| A major shipping accident in the North Sea has become one of the most significant marine disasters in the UK for years. A US oil tanker, which was supplying jet fuel for the US Navy, was struck by a container ship on Monday. Footage broadcast by BBC News showed the ship smoldering with a gaping hole in its side. Focus is now shifting to the environmental impact of the blaze. An international oil-pollution compensation fund said the jet fuel being spilled from the tanker, known as Stena Immaculate, is categorized as "non-persistent" oil. That means it is more prone to evaporating when spilled and could indicate a less-severe environmental impact than would be the case for a cargo of heavy crude or ship fuel.  Emergency services attend the scene following a vessel collision off the UK's east coast, on March 10. Photographer: Lee Whitaker/Getty Images "Whilst the images look worrying, from the perspective of the impact to the aquatic environment, it's less of a concern than if this had been crude oil because most of the jet fuel will evaporate very quickly," said Mark Hartl, a Marine Ecotoxicologist from the Centre for Marine Biodiversity & Biotechnology at Heriot-Watt University. "Also, the fact that it happened out at sea and not closer to land or within an estuary setting is fortuitous and will minimize the environmental impact." Read more and keep up with the latest updates on Bloomberg.com. Three-hundred and fifty miles to the north of fire-ravaged Los Angeles, one California city is pioneering a form of insurance that could provide reliable relief in the event of another natural disaster. Fremont, a Bay Area city of 226,000, in September became the first municipality in the nation to buy its own citywide flood insurance policy. It's what's known as parametric insurance: If the agreed-upon threshold, or "parameter," for flooding is met, that will trigger an immediate payout. Fremont could use the money for anything it needed, whether cleaning up debris or helping uninsured citizens to get back on their feet, or even just replenishing the general budget. While there are plenty of smaller experiments in community-wide parametric insurance, Fremont's marks a major step forward since it involves public monies and coverage for an entire city. It comes as pressure for communities to do more to protect themselves is growing intense. Private insurers are dropping policies and exiting markets. The Trump administration, meanwhile, is making cuts at government departments in charge of natural disaster response. Read more on how Fremont's program works on Bloomberg.com.  The Warm Springs area of Fremont, California. Photographer: David Paul Morris/Bloomberg A Swedish wind farm is offering a brutal investment lesson. The project has suffered significant losses due to a long-term power purchase agreement that obligated it to provide a certain amount of electricity, regardless of wind conditions. India's green IPO frenzy has faded. There have only been two listings this year, raising about $18 million combined, compared to 14 IPOs last year that raised over $2.3 billion. Singapore's firms aren't prepared for climate reporting. The country's listed companies need to improve climate disclosures as regulators are set to impose new standards starting this year, a new study has found. Mark Carney has won the race to become Canada's next prime minister. What's next for the country? Rick Smith, president of the Canadian Climate Institute, recently spoke with Zero podcast host Akshat Rathi about what shape the country's climate ambitions might take under new leadership, how it can deal with challenges posed by US President Donald Trump, and why he expects meaningful climate policy to be driven by provinces and municipalities. Listen now, and subscribe on Apple, Spotify, or YouTube to get new episodes of Zero every Thursday | 
No comments:
Post a Comment