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“I would not expect things to slow down anytime soon.”NOAA has been tracking billion-dollar weather disasters in the United States since 1980 and adjusts damage costs for inflation. Political Cartoons View All 1152 Images“Exposure plus vulnerability plus climate change is supercharging more of these into billion-dollar disasters,” Smith said. NOAA added eight new billion-dollar disasters to the list since its last update a month ago. “This year a lot of the action has been across the center states, north central, south and southeastern states,” Smith said. Stanford University climate scientist Chris Field called the trend in billion-dollar disasters “very troubling.”“But there are things we can do to reverse the trend," Field said.

Persons: Adam Smith, ” Smith, “, Smith, ”, Craig Fugate, Katharine Jacobs, Jacobs, Chris Field, Seth Borenstein Organizations: Atmospheric Administration, NOAA, Emergency Management Agency, El Nino, University of Arizona, Stanford University, Twitter, AP Locations: Hawaii, United States, America, California, Midwest, Minnesota, Nebraska , Missouri , Illinois, Indiana, Wisconsin, Michigan , Wisconsin , Ohio , Tennessee, Georgia, Northeast, Pennsylvania, Missouri , Illinois, El

☆ Biden says global warming topping 1.5 degrees in the next 10 to 20 years is scarier than nuclear war
▼ + stars: | 2023-09-11 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +3 min

Biden travels to Vietnam to deepen cooperation between the two nations, in the face of China's growing ambitions in the region. The global temperature rising more than 1.5 degrees Celsius in the next two decades is scarier than a nuclear war, said President Joe Biden on Sunday in Vietnam. "The only existential threat humanity faces even more frightening than a nuclear war is global warming going above 1.5 degrees in the next 20 — 10 years," Biden said at a press conference at the JW Marriott Hotel Hanoi on Sunday. There's no way back from that," Biden said, according to a White House transcript of the press conference. Did you ever think you'd be sitting at a G20 conference where everyone was preoccupied with the notion of global warming?"

Persons: Joe Biden, Biden, António Guterres, Guterres Organizations: JW, Change Service, United Nation's Locations: Hanoi, Vietnam, India, Angola

NEW DELHI (AP) — G20 leaders agreed Saturday to triple renewable energy and try to increase the funds for climate change-related disasters but maintained the status quo with regards to phasing out carbon spewing coal. Even at the last meeting of the G20 climate ministers before the summit, disagreements had remained. Global leaders and climate experts say the declaration had largely taken the conversation forward, setting the stage for an ambitious climate agreement when they meet at the global climate conference, COP28, in Dubai later this year. For the first time, the G20 countries agreed on the amounts required to shift to clean energy. “However, it’s disappointing that the G20 could not agree on phasing down fossil fuels.”"Increasing renewables and reducing fossil fuels need to necessarily happen together – we need stronger bolder action from leaders on both.

Persons: Amitabh Kant, al, Jaber, ”, Harjeet Singh, Singh, Madhura Joshi Organizations: DELHI, Indian, Global, Climate Action, Global Energy Monitor, AP Locations: Dubai, Mumbai

☆ Activists spray red paint over billionaire Walmart heiress’s superyacht for a second time
▼ + stars: | 2023-09-08 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —Spanish climate activists sprayed red paint across a superyacht owned by billionaire Walmart heiress Nancy Walton Laurie in Barcelona on Friday, the second time the yacht has been the target of protests in the past two months. Two activists from the climate groups Scientist Rebellion and Extinction Rebellion accessed Marina Port Vell, a dock for superyachts, at 7 a.m. local time on Friday, according to a spokesperson for the organization. The Walmart heiress Nancy Walton's megayacht was spray painted this morning by climate activists in Marina Port Vell, Barcelona . Scientist RebellionA spokesperson for Marina Port Vell said that the boat had not been damaged in Friday’s action. The activists were detained by police at the marina for three hours before being released, according to a spokesperson for Scientist Rebellion.

