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News articles on finance
Mongabay.com news articles on finance in blog format. Updated regularly.
Cinderella animals: endangered species that could be conservation stars
(04/18/2012) A cursory look at big conservation NGOs might convince the public that the only species in peril are tigers, elephants, and pandas when nothing could be further from the truth. So, why do conservation groups roll out the same flagship species over-and-over again? Simple: it is believed these species bring in donations. A new paper in Conservation Letters examines the success of using flagship species in raising money for larger conservation needs, while also pointing out that conservation groups may be overlooking an important fundraising source: "Cinderella animals."
Top 20 banks that finance big coal
(11/30/2011) A new report from civil and environmental organizations highlights the top 20 banks that spend the most money on coal, the world's most carbon-intensive fossil fuel. Released as officials from around the world meet for the 17th UN Summit on Climate Change in Durban, South Africa, the report investigated the funding practices of 93 major private banks, finding that the top five funders of big coal are (in order): JPMorgan Chase, Citi, Bank of America, Morgan Stanley, and Barclay's.
Controversial Brazilian mega-dam receives investment of $1.4 billion
(05/02/2011) Brazil's most controversial mega-dam, Belo Monte, which is moving full steam ahead against massive opposition, has received an extra infusion of cash from Vale, a Brazilian-run mining company.
Judge suspends Brazil's monster dam: contractor 'imposing' its interests
(02/27/2011) Construction on Brazil's planned mega-dam, the Belo Monte, has been ordered suspended by a federal judge, citing unmet environmental and social conditions. Just last month, the hugely controversial dam, was handed a partial license from Brazil's Environmental Agency (IBAMA). However, the judge, Ronaldo Destêrro, found that the partial license, the first of its kind in Brazil, was granted under pressure from the dam's contractor, Norte Energia or NESA.
2% GDP could turn global economy green
(02/21/2011) Investing around $1.3 trillion, which represents about 2% of the world's gross domestic product (GDP), into ten sectors could move the world economy from fossil-fuel dependent toward a low carbon economy, according to report by the UN Environment Program (UNEP). In addition, the investments would alleviate global poverty and keep stagnating economies humming, while cutting humanity's global ecological footprint nearly in half by 2050 even in the face of rising populations.
Chief financier of Belo Monte dam ties social and environmental requirements to controversial project
(02/04/2011) The Brazilian National Development Bank (BNDES) has announced it will not grant a $640 million loan for the hugely controversial Belo Monte dam until 40 social and environmental conditions are met. In response, the company contracted to build the dam, Norte Energia, S.A. (NESA), has stated it may drop the bank's loan altogether and seek less discriminating private funding to start construction. Last week the Brazilian government's environmental agency IBAMA announced that the dam had been granted a partial license, an aberration in Brazilian law, to jumpstart construction. But BNDES also says it will not hand out the loan until a full license is granted.
Could industrial interests ruin payments for environmental services?
(09/27/2010) One of the biggest ideas in the conservation world over the past decade is Payments for Environmental Services, known as PES, whereby governments, corporations, or the public pays for the environmental services that benefit them (and to date have been free), i.e. carbon, biodiversity, freshwater, etc. For example, Reducing Emissions through Deforestation and Forest Degradation (REDD+) is the largest such proposed PES concept, yet many others are emerging. However, a new study in mongabay.com's open access journal Tropical Conservation Science argues that in order for PES to be effective—and not perversely lead to further harm—decision-makers must consider the danger of paying industrial and commercial interests versus financially supporting local populations, as originally conceived, to safeguard the environment.
Video: black list uncovers least transparent companies
(04/14/2010) Corporate Responsibility Magazine has released its first annual list of the 30 least transparent companies, dubbed the 'black list'. Looking at corporations traded on the US stock market in the Russell 1,000—the top 1,000 stocks in the Russell 3,000 list—the magazine pinpointed the bottom 30, exposing those companies that choose to hide in the dark.
Could special bonds fund the green revolution and stabilize the climate?
(02/02/2010) There is no question that governments around the world are moving slowly and sluggishly to combat climate change, especially when placed against the measures recommended by climate scientists. Only a handful of nations have actually cut overall greenhouse gas emissions, and the past couple decades have seen emissions rise rapidly worldwide as nations like India and China industrialize while Brazil and Indonesia continue massive deforestation. Global temperatures are rising in concert (though with natural fluctuations): the past decade is the warmest on record. After the failure of Copenhagen this past December to produce an ambitious and binding treaty, many are wondering if the world will ever address the threat of climate change or if future generations are set to live in a world far different—and more volatile—than the one we currently enjoy.
US moves talks forward in Copenhagen with pledge of 100 billion fund, now it's China's turn
(12/17/2009) Secretary of State Hillary Clinton brought some much need good news to Copenhagen with her. In an announcement this morning, Clinton announced that the United States was ready to join other industrialized nations in mobilizing 100 billion dollars a year in climate aid for developing and vulnerable nations by 2020 at the Climate Change conference.
Pope Benedict: environmental crisis requires review of world's economic model
(12/15/2009) Pope Benedict XVI has released a message linking world peace with preserving the environment for the World Day of Peace, which will be held on January 1st 2010. In it Benedict calls for a "long-term review" of the world's current economic model, including "[moving] beyond a purely consumerist mentality" and encouraging a more "sober lifestyle".
US think-tank: islands affected by global warming should wait for trickle-down money
(12/09/2009) Poor island nations threatened by rising seas should wait for money through trickle-down economics, according to the founder of the US Competitive Enterprise Institute. The Washington-based free-market think tank believes that curbing greenhouse gas emissionss to combat climate change will be too costly to the US and global economies.
Gore, Moon, and Rasmussen attempt to regain trust after 'Danish Text' leak in Copenhagen
(12/09/2009) The head of the UN, Ban-Ki Moon; the Danish Prime Minister, Lars Lokke Rasmussen; and American climate change leader, Al Gore, all attempted to downplay the leak of the 'Danish Text' which has riled developing countries due to portions of its content, such as allowing a climate fund to be controlled by the World Bank, seemingly overturning the Kyoto principle whereby developed countries are held responsible for climate change, and setting higher emission per capita standards for industrialized countries over developing countries even in forty years time.
Leaked document in Copenhagen seen as sidelining poor countries
(12/08/2009) A document leaked late in the day at Copenhagen has threatened to further divide developing nations from wealthy countries during the conference in Denmark. The document, labeled as the 'Danish-text', is seen by many as sidelining poor countries by handing over climate financing to the World Bank, requiring developing countries to cut total emissions, and in forty years time still allowing wealthy countries to emit more than developing per capita.
DR Congo, Indonesia, PNG, Tanzania, Vietnam win REDD funding for forest conservation
(03/20/2009) The United Nation's REDD Program has approved $18 million in support of forest conservation projects in five pilot countries: Democratic Republic of Congo, Indonesia, Papua New Guinea, Tanzania, and Viet Nam.
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