[MCN] Climate change and the economy

Mon Dec 21 08:44:52 EST 2020

Bloomberg Fri, December 18, 2020, 9:54 AM MST·3 min read
Fed’s Brainard Says Banks Must Protect Against Climate Risks
Catarina Saraiva

https://finance.yahoo.com/news/fed-brainard-says-must-ensure-161000456.html

1st 3 paragraphs (Bloomberg) -- Climate change poses risks to the U.S. economy and regulators should assess the impact that it may have on financial stability, said Federal Reserve Governor Lael Brainard, wading into a politically charged topic.

“Climate change is one of the major challenges of our time,” Brainard told a virtual event hosted by the Center for American Progress. “We are already seeing elevated financial losses associated with an increased frequency and intensity of extreme weather events.”

Climate change is a politically tricky topic for the U.S. central bank, which only announced its membership in the Network for Greening the Financial System on Dec. 15, a day after the Electoral College confirmed President-elect Joe Biden’s victory. The body requires members to be signatories of the Paris Accord on climate change, which President Donald Trump left but Biden has committed to rejoin.

Republican Backlash

7th & 8th paragraphs 

The central bank’s increased work on climate issues has raised concern among some Republicans in Congress. Several House members wrote to the Fed on Dec. 9 asking it to proceed with caution in adding climate-related benchmarks to its stress tests of the financial system.

The Republicans cited a lack of historical data linking climate change to to financial stress. They also argued that adding climate change criteria to the stress tests could make it harder for the coal, oil and gas industries to gain access to credit.

https://finance.yahoo.com/news/fed-brainard-says-must-ensure-161000456.html <https://finance.yahoo.com/news/fed-brainard-says-must-ensure-161000456.html>

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 S&P Global - 4 Dec, 2020
https://www.spglobal.com/ratings/en/research/articles/201204-reimagining-accounting-to-measure-climate-change-risks-11762634 <https://www.spglobal.com/ratings/en/research/articles/201204-reimagining-accounting-to-measure-climate-change-risks-11762634>

Reimagining Accounting To Measure Climate Change Risks
1st 2 paragraphs

Carbon emissions intensity, and their absolute level, must reduce significantly over the next few decades if the most dramatic climate-change scenarios -- and the associated social and economic costs -- are to be mitigated.

Given this backdrop, it follows that accounting -- the means by which companies measure and record financial performance, position, and cash flow generation -- needs to be similarly reimagined. Incremental changes can happen alongside the more radical.

https://www.spglobal.com/ratings/en/research/articles/201204-reimagining-accounting-to-measure-climate-change-risks-11762634 <https://www.spglobal.com/ratings/en/research/articles/201204-reimagining-accounting-to-measure-climate-change-risks-11762634>

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India:Extreme heat could cost US$250bn GDP loss by 2030 <https://www.google.com/url?rct=j&sa=t&url=https://www.asiainsurancereview.com/News/ViewNewsLetterArticle/id/75121/type/eDaily/India-Extreme-heat-could-cost-US-250bn-GDP-loss-by-2030&ct=ga&cd=CAEYACoUMTAzMTU1OTY4NzA4NzgxOTQ5NDkyGmFiZDBlZjFlZmU0ZDVhODU6Y29tOmVuOlVT&usg=AFQjCNEwBxmcALiLJjDzhwFPqoVJN2-a3Q>
Asia Insurance Review
India would be among the first places in the world where extreme heat would make working outdoors dangerous in a decade's time

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Refiguring carbon pricing with fairness in mind <https://news.google.com/articles/CAIiEOCFwu4cKj9fGlO9Ol9xcFAqGQgEKhAIACoHCAowpOScCzC17rQDMMWF5AY?hl=en-US&gl=US&ceid=US%3Aen>
Some small tweaks to carbon pricing scenarios could factor in fairness for all nations, setting a carbon price, allowing transfers, and being equitable too.
Anthropocene Magazine <https://news.google.com/publications/CAAqBwgKMKTknAswte60Aw?hl=en-US&gl=US&ceid=US%3Aen>
2 days ago

https://www.anthropocenemagazine.org/2020/12/small-tweaks-to-carbon-pricing-can-balance-fairness-and-cost/ <https://www.anthropocenemagazine.org/2020/12/small-tweaks-to-carbon-pricing-can-balance-fairness-and-cost/>

