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

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

Legitimacy Crises

Republicans have gone from one lie to the next to others yet again, working ever so vainly to find some way to spare Trump the truth about his demise. In sewing all their pants together at the waist, few seem capable of running away or getting out of the boat as it takes on more and more water. Lord Saletan explains:

Having stoked this distrust, the president and his allies are now exploiting it. They argue that the fraud must be real since so many people believe in it, and that even if it can’t be proved, widespread disbelief in the results makes the election illegitimate. On Fox News, Republican poll numbers have become a routine substitute for evidence. Trump points to them as proof that “the election was rigged.” His campaign advisers, including Lara Trump, also cite these numbers. Last week, Sen. Ted Cruz said the Supreme Court should intervene because “39 percent of Americans right now believe this last election was rigged.” In Georgia, Sen. Kelly Loeffler demanded that the secretary of state resign because “Georgians have lost faith in our elections.” House Minority Whip Steve Scalise, noting the “distrust” felt by “millions of people,” refused to say that Trump should accept the verdict of the Electoral College.

A proportion of the country believes that Democrats, or other unseen forces, are taking away their freedom, liberty, and whatever else. But it’s Republicans themselves that are doing most of the heavy lifting here. How much gullibility compartmentalization does it take to keep believing that poverty and pollution both are natural? To believe that society and the commonwealth are intrinsically evil, that social justice goes against Christ? That an all-seeing omnipotent benevolence shines upon all but draws the line at national borders, skin color, gender, or sexual orientation? It must be exhausting. But they can’t take even an hour off or else liberal democracy will prevail and the temerity to count people and their votes will leave all the militia babies to cry in the night.

It all seems like such a necessary precursor to what they are most afraid of that some may assume after the fact they were complicit.

What does The New Green Deal mean?

On the local level, if you find yourself sitting in traffic day after day, or wonder why you can’t take a train to the airport, you often understand at least the short answers to these questions, even if you personally object to them. In this way, The Way Things Are (also known as Why We Can’t Have Nice Things) seem set in stone. Unchangeable, immutable facts of life, if not singular fibers in a hand-basket to the not-so-good place. I know stuff I can do that is planetarily positive that also makes a huge difference to me personally but not a dent in the broader problem. This dissonance can be paralyzing, and often results in people abandoning even the former, achievable, highly-recommended personal actions.

National-level solutions seem just as if not much more difficult. But are they?

Young activists, who will be forced to live with the ravages of climate change, find this upsetting. So they have proposed a plan of their own. It’s called the Green New Deal (GND) — a term purposefully reminiscent of Franklin Delano Roosevelt’s original New Deal in the 1930s — and it has become the talk of the town.

the exact details of the GND remain to be worked out, but the broad thrust is fairly simple. It refers, in the loosest sense, to a massive program of investments in clean-energy jobs and infrastructure, meant to transform not just the energy sector, but the entire economy. It is meant both to decarbonize the economy and to make it fairer and more just.

But the policy is only part of the picture. Just as striking are the politics, which seem to have tapped into an enormous, untapped demand for climate ambition.

This is not Pollyanna, but it’s also difficult to criticize anything when nothing else is going on or has worked – especially with ‘nothing’ not being an option.

And while Roberts is certainly correct that this is not new, and the politics of it might sound a little gimmicky, the emphasis on the politics might be the key. Plus, novelty is not what is required – it’s quite well-established which policy changes could work best. It’s the will that has seemed out of reach. The Green New Deal agitation might be just what is needed to get the gears moving. Ambitious enough, broad enough, frightening enough (backed by newly-elected officials) to get the attention of you idling in your car because maybe it comes across like a different story on Nice People’s Radio, much less something more foxxy. It’s backed by our leading new firebrand already – adding to the fright she causes but also lending weight to that fright. Maybe it will give us to a chance to at least ask, “Who Knows?” That would be quite a bit more than we have been doing.

Fifty Years In

Like smartphones teach us to be dumb – to not know things, to not be able to find our way except by using the device – we are also learning how to forget the past. Or how to remember it inaccurately, disconnected from the forks in the road where our path darkened and we lost something irretrievable, something we did not make nor deserve but that came from us and birthed us, was us, the best and the worst, that pushed us in the right direction because we were scared to go on our own until we learned we could pull ourselves there if we could just join enough hands.
April 4, 1968, the Lorraine Motel, Memphis, TN, the alternately riotous and trippy sixties, the whole twentieth century, came crashing to a sudden end.
Now, 50 years into the 21st we wonder how long it’s going to last. This should not be our mindset; it wasn’t his. Is there an ideal that’s not an ideology? Is there optimism greater than hope?
Can we contemplate the breadth of shared possibility? How much justice will the market allow? The answers are not in your phone.

