Last year, due to a combination of excess capacity and falling fuel prices, some shippers did just that — opting to go the Africa route to avoid the Suez Canal transit fees.
  • There is one more possibility, but it too has severe limitations. A shorter route through the Arctic known alternately as the Northeast Passage, or the Northern Sea Route, or NSR, is being touted by Russia.
  • The number of vessels using the NSR has increased to several hundred each year, thanks in part to global warming that has reduced polar ice. However, traffic there still amounts to a mere fraction of what passes through the Suez.
  • The Northern Sea Route is still not considered practical by most shipping companies. For example, in 2018, Maersk, the world's largest container line, sent one of its ships via the NSR, but the company emphasized it doesn't see the route "as an alternative to our usual routes" and that the voyage was merely "a trial to explore an unknown route for container shipping and to collect scientific data."
  • Lastly, it's worth noting that a prolonged shutdown of the Suez Canal is not unprecedented. The waterway was closed for eight years, beginning in 1967, after war broke out between Egypt and Israel. As a result, ships were forced to divert around the tip of Africa.
  • Global supply chains, already significantly disrupted by the coronavirus pandemic, could be further stressed by a prolonged shutdown of the Suez Canal, said Jonathan Gold, vice president for supply chain and customs policy with the National Retail Federation.
  • The greatest impact would be felt in the European market, which relies most on transfers through the canal, but given the interconnected nature of global manufacturing and commerce, there's likely also to be a knock-on effect for the United States.
  • Bisceglie said it's time for companies to consider "having more disparate [supply hubs] instead of having all our eggs on one cargo ship." Maersk told NPR on Friday that it was too early to commit to rerouting any of its massive global container fleet. The Copenhagen, Denmark-based company said in a statement, that while "out of our control, we apologize for the inconvenience this incident may cause to your business and for critical shipments."
  • Like much else about the situation, it depends on how long it goes on. A weeklong delay for a few hundred ships at the Suez might have only a negligible impact for consumers, but a prolonged delay could increase the cost of shipping, complicate manufacturing and ultimately drive up prices.
  • That's $80,000 a day in fuel and an extra 10 days travel time — both to and from Asia. "So, you're looking at the best part of a million dollars with your operating costs. So it's a million dollars out and a million dollars back," he said.
  • In his letter to clients, Roach also noted problems at the Suez Canal could disrupt the flow of containers. A trade imbalance between Europe and Asia means that filled containers going west return mostly empty to ports in the east to be refilled. "If empty stocks dwindle in Asia, there is the short-term possibility of an increase" in prices, Roach wrote.
  • Overall, though, Joanna Konings, a senior economist at ING, told Bloomberg that she's "relatively sanguine" about the impact on trade. But she doesn't rule out "an inflationary shock that could come right to the consumer."
  • Shipping rates for petroleum products have nearly doubled since the Ever Given's grounding on Tuesday, according to Reuters. Although oil prices may also be feeling some upward pressure in the wake of the Ever Given incident, their increase so far has been blunted by news of further COVID-19 lockdowns in Europe that are likely to continue to depress demand.
rerobinson03

Telling Stories of Slavery, One Person at a Time - The New York Times - 0 views

  • “For the longest time, it was mainly displayed as an item that speaks about riches and world power,” said Valika Smeulders, who leads the history department at the Rijksmuseum. In 2013, one of the museum’s curators noticed the images on the lid, she added. “He saw that human beings were being purchased. That allowed us to look at the box in a new way, to relate it to the social history of slavery.”
  • From the 17th century through the 19th century, they enslaved more than a million people, according to the museum’s historians, buying them at trading posts the companies ran in Africa and Asia and transporting them en masse across oceans, creating large-scale forced migrations.
  • Slavery was forbidden in the Netherlands, but it was legal — and crucial to the profitable plantations — in Dutch colonies such as Brazil, Indonesia and Suriname. Goods produced by enslaved people for the companies included sugar, coffee, gold, pepper, tobacco, cotton, nutmeg and silver.
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  • “In the Netherlands, when people did have lessons about slavery, it was usually about the United States and the cotton plantations in the South,” she said. “The story of slavery is the North American story. That’s why it’s important to make sure that it’s clear that it’s not American history, or even colonial history. It’s our national history.”
mattrenz16

Live Covid News Updates: India, Vaccines, Masks and Reopening - The New York Times - 0 views