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For Immediate Release
Friday, December 18, 2020
Organization Profile: 
As You Sow <https://www.commondreams.org/organization/you-sow>
Contact: 
Stefanie Spear, sspear at asyousow.org <mailto:sspear at asyousow.org>,

$52 Trillion Investor Report Highlights Gaps in Corporate Climate Action
WASHINGTON - The Climate Action 100+ <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCfeDW6m7XjozzXNQvmqY6jO1jncGYzodhT5XM-2FFLFwHBX9IQ_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj1UCq9l8F0iC2J-2F4weBhZxxJoS0ekMg6XqlAxECKSAahpv6GlI-2BsL-2Bcrk7R74T0axA2jGYQUF4zB-2FGKYaGwJl1rWPp1BOE9VnmYwwXSK2yCLuUR8EH-2BrAVLLtiunrZvvItrGdYeQ2EoShhiSd3kU7puJFZ7njBHIK9oQ9lnP2d-2BwQ-3D-3D> (CA100+), an initiative comprised of more than 540 global investors managing $52 trillion in assets under management, released <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCfeDW6m7XjozzXNQvmqY6jMHXdnixPQhyF-2FKM2DXPpr2NMa-2FgBVMfSpDcVfnYXFjHEfHMVVLPUXiyohm5n2YB2WOMGJ13fqsDM5VgtIwQzvVCD9F5A4UGGrEbgxDs3dBf7Id4smaJoFJjIB0VQODeSsGW8kYM4X-2FxI1rOPSpoE666nSz7VCCNgY9a8syfJYIFHo-2FzE8y7zr8tr5TXH7QGN8-3D3Zn2_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj1pn7coH6RF7iAo0pVgDn-2BiWVkEqUnPiwze4avr1DK1ADfIF7rPTX6Wh9rPMcVOpSOS2pPtGJRxhwiu0f9g2rSdBbJQk1cIYfuXUhTyAjGwvLh-2BZ29C42zJ05iOF0m0cqhlFg9fy0tP0sONC94gMDT0aoESYPCxfrBTzWJtsZ7LHA-3D-3D> its 2020 Progress Report <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCfeDW6m7XjozzXNQvmqY6jMJTf3-2FouH1MA3mDjB-2BWXbj24Fxd5U9ghS9MgTU3h-2F35SVvISufm-2Bemi86arB4umrqlF-2F7FJW9D9-2FM56gAco80Em10b4TL5yazCoUfGR8-2B1T6WWDxg1OrqhGAxrMawbisw-3D9cHY_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj0XZmpvycznchh-2FcfCJL1tYzFQfQv82qd7QX-2B8zp2jfHF1BLwxZS0XbHHhBAKqoEgviM3FZIbhU1AiN3Du4KSsrMd-2Fbbrt-2B5x1N882NLXtOPs-2FeRYA9KXrCvx7S-2BLoSSRuh6Vl6T-2Beg0D8Na5WgrAwmuWYwIjsQRcF76ajJq29i5w-3D-3D> Thursday showing that many high-emitting companies remain unaligned with the goals of the Paris Agreement. 

Earlier this year, the initiative launched <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F88ZP-2BoZCH6ZA8dcKPGqUlZjRBNSiMmBYXD3hewYLaGjM-2F28le9k78ZA5Ux-2BjAJU1pEn4QtIJlE9YtFbQmvsOxMvw-2BhHNgcySXCNWsz6xuuxf8uembT-2BmoxhUBrNttinVGg-3DbYGT_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj191Ad6HImd7fRnTx-2BYhfeLSvzEsPpMoOt4LzDlX33F2Wf82DCnlpHUP-2Br75kYmmtGoh3MliHMXUSOKAqMEfhtexDlUhpWTn86uM1U98ZPcwqjlylnbMO-2BVgQLy9u79KsyvOuW-2FOp9Bss7jxzCOqNx5p-2FJS9Sl1R85Gfwn0uxYmoQ-3D-3D> a Net Zero Benchmark outlining 10 criteria for demonstrating company alignment with the Paris Agreement's 1.5 degree climate goal. In early 2021, the initiative will release a company-specific analysis of compliance with the Net Zero Benchmark <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCfeDW6m7XjozzXNQvmqY6jMJTf3-2FouH1MA3mDjB-2BWXbj24Fxd5U9ghS9MgTU3h-2F35es0RT-2BdAecemk3h3Xhe1X096CjO-2FiOiFJv-2Flpfxd7iIHHCfASLE2aaZHhlx3jIE4g-3D-3DVnY9_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj3CymNVAiVyEfhqsAYpqHk4mgLWAxudRbpLxgqHX2Nt6RwoP32oKXj-2Fu5cB5V-2BuaVkUi7yTW-2Ff-2FenMLQHfGc0efuoDTT1IWjrfoln8u4bcwxfM8xRz1MMj3su6m6D-2FjiyodFYZN3bZeIk-2B-2BYEcQthP83ntUtfdywvamk4j899KnEg-3D-3D>. 

