Building the World

July 4, 2021
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CITIES: Liberty, Diplomacy, Art (and Fireworks!)

“Statue of Liberty” by Tysto (Derek Jensen), 2005. Image is in the public domain, from wikimedia commons.

On Independence Day, France will give a gift of diplomacy to the United States, celebrating the shared value of liberty. France’s national motto “Liberté, Égalité, Fraternité” (Liberty, Equality, Fraternity), and the American holiday of independence, will join sentiments as a replica of the Statue of Liberty is presented by the Museum of Arts and Crafts in Paris for a ten-year visit to the land of her big sister. “Little Lady Liberty” (9.3 feet or 2.8 meters) joins the original Statue of Liberty (305 feet or 93 meters) that was a gift from France to the United States in 1886.

“The Eiffel Tower – State of the Construction.” Photograph by Louis-Emile Durandelle. public domain. Image: wikimedia.

While Frédéric-Auguste Bartholdi designed the sculpture, the creator of the eponymous Eiffel Tower in Paris, Gustave Eiffel, crafted its internal structure, introducing an innovative design that relied not on weight as support but on a flexible structure with a central pylon supporting a web of asymmetrical girders. Since its arrival in 1885, the iconic monument has stood on Liberty Island in New York Harbor, welcoming those who came to its shores in search of freedom. The visiting French replica will be displayed on Ellis Island to bear witness to Independence celebrations, before moving to other locations, culminating in Washington, D.C. for its unveiling on July 14, in honor of Bastille Day. The visitor will remain for 10 years. As the world seeks to foster shared values, should countries exchange public art for display, especially in national capitals, as an outreach of diplomacy? If you’d like to follow the journey of Little Lady Liberty, click here.

Another iconic display – both on American Independence Day and French Bastille Day? Fireworks!

“Animation gif of Fireworks, July 4, 2007, Gainesville, Florida” by Sistromc. Image: public domain, wikimedia commons.

Chen, Roselle, with editing by Rosalba O’Brien. “Mini Statue of Liberty retraces her big sister’s steps to New York Harbor.” 2 July 2021. Reuters. https://www.reuters.com/world/us/mini-statue-liberty-retraces-her-big-sisters-steps-new-york-harbor-2021-07/01/.

Varga, Eva. “The Engineering Feats of Alexandre-Gustave Eiffel.” https://evavarga.net/engineering-feats-alexandre-gustave-eiffel/

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

June 29, 2021
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CITIES: Iconic Pride

“Empire State Building in Rainbow Colors for Pride.” Photographer Anthony Quintano. 28 June 2015. Image: wikimedia commons

Cities have an opportunity to inspire and unite urban denizens in shared values. As Toynbee demonstrated in Cities of Destiny, the metropolis can create a unique cultural climate. Many urban centers possess iconic monuments, like the Eiffel Tower in Paris, that may serve as cultural billboards. As the world gathered in Paris for COP21 in 2015, that landmark beamed the message: “1.5” –  indicating a shared goal of limiting global warming to that level. Other issues like social justice have illuminated city monuments: San Francisco’s City Hall has often been displayed in rainbow colors.

“City Hall, San Francisco, California, USA.” Photographer Torrenegra. Image: wikimedia

London, England, has many landmarks including the fabled London Bridge and the recent addition to the cityscape: the London Eye. This month, the “Eye,” formally termed the Millennium Wheel when it opened in 2000, displayed rainbow colors to honor Pride, commemorating the 1969 Stonewall turning point for LGBT+ rights.

White House with LGBT+ Rainbow Colors. Image: wikimedia commons.

In June of 2015 when the United States Supreme Court ruled (Obergefell v. Hodges) two people of same sex have the right to marry, the White House celebrated by illuminating the iconic Washington D.C. building in the colors of the rainbow. As we strive to build an equal and sustainable future – environmentally and socially – how can cities Troop the Color?

“Malloy, Allie and Karl de Vries. “White House shines rainbow colors to hail same-sex marriage ruling.” 30 June 2014. CNN. VIDEO https://www.cnn.com/2015/06/26/politics/white-house-rainbow-marriage/index.html

Public Broadcasting System (PBS). “The American Experience: Stonewall.” VIDEO https://www.pbs.org/wgbh/americanexperience/films/stonewall/

Toynbee, Arnold. Editor. Cities of Destiny. London: Thames and Hudson, 1967.