  • New York City’s reopening — a milestone longed for over the last 14 months — arrived at last on Wednesday. It was less a grand gala than a soft opening, a finish line at the end of a long race that no one wanted to be the first to cross.
  • Masks, no longer a hard requirement for the vaccinated in most situations, remained firmly in place by the majority of people, whether in the big-box stores and tiny boutiques of Manhattan or the shaded paths of Prospect Park in Brooklyn.
  • “It’s still store policy,” said Raj Lalbatchan, 23, a worker at Victoria, a store selling clothing in the Bronx. Nearby, Elisabeth Ocasio, 51, a server at the restaurant La Isla, said it is standing firm with the status quo. “We don’t know who’s vaccinated and who’s not,” she said. “We’re doing everything the same here.”
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  • As the virus was crushing New York City last year, testing was limited, hospitals were full and thousands were dying every day. The living retreated to their apartments and the city, almost overnight, transformed into a shadow of itself. The city’s known death toll sits at more than 33,000 people.
  • But on Wednesday, scenes of joy alongside those of caution played out throughout the city. The owner of du Pont dry cleaners on Amsterdam Avenue in the Upper West Side, Byong Min, 64, spent 90 days in a hospital suffering from Covid last year, the scar from his tracheotomy visible above his collar. On Wednesday morning, a customer arrived and asked tentatively: Could she enter without a mask?
  • In Red Hook in Brooklyn, the Chelsea Garden Center, a bustling nursery, considered removing its 2-customer indoor limit, but stopped short. “It’s a little scary to change things,” said Bethany Perkins, an employee. “We’re so used to the rules right now.”
  • “When you’re not sure, my personal advice is wear a mask,” the mayor said, adding “we’ve done it, for god’s sakes, for a year, we can do it a little bit longer to finish the job.”
magnanma

History of FIFA - The first FIFA World Cup™ - FIFA.com - 0 views

  • The success of the Olympic Football Tournament intensified FlFA's wish for its own world championship. Questionnaires were sent to the affiliated associations, asking whether they agreed to the organisation of a tournament and under what conditions.
  • Following a remarkable proposal by the Executive Committee, the FIFA Congress in Amsterdam on 28 May 1928 decided to stage a world championship organised by FIFA. Now, the organising country had to be chosen.
  • These arguments were decisive. The FIFA Congress in Barcelona in 1929 assigned Uruguay as first host country of the FIFA World Cup ™. The other candidates had withdrawn.
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  • Participation did not only involve a long sea journey for the Europeans; the clubs would have to renounce their best players for two months. Consequently, more and more associations broke their promise to participate and it took much manoeuvring by Rimet to ensure at least four European teams
  • The first FIFA World Cup opened at the brand-new Estadio Centenario in Montevideo on 18 July 1930. It was the beginning of a new era in world football and the inaugural event proved a remarkable success, both in a sporting and a financial sense.
  • FIFA chose Italy ahead of rival candidates Sweden to host the second FIFA World Cup and this time it took qualifying matches to arrive at the 16 finalists. Unlike in 1930 there were no groups and only knockout rounds
  • The FIFA World Cup should have taken place for the fourth time in 1942 but the outbreak of World War Two meant otherwise. Although FIFA maintained its Zurich offices throughout the conflict, it was not until 1 July 1946 in Luxembourg that the Congress met again.
  • As the only candidate, Brazil was chosen unanimously to host the next FIFA World Cup, to be staged in 1949 (and postponed to 1950 for time reasons). At the same time, Switzerland was given the option for 1954.
brickol

Protests rage around the world - but what comes next? | World news | The Guardian - 0 views

  • In Lebanon they are against a tax on WhatsApp and endemic corruption. In Chile, a hike in the metro fare and rampant inequality. In Hong Kong, an extradition bill and creeping authoritarianism. In Algeria, a fifth term for an ageing president and decades of military rule.
  • The protests raging today and in the past months on the streets of cities around the world have varying triggers. But the fuel is familiar: stagnating middle classes, stifled democracy and the bone-deep conviction that things can be different – even if the alternative is not always clear.
  • “The data shows that the amount of protests is increasing and is as high as the roaring 60s, and has been since about 2009,” says Jacquelien van Stekelenburg, a professor who studies social change and conflict at Vrije University in Amsterdam.
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  • Not all the protests are driven by economic complaints, but widening gulfs between the haves and have-nots are radicalising many young people in particular.
  • Oxfam said in January that the world’s 26 richest individuals owned as much wealth as the poorest half of the global population.
  • The internet is not a determining factor – there was no social media in the 1960s – but is clearly important. Social media and the explosion of access to information is reordering hierarchies of knowledge and communication. Authorities can fight back with extensive surveillance regimes or with digital blackouts of the kind India recently imposed in disputed Kashmir, but 20th-century power structures are under enormous pressure, analysts say.
  • The proliferation of protests is no guarantee that things will change.
  • It is also easier, in a digital, globalised world, to know how the other half (or the 1%) live.
  • “The traditional system of enforcing power from top to bottom is increasingly being challenged,” says Thierry de Montbrial, of the French Institute of International Relations. “There is a social revolution with a growing demand for participatory democracy.”
  • “The problem is what to do after the protests, how to make your point and achieve the goals you’re protesting for. That proves to be the most difficult part.”
  • Protests and revolutions are defined by idealised slogans, he says, but systematic change is harder work. “You can break off part of a system, but it’s very hard to break the whole structure, which is formed of institutions and networks that are difficult to break.”
  • The leadership question is central and that is the thing we haven’t figured out yet: how do we actually find leadership in these inchoate displays of anger?
Javier E

'We live in a narco-state': murder of Dutch lawyer prompts fear and fury | World news |... - 0 views

