<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">Bloomberg Green March 27, 2020</span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;"><b class="">Excerpts</b></span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">With the world still in the grip of a <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9ncmFwaGljcy8yMDIwLWNvcm9uYXZpcnVzLWNhc2VzLXdvcmxkLW1hcC8_Y21waWQ9QkJEMDMyNzIwX0dSRUVOREFJTFkmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX3Rlcm09MjAwMzI3JnV0bV9jYW1wYWlnbj1ncmVlbmRhaWx5/58ffbaf7dd4c29967b8b4646B66525829" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">global pandemic</span></a>, many are nevertheless looking to an eventual recovery and wondering: <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMTgvZ3JlZW4tcHJvamVjdHMtY291bGQtcHVsbC1lY29ub21pZXMtb3V0LW9mLXRoZS1jb3JvbmF2aXJ1cy1zbHVtcD9jbXBpZD1CQkQwMzI3MjBfR1JFRU5EQUlMWSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fdGVybT0yMDAzMjcmdXRtX2NhbXBhaWduPWdyZWVuZGFpbHk/58ffbaf7dd4c29967b8b4646B6fc21b1e" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">Why can’t it be green</span></a>?</span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">The sums involved are <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMjMvc2hvdWxkLXRoZS1jb3JvbmF2aXJ1cy1lY29ub21pYy1zdGltdWx1cy1iZS1ncmVlbi1pdC1kZXBlbmRzP2NtcGlkPUJCRDAzMjcyMF9HUkVFTkRBSUxZJnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV90ZXJtPTIwMDMyNyZ1dG1fY2FtcGFpZ249Z3JlZW5kYWlseQ/58ffbaf7dd4c29967b8b4646B8421b1cd" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">enormous</span></a>, but so far stimulus packages have largely been a climate disappointment. </span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">The U.S. Senate bill, for instance, completely <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMjUvdGhlLXNlbmF0ZS1zLXN0aW11bHVzLWJpbGwtaXMtZnVsbC1vZi1kaXNhcHBvaW50bWVudHMtZm9yLWNsaW1hdGUtYWR2b2NhdGVzP2NtcGlkPUJCRDAzMjcyMF9HUkVFTkRBSUxZJnV0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV90ZXJtPTIwMDMyNyZ1dG1fY2FtcGFpZ249Z3JlZW5kYWlseQ/58ffbaf7dd4c29967b8b4646B852dcb46" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">cut support for the wind and solar industry</span></a>. When Democrats nixed $3 billion in oil purchases for the Strategic Petroleum Reserve, Republicans retaliated by stripping out clean energy provisions. </span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">Airlines will be eligible to receive federal loans and direct cash assistance if they give the government an option to take an ownership stake. The legislation <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMjMvZ29wLXMtMi10cmlsbGlvbi1iaWxsLWFkZHMtY2FzaC1mb3ItYmFpbG91dHMtc3RhdGVzLXRyYW5zaXQ_Y21waWQ9QkJEMDMyNzIwX0dSRUVOREFJTFkmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX3Rlcm09MjAwMzI3JnV0bV9jYW1wYWlnbj1ncmVlbmRhaWx5/58ffbaf7dd4c29967b8b4646Bb89364e0" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">doesn’t include emissions limits</span></a> for airplanes that were sought by House Democrats, according to one Republican.</span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">The Trump administration, meanwhile, continues to <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly90aGVoaWxsLmNvbS9wb2xpY3kvZW5lcmd5LWVudmlyb25tZW50LzQ4OTI2OS10cnVtcC1hZG1pbmlzdHJhdGlvbi1jb250aW51ZXMtdG8tc2VsbC1vaWwtcmlnaHRzLWFtaWQtaW5kdXN0cnk/58ffbaf7dd4c29967b8b4646B52235987" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">sell new oil leases</span></a> on public lands at fire sale prices. </span></p><p class="" style="margin: 0px 0px 16px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">European recovery plans look slightly greener. Heads of government will consider a proposal that would make their emergency measures <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMjYvZ3JlZW4tZm9jdXMtbGlrZWx5LWZvci1ldXJvcGVhbi11bmlvbi1zLXZpcnVzLXJlY292ZXJ5LXBsYW4_Y21waWQ9QkJEMDMyNzIwX0dSRUVOREFJTFkmdXRtX21lZGl1bT1lbWFpbCZ1dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX3Rlcm09MjAwMzI3JnV0bV9jYW1wYWlnbj1ncmVlbmRhaWx5/58ffbaf7dd4c29967b8b4646C625b420f" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">compatible</span></a> with the principles set out in the bloc’s Green Deal, according to a European Union document. </span></p><div class="" style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">At the moment, prices in the European carbon market have dropped by </span></div><div class="" style="margin: 0px; font-stretch: normal; font-size: 16px; line-height: normal; font-family: Helvetica;"><span class="" style="-webkit-font-kerning: none;">almost one third since the beginning of March, reducing the economic pressure on companies to rein in fossil fuel use. In the short-term, the drop has made some coal plants on the continent profitable for the first time since November. In the long-term, it may <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMjQvcGx1bmdlLWluLWNvc3Qtb2YtcG9sbHV0aW9uLWlzLWhpbmRlcmluZy1hLWtleS1ncmVlbi1hbWJpdGlvbj9jbXBpZD1CQkQwMzI3MjBfR1JFRU5EQUlMWSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fdGVybT0yMDAzMjcmdXRtX2NhbXBhaWduPWdyZWVuZGFpbHk/58ffbaf7dd4c29967b8b4646B71216c00" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">hobble Europe’s climate goals</span></a>. (Two of the inventors of the market say it’s <a href="https://link.mail.bloombergbusiness.com/click/19848997.23744/aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9uZXdzL2FydGljbGVzLzIwMjAtMDMtMjYvZmF0aGVycy1vZi1jYXJib24tbWFya2V0LXNheS1wb2xpY3ltYWtlcnMtc2hvdWxkLWxldC1wcmljZXMtZHJvcD9jbXBpZD1CQkQwMzI3MjBfR1JFRU5EQUlMWSZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fdGVybT0yMDAzMjcmdXRtX2NhbXBhaWduPWdyZWVuZGFpbHk/58ffbaf7dd4c29967b8b4646Bbf5b879b" class=""><span class="" style="-webkit-font-kerning: none; background-color: rgb(204, 204, 204);">too soon</span></a> to begin worrying.)</span></div><div class="">
<div dir="auto" style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div dir="auto" style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div dir="auto" style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class="">###################################################<br class="">+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++<br class=""><br class="">“Human society has yet to appreciate the implications of unprecedented species redistribution for life on Earth ….<br class=""> Even if greenhouse gas emissions stopped today, the responses required in human systems to adapt to <br class="">the most serious effects of climate-driven species redistribution would be massive.”<br class=""> <br class="">Pecl et al. 2017. Biodiversity redistribution under climate change: Impacts on ecosystems and human well-being<br class="">Science. 31 March 2017</div></div></div></div></div></div></div></div></div>
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