Wingate, Sophie. “London landmarks light up in rainbow colours to celebrate Pride Month” 2 June 2021. Independent. https://www.independent.co.uk/tv/news/london-landmarks-light-up-in-rainbow-colours-for-pride-month-vd05b2fba.

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

April 30, 2021
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CITIES: Leafing Out

“Chestnut trees in blossom, Boulevard Arago, Paris, France.” 2012. Image: wikimedia commons

Today is Arbor Day; it began in 1872 when the newly settled state of Nebraska noted the need for trees and instituted a tree-planting holiday. But this year, there will be less greenery, because American cities are losing 36 million trees – per year.  Increased development is the main reason for urban tree loss, but arboreal disease, insects, fires, hurricanes, and storms also bring loss. When city trees are replaced by buildings or parking lots, the ground that formerly absorbed rain is now impervious.  Paris, France announced a goal of making 50% of the city’s surfaces permeable. Gardens and lawns near the Eiffel Tower will also be extended in preparation for the Paris 2024 Olympics.

TEN BENEFITS OF TREES

Heat reduction – when tree canopy covers 40% of an area, there is a 10 degree (F) cooling

Air quality – trees absorb carbon emissions and pollution

Energy reduction – trees reduce energy costs by $4 billion per year

Water quality – trees cleanse surface water, returning it to groundwater

Flood reduction – trees absorb water and reduce runoff to rivers and streams

Noise reduction – trees muffle traffic noise and add natural sounds of birds and wind

UV radiation protection – trees absorb 96% of ultraviolet radiation

Aesthetics – trees improve property appearance, and value

Health – tree-lined areas have statistically lower human sickness and death rates

Habitat – trees house birds; forests promote wildlife diversity

If you’d like to help maintain and nurture urban tress, consider helping organizations such as the Arbor Day Foundation, and Sustainable Urban Forests Coalition.

Block, India. “Paris plans to go green by planting “urban forest” around architectural landmarks.” 26 June 2019. Dezeen.com. https://www.dezeen.com/2019/06/26/paris-urban-forest-plant-trees-landmarks/

Chillag, Amy. “US cities are losing 36 million trees a year. Here’s why it matters and how you can stop it.” 18 September 2019. CNN.com. https://www.cnn.com/2019/07/20/health/iyw-cities-losing-36-million-trees-how-to-help-trnd/index.html

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

March 12, 2021
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CITIES: Higher Ground

“Seattle, Washington, as seen from Bainbridge Island ferry 2016.” Photo by Dicklyon. Image: wikimedia commons.

Waterfront property is causing real estate prices to rise – but not in the usual places. Miami’s 2017 Hurricane Irma caused billions of dollars in damage to beachfront properties. Just after that storm, real estate further inland saw price increases. A new term, coined by Professor Jesse Keenan of Tulane University, has entered the lexicon: “climate gentrification.” Three forms of climate gentrification may be considered:

HIGHER GROUND, RISING VALUES – neighborhoods that suffer less damage in storms are becoming desirable, even if such areas were formerly not considered elite;

WATERFRONT PROTECTIONS – property owners of waterfront real estate are investing in weather-proofing measures, spurring rebuilding innovations;

COMMUNITY ACTION – areas with resilience improvements such as elevated infrastructure, flood barriers, and storm drains, are increasing in value.

Miami is one of the cities seeking higher ground. Image: wikimedia commons.

While home-owners may take action, so can government. Galveston, Texas, raised the city up 16 feet with sand and ground development. The city also built a 10-mile-long seawall. Miami drew $200 million from the Miami Forever Bond to improve flood-mitigation infrastructure. New Jersey increased insurance premiums for coastal neighborhoods. Rebuilding coastal cities will cause redesign of canals, harbors, and ports. Boston may experience sea-level rise from a conservative estimate of two feet by 2050, to over six feet by 2100. As coastal cities like Boston, Jakarta, New Orleans and others pump drinking water from reservoirs and aquifers, subsidence of land intensifies the effects of sea rise.

“Panoramic Boston” by photographer Henry Han, 2011. Image: wikimedia commons.

