IMF “sleepwalking into another global economic catastrophe.”

April 13, 2014 Finance 

Philip Inman in the Observer: ”The complacency is palpable. Despite some dire warnings about risky trading and the threat posed by overly indebted banks, the mood last week at the International Monetary Fund’s spring conference was one of calm.”
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“Averting climate change catastrophe is affordable, says IPCC report.”

April 13, 2014 Clean Energy, Climate, Coal, Finance, Gas, Oil 

Guardian: “Catastrophic climate change can be averted without sacrificing living standards, according to a landmark UN report published on Sunday. It concludes the transformation required to a world of clean energy and the ditching of dirty fossil fuels is eminently affordable.”
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“UN urges huge increase in green energy to avert climate disaster.”

April 13, 2014 Clean Energy, Climate, Coal, Finance, Gas, Nuclear, Oil 

Guardian: “Mitigation of Climate Change, by the UN’s Intergovernmental Panel on Climate Change (IPCC), a panel of 200 scientists, will make it clear that by far the most realistic option for the future is to triple or even quadruple the use of renewable power plants.” Read more

Is the next financial crisis brewing in the asset bubble?

April 13, 2014 Finance 

Larry Elliot in the Guardian: “….a time traveller would see remarkable similarities between the unfolding of the Roman crisis of almost two millennia ago and the 2007-09 crash. The calling in of loans led to a credit crunch. Debtors went to the wall.” Read more

“American subprime lending is back on the road”: this time it’s cars.

April 11, 2014 Finance 

Gillian Tett in the FT: “A few short years ago, “subprime” was almost an expletive. During the financial crisis, mortgages linked to subprime borrowers – or those with poor credit history – caused devastating losses; so much so that many asset managers declared they would never touch subprime again.”
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Fracking regulations tighten in Ohio as earthquake link is made.

April 11, 2014 Gas 

Guardian: “State geologists in Ohio have for the first time linked earthquakes in a geologic formation deep under the Appalachians to gas drilling, leading the state to issue new permit conditions in certain areas that are among the nation’s strictest.”
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Putin warns EU he may be about to turn off the gas.

April 11, 2014 Gas 

FT: “Vladimir Putin warned that Russia was poised to halt gas supplies to Ukraine – placing European customers in jeopardy – unless immediate action was taken to resolve Kiev’s unpaid bills.”
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“We need an apartheid-style boycott to save the planet”: Archbishop Tutu.

April 10, 2014 Clean Energy, Climate, Coal, Finance, Gas, Oil 

Desmond Tutu in the Guardian: “Twenty-five years ago people could be excused for not knowing much, or doing much, about climate change. Today we have no excuse. No more can it be dismissed as science fiction; we are already feeling the effects.”
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Idea of US gas exports saving EU from dependency on Russia is “nonsense”.

April 10, 2014 Gas 

FT: “The head of Cheniere Energy, which is due to become the US’s first new natural gas exporter next year, said the ability of US energy to save Europe from its dependence on Russian supplies had been overstated.”
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Nafeez Ahmed reviews Energy of Nations, Part 2: “Could he be right?”

Nafeez Ahmed in the Guardian: “In The Energy of Nations: Risk Blindness and the Road to Renaissance, Dr Jeremy Leggett – a former oil geologist and government adviser on renewable energy – warns of the risk of an imminent global oil crash as early as next year, and no later than 2020. In my first post on Leggett’s new book, I focused on his analysis of our “risk blindness.” But despite his trenchant and uncompromising stance on the potentially catastrophic consequences of business as usual, Leggett is no doomer.”
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“Global solar dominance in sight as science trumps fossil fuels.”

April 9, 2014 Clean Energy 

Ambrose Evans-Pritchard in the Telegraph: “Solar power has won the global argument. Photovoltaic energy is already so cheap that it competes with oil, diesel and liquefied natural gas in much of Asia without subsidies.”
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Crowdfunding seen topping $5 bn for rooftop solar within 5 years.

Bloomberg: “Crowdfunding may supply the rooftop solar projects with $5 billion of investment within five years, more than 50 times the amount raised to date.”
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BT, Shell and other corporates call for trillion tonne carbon cap.

April 8, 2014 Climate, Coal, Gas, Oil 

Guardian: “Unilever, Shell, BT, and EDF Energy are among 70 leading companies today calling on governments across the globe to step up efforts to tackle climate change.”
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Is coal really on the rise in Europe? A dead cat bounce, more like.

April 7, 2014 Climate, Coal, Commentaries, Finance 

Jeremy Leggett on Thomson Reuters: “For the fossil fuel boosters and the climate deniers, it’s a delicious irony. Despite the EU’s much-vaunted climate leadership, its use of coal to generate power has apparently been on the rise.”
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Giant Kashagan oilfield could be out of production for two years.

Mark Lewis, Kepler Cheuvreux, e-newsflash reproduced with permission (no url): “It has been reported by Quartz overnight that the super-giant  Kashagan oilfield in the northern Caspian sea “will be out of production for at least two years”. The shutdown has been necessitated by leaks of toxic gas from a pipeline, with Quartz reporting that two new pipelines will now be required to replace the two existing oil and gas pipelines.”
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“Energy complaints reach highest level ever recorded.”

April 7, 2014 Coal, Gas, Oil 

Guardian: “Energy complaints in the first quarter of 2014 more than tripled compared to the same period last year to their highest level ever recorded, the energy sector’s ombudsman said on Monday.”
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Renewable energy investment fell for second year running in 2013.

April 7, 2014 Clean Energy, Finance 

UNEP: “According to Global Trends in Renewable Energy Investment 2014 ….the investment drop of $US35.1 billion was partly due to the falling cost of solar photovoltaic systems. The other main cause was policy uncertainty in many countries, an issue that also depressed investment in fossil fuel generation in 2013.”
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ex Barclays boss Diamond escapes court appearance over LIBOR rigging.

April 7, 2014 Finance 

Guardian: “Barclays has settled a £70m Libor court case that will spare its former boss Bob Diamond and other senior colleagues from testifying in a lawsuit that the bank had been vigorously defending.”
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Fears of new gas war as Ukraine refuses to pay Gazprom for price hike.

April 6, 2014 Gas 

Guardian: “The prospect of a new gas war between Russia and Ukraine drew closer at the weekend as the government in Kiev said it would refuse to pay for gas at a new, inflated price set by Gazprom last week. The dispute comes as tensions in eastern Ukraine remain high, with pro-Russian protesters in two cities storming government buildings on Sunday.”
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“Five signs the global economic recovery may be an illusion”: Elliot latest.

April 6, 2014 Finance 

Larry Elliot in the Guardian: “The global economy seemed to be on the mend when the International Monetary Fund met for its spring meeting in Washington 10 years ago.Alan Greenspan had cut official interest rates in the US to 1% after the collapse of the dotcom boom and the world’s biggest economy had responded to the treatment.” Read more