As You Sow, a member of CA100+, has been working with companies to reduce climate risk and take advantage of opportunities presented by the transition to a clean energy market. As the impacts of climate change grow and negatively impact <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCRXAQObf4Wi-2BfLxYYUJpV4QggHFNWzZlfsd0W7vC8cwPTSlGFYImiHk9V-2F4MzygJg1L36Wh58wQFGn1AZoyoifpT7u-2BnekFzHoCI1XAg7w87IkOC_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj1hyxILKsot9F5CDH-2BBVfbOW1guJ0RDMea3Yq5qe98UgO4ceg8Aq6pPFaREKwF0WuWtq-2B-2FM-2BY3VcPVqZFGC9G2fU-2Bq0J-2FVxb-2FZsWHcj4czPG-2BqSqxWK-2F9PidO3cOImhPiAURX5FhI8BvFTKi7pGArXwDkGi9N0obWGpjdCwpKtfkw-3D-3D> the global economy, shareholders seek clarity on whether their companies are adopting business plans aligned with a sustainable, net-zero carbon economy <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F8-2FGTCgMVoBO40wELeVNrj8MYD-2BCalRoTY-2BASMjXDPtWicQ8MrW-2B-2BSWfufchiTT3qPk-3DHWAu_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj2qjBq0ReTXn9dB-2BPg9sGJ0ndm-2FpUcjdBcW7oStDyoyIISIUwuu2VCVJf24-2FEfAayZ84P5vY-2BExaC7jCH7c8LdVq8WPZAr4LHZ8LQ82Utkdm4BeJWwclUeRv5UzUX2fCXtHuG9ByKjf41v3-2BWa-2FK08E2XW-2FZnTtgo61FD-2FSuao36w-3D-3D> — or continuing business as usual on a path toward global value destruction. This year, As You Sow and other investors are filing shareholder resolutions with select companies, including General Electric <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F8-2F0IGRmFScwag-2Fsm5Gt4-2FAGR-2FBN9pNwTlmgdB-2FNIo3ARr0743nJ5K71-2BqtQE1vvBIbzOeW1k-2BB3kXv4Us1ZKQPrTt0r_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj36IqSbBQi6-2FscoA03jfwD0-2BzCUq5Zs2zwA9FDyAYeLD4Db9yBEc0R4K6mCexuJCaVP4mwFTmgcD4-2FOQAKkE8cvil3sj5XHvwMAhwyC7JzmNy4ydA98rUfbV979-2Bm3z3CP7T-2B82nU4-2BqWH-2F2AIynPbPKREEhpmq-2BRqC-2BE7dsFwPiw-3D-3D>, Valero <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F8-2F0IGRmFScwag-2Fsm5Gt4-2FAG8sandIYV54CVqtMq89SuGa-2FpDp7UYDVmqWdHz5NQzpgGyWEACSMi5tfp-2FAK1tYHlPPWj_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj2v2DdzooZaQeedbi174XpUgR-2FHQSLaZMbg-2FSw6futZqbCh8xo35ZsrqeO0BhnicW0c1E031HsrMu0AA1dz-2FHhfUdyuKcAw0q7VUA4TEpp19F9v0FvyZx1o3TL-2B9GCfvV3WCDE85DWHDwgz-2FtH0aFy4AJZgVrjbFKKnXvms7u0EGA-3D-3D>, and United Airlines, among others asking for alignment with one or more Net Zero Benchmark indicators.