The Sustainable Solutions Lab of the University of Massachusetts Boston suggests state and local government could help with new zoning laws. According to David W. Cash, Dean of the McCormack Graduate School of Policy and Global Studies, “As we watched hurricanes and extreme weather events hit various parts of the United States, it became really clear that Boston was very vulnerable to both flooding and sea level rise.” (Moran 2018). Another important initiative, from the School for the Environment, recommends strengthening and updating the state’s Wetlands Protection Act.

“Aerial View of Great Marsh in Massachusetts.” Image: wikimedia commons.

The future may be safeguarded by a Regional Coastal Flood Protection Agency for Massachusetts. Perhaps broader regional efforts may include Canada and México: rising seas will not stop at national borders. Might there be a regional CCC – Climate Conservation Corps? Could cooperation, and funding, be found with USMCA? How can the world’s regions protect shared coasts through environmental justice and preservation, seeking higher ground?

Are regions the new nations? Image: “North America from Space, based on NASA satellite views.” Artist: Przemek Pietrak, 2015. Image: Nasa/wikimedia commons.

Aune, Kyle T. et. al., “A spatial analysis of climate gentrification in Orleans Parish, Louisiana post-Hurricane Katrina. Environ. Re. 2020 Jun; 185:109384. https://pubmed.ncbi.nlm.nih.gov/32240840/

Boston Harbor Association, lead author Ellen Douglas, University of Massachusetts Boston. “Preparing for the Rising Tide.” 6 February 2013. https://www.umb.edu/news/detail/umass_boston_professor_is_lead_author_of_report_identifying_risks_of_sea_le

Caldwell, Erin D. “UMass Boston report shows that climate change views vary by race.” 28 October 2020. Dorchester Reporter. https://www.dotnews.com/2020/umass-boston-report-shows-climate-change-views-vary-race

Dill, Jackson and Brandon Miller. “Sea level rise is increasing fastest in populous coastal areas, study says.” 9 March 2021. CNN.com. https://www.cnn.com/2021/03/09/world/sea-level-rise-increasing-with-sinking-land/index.html

Keenan, Jesse. “Climate gentrification.” https://architecture.tulane.edu/content/jesse-m-keenan

Kreul, Stephanie, et.al., “Governance for a Changing Climate: Adapting Boston’s Built Environment for Increased Flooding.” September 2018. Sustainable Solutions Lab, University of Massachusetts Boston https://www.umb.edu/editor_uploads/images/centers_institutes/sustainable_solutions_lab/Governance-for-a-Changing-Climate-Full-Report-UMB-SSL.pdf

Miami Riverside Center (MRC). “Miami Forever Bond Project to Mitigate Effects of Sea Level Rise.” 1 March 2019. https://www.miamigov.com/Notices/News-Media/Miami-Forever-Bond-Project-to-Mitigate-Effects-of-Sea-Level-Rise

Moran, Barbara. “New Zoning Codes Would Help Mitigate Boston Flood Risk, Report Says.” 28 September 2018. WBUR. https://www.wbur.org/news/2018/09/28/zoning-boston-flooding-concerns

Nathan, Aparna. “Climate is the Newest Gentrifying Force, and its Effects are Already Re-Shaping Cities.” 15 July 2019. Harvard University Science Policy Blog. https://sitn.hms.harvard.edu/flash/2019/climate-newest-gentrifying-force-effects-already-re-shaping-cities/

Newkirk, Vann R. II. “How to Build Hurricane-Proof Cities: In the age of climate change, the only way to protect the American coastal metropolis is to rethink it entirely.” 12 September 2017, The Atlantic. https://www.theatlantic.com/politics/archive/2017/09/how-to-build-hurricane-proof-cities/539319/

O’Connell, Annie. “Impacts of Sea Level Rise.” February 2018. Neponset River Watershed Association. https://www.neponset.org/happenings/impacts-of-sea-level-rise/

Tolan, Casey. “High ground, high prices.” 3 March 2021. CNN.com. With Charts and Illustrations. https://www.cnn.com/interactive/2021/03/us/climate-gentrification-cnnphotos-invs/

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

January 21, 2021
by buildingtheworld
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CITIES: WASHINGTON, D.C.

“Presidential Inauguration 1905.” Library of Congress, image.

Washington, D.C., setting of two distinctly disparate 2021 events on 6 January and 20 January, was designed for public gatherings in wide open spaces. Major Pierre L’Enfant, born in France but an ardent supporter of the American Revolutionary War who volunteered to serve in the Corps of Engineering of the Continental Army, met George Washington and proposed himself as the designer of the country’s new capital. In L’Enfant’s vision, wide avenues would radiate from the house of Congress and the house of the President. L’Enfant sketched 15 open spaces for gatherings and monuments: L’Enfant stated that open spaces were as important as buildings.