Criticizing the market

In a society wherein it is the final arbiter, is the market beyond criticism?

Is the very idea that an arbitrary arbitrage of value could be subject to notions of virtue, inspected for justice, honesty, moderation, only now a naive trifle? Question its wisdom and identify yourself as an unschooled radical. We know better, so we say little. Good sense about our prospects in the market gets the better of us and we ‘trim our sails’ and ‘keep our powder dry.’ But these are boats that won’t leave the harbor, stocked with guns that won’t fire. What if we are poised upon the very footbridge that people will one day look back to and identify as the last chance? How many more opportunities can wait? Upsells, upgrades, limited offers, monopolies on that perfect, once-in-a-lifetime opportunity, bucket lists… the language of premium experience and exclusivity harkens, tugging at heartstrings, it is assumed, in crass attempts to woo because of course it would. Nothing shall be off limits. But the organs blacken. We feel it but do not fight back. It’s just the market – this is what it does – equanimous and unyielding. It is the only entity that will pursue its truth, and follow the trail wherever it goes. Its judgment is neutral, unbiased, equal opportunity, nonracial and irreligious. Abiding by its decisions relieves the burden to prove anything: the market has spoken. Slowly boiling amphibians may at least have the semblance of regret.

This is the saddest article I’ve read in quite sometime, and extremely well-reported. Right-to-work. The American South is Seoul’s Mexico.

Image: Market Place II by Charles Nkomo

Back At The Front, The Next Generation

NRG freedomI think if I was setting a new story in Florida, inventing a needlessly fictional version of Florida Man, he would work in a [solar-powered] cabinet pull plant in Even, Florida:

So did the legislators underestimate the popularity of Amendment 4? Did they think they’d assuage public opinion by putting it on the ballot, getting points, and then it wouldn’t pass? Or have the green energy entrepreneurs begun out-lobbying the utilities and Big Oil? Whatever it is, something big has changed. That Amendment 4 was put before the public at all, and that the public trounced the lobbyists, announces a sea change in which sordid deals in back rooms by the Carbon Moguls with fresh-facced and clueless state senators are no longer determinative. The people are getting a say, and they want to make it easier and cheaper to go solar.
The next big item on which voters will get a say is Amendment 1, this fall. It seeks to punish those who opt for solar power on the specious argument that non-solar customers shouldn’t have to bear the burden of upgrading the electricity grid or other infrastructural changes that will come with the extra solar energy.

Who knows? Maybe it’s a bit different with that rising tide gently lapping at your chamber door.

Image: I can’t believe that image actually exists.

Too Solar to Fail

Following on the news that Paris is spending €1bn to revamp/fix/heal Les Halles comes more news that the City Of Light is getting even more serious about where that light gets it power:

paris

The French government plans to pave 1,000 kilometers (621 miles) of its roads with solar panels in the next five years, which will supply power to millions of people.

“The maximum effect of the program, if successful, could be to furnish 5 million people with electricity, or about 8 percent of the French population,” Ségolène Royal, France’s minister of ecology and energy, said according to Global Construction Review.

La route photovoltaïque indeed. 14 feet of solarized roadway would be enough to supply the electrical needs of one household. Way to go, Republique Francaise. Here,  take this road.

Operation Free

lavender_windmillIt’s the best use of either word I’ve seen or heard in a while:

Ohio’s clean energy law has come under attack by a lawmaker affiliated with the American Legislative Exchange Council (ALEC), the group funded by fossil fuel companies, corporate interests and the ultra-conservative billionaire Koch brothers — but local vets are taking a stand.

Despite failing in its previous effort to repeal any state renewable energy standards, ALEC convened for its 40th annual meeting in late July and leaked documents show the organization has no intention of backing down from its attacks on popular clean energy laws.

But in Ohio, a group of 2,000 veterans, military family members and supporters is pushing back against Seitz’s effort and other bills aimed at weakening Ohio’s renewable energy standard. Zach Roberts, a National Guard veteran and the Ohio director of Operation Free, a national campaign that gathers veterans and national security experts to advocate for clean energy policies, told Climate Progress that S.B. 58 would, “radically change the state’s clean energy standard,” and it ultimately “weakens Ohio’s energy security.”

The law in question, passed in 2008, requires Ohio to generate 25% of its electrical supply through alternative energy sources by 2025. Half of that must be from renewables and 0.5 percent specifically from solar. Is that too much? What are goals, enforced by law in this case, designed to achieve? A perfunctory ratio would have been 5%; a quarter is going to cause some pain but show people (and companies) how to move forward. Freedom, indeedom.

Image: Author photo, not from Ohio but just a bit east of that.