  • “This is confirmation that we live in a narco-state,” said Jan Struijs of the NPB union, which last year warned that the government and politicians were underestimating the scale of organised crime in the country. A report last month for Amsterdam council said the city’s relaxed drugs policies had “given free rein” to “drugs criminals, hustlers, parasites, middlemen and extortionists”, adding: “Drug-related organised crime – the ‘underworld’ – now exerts a significant influence on our city.”
  • The AD newspaper said the murder marked the beginning of a “new, dark phase” for the country, adding that although in the Netherlands “the prime minister still cycles to work” and lawyers, judges and prosecutors “move unguarded through life … the underworld has just strengthened its hold on the upper world”.
  • s no control”. The NRC Handelsblad newspaper said the Netherlands was “naive” in its approach to drugs, citing EU policing officials and unnamed sources in the drugs world, particularly Colombia, who allege the country is “the logistical centre for the cocaine trade in western Europe”.
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  • The paper said that based on the 70,000kg cocaine seized in the ports of Antwerp and Rotterdam in 2018, at least 200,000kg must have been brought successfully into the Netherlands, worth an estimated €5bn (£4.4bn)
  • NRC said it was doubtful whether authorities had yet fully grasped the extent of the impact of such sums on Dutch society. “Put simply,” the paper said, “that kind of money buys anything – cars and nice houses, but also contract killers and corrupt officials.”
chrispink7

International reaction to George Floyd killing | News | Al Jazeera - 0 views

  • Demonstrators from Australia to Europe identified with the cause of US protests and urged their own governments to address racism and police violence. Opponents of the United States's foreign policy under President Donald Trump, meanwhile, took the opportunity to pour scorn on the violence that has engulfed the country after the killing of George Floyd, an unarmed Black man, by police officers in the city of Minneapolis last week.  
  • Thousands of protesters marched through downtown Sydney, Australia, on Tuesday, voicing their solidarity with Americans demonstrating against Floyd's killing.
  • Protesters in Australia's largest city chanted, "I can’t breathe" - some of the final words of both Floyd and David Dungay, a 26-year-old Aboriginal man who died in a Sydney prison in 2015 while being restrained by five guards. Demonstrators carried placards reading, "Black Lives Matter", "Aboriginal Lives Matter", and "White Silence is Violence."
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  • Linda Burney, an opposition spokeswoman on Indigenous Australians, said more than 430 Indigenous people had died in Australian police custody since 1991. While Indigenous adults make up only 2 percent of the Australian population, they account for 27 percent of the prison population. "I think we should be using it as an opportunity," Burney told Australian Broadcasting Corp, referring to Floyd's death. "Whether we like it or not, it doesn't take much for racism to come out of the underbelly of this country."
  • Some have seen the US unrest as a chance to highlight what they see as American hypocrisy on protest movements at home versus abroad.  China's foreign ministry spokesperson called out US racism as "a chronic disease of American society". China's comments come at a time when relations with the US are particularly strained. Chinese state media is giving extensive coverage to the violent protests roiling American cities, while the unrest has also featured widely in Chinese social media.
  • In Europe, thousands spilled across streets in Amsterdam, the Netherlands, to denounce police brutality, and those demonstrating in Paris urged the French government to take police violence more seriously and held up signs including "Racism is suffocating us". The EU's diplomatic chief Josep Borrell condemned the "abuse of power", saying Europe is "shocked and appalled" by the police killing of Floyd. He urged US authorities to rein in the "excessive use of force" as Trump ordered the military to intervene. Germany announced its support for the demonstrations. "The peaceful protests that we see in the US ... are understandable and more than legitimate. I hope that these peaceful protests won't slide further into violence, but even more than that I hope that they will make a difference in the United States," Foreign Minister Heiko Maas told reporters.
  • Iran's foreign ministry called on the US to "stop violence" against its own people. "To the American people: the world has heard your outcry over the state of oppression. The world is standing with you," foreign ministry spokesman Abbas Mousavi said at a news conference in Tehran. "And to the American officials and police: Stop violence against your people and let them breathe," he told reporters in English. Hong Kong leader Carrie Lam, meanwhile, questioned foreign criticism of China, including from the US, over an imminent national security law being imposed in the Chinese territory. "They take their own country's national security very seriously, but for the security of our country, especially the situation in Hong Kong, they are looking at it through tinted glasses," she said.
  • Ghana's President Nana Akufo-Addo said Black people across the world are "shocked and distraught" by Floyd's killing. "Black people, the world over, are shocked and distraught by the killing of an unarmed Black man, George Floyd, by a white police officer in the United States of America," Akufo-Addo said in a statement. "We stand with our kith and kin in America in these difficult and trying times." Kenyan opposition leader and former prime minister Raila Odinga offered a prayer for the US "that there be justice and freedom for all human beings who call America their country". Like some in Africa who have spoken out, Odinga also noted troubles at home, saying the judging of people by character instead of skin colour "is a dream we in Africa, too, owe our citizens". And South Africa's finance minister, Tito Mboweni, recalled leading a small protest outside the US Embassy several years ago over the apparent systemic killings of Blacks. Mboweni said the US ambassador at the time, Patrick Gaspard, "invited me to his office and said: 'What you see is nothing, it is much worse'." Zimbabwe summoned the ambassador of the United States to the country over remarks by a senior US official accusing it of stirring anti-racism protests following Floyd's death.  In an interview with ABC News, US national security adviser Robert O'Brien referred to Zimbabwe and China as "foreign adversaries" using social media to stoke unrest and "sow discord" after the killing. Zimbabwe's foreign ministry spokesman James Manzou said US Ambassador Brian Nichols was called in to explain O'Brien's remarks. Government spokesman Nick Mangwana said Zimbabwe did not consider itself "America's adversary".   "We prefer having friends and allies to having unhelpful adversity with any other nation including the USA," Mangwana said.
yehbru

