Guardian: “Google’s innovation unit Google X is working on a green energy project which its top executive Astro Teller believes could “have an important part to play in the future of the world energy production”.” Read more
Izabella Kaminski in the FT joins other analysts wondering why have buyers of oil this year been paying a premium for prompt delivery when supply has far outstripped demand.
SMH: “Concepts such as a “carbon price bubble” and “unburnable” fossil fuels are invalid slogans that are part of a “radical campaign” to scare off investors, according to a report commissioned by the Australian Coal Association.” Read more
Guardian: “George Osborne is facing pressure to radically overhaul Britain’s banks by introducing a new law to jail bankers for “reckless misconduct” and force bankers to wait up to 10 years to receive their bonuses.” Read more
FT: Siemens can’t find a buyer for the loss-making solar unit it announced it would sell in October. It joins Bosch, which has lost €2.4 bn.
Sunday 16th of June: the first day in history when Germany experienced a negative cost of wholesale electricity, and the first day in history when all of Italy was powered by renewables (even if only between 2-3pm).
Sydney Morning Herald: “Most of Australia’s coal reserves will have to be left unburned if the world is to avoid catastrophic global warming, according to a major new report from the federal government’s Climate Commission.” Read more
FT: “Cheseapeake Energy, the gas and oil company that has been subject to investor concerns about corporate governance for years, has failed in attempts to improve its practices, because of lack of support from shareholders.” Read more
Bloomberg: “After spending $53 billion on a land binge to find hydrocarbons, the petroleum industry is counting on technological innovations — better imaging data, speedier and longer horizontal drilling, among them — to ramp up the flow of oil and gas from U.S. shale fields where they’re drilling more than 10,000 wells a year.” Read more
Nafeez Ahmed in the Guardian: “NSA Prism is motivated in part by fears that environmentally-linked disasters could spur anti-government activism. Top secret US National Security Agency (NSA) documents disclosed by the Guardian have shocked the world with revelations of a comprehensive US-based surveillance system with direct access to Facebook, Apple, Google, Microsoft and other tech giants.” Read more
SolarIndustryMag.com: “A United Nations agency and an international policy group have issued dual reports showing investments in renewable energy (excluding large hydropower) totaled $244 billion worldwide in 2012, with developing countries reaching near parity with developed ones.” Read more
Guardian: “The British Gas owner, Centrica, will invest up to £160m in shale gas exploration and development in the north-west after agreeing a deal with Britain’s leading fracking company.” Read more
Guardian: “Air pollution from Europe’s 300 largest coal power stations causes 22,300 premature deaths a year and costs companies and governments billions of pounds in disease treatment and lost working days, says a major study of the health impacts of burning coal to generate electricity.” Read more
The IEA publishes a special report ‘Redrawing the Energy Climate Map’. This includes consideration of the potential for stranded assets under their scenario.This confirmes that 60-80% of coal will need to stay in the ground. Read more
Guardian: “With an estimated 45bn barrels of reserves – the fourth largest in the world – and a century’s worth of natural gas, the Kurdistan regional government (KRG) has become a big player in a geologically exciting but politically sensitive market.” Read more
Guardian: “The world cannot afford to wait for a new global climate change agreement to come into force in 2020, because doing so will mean an end to hopes of limiting global warming to moderate levels, one of the world’s foremost authorities on energy has warned.” Read more
Oceans at MIT: “The Keeling Curve record from the NOAA-operated Mauna Loa Observatory shows that the atmospheric carbon dioxide concentration hovers around 400 ppm, a level not seen in more than 3 million years when sea levels were as much as 80 feet higher than today. Virtually every media outlet reported the passage of this climate milestone, but we suspect there’s more to the story.” Read more
Bloomberg: “Chris and Stephanie Hallowich were sure drilling for natural gas near their Pennsylvania home was to blame for the headaches, burning eyes and sore throats they suffered after the work began.” Read more
China Daily: “Jeremy Leggett, chairman of Solarcentury and well-known solar energy advocate, uses the following analogy to illustrate the trade war: “A planet faces an asteroid strike. Its inhabitants manufacture rockets with which to head off the threat. But, as the rock nears, they descend into international bickering over who pockets what from rocket-making.”