Persons: Nancy Walton Laurie, Nancy Walton's megayacht, Port Vell, Samantha Burgess Organizations: CNN, Scientist Rebellion, Port Police Locations: Spanish, Barcelona, Marina Port Vell, superyachts, Ibiza

☆ World isn’t moving fast enough to cut pollution and keep warming below 2 degrees Celsius, UN scorecard says
▼ + stars: | 2023-09-08 | by ( Ella Nilsen | ) edition.cnn.com time to read: +3 min

CNN —In the eight years since the landmark Paris Climate Agreement, the world’s nations have not done enough to cut pollution and avert catastrophic levels of warming, according to the first United Nations scorecard since Paris, released on Friday. The planet has already warmed about 1.2 degrees above preindustrial levels; during this year’s summer of record heat, it hit 1.5 degrees above preindustrial levels. June to August was the planet’s warmest such period since records began in 1940, according to data from the European Union’s Copernicus Climate Change Service. While the UN report finds the Paris Agreement “has driven near-universal climate action” from each country and put a major focus on lowering emissions, the actions themselves from countries aren’t matching up to the crisis. “Against forecasts made prior to its adoption, the Paris Agreement has led to contributions that significantly reduce forecasts of future warming, yet the world is not on track to meet the long-term goals of the Paris Agreement,” the UN authors wrote.

Persons: “, Dr, Sultan Al Jaber, ” Al Jaber, COP28, ” Tom Evans, ” Evans Organizations: CNN, United Nations, Paris, COP28, UN, United Locations: Paris, Dubai, United Arab Emirates

☆ What is the world's first 'global stocktake' on climate change?
▼ + stars: | 2023-09-08 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

REUTERS/Alexandros Avramidis/File Photo Acquire Licensing RightsBRUSSELS, Sept 8 (Reuters) - Nearly 200 countries meeting at this year's United Nations COP28 climate change summit will assess just how far off track they are from meeting promises to stop global warming as part of a process called the "global stocktake". The global check-in on what countries have done, so far, to prevent more disastrous climate change - is scheduled to be released on Friday. It is expected to be politically divisive, and could set the stage for the next few years of global action to slash the greenhouse gas emissions causing climate change. NOT ON TRACKCountries already know what the global stocktake will say: they are not on track. Diplomats say some developing countries have indicated in recent U.N. climate talks that the stocktake should focus on pressuring wealthy nations to step up.

Persons: Alexandros Avramidis, Sultan al, Jaber, Kate Abnett, Tomasz Janowski Organizations: REUTERS, Rights, Paris, United Nations, United Arab, Reuters, Thomson Locations: Czech, Provatonas, Evros, Greece, Rights BRUSSELS, Nations, Paris, United Arab Emirates

☆ ADL chief fires back at Elon Musk for waging campaign of harassment against the group
▼ + stars: | 2023-09-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

Greenblatt told CNN on Wednesday that the ADL has seen a surge in threats directed at the organization since Musk began waging his campaign of bullying against the renowned institution. As a result, Greenblatt said, the ADL has been forced to increase its security. Nevertheless, despite the ominous climate, Greenblatt said that the ADL remains undeterred in its mission and insisted that it will not be intimidated. “For over 100 years, the ADL has been the leading anti-hate organization in the country fighting raging anti-semites, wild bigots, hardened anti-Zionists. Greenblatt said that while Musk is blaming the organization for its advertising woes, he has not been talking to advertisers.

Persons: CNN — Elon, Jonathan Greenblatt, Greenblatt, Musk, ” Greenblatt, “, It’s, —, We’ve, I’m, ”, Red Bull, Puck Organizations: CNN, Defamation, ADL, Twitter, Apple, Gatorade, Ritz Crackers, Samsung, NFL, MLB, Paramount, State Farm, IBM, Century Fox ., Washington Post, Street, The New York Times, Bloomberg, CNBC

Last month was the hottest August on record, topping off the hottest summer on record, according to climate scientists. June through August was the warmest summer on record globally by a “large margin,” according to the European Union’s Copernicus Climate Change Service. Well-above average temperatures also occurred in Australia, several South American countries and around much of Antarctica, according to the service. Climate change certainly left its mark on the summer, with one report finding that more than 80% of humanity – or 4 in 5 people – experienced a hotter July largely due to human-caused climate change. Cartoons on Climate Change View All 167 Images“The dog days of summer are not just barking, they are biting,” António Guterres, secretary-general of the United Nations, said in a statement.

Persons: Samantha Burgess, –, António Guterres, El, Burgess Organizations: United Nations Locations: U.S, Europe, Asia, Australia, Antarctica

August was about 1.5 degrees Celsius (2.7 degrees Fahrenheit) warmer than pre-industrial averages, which is the warming threshold that the world is trying not to pass. “Climate breakdown has begun.”Political Cartoons View All 1145 ImagesSo far, 2023 is the second hottest year on record, behind 2016, according to Copernicus. Usually an El Nino, which started earlier this year, adds extra heat to global temperatures but more so in its second year. The world has been warmer before, but that was prior to human civilization, seas were much higher and the poles were not icy. While the world's air and oceans were setting records for heat, Antarctica continued to set records for low amounts of sea ice, the WMO said.