Turkish Bank Case Showed Erdogan's Influence With Trump - The New York Times - 0 views

  • a criminal investigation into Halkbank, a state-owned Turkish bank suspected of violating U.S. sanctions law by funneling billions of dollars of gold and cash to Iran
  • For months, President Recep Tayyip Erdogan of Turkey had been pressing President Trump to quash the investigation, which threatened not only the bank but potentially members of Mr. Erdogan’s family and political party.
  • Mr. Barr pressed Mr. Berman to allow the bank to avoid an indictment by paying a fine and acknowledging some wrongdoing. In addition, the Justice Department would agree to end investigations and criminal cases involving Turkish and bank officials who were allied with Mr. Erdogan and suspected of participating in the sanctions-busting scheme.
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  • “You don’t grant immunity to individuals unless you are getting something from them — and we wouldn’t be here.”
  • Six months earlier, Matthew G. Whitaker, the acting attorney general who ran the department from November 2018 until Mr. Barr arrived in February 2019, rejected a request from Mr. Berman for permission to file criminal charges against the bank, two lawyers involved in the investigation said. Mr. Whitaker blocked the move shortly after Mr. Erdogan repeatedly pressed Mr. Trump in a series of conversations in November and December 2018 to resolve the Halkbank matter.
  • Mr. Erdogan had a big political stake in the outcome, because the case had become a major embarrassment for him in Turkey.
  • And Mr. Trump’s sympathetic response to Mr. Erdogan was especially jarring because it involved accusations that the bank had undercut Mr. Trump’s policy of economically isolating Iran, a centerpiece of his Middle East plan.
  • Former White House officials said they came to fear that the president was open to swaying the criminal justice system to advance a transactional and ill-defined agenda of his own.
  • the administration’s bitterness over Mr. Berman’s unwillingness to go along with Mr. Barr’s proposal would linger, and ultimately contribute to Mr. Berman’s dismissal.
  • It predated Mr. Trump’s election but came to encompass a broad cast of players, including Rudolph W. Giuliani, the former New York mayor; Michael T. Flynn, Mr. Trump’s first national security adviser; and Brian D. Ballard, a lobbyist and fund-raiser for the president.
  • he investigation of Halkbank, Mr. Erdogan claimed, was a “big conspiracy” instigated by his rival Fethullah Gulen, a charismatic Muslim cleric. Mr. Gulen left Turkey in the late 1990s and moved to Pennsylvania, where, in Mr. Erdogan’s telling, he plotted an unsuccessful coup attempt just a month earlier, according to a summary of the conversation provided to The Times by the Biden aide.
  • “Top leadership in Turkey felt that Trump would be a tough-minded businessman, but a businessman they could work with,” Robert Amsterdam, a lobbyist for Turkey, recalled.
  • Mr. Erdogan also wanted the Obama administration to remove the judge overseeing Mr. Zarrab’s case in Manhattan, the Biden aide said. And he wanted Mr. Zarrab released and allowed to return to Turkey.
  • “If the president were to take this into his own hands, what would happen would be he would be impeached for violating the separation of powers,” Mr. Biden said
  • Mr. Erdogan asked Mr. Biden to remove Preet Bharara, then the U.S. attorney for the Southern District of New York. That office was in the early stages of an investigation into Halkbank and had already indicted a Turkish-Iranian gold trader, Reza Zarrab, for helping to orchestrate the sanctions-evasion scheme.
  • ust how idiosyncratic became more apparent last October, when Mr. Erdogan sent troops into Syria. Mr. Trump, who had initially given Mr. Erdogan the green light to do so, then faced an intense bipartisan backlash, leading him within days to take a tougher line with Turkey, threatening economic reprisals.
  • But the investigation by the federal prosecutors in Manhattan ground ahead. By early 2018, it had led to the indictments of nine defendants, including Turkey’s former economy minister and three Halkbank officials, on charges such as bank fraud and money laundering related to the sanctions-evasion scheme.
  • ut Mr. Mnuchin raised concerns about how large a fine might be imposed on Halkbank. The French banking giant Société Générale agreed that same year to pay U.S. authorities more than $2 billion to resolve charges that it had violated U.S. sanctions against Cuba and bribed officials in Libya, among other accusations
  • A fine on that scale would threaten the future of Halkbank, lobbyists and lawyers for the bank argued, as did top Turkish officials in conversations with members of the Trump administration
  • Mr. Erdogan made clear that he was frustrated with the continued pestering by Southern District prosecutors concerning Halkbank, and he wanted Mr. Trump to intervene to help wrap up the investigation, Mr. Bolton said in the interview
  • Mr. Trump also told Mr. Erdogan that he wanted to replace the prosecutors in Mr. Berman’s office in Manhattan, whom Mr. Trump considered to be holdovers from the Obama era.
  • Mr. Rosenstein was convinced that the evidence was compelling, perhaps even more so than in other sanctions-evasion cases in which the United States had charged banks, lawyers familiar with the investigation said. The memo from the prosecutors also noted that the actions Halkbank was accused of taking were helping to support Iran’s economy, which was antithetical to Mr. Trump’s foreign policy goal of tightening economic pressure on the country.
  • Mr. Rosenstein urged Mr. Berman to come to Washington to present the Southern District’s argument to Mr. Whitaker. The goal was not to file charges immediately against the bank. Instead, the plan was to give the Southern District more leverage to squeeze Halkbank to accept a deferred prosecution agreement that included an admission of wrongdoing.
  • Discussions between Halkbank and the Southern District continued, according to lawyers involved in the case. But the bank maintained its refusal to admit to wrongdoing and insisted on a deal that would end investigations and drop existing charges.
  • At times, the prosecutors were left with the impression that bank officials felt they had all the leverage because of the relationship between Mr. Trump and Mr. Erdogan.
  • The suggestion that the Justice Department would offer Turkish officials protection from criminal charges, even without their agreement to assist in the investigation, was unacceptable and unethical, Mr. Berman argued, according to lawyers close to the investigation.
  • Mr. Barr sought to persuade Mr. Berman that the so-called global settlement would enforce U.S. sanctions law and avert a rift with an ally in a volatile part of the world.
  • “That is the biggest prize that Erdogan could ever receive,” Mr. Erdemir said. “Erdogan was not trying to save the bank. He was trying to save his ministers and save himself.”
  • The National Security Council asked the Education Department about a network of charter schools, partly funded with federal money, that were said to be linked to Mr. Gulen, the Erdogan rival who was living in Pennsylvania. The agency was then asked if the money could be blocked, one official involved in the conversations said. But Education Department officials resisted, saying they did not have the legal authority to stop the funding.
  • On Oct. 15, the Justice Department gave the prosecutors in Manhattan approval to file charges against Halkbank, a direct slap at Mr. Erdogan.The prosecutors rushed to present evidence before a grand jury and secured a six-count indictment that same day charging Halkbank with money laundering, bank fraud and conspiracy to violate the Iran sanctions. So far, no additional individuals have been charged.
Javier E

