“Do Kwon, a trash-talking entrepreneur from South Korea, called the cryptocurrency he created in 2018 “my greatest invention.” In countless tweets and interviews, he trumpeted the world-changing potential of the currency, Luna, rallying a band of investors and supporters he proudly referred to as “Lunatics.”
Mr. Kwon’s company, Terraform Labs, raised more than $200 million from investment firms such as Lightspeed Venture Partners and Galaxy Digital to fund crypto projects built with the currency, even as critics questioned its technological underpinnings. Luna’s total value ballooned to more than $40 billion, creating a frenzy of excitement that swept up day traders and start-up founders, as well as wealthy investors.
Mr. Kwon dismissed concerns with a taunt: “I don’t debate the poor.”
But last week, Luna and another currency that Mr. Kwon developed, TerraUSD, suffered a spectacular collapse. Their meltdowns had a domino effect on the rest of the cryptocurrency market, tanking the price of Bitcoin and accelerating the loss of $300 billion in value across the crypto economy. This week, the price of Luna remained close to zero, while TerraUSD continued to slide.”
David Lindsay Jr.
Hamden, CT | NYT comment:
It appears to be just a ponzi scheme, and like bitcoin, has a large carbon footprint. Therefore, all these products should probably be banned. I am a successful investor, and one important rule is, if you can’t understand it, don’t invest in it. I did try to understand bitcoin, and it apparently only has anonymous record keeping with an extraordinarily high carbon footprint. It is a haven for gangsters and corrupt officials. What could be worse than owning a share in a high carbon footprint virtual asset, that doesn’t have any oil or gas or coal to sell.
“Investors concerned about climate change have developed an effective playbook for getting companies to set more ambitious goals for reducing greenhouse gas emissions by pressuring, shaming and cajoling executives.
But those tactics are not working on Warren Buffett and his Berkshire Hathaway conglomerate, which owns energy companies, a railway, insurance companies and other businesses that pump huge amounts of carbon dioxide into the atmosphere. As Mr. Buffett holds out, critics complain that Berkshire’s businesses are doing less to cut emissions than similar companies.
Mr. Buffett has repeatedly resisted shareholders who want Berkshire to provide detailed climate disclosures that encompass the whole company, not just parts of it, and spend more on sustainability. His stand may seem odd to some people, given that he has at times backed progressive causes, including higher taxes on the wealthy. He has also pledged to give away nearly all his wealth, and has given billions to causes embraced by the left.”
This seems like a fitting time to remember that the 15 to 22 massive cargo ships of this size that travel the worlds oceans contribute more pollution to the atmosphere per annum than some nations’ total car fleet.
David Lindsay Jr.
Hamden, CT | NYT repy to comment above:
@Mia Is this statement true. What are your sources?
David blogs at InconvenientNews.net
I think I just found a good source, NewAtlas.com, and posted it to my blog above.
“Big polluters: One massive container ship equals 50 million cars – NewAtlas.com Posted on February 18, 2022 “. . . In international waters ship emissions remains one of the least regulated parts of our global transportation system. The fuel used in ships is waste oil, basically what is left over after the crude oil refining process. It is the same as asphalt and is so thick that when cold it can be walked upon . It’s the cheapest and most polluting fuel available and the world’s 90,000 ships chew through an astonishing 7.29 million barrels of it each day, or more than 84% of all exported oil production from Saudi Arabia, the worlds largest oil exporter.
Shipping is by far the biggest transport polluter in the world. There are 760 million cars in the world today emitting approx 78,599 tons of Sulphur Oxides (SOx) annually. The world’s 90,000 vessels burn approx 370 million tons of fuel per year emitting 20 million tons of Sulphur Oxides. That equates to 260 times more Sulphur Oxides being emitted by ships than the worlds entire car fleet. One large ship alone can generate approx 5,200 tonnes of sulphur oxide pollution in a year, meaning that 15 of the largest ships now emit as much SOx as the worlds 760 million cars.” https://newatlas.com/shipping-pollution/11526/
“. . . In international waters ship emissions remains one of the least regulated parts of our global transportation system. The fuel used in ships is waste oil, basically what is left over after the crude oil refining process. It is the same as asphalt and is so thick that when cold it can be walked upon . It’s the cheapest and most polluting fuel available and the world’s 90,000 ships chew through an astonishing 7.29 million barrels of it each day, or more than 84% of all exported oil production from Saudi Arabia, the worlds largest oil exporter.
Shipping is by far the biggest transport polluter in the world. There are 760 million cars in the world today emitting approx 78,599 tons of Sulphur Oxides (SOx) annually. The world’s 90,000 vessels burn approx 370 million tons of fuel per year emitting 20 million tons of Sulphur Oxides. That equates to 260 times more Sulphur Oxides being emitted by ships than the worlds entire car fleet. One large ship alone can generate approx 5,200 tonnes of sulphur oxide pollution in a year, meaning that 15 of the largest ships now emit as much SOx as the worlds 760 million cars.”