Persons: Copernicus, ”, Antonio Guterres, Carlo Buontempo, ___ Borenstein, Seth Borenstein Organizations: GENEVA, Northern, World Meteorological Organization, WMO, ” United Nations, El Nino, University of Maine's, Twitter, AP Locations: El, United Kingdom, United States, Antarctica, Washington

☆ Climate change: The world has just experienced the hottest summer on record
▼ + stars: | 2023-09-06 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

CNN —As heat waves continue to bake parts of the world, scientists are reporting that this blistering, deadly summer was the hottest on record – and by a significant margin. The planet experienced its hottest June on record, followed by the hottest July – both breaking previous records by large margins. August was also the warmest such month on record, according to the new Copernicus data, and warmer than every other month this year except for July. The global average temperature for the month was 16.82 degrees Celsius – 0.31 degrees warmer than the previous record set in 2016. Patrick T. Fallon/AFP/Getty ImagesCountries in the Southern Hemisphere have also experienced startlingly warm winters, with well-above average temperatures recorded in Australia, several South American countries and Antarctica.

Persons: Copernicus, It’s, ”, António Guterres, Petteri Taalas, Richard A, Brooks, Patrick T, Fallon, El, Samantha Burgess, CNN Burgess Organizations: CNN, Northern, United Nations, “, World Meteorological Organization, Getty, Southern, North Atlantic Locations: United States, Europe, Japan, Tokyo, AFP, Phoenix , Arizona, Australia, Antarctica, Atlantic, Pacific, Florida

☆ Bill Gates: This is the major contributor to climate change that people are 'probably least aware of’—It's 'a challenge’
▼ + stars: | 2023-08-29 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +4 min

Bill Gates has spent years, and billions of dollars, working to combat climate change. But, according to Gates, most people are still unaware of the role played by one of the biggest contributors to climate change: agriculture, specifically methane emissions from livestock and fertilizers. While plant-based foods have won support from those looking for alternatives to products made from animals, Gates said that he started backing plant-based food ventures because of their potential to combat climate change. In his 2021 book, "How to Avoid a Climate Disaster," Gates wrote that effectively combating climate change will take people being willing to commit to new ideas, like switching to electric cars and synthetic meats. Speaking to Thompson about the plant-based meat startups, like Impossible, Gates said that "they're doing well, but a lot of people want him to make [the product] even slightly better."

Persons: Bill Gates, Gates, Ahmir, Thompson, Barack Obama, Warren Buffett Organizations: U.S . Environmental Protection Agency, MIT Technology Locations: Gates, Philadelphia, U.S

[1/4] Smoke rises as a wildfire burns at Dadia National Park in the region of Evros, Greece, August 29, 2023. REUTERS/Alexandros Avramidis Acquire Licensing RightsATHENS, Aug 29 (Reuters) - A wildfire burning in northeastern Greece for 11 days has destroyed an area larger than New York City, the European Union-backed Copernicus Climate Change Service said on Tuesday, as firefighters from five countries battled to contain the flames. New York City takes up 778.2 square kilometres (300.5 square miles). Panagiota Maragou, head of conservation at the Greece division of the World Wildlife Fund (WWF), said at least 30% of the National Park of Dadia-Lefkimi-Soufli Forest had been lost to flames. Thanks to its high biodiversity, the national park was "one of the most important protected areas in Greece and also in Europe, perhaps also on an international scale", she said.

Persons: Alexandros Avramidis, Copernicus, Jiri Nemcik, Maragou, Kyriakos Mitsotakis, We've, Karolina Tagaris, Mark Heinrich Our Organizations: REUTERS, Rights, European Union, Twitter, Emergency Management Service, New York City, . Aircraft, World Wildlife Fund, of, Thomson Locations: Evros, Greece, New York City, Alexandroupolis, New York, Serbia, Slovakia, Czech Republic, Albania, Czech, Soufli, Europe, Athens, Turkey

☆ Greece battles Europe's deadliest fire of the summer for 10th day
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

[1/6] View of a burned forest following a wildfire, near the village of Avantas in the region of Evros, Greece, August 28, 2023. The fire which began near the city of Alexandroupolis has raged uncontrolled in northeastern Greece's Evros region, turbocharged by near-gale force winds and high temperatures. All but one of the victims killed so far were irregular migrants hiding in the forest. Scores of people have had to flee their homes across Greece as hundreds of wildfires erupted across the country in the second major fire outbreak of this summer. In July, some 20,000 foreign tourists were evacuated from the island of Rhodes where a wildfire burned resorts and hotels.