Washington Mall, site of Dr. Martin Luther King’s “I Have A Dream” speech of 1963, and of 200,000 flags heralding the Biden-Harris Inauguration of 2021. Image: “National Mall, Washington, D.C.” wikimedia.

L’Enfant may have been influenced by the design of a renovated Paris, France, by Georges-Eugène Haussmann, who enlarged the boulevards for two reasons: better air circulation to lessen the spread of viral disease, and large public gathering spaces. Paris still benefits from these two reasons, as does Washington.

“L’Enfant’s Plan of Washington, D.C., 1887.” National Register of Historic Places: 97000332. Image: Library of Congress.

L’Enfant ‘s grand vision was almost lost. Apparently there was a dispute, and L’Enfant fled the city with the detailed plans. Enter Benjamin Banneker. Bannekar, who had attended a one-room school while studying independently with his grandmother, was known for mathematical brilliance when he came to work with Major Andrew Ellicott as a surveyor to establish the District of Columbia’s official capital borders.

Benjamin Banneker, from Benjamin Banneker Historical Park and Museum. Wikimedia.

Among Banneker’s considerable talents was a photo-perfect memory. L’Enfant’s design was imprinted on the surveyor’s mind and, according to some reports, soon reproduced for completion by Benjamin Banneker.

The Smithsonian National Museum of African American History & Culture site, in Washington, D.C., is within an area now named Benjamin Banneker Park. Banneker also wrote an almanac, with an inaugural publication entitled: Benjamin Banneker’s Pennsylvania, Delaware, Maryland, and Virginia Almanack and Ephemeris, for the Year of Our Lord 1792. Banneker corresponded with Thomas Jefferson, and published abolitionist material advocating a vision in part realized, in the capital he helped design, with the inauguration of Barack Obama on 20 January 2009, and 20 January 2021, the inauguration day of President Joe Biden and Vice President Kamala Harris.

Washington, D.C., joins a small group of designed cities in history. Baghdad was created from a drawing of three concentric circles etched by sword in the sand. Abuja, Nigeria’s new capital, was influenced by Haussman’s Paris, as well as Washington, D.C., and Brasília was the first city designed to be seen from the air, and shaped like an airplane when seen from that vantage point. Capital cities are an iconic kind of urban center, embodying ideals of government and national values. In The New Science of Cities (2013), Michael Batty proposed that we see cities as systems of networks and flows. Arnold Toynbee, in Cities of Destiny, stated that cities, led with vision, may become incubators of art, culture, and science.

As Washington, D.C., takes on a new character in 2021, encouraged by inaugural address values of respect and unity, and led by President Joe Biden and Vice President Kamala Harris, how might L’Enfant’s and Banneker’s design give what Lawrence Durrell called the “spirit of place” to a new spirit of nation?

President Joseph R. Biden, Jr. and Vice President Kamala D. Harris. inaugurated in Washington, D.C., on 20 January 2021. 

Batty, Michael. The New Science of Cities. Cambridge: The MIT Press, 2013. ISBN: 9780262019521

Bedini, Silvio A. The Life of Benjamin Banneker. Rancho Cordova, CA: Landmark Enterprises, 1984.

Durrell, Lawrence. Spirit of Place: Letters and Essays on Travel. edited by Alan G. Thomas. Open Road: Integrated Media.

Keene, Louis. “Benjamin Banneker: The Black Tobacco Farmer Who Presidents Couldn’t Ignore.” White House Historical Association.

National Museum of African American History & Culture. “The NMAAHC Museum Site,” https://nmaahc.si.edu/nmaahc-museum-site.

Reston, Maeve. “Biden: ‘Democracy has prevailed.'” 20 January 2021. CNN.com. https://www.cnn.com/2021/01/20/politics/joe-biden-presidential-inauguration/index.html

Tan, Shelly, Youjin Shin, and Danielle Rinder. “How one of American’s ugliest days unraveled inside and outside the Capitol.” 9 January 2021. https://www.washingtonpost.com/nation/interactive/2021/capitol-insurrection-visual-timeline/

Toynbee, Arnold. editor. Cities of Destiny. London: Thames & Hudson, 1967.

