Settling Climate Accounts

As drivers of climate action enter the fourth decade of what has become a multi-stage race, Net Zero has emerged as the dominant organizing principle. Hundreds of corporations and investors worldwide, together responsible for assets in the tens of trillions of dollars, are lining-up for the UN Race to Zero. This latest stage in the race to save civilization from heat, drought, fires, and floods, is defined by steering toward zeroing out greenhouse gas emissions by 2050. Settling Climate Accounts probes the practice of Net Zero finance. It elucidates both the state of play and a set of directions that help form judgements about whether Net Zero is going to carry climate action far enough. The book delves into technical analyses and activates the reader’s imagination with narrative accounts of climate action past, present, and future. Settling Climate Accounts is edited and authored by Stanford University faculty and researchers. The first part of the book investigates the rough edges of Net Zero in practice, exploring questions of hedging risk, Scope 3 emissions, greenwashing, and the business of asset management. The second half looks at states, markets, and transitions through the lenses of blended finance, offsets, debt, and securitization. The editors tease out possible solutions and raise further questions about the adequacy and reach of the Net Zero agenda. To effectively navigate the road ahead, the editors call out the need for accountability and ask: who is in charge of making Net Zero add up? Settling Climate Accounts offers context and foundation to ground the rapidly evolving practice of Net Zero finance. Targeted at seasoned practitioners, newly activated leaders, educators, and students of climate action the world over, this book embraces the complexity of climate action and, in so doing, proposes to animate and drive hope.

"This powerful and often provocative book provides a comprehensive map of technical and political challenges, as well as much-needed choices, to give traction and content to the goal of a world with Net Zero carbon emissions. In a time when this approach has been embraced by so many corporations and governments, Settling Climate Accounts gives new lenses through which one can interpret and hopefully steer today's global negotiations and individual actions." -Joaquim Levy, former Chief Financial Officer, World Bank Group and former Finance Minister of Brazil "In setting 'Net Zero' goals far into the future, it can be tempting to gloss over the actual impacts of the transition toward those goals. Heller and Seiger tackle the issue head-on in Settling Climate Accounts, cautioning that aligning emissions toward zero must be married to real-world strategies to reduce economic risks to sectors and communities. This is an important historical review of what has and has not worked at the intersection of climate finance and policy, and a must-read for those looking to do better going forward." -Kate Gordon, Senior Advisor to the US Secretary of Energy "Net Zero has become the principal driver of climate action as evidenced by the commitments of leading firms and banks. This book effectively addresses key sustainable pathways from the intersection of climate sciences, business and public policy." -Anne Finucane, Vice Chairman, Bank of America Thomas Heller is the Charles and Nadine Shelton Professor of International Legal Studies (emeritus) at Stanford University Law School. He also currently directs the Precourt Energy Institute's Sustainable Finance Initiative and the Steyer-Taylor Center at Stanford. In 2009 Heller founded the Climate Policy Initiative, where he was Executive Director until 2018, and remains Senior Advisor and Board Chair. As of January 2021, he became Senior Director (Risk) at WillisTowersWatson. Alicia Seiger is a lecturer at Stanford Law School and leads sustainability and energy finance initiatives at Stanford Law, Graduate School of Business, and the Precourt Institute for Energy. Alicia has served as an advisor to the Governors of California and New York, the New York State Comptroller, and numerous pension fund, endowment, and family office CIOs on the topics of climate risk, opportunity, and resiliency. A student of balancing human and ecological systems since the early 1990s, Alicia has been designing and executing climate and energy strategies for businesses, foundations, investors, and NGOs since 2004.

