financial

Disposable Masks And The Environment | Earth Wise

August 12, 2021 By EarthWise Leave a Comment

The Covid-19 pandemic has made face masks and other personal protective equipment essential for healthcare workers. Disposable N95 masks became the key requirement to help prevent the spread of the coronavirus. But the wide use of these masks has both financial and environmental costs.

The pandemic is estimated to generate over 7,000 tons of medical waste each day and much of that is in the form of disposable masks. Even though the pandemic has slowed down in many places, health care workers are continuing to wear masks most of the time.

A new study at MIT has looked at the financial and environmental cost of several different mask usage scenarios with an eye on trying to reduce the toll created by the continued need for using them.

If every health care worker in the US used a new N95 mask for each patient they encountered during the first six months of the pandemic, the total number of masks required would be over 7 billion, at a cost of over $6 billion and would generate 92,000 tons of waste (the equivalent of 252 Boeing 747 jets.)

Decontaminating regular N95 masks so that health care workers can wear them for more than one day could drop costs and environmental waste by at least 75% compared with using a new mask for every patient encounter.

Fully reusable N95 masks could offer an even greater reduction in waste, but such masks are not yet commercially available. MIT researchers are developing a reusable N95 mask made of silicone rubber that contains an N95 filter than can either be discarded or sterilized after use. They have started a new company with the goal of commercializing the masks.

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The environmental toll of disposable masks

Photo, posted August 4, 2020, courtesy of the U.S. Navy / Mass Communication Specialist 3rd Class Jake Greenberg via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

The Cost of Cleaning Up Ocean Plastic | Earth Wise

October 7, 2020 By EarthWise Leave a Comment

Small island developing states increasingly find themselves with large amounts of plastic waste. A recent study looked at the financial cost for removing it.

Aldabra Atoll is a UNESCO World Heritage Site in the Seychelles. It is the world’s second-largest coral atoll and is the home of 307 species of animals and plants, including the largest population of giant tortoises in the world. Aldabra has been called one of the wonders of the world and one of the crown jewels of the Indian Ocean.

Last year, a team from the University of Oxford and the Seychelles Island Foundation, spent five weeks removing litter that had washed up on Aldabra’s shores. In total, they removed 25 tons of plastic litter which, to their surprise, was dominated by waste from the fishing industry. The researchers now estimate that over 500 tons of litter remain on the island, 83% of which consists of buoys, ropes, nets, and, of all things, over 300,000 individual flipflops. This is the largest accumulation of plastic waste reported for any single island in the world.

According to the study, the cost to clean up the entire island would be nearly $5 million, requiring 18,000 person-hours of labor. A project of this magnitude is beyond the capacity of non-profit organizations like the Seychelles Islands Foundation.

The plastic pollution in Aldabra is related to the fishing industry in Seychelles, which provides tuna to high-income markets around the world. The research highlights how even remote highly protected island ecosystems are impacted by global pollution and how difficult and costly it is to remedy.

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Millions of dollars to clean up tuna nets and flip flops from island state

Photo, posted December 27, 2016, courtesy of David Stanley via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Renewable Energy And The Post-COVID World | Earth Wise

June 2, 2020 By EarthWise Leave a Comment

As is the case for virtually all sectors of the global economy, the short-term prospects for wind and solar power look pretty grim. Lockdowns, social distancing requirements, and financial upheavals have put many new projects on ice and have halted production at factories making solar panels and wind turbines. Sales of home solar have struggled as people have put off spending during the economic slowdown.

Ironically, the shutdowns aimed at reducing the spread of the Coronavirus have led to renewable sources accounting for an increased share of power generation. Global energy demand has plummeted and, because of the low cost of solar and wind power, sources like coal and nuclear power have been curtailed in favor of the renewables. The dramatically reduced demand has pushed oil and gas prices to historic lows and has left fossil fuel companies struggling to find storage space for the glut of product.

When the world emerges from the pandemic, the question is whether renewable energy will end up on a faster track than before or will end up in a long-term slowdown. The answer will depend to large extent on the choices political leaders make.

Leaders will unquestionably be designing economic recovery packages. Such packages could accelerate the shift towards wind and solar power, or they could prop up the fossil fuel economy. Unfortunately, leaders are prone to be motivated by lobbyists more than by the greater needs of society. The global economic upheaval represents a real opportunity to change the pace of efforts to address climate change. Whether that change is a positive one or a negative one is just another looming question facing society when we emerge from the pandemic.

