Building the World

January 11, 2021
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ENERGY: Renewing Hope in 2021

Winds of change are in the air. Literally.

“Vestas V90-3MW Wind Turbine of Kentish Flats Offshore Wind Fram, Thames Estuary, UK” by Phil Hollman, 2006. Wikimedia Commons.Wind Power innovator BladeBUG may aid maintenance of marine turbines, now 40% of the cost of these energy generators. If offshore wind were more affordable and reliable, it could increase its energy contribution by 18 times. BladeBug, a drone-based innovation founded by Chris Cieslak, won recognition from ORE Catapult (Offshore Renewable Energy in Blyth, UK) and will now integrate with MIMRee (Multi-Platform Inspection Maintenance and Repair in Extreme Environments). Both are part of a consortium led by Plant Integrity.

“CLT-plate with three layers of spruce” by Pañh, 2018. Wikimedia Commons.

Another renewable natural resource set to develop increased importance: wood. Can timber help to lessen the carbon impact of concrete and steel in the building industry? A form of ultra-thick plywood termed Cross-laminated Timber (CLT)  can be used for walls and floors. While the Eiffel Tower may not be redesigned, France recently ruled that all new commercial buildings must have solar or green rooftops, and has now legislated that all new public buildings be constructed with at least 50% timber. Enter a new term in architecture: “plyscraper.” Leading manufacturers that investors are watching: Stora Enso, KLH Massivholz GmbH, Binderholz, Mayr-Meinhof Holz Group, Hasslacher.

“Beautiful Sunset,” Reem78, 2015. Wikimedia Commons.

Ever since Peter G. Glaser patented solar power satellites, energy from the sun has proven efficient and relatively inexpensive as technologies for solar panels improve. But until Glaser’s innovation can be pursued, solar panels still collect only one/fifth of what is possible. Oxford PV is employing silicon with perovskite that increases solar panel efficiency by 29.52%, setting a new world record. The company originated at Oxford University, where the Oxford-AstraZeneca vaccine was developed.

Will COP26 in Glasgow, Scotland herald a new era for climate and cooperation? Image: “University of Glasgow, Scotland, 1900” Library of Congress image ppmsc.07600

Brilliant medical and scientific researchers created Covid vaccine innovations through rapid cooperative response to a world crisis that some likened to the Manhattan Project. Climate change is another world crisis. Bill Gates, co-founder of Microsoft and the Bill & Melinda Gates Foundation that has championed causes of public health, sees hope for 2021, noting the November United Nations COP26 in Glasgow, Scotland, as catalyst for nations to pledge responses to climate change. With new administrations in the United States, new political definitions of the United Kingdom and European Union, increased commitments to energy neutrality by China and others, there is reason for hope. What do you think will be the most important advances in 2021?

For more:

BladeBUG. https://bladebug.co.uk

Brooke, Kathleen Lusk. “Up on a Roof,” 13 November 2015. Building the World Blog. https://blogs.umb.edu/buildingtheworld/2015/11/13/up-on-a-roof/

Glaser, Peter. “Space Solar Power.” 1999 MA Space Grant Consortium Public Lecture. MIT. VIDEO. https://www.youtube.com/watch?v=03x_Q4DGfel

Heap, Tom. “Why I’m feeling hopeful about the environment in 2021.” 4 January 2021. BBC Radio 4.

Hutchins, Mark. “Oxford PV retakes tandem cell efficiency record.” 21 December 2020, PV Magazine. https://www.pv-magazine.com/2020/12/21/oxford-pv-retakes-tandem-cell-efficiency-record/

Jaffe, Paul. “Power Beaming & Space Solar Innovation: Peter Glaser.” 30 July 2020. HDIAC Webinars. VIDEO. https://www.youtube.com/watch?v=UhFaLgmJsk

IMARC Group. “Top 5 Cross-Laminated Timber Manufacturers Worldwide.” 4 October 2017. https://www.imarcgroup.com/top-cross-laminated-timber-manufacturers-worldwide

OE Digital. “Spider-like Robot to Change Offshore Wind Blade IMR Game.” 28 April 2020. OEDigital. https://www.oedigital.com/news/277974-spider-like-robot-to-change-offshore-wind-blade-imr-game