"This compact book argues that ideas about accountability and legitimation - drawn from work on environmental governance - can open up new analytical perspectives on what is holding back effective energy system transformation. With bite-size chapters and illustrative cases that draw on the work of five expert witnesses, this is a novel intervention into debates over the politics of energy transition."--Professor Gavin Bridge, Durham University, UK "The book theorizes and advances the research frontier on legitimation practices and accountability with a carefully crafted analysis bridging scholarly fields of environmental governance, political economy, energy research and democratic theory. It is a must-read for all students and scholars interested in shaping more legitimate, democratic and accountable energy transition from the local to global context." -Professor Karin Bäckstrand, Stockholm University, Sweden This open access book reframes sustainable energy transitions as being a matter of resolving accountability crises. It demonstrates how the empirical study of several practices of legitimation can analytically deconstruct energy transitions, and presents a typology of these practices to help determine whether energy transitions contribute to sustainability. The real-world challenge of climate change requires sustainable energy transitions. This presents a crisis of accountability legitimated through situated practices in a wide range of cases including: solar energy transitions in Portugal, urban energy transitions in Germany, forestland conflicts in Indonesia, urban carbon emission targets in Norway, transport electrification in the Nordic region, and biodiversity conservation and energy extraction in the USA. By synthesising these cases, chapters identify various dimensions wherein practices of legitimation construct specific accountability relations. This book deftly illustrates the value of an analytical approach focused on accountable governa nce to enable sustainable energy transitions. It will be of great use to both academics and practitioners working in the field of energy transitions. Siddharth Sareen is a postdoctoral researcher at the Centre for Climate and Energy Transformation at the University of Bergen, Norway.

Johnston unpacks and critiques the legal, economic, and scientific basis for precautionary climate policies pursued in the United States. In doing so, he reveals an alternative approach to climate change policy that would enable the US to efficiently adapt to a changing climate and radically reduce its greenhouse gas emissions.

This book analyses the role of the BASIC countries – Brazil, South Africa, India and China – in the international climate order. Climate Diplomacy and Emerging Economies explores the collective and individual positions of these countries towards climate diplomacy, focusing in particular on the time period between the 2009 and 2019 climate summits in Copenhagen and Madrid. Dhanasree Jayaram examines the key drivers behind their climate-related policies (both domestic and international) and explores the contributory role of ideational and material factors (and the interaction between them) in shaping the climate diplomacy agenda at multilateral, bilateral and other levels. Digging deeper into the case study of India, Jayaram studies the shifts in its climate diplomacy by looking into the ways in which climate change is framed and analyses the variations in perceptions of the causes of climate change, the solutions to it, the motivations for setting climate action goals, and the methods to achieve the goals. This book will be of great interest to students and scholars of climate change, environmental policy and politics and IR more broadly.

“If you care about climate change, John Doerr’s new book, Speed & Scale, offers concrete steps that we can all take to make a difference.” - Barack Obama With clear-eyed realism and an engineer’s precision, Doerr lays out the practical actions, global ambitions, and economic investments we need to avert climate catastrophe. Guided by real-world solutions, Speed & Scale features unprecedented, firsthand accounts from climate leaders such as Laurene Powell Jobs, Christiana Figueres, Al Gore, Mary Barra, John Kerry, and dozens of other intrepid policymakers, innovators, and scientists. In Speed & Scale, Doerr presents a compelling 10-step plan to cut greenhouse gas emissions to net zero by 2050–the global goal we need to reach to ensure a livable Earth for generations to come. From electrifying our energy grid to fixing our global food supply chain to capturing carbon from the air, Speed & Scale contains practical solutions for policymakers and entrepreneurs alike. As the world confronts an urgent climate crisis, Doerr reminds us that it is also the greatest economic opportunity of our lifetimes. Whether you’re a climate scientist or someone striving to make a difference in your local community, this book will help you to activate the sustainable solutions the world urgently needs. Praise for Speed & Scale: “Everybody should get Speed & Scale by John Doerr.” - Meryl Streep “A practical guide for participation in decarbonizing the global economy, a task as challenging as it is urgent.” - Christiana Figueres

A highly topical and deeply controversial look at the potential impact of global environmental change from an international award-winning journalist.Global Warring takes the most likely short-to-medium-term environmental change scenarios and extrapolates ways in which they could radically alter human existence. How aggressive will water-hungry China become in order to secure supplies? What will happen when climate-triggered conflicts like the one in Sudan spread throughout the continent? How will the growing tensions over the soon accessible Northwest Passage affect Canada-U.S. relations? As India and its still-booming population takes its proper place at the high table of nations and begins the large-scale importing of food, what will happen to already dwindling global storehouses?Combining the most up-to-date climate research and interviews with top political theorists and military planners, author Cleo Paskal identifies problem areas that are most likely to start wars, destroy economies, create failed states, and even potentially lead to a global population crash. A highly topical and deeply controversial book, Global Warring is essential to understanding the world of tomorrow.

A member of the Inter-governmental Panel on Climate Change examines the fossil-fuel industry's public relations campaign to discredit the science of climate change and deny the reality of global warming.