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How Renewable Energy Could Emerge on Top After the Pandemic

Photo, posted April 12, 2020, courtesy of Jeremy Segrott via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Stranded Coal Assets In Japan

November 25, 2019 By EarthWise Leave a Comment

Japan is facing a looming financial problem as a result of heavy investments in coal technology that may quickly become stranded assets as renewable energy sources become increasingly inexpensive.

Japan is gradually adding more ambitious policies with regard to climate change including goals to reduce emissions and to have renewables become the main source of power over the next three decades. But despite these policy efforts, Japan is still investing heavily in coal power. Japan currently has 21 new coal projects with over 11 GW of under-construction, permitted or pre-permitted coal capacity. But these tens of billions of dollars in assets would have to be closed prematurely in order to remain consistent with the goals of the Paris Climate Agreement.

According to a new report by the Carbon Tracker Initiative, a financial think tank, and the University of Tokyo, offshore wind power will be cheaper than coal in Japan by 2022, new solar cheaper by 2023, and onshore wind less expensive by 2025. The price of offshore wind is already comparable to existing coal power in Japan. Japan had a total of 55.5 GW of solar capacity last year and has the potential to reach 150 GW by 2030.

The report notes that 42% of the global coal fleet likely became unprofitable last year and this could rise to 72% by 2040. The authors contend that building coal power today equals high-cost power and financial liabilities tomorrow. The planned and operating coal capacity in Japan is partially protected by regulations that give coal generators an unfair advantage in the marketplace. Ultimately, the stranded coal assets are likely to be passed down to consumers through higher power prices.

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Land of the Rising Sun and Offshore Wind

Photo, posted April 25, 2019, courtesy of Jen via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Climate Change And The Bottom Line

July 31, 2019 By EarthWise Leave a Comment

Large companies around the world are facing up to the fact that climate change could substantially affect their bottom lines within the next five years. Shareholders and regulators have been applying pressure to companies to disclose the specific financial impacts they could face as the planet warms and companies are increasingly making those disclosures.

A non-profit charity called CDP (formerly known as the Carbon Disclosure Project) runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. In 2018, more than 7,000 companies submitted reports to CDP and, for the first time, CDP explicitly asked firms to try to calculate how a warming planet might affect them financially.

Analysis of the reports from 215 of the world’s 500 largest corporations revealed that these companies alone potentially faced roughly $1 trillion in costs related to climate change in the decades ahead unless they took proactive steps to prepare.

Climate-related risks range from extreme weather that could disrupt supply chains to stricter climate regulations that could hurt the value of coal, oil, and gas investments. Technology companies like Google’s parent company, Alphabet, Inc., face increased costs to cool energy-hungry data centers as temperatures rise.

In all, the world’s largest companies estimated that at least $250 billion of assets may need to be written off or retired early as the planet heats up. Previous studies, based on computer climate modeling, have estimated that the risks of global warming, if left unmanaged, could cost the world’s financial sector between $1.7 trillion to $24.2 trillion in net present value terms.

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Companies See Climate Change Hitting Their Bottom Lines in the Next 5 Years

Photo, posted February 29, 2016, courtesy of Ben Nuttall via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.

Solar Equity for Low-Income Communities

May 30, 2019 By EarthWise Leave a Comment

A couple of years ago, the number of American roofs covered with solar panels passed the one million mark and the numbers keep growing. But nearly half of U.S. households – accounting for more than 154 million people – aren’t able to host their own solar arrays because they lack suitable rooftop space, or they rent their homes. But millions more simply can’t afford to spend tens of thousands of dollars to buy or lease solar panels.

In recent years, community solar has become popular. These are projects where multiple participants own or lease shares in a mid-sized solar facility and receive credits that lower their monthly utility bills. Community solar in the U.S. has more than quadrupled just since 2016.

However, the majority of community solar subscribers to date have been businesses, universities, government agencies, and higher-earning households. These users can generally pay steep project enrollment fees or meet various financial requirements. Meanwhile, those who could benefit most from access to renewable energy and lower utility bills – low-income residents – have largely been left out.

Low-income households on average spend over 8% of their income on utility bills, about three times more than moderate- to high-income households. So, reducing electricity bills with community solar power is a big deal for them.

Given this situation, there are now a growing number of programs that make use of community solar to reduce living expenses for low-income households. In a dozen states, new programs include a variety of mandates, financial incentives, and pilot programs targeting benefits for people with low incomes. These programs will allow them to participate in both the environmental and economic benefits of renewable energy.

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Energy Equity: Bringing Solar Power to Low-Income Communities

Photo, posted November 27, 2012, courtesy of Oregon State University via Flickr.

Earth Wise is a production of WAMC Northeast Public Radio.