Coffee Crop Damage –Most Important Climate News 6.12.24

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The IEA says the world will be awash in oil by 2030. Oil companies have ramped up production. Demand won’t be enough to offset that, even with rising demand from aviator and petrochemical companies over the next half-decade. “In parallel, a surge in global oil production capacity, led by the United States and other producers in the Americas, is expected to outstrip demand growth between now and 2030,” IEA experts wrote,”  The only chance this forecast could be wrong is if government policies cut fossil fuel use and do more to fund and advance the use of renewables. Climatecrisis247 believes that government action has been too weak to change energy use habits among individuals and industries. At the same time, US oil production in December was the highest for any month in history, driven primarily by fracking. The IEA forecast is almost certainly correct. 

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Climate reparations? The Atlantic said that may be the way to save the planet. The US should be a major target. The author wrote, “Climate reparations would hold the globe’s biggest polluters—including the United States—responsible for their actions. They might also be the best hope those nations have for saving themselves.” Climatecrisis247 believes this will never happen. Governments have proven extremely weak in changing and enforcing climate policy, even though they have promised to do so aggressively.

Coffee Crop Damage

Orange juice and coffee prices will rise quickly and to new highs. This is the conclusion of an article in Fortune. The argument is based on what the climate is doing to destroy coffee and orange crops. Climatecrisis247 believes the analysis is old news, particularly with coffee. Drought and floods have destroyed much of the coffee crop in Western Africa, which produces nearly two-thirds of the commodity worldwide.

Oil Company Lawsuits

California is the latest state to say it will expand its efforts to penalize oil companies for their polluting actions and that they have known about their business’s harmful effects for years. The state will use its consumer protection laws as the basis of its lawsuits. The FT reports, “California’s lawsuit alleges that oil and gas executives knew that relying on fossil fuels would have catastrophic results but suppressed the information.” Climatecrisis247 believes that these suits may not be successful. One theory about why they will be effective is because they mirror the Big Tobacco lawsuits that brought billions of dollars in penalties However, courts were able to determine precisely how the health of millions of people was hurt by smoking. Proving a direct connection from oil company action may be more challenging.

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