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Asset Class not in Session

Exotic financial instruments. Linking ‘investors’ and funding to projects to weave profits out of insurance or management strategies designed to ease or hasten climate adaptation… doesn’t actually work:

That’s because of the nature of the underlying “asset.” Sure, in theory, you could securitize the construction of a seawall and capture returns via fees from wealthy coastal dwellers or local councils. But seawalls are not widgets. Each has to be uniquely designed for a specific location and its conditions. There are few economies of scale.

There’s also no established norm about how the costs of climate adaptation projects should be shared among those who are being protected. Will enough residents willingly pay for our theoretical seawall, either directly or via their taxes? Who’s being protected, and at whose expense? Structures that protect one stretch of beach can often create problems further along the coastline.

Adaptation doesn’t fall into a neat category. It can mean investing in infrastructure or designing programs to protect nature. It can involve constructing big sea walls, but it can also be about retaining trees on city streets, or ensuring access to clean drinking water. Right now these measures are too small to interest big pension funds and asset managers. A report by UNEP and others found only about two dozen projects larger than $25 million over the last few years.

Important to separate the reality that climate measures are necessary, and will necessarily save money down the road, from the notion that they represent just another opportunity to build a new revenue stream. The article wisely links climate to justice, and as much as it pains many Americans, there is no way around that. It has been true for even longer than it’s been evident – and it’s been evident for a very long time: people cannot live without justice. Racial. Climate. Economic. These are non-negotiable bonds, in the common parlance. We will do it for its own sake, because it benefits people. THAT’s the return. Clean up the rentier class soiling the revenue stream, the water will run clearly.

Image: Photograph: Emory Kristof/National Geographic/Getty Images

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The Land of Recurring Contributions

All those sayings, aphorisms, cute quotables about giving back, making a contribution… That’s not what they meant:

I clicked on the link so you don’t have to, and discovered that my $75 contribution will keep happening every month automatically unless I unclick an already helpfully checked box that makes my contribution recurring.

As the kids say, it’s all over the internets, but no one has as much contempt for Republican voters as Republican politicians and right-wing media. Unsurpassed.

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Battery Plants

Saw a friend yesterday whose water business took a tumble thanks to the plague shutting down business offices in our small burg. And though that sounds like the plot for another episode of ‘Your Dystopia,’ he said things were looking up, thanks to a new battery plant opening up outside of an even smaller burg a half hour away. Fossil fuels are not ending, but largely over, we agreed. Electric vehicles are very much the present, I may have said, sitting in a late-model guzzler. My water friend went back to his not-so-late model pickup, but the battery plants hung in the air a little longer, walled gardens of Babylon, with added strife and wi-fi.

What if battery plants were literal? Plants are already perfect energy storage dynamos – we just don’t know how they do it. We understand, but it’s still largely alchemical to us. I looked it up:

Imagine if farmers could grow batteries in their fields. Researchers are taking steps towards at least partially making that green dream a reality by using plant materials to make key components of energy storage devices. Pen-Chi Chiang and colleagues at the National Taiwan University review developments in this adventurous ambition in the journal Materials Today Energy.

“We consider the state-of-the-art challenges and issues for using plant-derived biomass materials for various energy storage applications, such as batteries and supercapacitors,” says Chiang.

Energy storage is an essential requirement for modern life. Without it, we couldn’t have cellphones, laptops, or electric vehicles. From consumer electronics to transportation, electrical energy must be stored and be available at the flick of a switch. Current systems, such as the lithium-ion batteries common in many devices, are made from limited resources, and bring environmental problems associated with their disposal.

Chiang points out that a sustainable future will increasingly depend on replacing existing technologies with those using renewable materials that can readily be recycled without damaging the environment.

One of the most promising approaches towards sustainable energy storage devices is to convert plant biomass into a material called “porous carbon”. This is a form of carbon that can be fabricated into three-dimensional ordered “nanostructures” with a variety of useful electrochemical properties.

I guess nanostructures are going to be our best tickets to being able to produce the capacities of plant lignin. It’s the inverse of why biomass is so hard to breakdown, in efforts tap its energy by making fuel. Seems a folly when you think about it like that. Instead of making fuel, figure how they work as batteries – which we seem to already grasp.

As is so often the case, a matter of which word we emphasize. Thinking big does not have to only mean going to Mars. Maybe if ‘Native American’ were two of the words represented by NASA, we might have already figured this out, not to mention a few other things.