Souza, Eduardo, translated by José Tomás Franco. ArchDaily. 20 May 2018. “Cross Laminated Timber (CLT): What It Is and How To Use It.” https://www.archdaily.com/893442/cross-laminated-timber-clt-what-it-is-and-how-to-use-it

Voytko, Lisette. “Bill Gates Has Big, Scientific Hopes for 2021. Here’s Why.” 22 December 2020. Forbes. https://www.forbes.com/sites/lisettevoytko/2020/12/22/bill-gates-has-scienfitic-hopes-for-2021-heres-why/

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

December 31, 2020
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ENERGY: 2020 by the Numbers

The year 2020 will go down in history for many reasons, including climate change. Temperatures were 1.08 degrees Fahrenheit (0.6 Celsius) warmer than the 1981-2010 average and 2.25 degrees Fahrenheit (1.25 Celsius) above pre-industrial times. Rising temperatures have consequences. In January of 2020, Australia suffered wildfires burning an area bigger than Florida. In summer, Atlantic hurricane season brought 30 named storms, carrying more water (warming oceans produce more water, higher waves, increased flooding). Western United States areas like California, Nevada, Oregon, Washington witnessed fires that destroyed 10.3 million acres. In the Arctic, data from the Copernicus Climate Change Service showed the region is warming faster than feared, more than twice the pace as the rest of the globe, with 5.4 degrees Fahrenheit (3 degrees Celsius). Environmental scientists noted that 2020 set a record for carbon dioxide concentrations, rising to 413 ppm (parts per million) in May of 2020, even with Covid-19 lockdowns. (Kann and Miller, 2021)

“Wildfire in Santa Clarita, California.” Image: wikimedia.

Price tag? $95 billion. And that’s just for U.S. climate-related damage, according to Munich Re, insurance company to other insurance firms that covered damage from Atlantic storms and California wildfires. Chief climate scientist of Munich Re Ernst Rauch warned that building in high-risk areas added to losses. Hurricanes  were significant in damage, causing $43 billion in losses. Convective storms (like hailstorms and tornadoes) caused $40 billion. Wildfires added up to $7 billion including destruction of crops, endangering food security. Residential and business properties sustained damage and claimed insurance losses, over 4000 properties in Oregon and many more in California. According to Donald L. Griffin of American Property Casualty Insurance Association, “We can’t, as an industry, continue to just collect more and more money, and rebuild and rebuild and rebuild in the same way.” (Flavelle, 2021) Beyond the United States, the numbers are just as dire. Cyclone Amphan struck Bangladesh and India in May, resulting in $14 billion in damage. Asia sustained $67 billion in losses from natural disasters.

Cyclone Amphan May 2020. Image: wikimedia commons.

What does this mean for 2021? Following the money and perhaps led by the insurance industry, new ways to rebuild may lead us into the New Year. We’ll take a look at some hopeful trends, next.

American Property Casualty Insurance Association. https://www.apci.org

Flavelle, Christopher. “U.S. Disaster Costs Doubled in 2020, Reflecting Costs of Climate Change.” 7 January 2021. The New York Times. https://www.nytimes.com/2021/01/07/climate/2020-disaster-costs.html?referringSource=articleShare

Kann, Drew and Brandon Miller. “2020 was tied for the hottest year ever recorded — but the disasters field by climate change set it apart.” 8 January 2021. CNN.com. https://www.cnn.com/2021/01/08/weather/2020-global-temperatures-tied-for-warmest-on-record-copernicus/index.html

Munich Re. https://www.munichre.com/en.html

Thanks to Jason W. Lusk for editorial guidance and suggestions.

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

September 15, 2020
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ENERGY: Fire, Air Quality, and Innovation

Fire fills the air with dangerous pollution. Innovation in air conditioning and filtration is needed now and in the future. Image: wikimiedia.

In California, Oregon, Washington and other states, Americans have recently seen a preview of climate change. Earlier this year, Australia suffered record bushfires. Africa experienced the worst drought in decades, threatening energy supplies and food security in Zambia and Zimbabwe. Longer, hotter, dry seasons set the stage for drought, and vulnerability to fires caused by a number of factors. Forest management and human actions are surely factors, but a warming climate intensifies the problem. Severe conditions will force climate migration, as many move to safer locations. World Weather Attribution consortium warns that if global temperatures rise by 2C, fires will occur four times more often.

