350 CHICAGO Newsletter
Your bi-weekly newsletter for all things climate-related
August 18, 2020
Good morning friends and climate advocates,
Kamala Harris joins the Democratic ticket while Trump continues to roll back environmental regulations. Coal power’s decline continues, and a boom in offshore wind farms may be on the horizon.
- The 350 Chicago Team
Joe Biden and Kamala Harris Source: JoeBiden.Com
Elections Matter: Biden Chooses Harris for VP
The major political story this week was Joe Biden’s selection of Senator Kamala Harris to be his running mate. The move has been positively received by the climate community, including the youth-led Sunrise Movement. One of the biggest positives for Harris is her focus on climate justice issues. She recently co-sponsored a bill with Alexandria Ocasio-Cortez on climate equity and another bill with Senators Tammy Duckworth and Cory Booker on climate justice. Other highlights:
The Sierra Club has formally endorsed Biden based on his climate plan, and youth activists are exploring new ways to try connecting with young voters on climate issues. And if you would like to help insure as many voters as possible are registered to vote, sign up for the 350 National Get Out the Vote program.
Meanwhile, Trump continues to rake in money from Big Oil and pays them back with a never-ending list of regulatory favors:
Excavator in a coal mine Source: stafichukanatoly/Pixabay
Coal: A Continuing Decline
Coal’s fall from grace has continued, with more capacity for coal power being closed than opened in the first half of this year -- that represents a 2.9-gigawatt decrease in coal capacity globally. Even China, which continues to lead the world in coal power, has commissioned 40% less coal power this year than by the same point in 2019 and new coal construction in India has ground to a near halt. Some of the worldwide decline is incidental to the COVID-19 pandemic, but stricter pollution regulations in the European Union also played a part. And it’s difficult for coal power to compete with increasingly cheap wind and solar power.
How can governments ensure that the transition from coal to clean energy is a just and equitable one? An article from Nature gives a broad overview of some key factors, such as the potential effects of the transition on regional economies and the need to involve stakeholders. These issues are currently playing out in Colorado, where the ambitious Just Transition Law has been stalled by the pandemic and residents of coal communities ponder what their future will look like. Closer to home, Senator Tammy Duckworth has sponsored the Marshall Plan for Coal Country Act, which would provide financial support to workers who lose their jobs in the coal industry as the nation transitions to clean energy.
The GE-Alstom Block Island Wind Farm stands in the water off Block Island, Rhode Island.
Source: Bloomberg / Photographer: Eric Thayer
The Future of Offshore Wind Power
Offshore wind is having a moment: the Global Wind Energy Council (GWEC) predicts an eightfold growth in the industry worldwide by 2030, with a boom expected along the East Coast of the U.S. The offshore wind industry has already taken hold in Europe and Asia, and financial analysts are urging the U.S. to follow suit. It’s a good investment economically as well as environmentally -- new wind farms in the U.K. are expected to be “negative subsidy,” meaning that the government will ultimately make more money from the wind farms than they spent to build them.
The U.S. will need to plan carefully for the development of offshore wind power to be successful. So far, federal regulation of the industry is lacking, and coordination is needed to avoid problems like overloading the grid or having too many cables tangled on the ocean floor.
Divestment: Help for Individuals
At our July 2020 monthly meeting, our friends from Pekin Hardy Strauss / Appleseed Capital provided a presentation on the current state of fossil-fuel-free investing. They are now offering a complimentary personal divestment assessment to members and friends of 350 Chicago. The assessment will evaluate an individual's current investment portfolio for exposure to fossil fuel investments and will include initial recommendations for better aligning the portfolio with the investor's values. To arrange an assessment, contact Colin Rennich.
Also, to learn even more about personal divestment, see our Divestment for Individuals resources and the US SIF's online course 'Sustainable Investing: An Online Course For Individual Investors'.
Other Climate News
Upcoming 350 Chicago Meetings & Events
***Important: Please note that physical in-person meetings are subject to change due to the situation around COVID-19. Please contact committee leads for information regarding remote meeting arrangements.***
8/19 Wednesday - 6.00 - 7.00pm CST
350 Chicago Research Committee Monthly Meeting (Rescheduled from 8/11)
9/12 Saturday – 10.00am – 11.30am CST
350 Chicago – General Monthly Meeting, hosting Filmmaker Ines Sommer
For our September VIRTUAL monthly meeting, we'll be hosting a movie discussion with the director of the new film
"Seasons of Change on Henry's Farm" which will hit close to home for many Illinoisans.
Directed by Chicago filmmaker Ines Sommer, the new documentary "Seasons of Change on Henry’s Farm" follows organic farmer Henry Brockman as he grapples with the impacts of a changing climate on his family farm in Central Illinois. Described as “a stirring portrait of a down-to-earth idealist,” the film will be
available for a limited engagement via the Gene Siskel Film Center’s online platform starting Fri, August 14. (To make for a full, in-depth discussion during the meeting, please feel free to view the film in advance of the 9/12 meeting.)
We'll also offer an update on our efforts at 350 Chicago, including our fossil fuel divestment campaign and our most recent fundraiser. We hope to see you there!
350 Education Committee