Opinion | Climate Change Is Real. Markets, Not Governments, Offer the Cure. - The New Y... - 0 views

  • For years, I saw myself not as a global-warming denier (a loaded term with its tendentious echo of Holocaust denial) but rather as an agnostic on the causes of climate change and a scoffer at the idea that it was a catastrophic threat to the future of humanity.
  • It’s not that I was unalterably opposed to the idea that, by pumping carbon dioxide into the atmosphere, modern civilization was contributing to the warming by 1 degree Celsius and the inches of sea-level rise the planet had experienced since the dawn of the industrial age. It’s that the severity of the threat seemed to me wildly exaggerated and that the proposed cures all smacked of old-fashioned statism mixed with new-age religion.
  • Hadn’t we repeatedly lived through previous alarms about other, allegedly imminent, environmental catastrophes that didn’t come to pass, like the belief, widespread in the 1970s, that overpopulation would inevitably lead to mass starvation? And if the Green Revolution had spared us from that Malthusian nightmare, why should we not have confidence that human ingenuity wouldn’t also prevent the parade of horribles that climate change was supposed to bring about?
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  • I had other doubts, too. It seemed hubristic, or worse, to make multitrillion-dollar policy bets based on computer models trying to forecast climate patterns decades into the future. Climate activists kept promoting policies based on technologies that were either far from mature (solar energy) or sometimes actively harmful (biofuels).
  • Expensive efforts to curb greenhouse gas emissions in Europe and North America seemed particularly fruitless when China, India and other developing countries weren’t about to curb their own appetite for fossil fuels
  • just how fast is Greenland’s ice melting right now? Is this an emergency for our time, or is it a problem for the future?
  • His pitch was simple: The coastline we have taken for granted for thousands of years of human history changed rapidly in the past on account of natural forces — and would soon be changing rapidly and disastrously by man-made ones. A trip to Greenland, which holds one-eighth of the world’s ice on land (most of the rest is in Antarctica) would show me just how drastic those changes have been. Would I join him?
  • Greenland is about the size of Alaska and California combined and, except at its coasts, is covered by ice that in places is nearly two miles thick. Even that’s only a fraction of the ice in Antarctica, which is more than six times as large
  • Greenland’s ice also poses a nearer-term risk because it is melting faster. If all its ice were to melt, global sea levels would rise by some 24 feet. That would be more than enough to inundate hundreds of coastal cities in scores of nations, from Jakarta and Bangkok to Copenhagen and Amsterdam to Miami and New Orleans.
  • There was also a millenarian fervor that bothered me about climate activism, with its apocalyptic imagery (the Statue of Liberty underwater) and threats of doom unless we were willing to live far more frugally.
  • “We haven’t had a good positive mass balance year since the late 1990s,” he told me in a follow-on email when I asked him to explain the data for me. The losses can vary sharply by year. The annualized average over the past 30 years, he added, is 170 gigatons per year. That’s the equivalent of about 5,400 tons of ice loss per second. That “suggests that Greenland ice loss has been tracking the I.P.P.C. worse-case, highest-carbon-emission scenario.
  • The data shows unmistakably that Greenland’s ice is not in balance. It is losing far more than it is gaining.
  • scientists have been drilling ice-core samples from Greenland for decades, giving them a very good idea of climatic changes stretching back thousands of years. Better yet, a pair of satellites that detect anomalies in Earth’s gravity fields have been taking measurements of the sheet regularly for nearly 20 years, giving scientists a much more precise idea of what is happening.
  • it’s hard to forecast with any precision what that means. “Anyone who says they know what the sea level is going to be in 2100 is giving you an educated guess,” said NASA’s Willis. “The fact is, we’re seeing these big ice sheets melt for the first time in history, and we don’t really know how fast they can go.”
  • His own educated guess: “By 2100, we are probably looking at more than a foot or two and hopefully less than seven or eight feet. But we are struggling to figure out just how fast the ice sheets can melt. So the upper end of range is still not well known.”
  • On the face of it, that sounds manageable. Even if sea levels rise by eight feet, won’t the world have nearly 80 years to come to grips with the problem, during which technologies that help us mitigate the effects of climate change while adapting to its consequences are likely to make dramatic advances?
  • Won’t the world — including countries that today are poor — become far richer and thus more capable of weathering the floods, surges and superstorms?
  • The average rate at which sea level is rising around the world, he estimates, has more than tripled over the past three decades, to five millimeters a year from 1.5 millimeters. That may still seem minute, yet as the world learned during the pandemic, exponential increases have a way of hitting hard.
  • “When something is on a straight line or a smooth curve, you can plot its trajectory,” Englander said. “But sea level, like earthquakes and mudslides, is something that happens irregularly and can change rather quickly and surprise us. The point is, you can no longer predict the future by the recent past.”