Persons: Alexandros Avramidis, Pavlos Marinakis, Marinakis, Karolina Tagaris, Lefteris Papadimas, Renee Maltezou, Peter Graff Organizations: REUTERS, Rights, European Union, Copernicus, Service, Civil, Thomson Locations: Avantas, Evros, Greece, Alexandroupolis, Greece's Evros, Athens, Rhodes

☆ Campaigners threaten EU with legal action over climate policy
▼ + stars: | 2023-08-24 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The EU law in question is one of more than a dozen policies designed to reduce the bloc's net emissions by 55% by 2030 from 1990 levels. That is one of the most ambitious climate targets of any major economy, but the campaigners want it lifted to 65%. The European Commission is examining the request, a spokesperson said. "The Commission does not consider this implementing decision to be in breach of fundamental rights," the spokesperson added, referring to the EU law. All EU countries have approved the collective 55% emissions target, which is fixed into law.

Persons: Andreas Linsbauer, Andrea Millhaeusler, Arnd, Romain Didi, Didi, Kate Abnett, William Maclean, Devika Organizations: REUTERS, Rights, Environmental, European Commission, Union, EU, Reuters, European, Thomson Locations: Pontresina, Switzerland, Europe, Brussels, EU, Paris

CNN —A mountain guide found the body of a man believed to have died more than 20 years ago on a glacier in Austria, police announced on Tuesday. The guide discovered the body on Friday on East Tyrol’s Schlatenkees glacier at an altitude of approximately 2,900 meters (9,500 feet) and notified police, who recovered it by helicopter. Police added that the man is believed to have had an accident on the glacier in 2001 and was traveling with ski touring equipment. Cash, a bank card and a driver’s license were found inside a nearby backpack belonging to the man, whom police tentatively identified as a 37-year-old Austrian. The Schlatenkees glacier, where the latest body was found, retreated by an unprecedented 60-100 meters (197-328 feet) between 2019 and 2022, according to Greenpeace.

Persons: Lindsey Nicholson, ” Nicholson Organizations: CNN, Police, University of Innsbruck, Greenpeace Locations: Austria, Switzerland

☆ Return to Office, Ending Work From Home May Make Climate Crisis Worse
▼ + stars: | 2023-08-17 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +16 min

Whether mandatory return-to-office policies will make the climate crisis worse is an important question, especially as scientists predict that 2023 will be the hottest year on record. But determining whether working from an office is worse for the planet isn't that simple. Failing to find a balance between boosting productivity at the office and protecting the planet risks making the crisis worse. Even though the study only covered the early part of the pandemic, it illustrated how a shift away from office work can have some positive effects for the planet. "There was no clear answer to whether work from home was better or worse for the environment in general terms."

Persons: Rachel, it's, JPMorgan Chase, James Elfer, Elfer, It's, Ty Colman, Colman, Ralf Martin, Martin, teleworking, Megan Litke, We've, Litke, Efler, Operta's Colman, JPMorgan Chase —, Apple, Tony Johnson, Schneider, Johnson, That's, she's, Catherine Boudreau Organizations: Amazon, Google, JPMorgan, Fortune, Employees, Greenhouse, International Energy Agency, IEA, Imperial College Business School, American University, Energy, Target, Dell, Apple, Schneider Locations: , Maryland, Greater London, London, Washington , DC, Williams, Sonoma, North America

☆ After the Maui Fires, Hawaii Will Reinvent Itself Once Again - The New York Times
▼ + stars: | 2023-08-12 | by ( Lawrence Downes | ) www.nytimes.com time to read: +1 min

The disaster that erased the beloved West Maui town of Lahaina this week comes with the bitter taste of bewilderment. Brush fires met high winds whipped by a far-off hurricane, and overnight a historic town was gone, a pile of smoke and ashes. Living in Hawaii long enough gives you a familiarity with sudden catastrophes, the kind that can obliterate a community in a week, a day or an instant. Drought on Maui turned the grass into ready fuel and heightened the risk of wildfires, and then a hurricane brushed by. And when wildfires swept over Maui and the Big Island, it was a brutal reminder that Hawaii needs to be a serious climate leader, to nurture and spread the environmental consciousness that too many other states lack.