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

 

July 15, 2020
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CITIES: Open windows, lower noise

The New York Times Building in New York City. Image: wikimedia.

During the virus pandemic, opening the windows of a building can help. But urban denizens often keep windows closed to block out city noise. Singapore, a city built on innovation, has developed a solution. A team of scientists including Masaharu Nishimura and Bhan Lam from Nanyang Technological University have developed a device that, when placed in an open window, lowers incoming sound by 10 decibels. Think noise-cancelling headphones for your apartment: the inventors call it the Anti-Noise Control Window. By 2030, 60% of the world’s people will live in cities. Megacities (urban centers of more than 10 million people) are increasing; in 1960, there were just two (New York and Tokyo), but now there are 33. That’s a lot of windows.

World’s Megacities by Population:

Tokyo, Japan – 37 million

Delhi, India – 28 million

Shanghai, China – 25 million

São Paulo, Brazil – 21 million

Mexico City – 21 million

Cairo, Egypt – 20 million

Mumbai, Inda – 20 million

Beijing, China – 19 million

Dhaka, Bangladesh – 19 million

Osaka, Japan – 19 million

New York-Newark, USA – 18 million

Karachi, Pakistan – 15 million

Buenos Aires, Argentina – 15 million

Chongqing, China – 14 million

Istanbul, Turkey – 14 million

Kolkata, India – 14 million

Manila, Philippines – 13 million

Lagos, Nigeria – 13 million

Rio de janeiro, Brazil – 13 million

Tianjin, China – 13 million

Kinshasa, Democratic Republic of the Congo – 13 million

Guangzhou, China – 12 million

Los Angeles – Long Beach – Santa Ana, USA – 12 million

Moscow, Russia – 12 million

Shenzhen, China – 11 million

Lahore, Pakistan – 11 million

Bangalore, Inda – 11 million

Paris, France – 10 million

Bogota, Colombia- 10 million

Jakarta, Indonesia – 10 million

Chennai, India – 10 million

Lima, Peru – 10 million

Bangkok, Thailand – 10 million

Source: “The World’s Cities in 2018” United Nations.

While urban windows, when open, may still have to contend with air quality and pollution, the world’s largest cities may soon have a source of breeze and quiet with this very scalable innovation.

Lam, Bhan, Dongyan Shi, Woo-Seng Gan, Stephen J. Elliott, Masaharu Nishimura. “Active control of broadband sound through the open aperture of a full-sized domestic window.” 9 July 2020, Scientific Reports 10, Article number 10021 (2020). https://www.nature.com/articles/s41598-020-66563-z?referringSource-articleShare/

Waldstein, David. “Scientists Say You Can Cancel the Noise but Keep Your Window Open.” 11 July, The New York Times. https://www.nytimes.com/2020/07/11/science/windows-street-noise.html/

Young, Angela “The World’s 33 Megacities.” MSN. http://a.msn.com/00/en-us/BBUaR3v?ocid-se/

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

July 4, 2020
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Sand Castles: rebuilding the desert

“My home is my castle,” photographer J. Triepke, 2014. Image: wikimedia.

Summer holidays, like the traditional Fourth of July, may be observed in different ways by diverse communities, but many people enjoy a refreshing visit to the beach. Some build sand castles. Now, there may be something more permanent. Architect Magnus Larsson proposes combining sand with bacterium Sporosarcina pasteurii (formerly known as Bacillus pasteurii); the process can produce biological cementation. You can build with it. Larsson wants to build a biologically-grown structure in the Sahara, perhaps in combination with the Great Green Wall of the Sahel. The architecture would support plantings, maybe even people, and won recognition from the LafargeHolcim Foundation for Sustainable Construction.

Could generative architecture rebuild the desert? Image: “Mojave Desert Cave,” by photographer Joshua Sortino. Wikimedia.

Globally, 1/3 of all arable earth is dry, and vulnerable to drought and eventually turning to sand. The Gobi desert of China and the Sahara of Africa are especially threatened, but deserts like the Mojave in North America seek sustainable solutions. “One billion grains of sand come into being – each second,” states Larsson. Innovations related to deserts and desertification, like Jason DeJong‘s findings and Larsson’s sandstone walls and habitats, or the Great Green Walls of the Sahara and Gobi, may help to rebuild the world.

