It is a sad day when a major news publication decides to cut jobs that provide essential coverage of a planetary crisis. The science is clear, the impacts are here, and many world leaders are taking it seriously. So why does a media publication not see a business case?
The media business has struggled to keep up in the digital age, with social media companies eating away advertising revenue that kept news cheap or even free for vast populations. But that's not an indication of a shrinking readership.
In 7-8 years covering climate change and solutions, I've only seen the audience grow. Disruption creates demand for good information for business, policymakers, and general public. But if CNBC's decision reflects wider industry, then per user revenue must be low or falling.
Folks on the business side of journalism have their work cut out. If per user revenue is low, there are two solutions. Grow the number of users and grow how much each user is worth. On both those things readers who care can help!
It's climate solution: talk about climate change to more people. It's not just doom and gloom. It's about remaking the world to be a better place. It's a big broad tent and it's growing, as we've documented. You can help it grow further. bloomberg.com/news/features/…
Apart from getting more readers, the readers who care can do more. Subscribe to your favorite publication, whether it's an established news site or an indy newsletter. Find your favorite writer and buy their books (PS: I have one to sell!). And share that work widely!
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As dust settles on #COP27, many unresolved questions remain. But one thing is clear: With a loss-and-damage fund to be created, the most imp piece for tackling climate change is in place.
It is now, more than ever, in the self-interest of rich countries to cut emissions. 🧵
The framework to deal with climate change is simple and it's all under the umbrella of loss and damage:
1. Avert: reduce emissions (mitigation) 2. Minimize: adapt to warming (adaptation) 3. Address: compensate for climate impacts (reparation)
It is cheapest to avert, cheaper to minimize and unaffordable to fully compensate. That will force rich countries to reduce emissions and help others (or force others) to reduce emissions too.
Mitigation should have been always been paramount. Economics will now force it to be.
Offsets are promissory notes that you can pay to scrub emissions off your books. The deal buys you a project that should avoid or remove those emissions.
However, it only works if the money you paid for the offset was the only way the project could have been built.
In the early days, renewable energy was more expensive than fossil fuel power. Small sums paid for by offsets promised to plug that gap. That's how many large solar, wind and even hydro projects, especially in India and China, became big offset sellers.
Multiple country representatives at #COP27 said that they are not happy with how the process has played out. A series of documents were passed through without interventions, including the political decision.
Many issues were close but remain unresolved. But countries chose not to intervene because that could have risked the loss and damage deal, which all parties were happy with. #COP27
The EU's threat to walk out if ambition for stronger language on reducing emissions never came to pass. That's the risk of running the clock down on negotiations. Protecting the multilateral process and other wins (like loss and damage) trump big fights. #COP27
Ep 2 with @LauraMillanL on how lack of weather data in Africa makes it difficult to adapt to a warming planet and harder still to demand compensation for climate damages bloomberg.com/news/articles/…
Ep 3 with the prime minister of the Bahamas on why loss and damage is so important: 40% of its debt burden is directly linked to climate impacts. bloomberg.com/news/articles/…