  • In The Wall Street Journal’s editorial pages, where I used to work, the theoretical physicist Steven Koonin, a former under secretary for science in the Obama administration’s Energy Department, cast doubt on the threat from Thwaites in a voice that could have once been mine. He also thinks the risks associated with Greenland’s melting are less a product of human-induced global warming than of natural cycles in North Atlantic currents and temperatures, which over time have a way of regressing to the mean.
  • Even the poorest countries, while still unacceptably vulnerable, are suffering far fewer human and economic losses to climate-related disasters.
  • Another climate nonalarmist is Roger Pielke Jr., a professor of environmental studies at the University of Colorado Boulder. I call Pielke a nonalarmist rather than a skeptic because he readily acknowledges that the challenges associated with climate change, including sea-level rise, are real, serious and probably unstoppable, at least for many decades.
  • “If we have to have a problem,” he told me when I reached him by phone, “we probably want one with a slow onset that we can see coming. It’s not like an asteroid coming from space.”
  • “Since the 1940s, the impact of floods as a proportion of U.S. gross domestic product has dropped by 70 percent-plus,” Pielke said. “We see this around the world, across phenomena. The story is that fewer people are dying and we are having less damage proportional to G.D.P.”
  • “Much climate reporting today highlights short-term changes when they fit the narrative of a broken climate but then ignores or plays down changes when they don’t, often dismissing them as ‘just weather,’” he wrote in February.
  • Global warming is real and getting worse, Pielke said, yet still it’s possible that humanity will be able to adapt to, and compensate for, its effects.
  • A few years ago, I would have found voices like Koonin’s and Pielke’s persuasive. Now I’m less sure. What intervened was a pandemic.
  • That’s what I thought until the spring of 2020, when, along with everyone else, I experienced how swiftly and implacably nature can overwhelm even the richest and most technologically advanced societies. It was a lesson in the sort of intellectual humility I recommended for others
  • It was also a lesson in thinking about risk, especially those in the category known as high-impact, low-probability events that seem to be hitting us with such regularity in this century: the attacks of Sept. 11, 2001; the tsunamis of 2004 and 2011, the mass upheavals in the Arab world
  • What if the past does nothing to predict the future? What if climate risks do not evolve gradually and relatively predictably but instead suddenly soar uncontrollably? How much lead time is required to deal with something like sea-level rise? How do we weigh the risks of underreacting to climate change against the risks of overreacting to it?
  • I called Seth Klarman, one of the world’s most successful hedge-fund managers, to think through questions of risk. While he’s not an expert on climate change, he has spent decades thinking deeply about every manner of risk
  • And we will almost certainly have to do it from sources other than Russia, China, the Democratic Republic of Congo and other places that pose unacceptable strategic, environmental or humanitarian risks
  • “If you face something that is potentially existential,” he explained, “existential for nations, even for life as we know it, even if you thought the risk is, say, 5 percent, you’d want to hedge against it.”
  • “One thing we try to do,” he said, “is we buy protection when it’s really inexpensive, even when we think we may well not need it.” The forces contributing to climate change, he noted, echoing Englander, “might be irreversible sooner than the damage from climate change has become fully apparent. You can’t say it’s far off and wait when, if you had acted sooner, you might have dealt with it better and at less cost. We have to act now.”
  • In other words, an ounce of prevention is worth a pound of cure. That’s particularly true if climate change is akin to cancer — manageable or curable in its earlier stages, disastrous in its later ones.
  • As I’ve always believed, knowing there is grave risk to future generations — and expecting current ones to make immediate sacrifices for it — defies most of what we know about human nature. So I began to think more deeply about that challenge, and others.
  • For the world to achieve the net-zero goal for carbon dioxide emissions by 2050, according to the International Energy Agency, we will have to mine, by 2040, six times the current amounts of critical minerals — nickel, cobalt, copper, lithium, manganese, graphite, chromium, rare earths and other minerals and elements — needed for electric vehicles, wind turbines and solar panels.
  • The poster child for this kind of magical thinking is Germany, which undertook a historic Energiewende — “energy revolution” — only to come up short. At the turn of the century, Germany got about 85 percent of its primary energy from fossil fuels. Now it gets about 78 percent, a puny reduction, considering that the country has spent massive sums on renewables to increase the share of electricity it generates from them.
  • As in everything else in life, so too with the environment: There is no such thing as a free lunch. Whether it’s nuclear, biofuels, natural gas, hydroelectric or, yes, wind and solar, there will always be serious environmental downsides to any form of energy when used on a massive scale. A single industrial-size wind turbine, for instance, typically requires about a ton of rare earth metals as well as three metric tons of copper, which is notoriously destructive and dirty to mine.
  • no “clean energy” solution will easily liberate us from our overwhelming and, for now, inescapable dependence on fossil fuels.
  • Nobody brings the point home better than Vaclav Smil, the Canadian polymath whose most recent book, “How the World Really Works,” should be required reading for policymakers and anyone else interested in a serious discussion about potential climate solutions.