DeJong, Jason. “Geo-Technical Engineering and Innovation.” Geo-Institute of ASCE and University of California, Davis. https://youtu.be/Jvm-D9INVWs

Larsson, Magnus. “Turning dunes into architecture.” TEDGlobal 2009. https://www.ted.com/talks/magnus_larsson_turning_dunes_into_architecture/.

LafargeHolcim.  Headquartered in Switzerland, the company employs more than 70,000 people in the development of cement, aggregates, and innovation in building materials. https:/www.lafargeholcim-foundation.org.

Swayamdipta Bhaduri, Nandini Debnath, Sushanta Mitra, Yang Liu, Aloke Kumar. “Miocrobiologically Induced Precipitation Mediated by Sporosarcina pasteurii,” Journal of Visualized Experiments. 2016; (110) 53253. doi: 10.3791/53253/. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4941918/

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

April 29, 2020
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CITIES/TRANSPORT: Carbon Neutral Boston

Boston is going carbon neutral. You can help. Image: “Traffic streaming through downtown Boston” by photographer Robbie Shade. Wikimedia commons.

Boston suffers some of the worst traffic in the United States. City of the ‘Big Dig’ or Central Artery Project, Boston has set the goal of becoming carbon neutral by 2050. Innovative ideas for that achievement can be discovered at the Museum of Science where students from around New England are presenting proposals and videos in Go Carbon Neutral: A Transportation Challenge. Winners will be announced on April 30. Take a look at these ideas for building a better Boston, and vote for your favorite here.

“Go Carbon Neutral.” Museum of Science. April 27-30, 2020. https://mos.org/go-carbon-neutral-2020.

Van Allen, Fox. “Cities with the worst traffic in the world.” 26 January 2020. CBSNews.com. https://www.cbsnews.com/pictures/worst-traffice-cities-in-the-world.

Appreciation to the Museum of Science, Boston, Massachusetts, USA.

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unp

April 20, 2020
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ENERGY: Funding the Future

How should we spend the money of hope? Image: wikimedia.

THE MONEY OF HOPE

In the early part of 2020, the entire globe went into lockdown, suffered a plague of sickness and death that took lives and livelihoods of those in every corner of the world. In an urgent response, money on an unprecedented scale has entered the global economy.

Economic stimulus, large deposits of cash and loans, initiated to save national and global economies, present opportunity. How countries direct their bailouts may determine the future. Never again will so much money be readily available to rebuild the world. Let’s take a look at some examples:

UNITED STATES OF AMERICA

$700 billion pledged in asset purchases or quantitative easing (QE)

Federal funds rate: 0-0.25%

Discount window rate: cut by 150 basis points

Unlimited QE, including purchase of corporate and municipal bonds

Six months of allowing foreign central banks to access U.S. dollars for overnight dollar loans

$2.3 trillion to support local governments, small-mid businesses, with 4-year loans to enterprise with up to 10,000 staff

$2.2 trillion aid package (27 March 2020) with $500 billion for suffering industries and direct payments to individuals ($1200) and families (up to $3,000)

EUROPEAN UNION

120 billion euros ($130 billion) added to asset-purchase program of 20 billion euros per month

750 billion euros in QE, adding to existing with total of 1.1 trillion euros

Eliminated cap on number of bonds EU could buy from any Eurozone country

Cut interest on Targeted Long-Term Refinancing Operations (TLTROs) by 25 basis points to -0.75% (12 March 2020)

Suspended limits of EU government borrowing

Allowed credit line equal to 2% of national GDP from European Stability Mechanism (ESM) fund

European Investment Bank lending 200 billion euros to businesses

ESM freeing up 240 billion Europe of credit to governments

Total of 3.2 trillion euros: including provisions to cut company working hours rather than jobs

Berlin, Germany. Image: wikimedia.

GERMANY

750 billion euros total: with 100 billion for economic stability fund with direct stake in businesses

100 billion euros for public-sector development bank

400 billion euros to secure corporate debt vulnerable to default

FRANCE

300 billion euros guaranteed for corporate borrowing from commercial banks

45 billion euros to shore up businesses and employees

ITALY

400 billion euros of liquidity and bank loans to businesses

25 billion euros to suspend mortgage and loan repayments for families and companies, and funds for firms to pay workers on furlough or layoff.

