Luxembourg takes on traffic by becoming the first country to offer free public transport. Will other countries follow suit?

Each week we highlight news articles that gives us hope in the battle to counter climate change. We hope these stories brighten your day and inspire you to take action as a citizen and consumer.

Luxembourg is first country to make all public transport free

By Agence France-Presse in Luxembourg, The Gaurdian, February 28, 2020

  • In an effort to relieve traffic congestion, Luxembourg will become the first country to offer a free public transport system. The change is estimated to impact 40% of the households, saving each around €100 per year.
  • According to the article, private cars account for 47% of business travel and 71% of leisure in Luxembourg.
  • The estimated cost of €41m a year for free public transport will be covered by the country’s Treasury.

Wall Street Is Falling Out of Love With a Once-Coveted Fossil Fuel

By Gerson Freitas Jr and Vanessa Dezem, Bloomberg Green, March 3, 2020

  • The S&P’s electric utilities index is trading above The Standard and Poor’s gas Utilities Index for the first time in over a decade. The shift signals a decrease in investor confidence of fossil fuel utilities.
  • Bans on new gas infrastructure and rising climate concerns have put a damper on natural gas investments. Meanwhile, renewable stocks such as NextEra Energy Inc., are trading up to 28 times higher than projected earnings.
  • While natural gas is widely considered a bridge fuel, its long term future is in question.

Wells Fargo, Top Banker of Fracked Oil and Gas, Ditches Arctic Drilling

By Garet Bleir, Sierra Magazine, March 3, 2020

  • Wells Fargo became the third major US bank to withdraw funding for fossil fuel drilling in the Arctic. Their announcement follows the lead of JPMorgan Chase and Goldman Sachs.
  • According to the article, “the bank also committed to withdrawing lending from many coal-related enterprises and private prisons.” The bank cited risk management as reasons to withdraw such funding.
  • Trump Administration seeks to open the Arctic National Wildlife Refuge for fossil fuel drilling, drawing opposition from conservation groups and the indigenous Gwich’in people.

Feature photo by Charisse Kenion on Unsplash.