Persons: Brush Organizations: Lahaina Locations: West Maui, Lahaina, Hawaii, Maui

☆ After Lahaina, Hawaii Will Reinvent Itself Once Again - The New York Times
▼ + stars: | 2023-08-12 | by ( Lawrence Downes | ) www.nytimes.com time to read: +1 min

The disaster that erased the beloved West Maui town of Lahaina this week comes with the bitter taste of bewilderment. Brush fires met high winds whipped by a far-off hurricane, and overnight a historic town was gone, a pile of smoke and ashes. Living in Hawaii long enough gives you a familiarity with sudden catastrophes, the kind that can obliterate a community in a week, a day or an instant. We may not get a definitive verdict on whether Lahaina died for humanity’s environmental sins, but we know that climate change is making Hawaii hotter and drier and that invasive grasses have been allowed to run rampant. Drought on Maui turned the grass into ready fuel and heightened the risk of wildfires, and then a hurricane brushed by.

Persons: Brush Organizations: Lahaina Locations: West Maui, Lahaina, Hawaii, Maui

July was Earth’s hottest month on record, surpassing the global monthly average temperature record set in July 2019, according to data from the Copernicus Climate Change Service, a European Union-funded scientific agency. Deadly heat blanketed parts of North America, Asia and Europe as wildfires blazed in Greece and Canada, hitting economies. Water shortages and high humidity affected parts of the Middle East. Residents in China contended with both extreme flooding and a heat wave as the country set a new national temperature record. All this came on the heels of the world’s hottest June on record.

Organizations: Residents Locations: Union, North America, Asia, Europe, Greece, Canada, East, China

☆ July hit a crucial warming threshold that scientists have warned the world should stay under
▼ + stars: | 2023-08-08 | by ( Rachel Ramirez | ) edition.cnn.com time to read: +4 min

Copernicus scientists say it’s the first summer month that has surpassed 1.5 degrees, offering a glimpse of future summers. Scientists are particularly concerned that global temperature will stay above 1.5 degrees for the long term. Before that, the other months that have been 1.5 degrees warmer than pre-industrial times have occurred during winter or early spring. “The year-to-date average is still below 1.5 degrees Celsius, and we find it unlikely that the rest of 2023 will be warm enough to bring the whole year average above 1.5,” he said. Copernicus scientists noted that as El Niño continues to develop, the world may witness more of these unprecedented temperature breaches.

Persons: Rebecca Emerton, Copernicus, Emerton, “ We’ve, ” Emerton, Robert Rohde, ” Rohde, Rohde, “, ”, El Niño Organizations: CNN, Berkeley, Northern Locations: Paris

☆ Extreme heat is the deadliest natural disaster. FEMA can’t treat it like one
▼ + stars: | 2023-08-08 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —Extreme heat is far deadlier than other natural disasters, killing on average more than twice as many people each year as hurricanes and tornadoes combined, according to data tracked by the National Weather Service. Phoenix Mayor Kate Gallego recently told Biden the city’s extreme heat is a “long-term emergency.” But it can’t get FEMA federal assistance unless Congress amends the Stafford Act – something some Western lawmakers are pushing for. “Just because we don’t necessarily have the authorities right now in the Stafford Act, that doesn’t mean we’re sitting idly by,” Criswell said. “Right now, FEMA doesn’t treat extreme heat in the same way as it does other disasters because it can’t,” Juanita Constible, senior climate and health advocate for the Natural Resources Defense Council, told CNN. “Adding it to that official list from Congress would clarify FEMA’s role in addressing heat,” Keith said.