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Schooling ≠ Education

Surrounded by moral quandaries and crises, we look up from fast food containers unable to ponder greater questions beyond the value menu. Did these questions sneak up on us, or have they been there all along and we just eliminated the practice of engaging them? Cornel West and Jeremy Tate bring light and a bit of heat in the WAPO on the removal of classics at Howard University:

Academia’s continual campaign to disregard or neglect the classics is a sign of spiritual decay, moral decline and a deep intellectual narrowness running amok in American culture. Those who commit this terrible act treat Western civilization as either irrelevant and not worthy of prioritization or as harmful and worthy only of condemnation.
Sadly, in our culture’s conception, the crimes of the West have become so central that it’s hard to keep track of the best of the West. We must be vigilant and draw the distinction between Western civilization and philosophy on the one hand, and Western crimes on the other. The crimes spring from certain philosophies and certain aspects of the civilization, not all of them.
The Western canon is, more than anything, a conversation among great thinkers over generations that grows richer the more we add our own voices and the excellence of voices from Africa, Asia, Latin America and everywhere else in the world. We should never cancel voices in this conversation, whether that voice is Homer or students at Howard University. For this is no ordinary discussion.
…
Howard University is not removing its classics department in isolation. This is the result of a massive failure across the nation in “schooling,” which is now nothing more than the acquisition of skills, the acquisition of labels and the acquisition of jargon. Schooling is not education. Education draws out the uniqueness of people to be all that they can be in the light of their irreducible singularity. It is the maturation and cultivation of spiritually intact and morally equipped human beings.

So much of higher education has folded in the face of market pressures, political interference, and fraud that it finds itself all but unrecognizable to former guises. Not wanting to be recognized as what you are can leave you paralyzed when you’re unwilling to defend against impotent charges like teaching social justice. Such charges are softballs and should be parked deep in the cheap seats. But lack of engagement – reading, writing, arguing – makes us afraid of politics, and bullies. We abandon the classical education model at our peril, leaving everyone unable to navigation complexities and only further clearing the path to the bottom-line. Only 99 cents!

Trade school is not an admonition.

Image: Cardinal Sin by Banksy

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On Divestment

When that thing that people may be afraid might happen is already happening, only change the ‘thing’ to ‘investing in dirty energy’ and the fear to ‘you can still make money on your money if you stop.’ The world’s largest investment house reports on tomorrow, today – pulling your money out of fossil fuels already turns a profit:

In places, BlackRock’s findings are redacted, so as not to show the size of particular holdings, but the conclusions are clear: after examining “divestment actions by hundreds of funds worldwide,” the BlackRock analysts concluded that the portfolios “experienced no negative financial impacts from divesting from fossil fuels. In fact, they found evidence of modest improvement in fund return.” The report’s executive summary states that “no investors found negative performance from divestment; rather, neutral to positive results.” In the conclusion to the report, the BlackRock team used a phrase beloved by investors: divested portfolios “outperformed their benchmarks.”

In a statement, the investment firm downplayed that language, saying, “BlackRock did not make a recommendation for TRS to divest from fossil fuel reserves. The research was meant to help TRS determine a path forward to meet their stated divestment goals.” But Tom Sanzillo—I.E.E.F.A.’s director of financial analysis, and a former New York State first deputy comptroller who oversaw a hundred-and-fifty-billion-dollar pension fund—said in an interview that BlackRock’s findings were clear. “Any investment fund looking to protect itself against losses from coal, oil, and gas companies now has the largest investment house in the world showing them why, how, and when to protect themselves, the economy, and the planet.” In short, the financial debate about divestment is as settled as the ethical one—you shouldn’t try to profit off the end of the world and, in any event, you won’t.

If the ‘masters of the Universe’ are already running for cover, the debate basically devolves to ‘you’re not the boss of me.’ Rising tides and disappearing oysters beg to differ.

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Happy American Day

April 9th is the day Gen. Ulysses S. Grant, Commanding General of the US Army, received the surrender of Robert E. Lee, a renegade US Army Colonel who was a leader of a violent rebellion against the United States which killed hundreds of thousands of Americans. Grant offered generous terms to Lee and the other traitors making up his army. Six days later President Lincoln was assassinated in Washington, DC.

The reality of the past is unchanging, as immutable as time proceeds only in one direction. But our perceptions of it, our understanding of its meaning and the stories we tell about it are perpetually in flux. Humans are story-telling creatures. Many of the great artifacts of human intellection are analytic, mathematic, visual. But at the deepest and most penetrating level we understand the world through stories, narratives. The production of these narratives become histories in themselves.

Nowhere is this more viscerally apparent than in the century of valorization of the traitors who led the pretended state called the Confederate States of America. This even goes down to the deep valorization of Southern military culture and the Confederacy’s top generals. This goes for Lee himself, a very skilled tactician but a highly conventional commander. This applies equally to the denigration of the commanders and common soldiers of the North whose reputations were downgraded as an offering to the wounded pride of the South.

Measured words from Marshall, but a great appreciation of the rehabilitation of Grant’s reputation at the link. For some reason(!), we really don’t commemorate this day, I guess some still don’t want to talk about, much less admit the truth about the outcome. But it is not in doubt, and would do everyone a world of good to get better acquainted with the endemic sore-loserdom that followed this day and cuts a raggedy jib even unto today.

Also highly recommended if you’ve never read it, The March, by E.L. Doctorow.

Image: Stacked weapons at Appomattox, 1865.