The highways in Colorado, one of the nation’s fastest-growing states, are frequently clogged with suburban workers driving into Denver, skiers heading high into the Rocky Mountains and trucks rumbling across the Interstates.
A Western frontier state with an affinity for the open road and Subaru Outbacks, Colorado’s traditional answer to traffic congestion could be summed up in two words: more asphalt.
But widening highways and paving new roads often just spurs people to drive more, research shows. And as concerns grow about how tailpipe emissions are heating the planet, Colorado is among a handful of car-dominated states that are rethinking road building.
“GORO, New Caledonia — From the reef-fringed coast of New Caledonia, the Coral Sea stretches into the South Pacific. Slender native pines, listing like whimsical Christmas trees, punctuate the shoreline. The landscape, one of the most biodiverse on the planet, is astonishingly beautiful until the crest of a hill where a different vista unfolds: a gouged red earth pierced by belching smokestacks and giant trucks rumbling across the lunar-like terrain.
This is Goro, the largest nickel mine on a tiny French territory suspended between Australia and Fiji that may hold up to a quarter of the world’s nickel reserves. It also poses a critical test for Tesla, the world’s largest electric vehicle maker, which wants to take control of its supply chain and ensure that the minerals used for its car batteries are mined in an environmentally and socially responsible fashion.
Tesla’s strategy, the largest effort by a Western electric vehicle maker to directly source minerals, could serve as a model for a green industry confronting an uncomfortable paradox. While consumers are attracted to electric vehicles for their clean reputation, the process of harvesting essential ingredients like nickel is dirty, destructive and often politically fraught.
Because of its nickel industry, New Caledonia is one of the world’s largest carbon emitters per capita. And mining, which began soon after New Caledonia was colonized in 1853, is intimately linked to the exploitation of its Indigenous Kanak people. The legacy of more than a century of stolen land and crushed traditions has left Goro’s nickel output at the mercy of frequent labor strikes and political protests.”
“WASHINGTON — The Interior Department on Friday recommended that the federal government raise the fees that oil and gas companies pay to drill on public lands — the first increase in those rent and royalty rates since 1920.
The long-awaited report recommended an overhaul of the rents and royalty fees charged for drilling both on land and offshore, noting one estimate that the government lost up to $12.4 billion in revenue from drilling on federal lands from 2010 through 2019 because royalty rates have been frozen for a century.
The Interior Department said its goal is to “better restore balance and transparency to public land and ocean management and deliver a fair and equitable return to American taxpayers.”
But the report was nearly silent about the climate impacts from the public drilling program. The United States Geological Survey estimates that drilling on public land and in federal waters is responsible for almost a quarter of the greenhouse gases generated by the United States that are warming the planet.”
“As world leaders prepare to meet in Glasgow next week to address the devastating impact of wildfires, floods and extreme weather caused by rising greenhouse gases, a revolt has been brewing inside the world’s most influential consulting firm, McKinsey & Company, over its support of the planet’s biggest polluters.
More than 1,100 employees and counting have signed an open letter to the firm’s top partners, urging them to disclose how much carbon their clients spew into the atmosphere. “The climate crisis is the defining issue of our generation,” wrote the letter’s authors, nearly a dozen McKinsey consultants. “Our positive impact in other realms will mean nothing if we do not act as our clients alter the earth irrevocably.”
Several of the authors have resigned since the letter, which has never before been reported, came out last spring — with one sending out a widely shared email that cited McKinsey’s continued work with fossil fuel companies as a primary reason for his departure.”
“SAKHALIN ISLAND, Russia — Sixteen wind turbines are slated to go up amid the winding coast and wooded hills of this Russian island in the Pacific, creating a wind park bigger than any that currently exists in the vast reaches of the country’s Far East.
The clean energy generated by the new wind park will go toward mining more coal.
Russia is scrambling to retain the wealth and power that come from selling fossil fuels to the world, even as the Kremlin increasingly acknowledges climate change to be a human-made crisis that the country needs to do more to address.
Last week, President Vladimir V. Putin said Russia would stop adding carbon dioxide to the atmosphere by 2060. It was a remarkable reversal since Mr. Putin has long dismissed climate science and many in his country see international efforts to combat global warming as part of a Western plot to weaken Russia. His announcement comes two weeks before world leaders are set to converge in Glasgow for a pivotal U.N. climate summit.
But it’s unclear if Russia is sincere in its new pledge. Russian energy experts and government officials acknowledge the moves are largely driven by economics, with the European Union’s plans for tariffs on heavily polluting countries threatening exports from Russia, the fourth biggest among nations in terms of greenhouse gas emissions. Some elements of Russia’s plans have prompted skepticism, including a heavy reliance on forests as a tool to absorb carbon dioxide.”