Challenge: design a better air-conditioner. Image: wikimedia.

Building better fire mitigation includes addressing air pollution health hazards. Air-conditioners and air filtration systems are ready for a major leap in technology. In the 1980’s, we made the alarming discovery that refrigerants like those in cooling appliances were emitting chloroflourocarbans (CFCs), depleting Earth’s ozone layer. Response was a global accord, the 1987 Montreal Protocol, to stop using harmful pollutants in cooling devices. But now we still need something to replace CFCs, and so enter HFCs or hydrofluorocarbons. These are also problematic: HFCs accelerate global warming at 11,000 times the rate of carbon dioxide. Kigali Amendment to the Montreal Protocol legislated the phasing out of HFCs. While 102 countries have signed on and ratified their participation, some countries have not. Sadly, those non-participants are some of the world’s biggest users of HFCs. It’s a missed opportunity because we could save 460 billion tons of dangerous emissions over the next 40 decades. If we doubled energy efficiency of air-conditioners, we could save $2.9 trillion by 2050. Here’s a searchable database of non-HFC cooling technologies. Global energy demand for air conditioners is expected to triple by 2050. Want to do well, while doing good? Build a better air-conditioner.

Carlowicz, Michael. “Drought Threatens Millions in Southern Africa.” 1 December 2019, Earth Observatory/NASA. https://earthobservatory.nasa.gov/images/146015/drought-threatens-millions-in-southern-africa.

Cool Technologies Database. “Sustainable Cooling Database.” Environmental Investigation Agency (EIA). https://cooltechnologies.org/

Dutta, Meghna. “Top Air Conditioners that double up as Air Purifiers too.” 1 May 2018. The Indian Express. https://indianexpress.com/article/technology/techook/top-air-conditioners-that-double-up-as-air-purifiers-too-5158512/

Environmental Investigation Agency (EIA). “HFC-free Technologies: Putting the Freeze on HFCs: A Global Digest of Available Climate-friendly Refrigeration and Air-Conditioning Technologies. https://eia-global.org/initiatives/hfc-free-technologies/.

EIA. “Unlocking Kigali Amendment Climate Benefits.” https://eia.-global.org/

Ghosh, Pallab. “Climate change boosted Australia bushfire risk by at least 30%.” 4 March 2020. BBC.com.https://www.bbc.com/news/science-environment-51742646.

Litwin, Evan. “The Climate Diaspora: Indo-Pacific Emigration from Small Island Developing States.” 1 May 2011. University of Massachusetts Boston. DOI: 10.2139/ssrn.1912859. Corpus ID: 128341843.

Lustgarten, Abrahm with photographs by Meridith Kohut. “How Climate Migration Will Reshape America.” 15 September 2020. The New York Times. https://www.nytimes.com/interactive/2020/09/15/magazine/climate-crisis-migration-america.html?referringSource=articleShare.

Noor, Dharna. “We Essentially Cook Ourselves if We Don’t Fix Air Conditioning, Major UN Report Warns. Earther. https://earther.gizmodo.com/we-essentially-cook-ourselves-if-we-don-t-fix-air-con-1844416667%3Futm_medium=sharefromsite&utm_source=email&utm_campaign=bottom.

Pearce, Fred. “Thirty Years After Montreal Pact, Solving the Ozone Problem Remains Elusive.” 14 August 2017. Yale Environment360. https://e360.yale.edu/features/thirty-years-after-the-montreal-protocol-solving-the-ozone-problem-remains-elusive/

United Nations. “The Montreal Protocol on Substances that Deplete the Ozone Layer.” United Nations Ozone Secretariat.https://web.archive.org/web/20130420100237/http://ozone.unep.org/new_site/en/Treaties/treaties_decisions-hb.php?sec_id=5.

United Nations. “Amendment to the Montreal Protocol on Substances that Deplete the Ozone Layer,” Kigali, 15 October 2016. United Nations Treaty Collection, Chapter XXVII Environment, Registration 1 January 2019, No. 26369, Status: Parties 102. For the text of the treaty, https://treaties.un.org/doc/Treaties/2016/10/20161015%2003-23%20PM/Ch_XXVII-2.f.pdf/

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 28, 2020
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WATER: How much do you use?