Persons: Joe Biden, Kate Gallego, Biden, Ladd Keith, Deanne Criswell, ” Criswell, ” Juanita Constible, Gallego, Stafford, “, ” Gallego, –, Ruben Gallego, hasn’t, ” Keith, Keith, Constible, ” Constible, there’s, ” Organizations: CNN, National Weather Service, Federal Emergency Management Agency, FEMA, Phoenix, University of Arizona, “, Washington Post, Natural Resources Defense Council, Democratic Rep, Rep, Department of Labor Locations: Stafford, Chicago, Pacific, Ruben Gallego of Arizona, Arizona, Maricopa County, Phoenix, San Antonio

☆ It’s official: Scientists confirm July was the hottest month ever recorded
▼ + stars: | 2023-08-08 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Global air and ocean temperatures soared to a record high in July, according to the EU's climate change service Copernicus, deepening concern among climate scientists at a time when a spate of heat records suggest the planet has entered uncharted territory. The EU's Copernicus Climate Change Service (C3S) said Tuesday that the global average surface air temperature in July was confirmed to be the highest on record for any month. July was found to be a whopping 1.5 degrees Celsius warmer than the average for the 1850-1900 period and 0.33 degrees Celsius warmer than the previous warmest month of July 2019. Meanwhile, global average sea surface temperatures continued to rise in July, the EU's climate monitor said, after a long period of unusually high temperatures stretching back to April. For the month as a whole, the planet's average sea surface temperature was 0.51 degrees Celsius above the 1991 to 2020 average.

Persons: Copernicus, Samantha Burgess, C3S Organizations: South Locations: Europe, North Africa, East, Asia

☆ Global ocean temperatures are now hotter than ever — with far-reaching consequences for the planet
▼ + stars: | 2023-08-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Joseph Prezioso | Afp | Getty ImagesThe world's ocean temperatures have climbed to their hottest level on record, according to data from the European Union's climate monitor, prompting scientists to warn of immediate and wide-ranging consequences for the planet. The surface temperature of the world's oceans would typically be expected to reach their highest in March rather than in August, sparking alarm among climate scientists. "The recent ocean warming is genuinely concerning," said Rowan Sutton, professor of climate science at the University of Reading. Sutton said that the latest sea surface temperature data showed that "we may be experiencing not just a record-breaking extreme event but a record-shattering one." The ocean heat record comes as part of a recent trend of extreme heat stretching across the globe, with this July poised to be recognized as the hottest month in history.

Persons: Joseph Prezioso, Copernicus, Rowan Sutton, Sutton Organizations: Afp, Getty, University of Reading Locations: Key West , Florida, Martin County , Florida

☆ Climate change puts sovereigns at downgrade risk, study finds
▼ + stars: | 2023-08-06 | by ( Mark John | ) www.reuters.com time to read: +4 min

Rising debt costs would be just one extra facet of the overall economic damage which climate change is already causing. While developing nations with lower credit scores are seen hit hardest by the physical effects of climate change, nations with the highest ranking credit scores were likely to face more severe downgrades simply because they have furthest to fall. The findings come as regulators around the world seek to better understand just how much damage to economies and the global financial system to expect from climate change. A European Central Bank paper last year urged greater clarity in how those risks were being built into credit ratings. S&P Global Ratings has published the environmental, social and governance (ESG) principles used in its credit ratings which include reference to the risk of economic damage from climate change and the costs associated with mitigating it.

Persons: Heatwaves, Patrycja Klusak, Klusak, Fitch, Mark John, Hugh Lawson Organizations: Management, University of East Anglia, UEA, University of Cambridge, Insurance, Allianz, Cambridge, Central Bank, Thomson Locations: Paris, China, India, United States, Canada, Cambridge

☆ Canada guarantees up to $2.2 billion in fresh loans to Trans Mountain expansion project
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +2 min

Companies Kinder Morgan Inc FollowAug 5 (Reuters) - A Canadian government agency has guaranteed fresh commercial loans of up to C$3 billion ($2.2 billion) to the controversial Trans Mountain pipeline expansion project that has suffered repeated cost overruns. Prime Minister Justin Trudeau's Liberal government bought the Trans Mountain pipeline in 2018 from Kinder Morgan Inc (KMI.N) to ensure the expansion project got built and provided a C$10 billion loan guarantee to TMC. It is meant to unlock Asian markets for Canadian oil, which is mostly exported to the United States now. TMC had received a up to C$3 billion loan guarantee between late March and early May this year and had received a C$10 billion loan guarantee in 2022 from the federal government. Canada's finance ministry did not immediately respond to a Reuters request for comment on the fresh loan guarantee.

Persons: Justin Trudeau's, Chrystia Freeland, Anirudh, Alistair Bell Organizations: Kinder Morgan, Canadian, Export Development Canada, Justin Trudeau's Liberal, Kinder Morgan Inc, TMC, Finance, Liberal, Thomson Locations: United States, Burnaby , British Columbia, Bengaluru

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