SPAIN

200 billion euros divided in half with 50% government-backed credit for businesses/50% to help vulnerable people

700 million euros program to suspend evictions for six months after emergency is lifted

UNITED KINGDOM

200 billion pounds ($248 billion) of bond purchases

interest rate cut to 0.10% Bank of England

Bank of England doubled corporate bond purchase program to 20 billion pounds

Bank of England pledge to buy commercial paper with maturity of up to 1 year for businesses with pre-crisis investment grade credit

330 billion pounds in loan guarantees to business including paying 80% of staff salaries

Allowing businesses to temporarily retain 30 billion pounds of VAT (value added tax)

CANADA

Reduced overnight interest rates to 0.25%

Pledged purchase of Government of Canada securities – C$5 billion per week

C$50 billion credit for insured mortgages

C$10 billion for business support

C$150 billion for morgtages

C$55 billion for tax deferrals for businesses and families

C$27 billion aid for workers and low-income households

Government payment of up to 75% of salaries for workers in small and mid-sized businesses

Japan. Image: wikimedia.

JAPAN

Bank of Japan one-year zero-rate program to financial insitutions

Y430 billion for small and mid-sized businesses

Funding upgrades of medical facilities

Pay working parents forced to take leave due to school closures

Stimulus package of Y108 trillion ($993 billion) with cash payouts to households, small businesses; total package is equal to 20% of Japan’s economic output

CHINA

Yuan 2.8 trillion for infrastructure investment, backed by local bonds (19 March).

People’s Bank of China cut reserve requirement ratio (RRR) for small banks by 100 basis points. Worth about 400 billion yuan; cut will be in two phases, 15 April then 15 May 2020.

500 billion yuan ($71 billion) for re-lending and re-discount quotas

350 billion yuan for increased loan quota for businesses

Cut cash reserve requirements for banks, releasing 550 billion yuan

Also ruled: expand budget deficit, issue more bonds, drop interest rates, delay loan repayments, reduce supply-chain bottlenecks, and encourage renewed consumption

INDIA

1.7 trillion rupee ($22 billion) for food security and direct cash transfers. (26 March)

Reserve Bank of India cut repo rate by 75 basis points to 4.40%

SOUTH KOREA

100 trillion won economic rescue package (7 April) including 29 trillion won in loans to small and mid-sized businesses, and 20 trillion won to buy corporate bonds and commercial paper

36 trillion won in loans to exporters hurt by virus shutdown

9.1 trillion won ($7.5 billion) cash payments to most families

17.7 trillion won to boost consumption

INDONESIA

$24.9 billion for social welfare to 10 million household for food and energy discounts, and 3 percentage point cut in corporate tax rate (to 22%)

Bank Indonesia cut seven-day reverse repurchase rate to 25 basis points to 4.50%

Central bank cut reserve requirement ratio by 200 bps for banks (and 50 bps for Islamic banks)

AUSTRALIA

A$90 billion ($56 billion) funding for banks at rate of 0.25%

A$15 billion program for residential mortgage-backed and asset-backed securities

Reserve Bank of Australia cut rates in two steps for total to 0.25%, and introduced QE with a target of 0.25% for bond yields

A$66 billion for companies and welfare

A$17 billion for apprentices, small business, retirees

A$130 billion for wage support for 6 million workers

A$715 million support for airlines

Sydney Opera House, Australia. Image: wikimedia.

BRAZIL

1.2 trillion reals ($231 billion) for central bank purchase of bank loan portfolios, repurchases of dollar-denominated sovereign bonds

150 billion reals for most vulnerable people and jobs

51 billion reals to allow companies affected by virus to reduce worker pay and hours, with a goal of preserving jobs (1 April)

SOUTH AFRICA

South African Reserve Bank (SARB) cut rate by 100 basis points to 5.25%, and then reduced again (14 April 2020) to 4.25%

1.2 billion rand ($66 million) for small farms to keep up food production

INTERNATIONAL MONETARY FUND

$50 billion to help low-income and emerging market countries

“The Great Lockdown Economic Retraction: A global map of the outlook of retraction and growth of nations across the world for 2020.” From IMF Outlook. Image: Foxterria, Wikimedia.

FUNDING THE FUTURE

Add up all those stimulus packages, monetary funds, loans, and that’s a lot of money, much of it supporting business interest rates and workers’ jobs. Yet, with the exception of instances where the industry is targeted (agriculture, transport, finance), there are few stipulations on how the money should be directed. For example, there could be payments and supportive programs for innovations in energy or water, decarbonizing transport, or reducing air pollution.

