RWE halves investment in renewables.

January 16, 2014 Clean Energy, Coal, Gas, Nuclear 

Guardian: “RWE, one of Britain’s biggest renewable energy investors, is planning to significantly scale back its spending in the UK and expects to sell off wind farms and a major biomass plant.”
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WEF Global Risk 2014 report: energy crisis not in the 31 risks studied.

January 16, 2014 Climate, Finance 

WEF: “The chronic gap between the incomes of the richest and poorest citizens is seen as the risk that is most likely to cause serious damage globally in the coming decade, according to over 700 global experts that contributed to the World Economic Forum’s Global Risks 2014 report, released today. Other risks of significant concern include extreme weather events, unemployment and fiscal crises.” Read more

Australian heatwave shows man-made climate change, scientists say.

January 16, 2014 Climate 

FT: “The extreme heatwave gripping southern Australia forced the suspension of matches at the Australian Open tennis tournament on Thursday, as temperatures soared to 42C in Melbourne and officials warned of escalating risks of bush fires and power outages.”
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“US still vulnerable to oil shocks, say generals.”

January 15, 2014 Gas, Oil 

FT: “The US remains vulnerable to oil price shocks caused by disruptions in the Middle East and other producing regions in spite of the North American shale boom, a commission of former generals and senior officials has warned.” Read more

Carbon bubble discussed at UN before investors managing $22 trillion.

UN Web TV: The biennual 2014 UN Investor Summit on Climate Risk Summit, hosted by the UN Foundation and CERES is the preeminent forum for global investors to discuss the implications of climate change for capital markets – investors representing $22 trillion of assets under management were in the room. Watch the carbon bubble discussion, with Carbon Tracker chairman Jeremy Leggett chairing the panel, starting 10 minutes in.

Global investment in clean energy falls for second year running.

January 15, 2014 Clean Energy, Climate, Finance 

Guardian: “Global investment in clean energy fell for the second year in a row to $254bn last year, with green investment in Europe crashing by 41%, new figures showed on Wednesday.”
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How to invest a trillion dollars a year in clean energy by 2030: CERES.

January 15, 2014 Clean Energy, Climate, Finance 

Climate Bonds Initiative: “A key part of the day was the launch of the Investing in the Clean Trillion: Closing The Clean Energy Investment Gap report, looking at how to increase annual global investment in clean energy to at least $1 trillion by 2030— roughly a four-fold jump from current investment levels. It’s an ambitious plan – but eminently achievable – plan.” Read more

UN climate chief: investors will be seen as breaching fiduciary duty.

January 15, 2014 Clean Energy, Climate, Finance 

Climate Bonds; “The United Nations Foundation and the Ceres Investor Network on Climate Risk ….held an Investor Summit at the United Nations in New York. Climate Bonds and Green Bonds were top of the agenda. One of the speakers was the UN’s top climate change official, Christiana Figueres, and she was very direct. See her press conference here (Christiana is at the 15 minute point).”
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Are fracking fluids to blame for rail car explosions?

January 15, 2014 Gas, Oil 

Oil.Price.com: “Over the past year or so there seems to have been far more train derailments of cars carrying crude oil that have resulted in huge, deadly explosions, and it is not a coincidence that the oil in these explosions originated from the Bakken shale formation in North Dakota.”
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“We have arrived in a time of consequences”.

James Murray on Business Green: Jeremy Leggett’s powerful and sobering new book, The Energy of Nations – Risk Blindness and the Road to Renaissance: part history, part diary, part polemic – this is an essential read for anyone with an interest in the global energy industry, as well as timely warning about the many structural risks that continue to blight our economy.”
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Thirteen major banks issue Green Bond Development principles.

January 13, 2014 Clean Energy, Finance 

Green Bonds Initiative: “We blogged the draft version a few months ago; at that stage it was just Citi and Bank of America Merrill Lynch. Things have moved forward and yesterday a more developed version was published. Now there are 13 banks involved, with JP Morgan and Credit Agricole joining the first two in the driver’s seat.”
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UK PM: ‘We’re going all out for shale,’ & those opposing are ‘irrational’.

January 13, 2014 Gas, Oil 

Guardian: “David Cameron is to declare that his government is “going all out for shale” as he announces that councils will be entitled to keep 100% of business rates raised from fracking sites in a deal expected to generate millions of pounds for local authorities.”
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“Total joins UK pursuit of shale boom”: FT.

January 11, 2014 Gas, Oil 

FT: “Total of France is to become the first major oil company to explore for shale gas in the UK, in a big boost for government efforts to create a US-style fracking boom on British soil.” Read more

Black outlook for coal even in China: FT Lex.

January 9, 2014 Coal, Finance 

FT: “Shaanxi Coal Industry is the one that just halved its planned listing. Shaanxi has not said why, but it probably has as much to do with the outlook for China’s coal industry as with the Shanghai market.” Read more

UK PM links current floods to climate change: “power of context” at work.

January 8, 2014 Climate, Commentaries 

Business Green: “Responding to questions from Labour’s Ed Miliband and the Lib Dems’ Tim Farron on, respectively, the adequacy of Defra’s flood preparedness and the link between climate change and increasing extreme weather risks, Cameron promised the government would report back on its flood resilience strategy and acknowledged that, while “colleagues… can argue about whether [extreme weather] is linked to climate change or not, I very much suspect that it is”.” Read more

Wind energy helps ward off power outages in US icy winter blast.

January 8, 2014 Clean Energy 

REW.com: “Over the last 48 hours, wind energy played a critical role in keeping homeowners warm as grid operators across the Eastern and Central U.S. worked overtime to keep up with record-breaking winter demand.” Read more

JP Morgan pays £2.6bn to head off criminal prosecution over Madoff.

January 7, 2014 Finance 

FT: “JP Morgan Chase bankers had concerns about Bernard Madoff for more than a decade but failed to inform US authorities, according to a damning assessment of the bank’s serial inaction by the US attorney for Manhattan.” Read more

The slow development of China’s shale: “there must be a problem”.

January 7, 2014 Gas, Oil 

FT: “….For all the excitement, the future of China’s shale remains cloudy. Progress so far has been disappointing, and shale production in China faces many challenges. Ultimately, its development will be a test not only of the country’s geology and the ingenuity of its engineers, but of its entire economic model.” Read more

“We need to get our mindset away from scarcity”, it’s time to export oil.

January 7, 2014 Oil 

FT: “America’s domestic energy revolution helped drive a decline in the US trade deficit to its lowest level in four years, bolstering calls in Washington for the Obama administration to relax decades-old restrictions on the export of crude oil.” Read more

EU ministers call for 2030 renewables target. UK opposes.

January 7, 2014 Clean Energy, Climate 

Guardian: “Ministers from Germany, France and six other countries have called for the European Union to set a 2030 goal for renewable energy use, in opposition to their British counterpart who advocates a sole greenhouse gas emissions target.” Read more