  • “I’ve talked to so many experts and seen so much evidence,” he told me over Zoom, “I’m convinced the climate is changing, and addressing climate change has become a philanthropic priority of mine.”
  • Things could turn a corner once scientists finally figure out a technical solution to the energy storage problem. Or when governments and local actors get over their NIMBYism when it comes to permitting and building a large energy grid to move electricity from Germany’s windy north to its energy-hungry south. Or when thoughtful environmental activists finally come to grips with the necessity of nuclear energy
  • Till then, even as I’ve come to accept the danger we face, I think it’s worth extending the cancer metaphor a little further: Just as cancer treatments, when they work at all, can have terrible side effects, much the same can be said of climate treatments: The gap between an accurate diagnosis and effective treatment remains dismayingly wide
  • Only when countries like Vietnam and China turned to a different model, of largely bottom-up, market-driven development, did hundreds of millions of people get lifted out of destitution.
  • the most important transformation has come in agriculture, which uses about 70 percent of the world’s freshwater supply.
  • Farmers gradually adopted sprinkler and drip irrigation systems, rather than more wasteful flood irrigation, not to conserve water but because the technology provided higher crop yields and larger profit margins.
  • Water shortages “will spur a revolutionary, aggressive approach to getting rid of flood irrigation,” said Seth Siegel, the chief sustainability officer of the Israeli AgTech company N-Drip. “Most of this innovation will be driven by free-market capitalism, with important incentives from government and NGOs.
  • meaningful environmental progress has been made through market forces. In this century, America’s carbon dioxide emissions across fuel types have fallen to well below 5,000 million metric tons per year, from a peak of about 6,000 million in 2007, even as our inflation-adjusted G.D.P. has grown by over 50 percent and total population by about 17 percent.
  • 1) Engagement with critics is vital. Insults and stridency are never good tools of persuasion, and trying to cow or censor climate skeptics into silence rarely works
  • the biggest single driver in emissions reductions from 2005 to 2017 was the switch from coal to natural gas for power generation, since gas produces roughly half the carbon dioxide as coal. This, in turn, was the result of a fracking revolution in the past decade, fiercely resisted by many environmental activists, that made the United States the world’s largest gas producer.
  • In the long run, we are likelier to make progress when we adopt partial solutions that work with the grain of human nature, not big ones that work against it
  • Renewables, particularly wind power, played a role. So did efficiency mandates.
  • The problem with our civilization isn’t overconfidence. It’s polarization, paralysis and a profound lack of trust in all institutions, including the scientific one
  • Devising effective climate policies begins with recognizing the reality of the social and political landscape in which all policy operates. Some thoughts on how we might do better:
  • They may not be directly related to climate change but can nonetheless have a positive impact on it. And they probably won’t come in the form of One Big Idea but in thousands of little ones whose cumulative impacts add up.
  • 2) Separate facts from predictions and predictions from policy. Global warming is a fact. So is the human contribution to it. So are observed increases in temperature and sea levels. So are continued increases if we continue to do more of the same. But the rate of those increases is difficult to predict even with the most sophisticated computer modeling
  • 3) Don’t allow climate to become a mainly left-of-center concern. One reason the topic of climate has become so anathema to many conservatives is that so many of the proposed solutions have the flavor, and often the price tag, of old-fashioned statism
  • 4) Be honest about the nature of the challenge. Talk of an imminent climate catastrophe is probably misleading, at least in the way most people understand “imminent.”
  • A more accurate description of the challenge might be a “potentially imminent tipping point,” meaning the worst consequences of climate change can still be far off but our ability to reverse them is drawing near. Again, the metaphor of cancer — never safe to ignore and always better to deal with at Stage 2 than at Stage 4 — can be helpful.
  • 5) Be humble about the nature of the solutions. The larger the political and financial investment in a “big fix” response to climate change on the scale of the Energiewende, the greater the loss in time, capital and (crucially) public trust when it doesn’t work as planned
  • 6) Begin solving problems our great-grandchildren will face. Start with sea-level rise
  • We can also stop providing incentives for building in flood-prone areas by raising the price of federal flood insurance to reflect the increased risk more accurately.
  • 7) Stop viewing economic growth as a problem. Industrialization may be the leading cause of climate change. But we cannot and will not reverse it through some form of deindustrialization, which would send the world into poverty and deprivation
  • 8) Get serious about the environmental trade-offs that come with clean energy. You cannot support wind farms but hinder the transmission lines needed to bring their power to the markets where they are needed.
  • 9) A problem for the future is, by its very nature, a moral one. A conservative movement that claims to care about what we owe the future has the twin responsibility of setting an example for its children and at the same time preparing for that future.
Javier E