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Be Moved

If you build it, will they take them? Trains, that is, super, high-speed and just regular intra-city transit. And Buses. Buses! But before even the lowest-frills fancy stuff, fix the bridges:

Most, if not all, Americans support the idea that bridges shouldn’t collapse as you drive over them, yet there are 44,741 bridges in the United States that are rated “poor” by the Federal Highway Administration. Nearly 45,000! That’s out of about 616,000, meaning that about 1 in 14 bridges indexed in the United States receive the government’s lowest rating.
But wait! It gets worse. The three ratings used — good, fair, poor — are simply reflections of the lowest rating a bridge gets on the condition of its deck, superstructure or substructure. (If you think of a standard highway bridge, the deck is what you drive on, the superstructure is what supports the deck and the substructure is what holds up the rest of it.) Those values are assessed on a zero-to-nine scale, with the average score for all three components being about 6.5 nationally.

There’s handy searchable map at that link where you can see the bridges in your area that need maintenance. Yikes! There‘s a are multiple tons of them.

It’s also important that the Biden Infrastructure bill includes, among many other things, no money for expanding roads. Stop expanding already uncross-able roads and intersections. The BIKE is the answer, not the ambulance. This is one of the subtle keys to the shift in transit. And I’ve written previously about taking Amtrak below Richmond, VA. The trains themselves are very dated, but it’s the rickety tracks beneath them that feel like such a hazard. It’s a disgrace, and like the state of the postal system, it’s decline by design. It’s been left in purposeful, deliberate disrepair.

So there’s plenty to fix, and feel good about while we’re doing it. Not feel triumphant – it’s not necessary. Just responsible for taking care of our sh*t and making it useful. Buy yourself a nice pen with what’s left over and write someone a letter. You might get one back. Write the next one on the train. Feel romantic, be moved.

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Front Foot

Stay on it.

White House officials are preparing to present President Biden with a roughly $3 trillion infrastructure and jobs package that includes high-profile domestic policy priorities such as free community college and universal prekindergarten, according to three people familiar with internal discussions.
After completing the $1.9 trillion coronavirus relief package this month, Biden administration officials are piecing together the next major legislative priority. Although no final announcement has been made, the White House is expected to push a multitrillion-dollar jobs and infrastructure plan as the centerpiece of the president’s “Build Back Better” agenda.

This will do multiple things, with hundreds of billions of dollars to repair roads, bridges, sewers, waterways and railways, as well retrofitting thousands of schools and other buildings, the bill also includes $400 billion to combat climate change, with $$$ for transit, and importantly, R & D. And this isn’t pouring money into nowhere – people will have to do that building, digging, measuring, research. So… jobs. Yes, boring and crucial.

And Republicans will fight it because of reasons. Let them. Make them. Remember: no tax cuts, especially the most recent ones, have ever been paid for. And the bugaboo of inflation will be what they betting on to argue against infrastructure investment. Let them explain. From the back foot.

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The President Show

Look what you can do instead of hosting The President Show:

Second, the rescue bill has quietly become an infrastructure bill. It devotes $350 billion to supporting state and local governments. These funds, initially proposed to plug COVID-19-created holes in public budgets, in many cases now exceed those holes. So the Senate has allowed states, cities, and counties to spend that money on improving services such as water, sewage, and broadband. Because many water systems are vulnerable to climate change and must be adapted, this is de facto climate funding. The bill also contains $31 billion for tribal governments and Indigenous communities, including line items for new infrastructure, housing, and language preservation.

Downtown in our quaint little burg, one of the main streets in the central business district has been a mess for about three months, with sidewalks and the street alternately under massive excavation as sewers, power and water lines are replaced and updated. It’s a huge mess on a one way street in a tiny downtown and it’s not apparent when it will be completed. But that’s how badly needed it was, likely long overdue precisely because it’s such a hassle. Some of what is being replaced was likely original – whatever that might mean in this context. There’s a reason people/governments don’t want to do this. It’s hugely disruptive and expensive. But also absolutely necessary. There are likely 10,000 places this needs doing. So fix them, get started. And robots can’t do this work, btw. More boring accomplishments, please.

And then let’s dance to this music.

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Don’t Look at This

Years ago, I worked construction. Mainly residential stuff but several projects were connected to renovations of a downtown business. The address had(has) a courtyard with large steel gates and several times we had to do some welding on said gates in proximity to pedestrians passing on the sidewalk. During these occasions, we would station one of the guitar players laborers next to the action with a sign telling curious passersby something like, ‘Welding, Don’t look!’ Invariably, said passers would look directly at the sparkling blinding arc.

Nutso Trumpers have spooked politicians in D.C. today, saying they were returning for Trump’s inauguration and return to power. Trump himself has still been saying he won the election and is the real Preznit. Meanwhile, the government has done not so much about anything that happened on 1/6. Dallying about legislative fixes, allowing elected hucksters to read fantasies into the record, hold-up nominations, water down bills and glad-hand insurrectionists.

They are traitors. They broke more than norms. Come out smoking. Grab Hawley by the scruff of his IV neck and let him know his Jeff Davis-abetting will not be tolerated starting last Tuesday. Push the new Voting Rights Act. Put Harriet Tubman on the 20. Make DC and PR states. Get. In. Their. Faces.
The whole shebang remains on the cliff edge. Don’t look.