While the 2020 coronavirus is an acute crisis, and climate change is a chronic crisis, both require response. Over the past decades, we have talked about climate change, but taken too little action. Part of the reason is funding. Without the urgent public health crisis and resultant shutdown, the world would never have allocated so much money to rebuild economic life. Yet, there it is. Now.

Yes, there has been disaster response to unfortunate hot-spots suffering tsunami or hurricane damage, earthquake or fire devastation. But that was in a region. Yes, there has been systemic change, world-wide, in some industries due to disaster; after 9/11, airports and security changed permanently, but that was just one sector.

In 2020, the whole world changed at once. With everyone hit by the corona virus, new ways of communicating and working evolved. Cities rethought transport. Fossil fuel loss dropped and cities saw cleaner air. Sadly, it was all due to death and sickness. But as a result, to rebuild after the virus, every country on earth has raised new money, and new hope.

Where money goes to an industry, how can that sector direct renewal to the future we know is coming: de-carbonized and sustainable? Of course, some of the funds must support present production lines and supply-chains, but surely a percentage could be directed forward to future goals.

What would you do with this one-time funding to rebuild the world?

Sources:

Cash, David and Rebecca Herst, “Covid-19 and Climate: Policy and Practice.” 22 April 2020. University of Massachusetts Boston. https://www.umb.edu/news_events_media/events/covid_19_and_climate_policy_and_practice

Figueres, Christiana and Tom Rivett-Carnac. A Future We Choose: Surviving the Climate Crisis. Knopf, 2020. ISBN: 978052658351

International Monetary Fund. “IMF makes available $50 billion to help address the coronavirus.” 4 March 2020. https://www.imf.org/en/News/Articles/2020/03/04/sp030420-imf-makes-available-50-billion-to-help-address-coronavirus?mod=article_inline.

Ivanova, Maria. “Coasts and Communities.” Integrative Graduate Education and Research Traineeship, National Science Foundation. University of Massachusetts Boston, Center for Global Governance and Sustainability, Global Environmental Governance Project. https://www.umb.edu/igert/about.

Reuters, “Factbox: Global economic policy response to coronavirus crisis.”  14 April 2020. https://www.reuters.com/article/us-health-coronavirus-economy-factbox/factbox-global-economic-policy-response-to-coronavirus-crisis-idUSKCN21W2AJ

Steil, Benn. The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order. Princeton University Press, 2013. ISBN: 9780691149097

Appreciation to the University of Massachusetts Boston, especially Dean David Cash, Professor Maria  Ivanova, and Director Rebecca Herst.

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unpo

March 17, 2020
by buildingtheworld
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CITIES: Rebuilding the city-state

Cities may lead the way to a healthier future. Image: “Eiffel tower at dawn,” by Nitot. Image: wikimedia.

In a crisis, cities and states can react faster than countries. Boston, Chicago, Los Angeles, New York, San Francisco, and Seattle closed cinemas, gyms, bars and clubs; states like Massachusetts and California closed schools long before federal advisories. Closures to doors opened generous hearts: cafes near La Tour Eiffel gave away delicacies like foie gras and freshly baked bread, when Prime Minister Phillippe announced mandated a shutdown in Paris. Throughout history, city-states demonstrated a notably nimble organizational power: ancient Greek city-states like Cyrene, founded by climate migrants, created a new educational, scientific, and cultural center.  By 2050, 70% of the world’s people will live in cities. With the rise of megacities, with populations of 10 million plus, is it time for a new era of the city-state?

“Coronavirus: US cities put into lockdown.” 17 March 2020. Sky News. https://news.sky.com/story/coronavirus-new-york-and-la-on-lockdown-as-world-as-world-reacts-to-spread-of-covid-19-11958145.

“France to close all restaurants, cafes, cinemas, and clubs due to coronavirus.” Barbara Wojazer. 14 March 2020. CNN/World. https://www.cnn.com/world/live-news/coronavirus-outbreak-03-14-20-intl-hnk/index.html.

Toynbee, Arnold, editor. Cities of Destiny. Thames & Hudson, 1967.

Building the World Blog by Kathleen Lusk Brooke and Zoe G. Quinn is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unpo

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