Danielle Fugere <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F89TLLEw1XEB1Lryy-2FhZL-2BmSwHg9mgce-2FXRRAOy7QRSfnw-3D-3DctV1_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj0IhPcxWhlBol1qaHxw5-2FAA6t196x67Ihx7wmLNb9yHSvhmCEAoVbtp3dPcCHuTuyiqzqJ0gNVPFGgtSrlcCNM-2Bu9J4Pcw-2FIbjth1Hy-2BlH8SBLkzIxSH2qLsIcGyts9AcjvNLE8XCteL3lTNGT8hjo67aRLnePU2n4OKvoE2yydsA-3D-3D>, president of As You Sow, made the following statement:

“The CA100+ Progress Report tells us that while some companies and sectors are beginning to wake up and respond to investor requests for climate action, too many are failing to move fast enough. While there has been a notable uptick in ‘net zero’ target setting, reading the fine print shows that only a small fraction of those goals cover all material emissions. Given the short window of time to transition successfully, every company, every industry, and every investor must take an active role in building the safe and economically sound future in which we want to live.” 

Lila Holzman <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F89GiStubDw0fb0T2eKKzV7W8rVBHBle-2BVNTe1JgRk45yQ-3D-3DBFNf_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj0RQYJaDzEv2wLd3QG46uVJ-2F7is7dH-2Fkl9Td1rJDkWX7WToO0WSn2UfIeAuzPTbWJMqF0BtR0PzLwcznHlhs4TaY8djjmydBm6Nzg-2FM9OGXoYoxo7q3GaKD8yXGSZlWJdUz6kDtdGozpB4BJy8DlN8-2FowHAwFB4c7NWg226rVyY9w-3D-3D>, energy program manager of As You Sow, made the following statement:

“As large firms like BlackRock and State Street have joined the CA100+ initiative, the pressure is mounting on companies to act. This progress report shows they still have a long way to go over a short period of time.”

For more information on As You Sow’s work on climate change, click here <http://link.mediaoutreach.meltwater.com/ls/click?upn=f0qoZiyhuc4t-2FBV65b-2FwCVErkx-2Bchh3dZr6Q-2FU-2F4F8-2F2ZnivOERNdp-2B-2FBlPSV5vanPV-2FxnzxObXthS-2FdChLOdCzwJetAj7JQqRYKJCwGOsU-3DzFwM_ZtyLTlYa78bQffWNrIlGC-2B55pgFSohbK9cKXTA6mlzWDgJ-2F7TT1hDSCbbNhEd6jOSCDmhMV1I4LWA6lw66FLLub-2BUwmzBuSZu-2B6R44X26jSIun99kIac43BNkEip-2BqHd1zmK4po493KN73GZPu3YlV0pE8ehdEHy-2FG6oU-2BGmhvDVpKIwVe5lXeEcGrt670SOS7hMrOLzONtQtVnBlvK6USei8NZhu0POHN99scPqzj0fXCswhouOodOAk-2B9BGhT1SdTb7OwHgFTbHUiDly2z3SlHYRLbQiM25w7vona2mY9phI27iJCvFuSOkwBI7bVmT8n0OWmPWwxK5nF4Jx4wZ9zpRk9Uk-2FluFHBUiqWOp-2FQ2WibEqNgKHFhXDyvlqbsSdyiKF0RKB92gOf3phMqdRw-3D-3D>.

As You Sow is the nation’s non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit.

Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.

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Ecological and evolutionary traps: Trends in Ecology & Evolution

Ecological traps are part of a broader phenomenon, evolutionary traps, involving a dissociation between cues that organisms use to make any behavioral or life-history decisions.However, in environments that have been altered suddenly by humans, formerly reliable cues might no longer be associated with adaptive outcomes. …

by MA Schlaepfer · ‎2002 · 
‎Cited by 1320 · ‎https://www.sciencedirect.com/science/article/abs/pii/S0169534702025806

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When Good Animals Love Bad Habitats

Ecological trap theory suggests that, under most circumstances, the presence of a trap in a landscape will drive a local population to extinction. 
by J BATTIN · ‎2004 ·
‎Cited by 1033 http://lithornis.nmsu.edu/~phoude/ecological%20traps.pdf 

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Don't Be an Ecological Trap | Habitat Network

May 6, 2011 — But buyer beware, because such habitats are called ecological traps, meaning that animals that try to live in them get hoodwinked.
content.yardmap.org › learn › dont-be-an-ecological-trap

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