How much water do you use? Image: “Blue question mark,” wikimedia commons.

Only 1% of water on Earth is drinkable (actually, it’s 2.5% but only 1% is readily accessible). The rest of the water on the planet rests in the sea, but it is salty and therefore requires desalination to use for drinking or agriculture.

New River, a fresh water supply and a fresh idea. Image: wikimedia.

Ever since the most ancient times, humans have invented ways to find, distribute, use, and power with water. From the Roman Aqueducts and the New River of England that brought fresh water to the growing cities of Rome and London, respectively, to the water use agreements of the Colorado River of the USA and Snowy Mountains Hydroelectric of Australia, the story of civilization is the story of water.

With populations growing and climate changing, water will become more scarce and more important for uses for drinking, agriculture, industry, and energy. While macro systems that deliver water to our taps are large in scale, each of us can do something to protect and conserve water.

 

Take this quiz to calculate your WATER USE.

Attenborough, Sir David. “Fresh Water.” Episode 3. Our Planet. BBC One/Netflix. https://www.youtube.com/watch?v=R2DU85qLfJQ/

Jacobsen, Rowan. “Israel Proves the Desalination Era is Here,” 29 July 2016. Scientific American. https://www.scientificamerican.com/article/israel-proves-the-desalination-era-is-here/

Spang, E., E. R, K.S. Gallagher, P.H. Kirshen, D.H. Marks. 2014 “The Water Consumption of Energy Production: An International Comparison.” Environmental Research Letters, Volume 9, 105002. https://iopscience.iop.org/article/10.1088/1748-9326/9/10/105002/meta/

Water Calculator. https://www.watercalculator.org/wfc2/q/household/

Water Footprint Calculator. “Water Websites for Kids.” 13 November 2019. https://www.watercalculator.org/resource/water-websites-for-kids/.

Thanks to Sierra C. Lusk for research and inspiration.

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 17, 2020
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ENERGY: Old wells, new problems, emerging solutions

Could biogas drive the future? Image: wikimedia.

Could the next vehicle you drive be powered not by gas from a drilled well but by a cleaner form of energy known as biogas or biomethane? Climate improvement may be encouraged by a solving a problem.

Oil well pump, Midland, Texas. Image: wikimedia.

Oil wells – part of the 20th century landscape – are not only becoming a relic of the past, they are now a menace to the future. Old wells, once dry of oil, continue to emit pollution. More recently, other kinds of wells have been opened for hydraulic fracturing, sometimes called fracking, uses water to power invasive drilling to release oil and gas locked in rock formations. Drillers use underground water, promising to seal off the well. But what happens when the fracking site is no longer productive? Millions of older fracking wells are now starting to leak pollutants. And now, with the renewable energy becoming competitive in price and superior in environmental quality, wells are becoming antiquated. Moreover, the fossil fuel energy industry is stressed by dropping oil prices due to the 2020 viral pandemic: people are driving less; planes are parked in airports. Energy company bankruptcies are growing. Sometimes companies sell the wells to a new owner who then resells, and finally when it is no longer productive, the well is abandoned. No one is responsible for clean-up, since the original builder of the well has long since moved on.

Methane, a dangerous and long-lived pollutant in the atmosphere, is one of the greenhouse gases regulated by the Kyoto Protocol. Image: wikimedia.

According to the Groundwater Protection Council, “orphaned wells” are beginning to leak methane. Recent reports by the Intergovernmental Panel on Climate Change (IPCC) flagged methane from abandoned oil and gas wells as an emerging global risk, in an April 2020 report. Worldwide, there may be 29 million abandoned gas and oil wells. Canada, where oil sands mining prevails, reported 313,000 abandoned wells emitting 10 kilotons of methane. The United States has 2 million abandoned wells: most were never properly sealed. China, Russia, and Saudi Arabia (the three other large oil and gas producers, along with Canada and USA) have not revealed their methane leakage from wells. Even small amounts of methane pose dangers. The United States reports methane as the cause of 10% of the country’s greenhouse gas emissions, but methane is 84 times more damaging than carbon dioxide in the first two decades of release, and 28 times over a century’s timeframe. Methane is one of the seven greenhouse gases regulated under the Kyoto Protocol: the list includes carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (JFCs), per fluorocarbons (PFCs), sulphurhexaflouride (SF6), and nitrogen trifluoride (NFc). These gases are dangerous because they are stable, meaning they stay in the atmosphere once released. Methane has been identified as responsible for 25% of global warming.