Climate financial crisis: Can we contain it? - DW - 12/11/2023 - 0 views

  • stranded assets. That's how business people refer to these vast, idling industrial infrastructures. It's abandoned property that will have to be written off in a company's balance sheets before the end of its planned lifetime.
  • Germany has been twisting and turning over its phaseout of coal and lignite power plants over the past five years. Originally, it planned to stop using coal in its energy mix in 2038. Then the current government accelerated that goal by eight years to 2030. Recently, some politicians have called that decision into question.
  • The earlier phaseout plan could lose operating companies €11.6 billion ($12.5 billion), according to a 2022 study by Dresden University.
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  • That's unrealized profits for companies that invested in the energy infrastructure, betting on a longer life span, plus potential lost income for investors who bought stock in the utility companies. 
  • Globally, up to 50% of the currently used and planned fossil fuel-dependent power plants would have to be phased out earlier than their planned lifetime to limit climate change to below 2 degrees warming. Taking only coal into account, this represents assets worth between $150 billion and $1.4 trillion.
  • Making exact assessments of the size of the problem is difficult because it remains unclear which path policymakers will take. And what should be included in estimates — the value of minerals left in the ground? Unrealized company profits? Or even combustion engines that will no longer be of use? 
  • "The point is not whether there is a financial bubble, but whether it will burst or not. And what kind of actions governments and financial supervisors will take, and central banks also, will make it burst or not.
  • A case in point are the money managers set up to handle retirement for billions of people globally: Pension funds are tasked to hold their clients' money and turn a profit from the investments. That means investing the proceeds into stocks on the market.  But with large chunks of the market tied to the fossil fuel industry, a lot of the money is invested in coal, oil and gas. And this money could lose value under ambitious climate policies.
  • "A pension fund in Europe could be exposed as much as 48% to companies that could be at risk of stranded assets," said Irene Monasterolo. The professor of climate finance at Utrecht University is part of a large and growing group of academics and experts drawing out the risks to the wider financial system posed by these carbon assets
  • Mark Carney, the former Bank of England governor, is largely credited with kicking off a public debate on the financial stability concerns due to climate change. Speaking in front of London's insurance executives in 2015, he called for more transparency on climate risks — information that should then feed back into climate policies in reference to risks in financial markets.
  • Thus far, these risks haven't been resolved. Speaking with DW, Monasterolo warned that the amount and intricate interconnectedness of carbon assets could lead to a disastrous outcome.
  • "The problem with fossil fuel is that it's worth between $16 trillion to $300 trillion, depending on how you calculate. So it's massive," said Joyeeta Gupta, an economics professor at the University of Amsterdam. But this industry is also the base for a huge pile of financial wealth. 
  • Regulators seem to have caught up with the warning calls. In late November, the European Central Bank threatened to fine about 20 European banks for mishandling climate risks, Bloomberg reported. But returns on investment could stack pensioners against tough climate action.
  • Most large central banks globally now require their banks to stress test their business models for climate scenarios. But what is essentially at odds, said Monasterolo, is the "long-term dimension of climate change versus the short-term decision-making in policy and in finance."
  • The long period of transition in Germany's west turned polluting smokestacks into tourist attractions. The former mine in Essen was turned into a museum and event location — a new asset for the region, and a change that put the public good over short-term profits. 
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