Capturing methane in a biogas sytem. Image: wikimedia

Yet methane is a valuable energy source, when harnessed. One possible solution: biogas (biomethane). Biomethane is formed by decomposing organic substances like agricultural or animal waste, even sewage. With upgrades, biogas can achieve an energy productivity equal to natural gas. Biogas can be recovered from waste treatment plants and refined to renewable natural gas (RNG) to generate electricity or even power car. Another method: fuel cell technology using waste; there is no combustion, so no exhaust and related pollution. A sample project using biogas to power fuel cells can be found in Fountain Valley, California; Apple uses fuel cell energy from Bloom Energy.

As the world emerges from the coronona virus pandemic, countries are funding re-entry for businesses, cities, and states. Is 2020 the time to seize the opportunity to capture methane from old wells as the energy sector rebuilds?

Dlouhy Jennifer A “EPA Seeks to Abandon Regulation of Methane Leaks From Oil Wells.” 29 August 2019. Bloomberg News. TransportTopics. https://www.ttnews.com/articles/epa-seeks-abandon-regulation-methane-leaks-oil-wells.

Groom, Nichola. “Millions of abandoned oil wells are leaking methane, a climate menace.” 16 June 2020. Reuters. https://www.reuters.com/article/us-usa-drilling-abandoned-specialreport/special-report-millions-of-abandoned-oil-wells-are-leaking-methane-a-climate-menace-idUSKBN23N1NL

Kyoto Pr

The World Energy Foundation. “Methane Capture and Use as a Clean Energy Source.” 16 June 2015. https://theworldenergyfoundation.org/methane-capture-and-use-as-clean-energy-source/.

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 28, 2020
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ENERGY: Petersberg Climate Dialogue

Petersberg, near Bonn, Germany. Image: wikimedia.

High upon a virtual mountaintop, the Petersberg Climate Dialogue gathered 35 countries to steer the course for achieving Paris Agreement goals. Alok Sharma, UK Secretary of State for Business and Energy and President of COP26, and Svenja Schulze, Federal Environment Minister of Germany, co-chaired ‘International Climate Action after the Coronavirus Pandemic.” While there is good news, including the cost of solar energy now 85% lower than in 2010, it is not enough: 840 million people lack access to electricity. As world governments allocate funding to rebuild economies after Covid-19, there is an unprecedented opportunity forfinance to support a green economic recovery and foster ambitious climate action.” We have not acted fast enough to reach climate goals, in part due to funding. The world might now have A UNIQUE opportunity to rebuild. Petersberg Climate Dialogue is digital: participate here.

Petersberg Climate Dialogue Digital Conference. https://www.bmu.de/press/live-broadcast/

Petersberg Climate Dialogue Digital Conference. “Financing Climate Ambition in the context of COVID-19.” Video Conference, 29 April 2020. https://www.bmu.de/en/event/financing-climate-ambition-in-the-context-of-covid-19/

Sharma, Alok. “Reaching Climate Goals.” https://www.gov.uk/government/news/cop26-president-remarks-at-first-day-of-petersberg-climate-dialogue.

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 9, 2020
by buildingtheworld
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ENERGY: Shaping the Future

Image: photographer Andrew MacMillan. wikimedia.

Electric vehicles are dependent upon batteries both for power and for design. That’s why General Motors’ recent announcement was a double break-through. A $20 billion investment in electric cars comes from a new kind of battery. Traditional EV batteries are a certain shape, determining the contours of a car. But GM’s new batteries can be stacked sideways, or even around curves, because the powerhouses are “soft, flat pouches.” (Valdes-Dapena, 2020). Tesla, by contrast, uses a hard cylinder. GM’s Ultium power cells may lead to curvy designs. Another advantage: Ultium uses far less cobalt that traditional EV batteries, significant because cobalt is becoming increasingly scarce. Finally, Ultium hits the desired metric: below $100 per kilowatt hour, the price point where electric cards are competitive with gasoline engines. According to estimates, electric vehicle sales in the USA will grow to 3 million units by 2030. Next-gen batteries enable driving ranges of 400  (and soon 600) miles. Longer range electric power means more highway trips, perhaps causing a redesign of the U.S. Federal Highway System, the Canada/USA Alaska Highway or the Pan-American Highway for a regional vision that could include a sportsway, maglev or hyper loop, in addition to vehicular paths. General Motors is partnering with LG Chem. With flexible batteries, look for different shapes to come.

Beresford, Colin. “GM Unveils Battery with Capacity Twice as Big as Tesla’s.” 4 March 2020. Car and Driver. https://www.caranddriver.com/news/a31226611/gm-ultium-electric-vehicle-battery-revealed/.

Beresford, Colin. “GM, LG Teaming Up to Build Batteries for GM’s Future EVs in Ohio.” 5 December 2019. Car and Driver. https://www.caranddriver.com/news/a30141005/gm-ev-battery-factory-ohio-lg/.

Valdes-Dapena, Peter. “GM’s new electric car battery tops Tesla’s.” 5 March 2020. CNN.Business. http://www.cnn.com/2020/03/04/business/gm-electric-car-battery-400-miles-of-range.html/ 

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

January 25, 2020
by buildingtheworld
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ENERGY: Doomsday Clock

Back in the good old days, when doomsday was just three minutes away. Now, it’s 100 seconds. Time to reset. Image: wikimedia

We are in humanity’s moment of greatest peril,” warn those who keep time on the Doomsday Clock, moving us to 100 seconds before midnight. Midnight means catastrophic global annihilation. The Bulletin of the Atomic Scientists, founded in 1945 by those who worked on the Manhattan Project, when doomsday only meant blowing ourselves up with bombs, the Doomsday Clock now includes a second danger: “Humanity continues to face two simultaneous existential dangers – nuclear war and climate change – that are compounded by a threat multiplier, cyber-enabled information warfare, that undercuts society’s ability to respond.” (Ban Ki-Moon et al 2020)

Bulletin of the Atomic Scientists, inventors of the Doomsday Clock. Image: wikimedia

The Doomsday Clock does not really tick but is set. It started at seven minutes to midnight in 1947. Its best year to date was 1990, when it was fixed at 17 minutes to midnight, indicating the world was hopeful and relatively calm. The clock held at 2 minutes to midnight through 2017 – 2019, but now it is closer than it has ever been. It’s only been reset 24 times since 1947.

Regarding this week’s setting of the clock to 100 seconds before midnight, the keepers of the clock note two action areas. First, due to expire in 2021, the only remaining bilateral agreement between two nuclear super powers (Russia and USA), the Strategic Arms Reduction Treaty (START), must be extended. Regarding the other existential threat, climate change, over 60 countries have committed to net zero carbon emissions by 2050. While the United States has not committed, California and New York have. That’s encouraging, but it’s still not enough, just 11% of world emissions.

Meanwhile, the clock is moving closer to midnight. Whether or not we suffer a nuclear war or an accident, certainly possible, climate change is not only possible but probable, and accelerating. We need to turn back the Doomsday Clock. What can you do to turn back the hands of time?

It is time to stop climate change, and reset the Doomsday Clock. Image: “Prague Astronomical Clock,” wikimedia.

ANIMATION: “Know the Time.” https://thebulletin.org/multimedia/know-the-time.

Bulletin of the Atomic Scientists. https://thebulletin.org/doomsday-clock

Sengupta, Somini and Nadja Popovich. “More than 60 countries say they’ll zero out carbon emissions. The catch? They’re not the big emitters.” 25 September 2019. The New York Times. https://www.nytimes.com/interactive/2019/09/25/climate/un-net-zero-emissions.html.

“Why the world is closer than every to Doomsday,” by Jerry Brown, William J. Perry, Mary Robinson, and Ban Ki-Moon. 24 January 2020, CNN.com. https://www.cnn.com/2020/01/24/opinions/doomsday-clock-emergency-moon-robinson-brown-perry/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 Unpor

 

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