Typhoon Hagupit forces a million Philippinos to flee their homes. For the third climate summit running, the nation suffers a devastating storm.
“UN climate talks call future of energy majors into question”: FT. “ExxonMobil and Shell would cease to exist in their current form in 35 years”, FT concludes.
Tories ban Climate Change Minister from attending Lima talks. Lib Dem’s deem this “stunning ….the Tories are showing their true colours”.
6.12.14.
Ecuador indigenous leader found murdered days before he was due to protest in Lima. José Isidro Tendetza Antún was leading protest against a state-Chinese mine.
Peru say glaciers ‘melting at alarming rate’, threatening survival for 30 million people. Scientists say they have lost 20% of their mass in just three decades due to global warming.
California’s drought is worst for 1,200 years – and scientists say worse is to come. “No doubt” we are entering a new era where humans have changed the climate, they say.
Oil companies dismiss carbon bubble and stranded assets at Lima climate talks. IPIECA offers 5 reasons to support their case: 2 based on wrong premise, 3 disingenuous.
NYT exposes “secret alliance” between Attorneys General and the energy industry. Thousands of pages of open-records requests show collusion against Obama regulatory efforts.
“George Osborne oversees biggest fossil fuel boom since North Sea oil discovery.” Meanwhile UK investment in clean energy plummets and road and airport building soars.
5.12.14.
Adapting to a warmer climate could cost up to $300 billion a year by 2050: UNEP report. This latest estimate by scientists is up to 3x as much as previously thought, even with a 2C ceiling.
Much methane hydrate offshore Washington state vulnerable to global warming. Threat “along a larger fraction of continental margins worldwide than previously recognized.”
Analysts forecast big drop in US shale spending in 2015. But meanwhile, the oil drilling barrels on, with a momentum of its own, and 1,575 rigs active.
Leniency expected from oil creditors of US shale drillers, argues ratings agency. Fitch: “Are the banks going to be the ones that push companies to the wall? We don’t think so.”
“I did not think the financing tap would be turning off so quickly”: John Dizard in FT. Crunch time is “redetermination date” for borrowing, usually in April and October.
Fracking chemicals could pose risks to reproductive health, say researchers. University of Missouri team recommends people living near frack sites should be monitored.
“Why Elon Musk’s batteries scare the hell out of the electric company.” “At a sagebrush-strewn industrial park outside of Reno, Nevada, bulldozers are clearing dirt.”
4.12.14.
China tells Lima summit climate aid pledges are so far inadequate. As for Australia’s non-contribution, “It is not good news”, says head of delegation Su Wei.
Kiribati president knows that Lima will bring too little, too late to save his people. Drinking water shrinks, the sea floods ever more. Even strong action “doesn’t matter”, he says.
Church of England challenges BP and Shell over global warming. Shareholder resolution calling for climate strategy a “vital opportunity”, says investment chief.
Oil sells for less than $50 at wellhead in N Dakota. 29% less than Brent, the global benchmark, because of regional discounts.
US is basing plans for economic resurgence on a “fracking fallacy”. University of Texas researchers say data shows “we’re setting ourselves up for a major fiasco”.
NextEra buys Hawai’s biggest utility to create renewables-transition proving ground. Largest US provider of wind and solar aims for 65% renewables in the mix by 2030.
Yet another study shows that rooftop solar is contagious. This one in Connecticut, shows clustering in same geographical areas irrespective of income.
Tempus Energy launches legal challenge against UK government’s capacity market. Demand-side response firm argues discrimination against consumers who want to participate.
3.12.14.
WMO: 2014 set to become the hottest year ever: 14 of hottest 15 now all in 21st century. Global average 0.57C above the average of 14C for the 1961-1990 reference period.
Many developing countries commit to a total carbon-pollution phase out by 2050. The AOSIS & AILAC groups do so at at the Lima Climate Summit (COP20). So does Norway.
Germany agrees extra cuts from power sector to meet 40% carbon cuts target by 2020. Merkel’s cabinet agrees to what Environment Minister calls a “tripling” of effort.
IEA tells COP20 that measures to get on 2C track by 2020 have no impact on GDP, anywhere. Energy efficiency can do the job alone, the Agency says: “it really shouldn’t be that hard”.
Norway oil fund’s experts advise engagement on climate, and exclusion of “worst” offenders. World’s biggest wealth fund should eschew ethics-motivated divestment, they say.
Sub-$2 gasoline is back in the US. An Oklahoma City station, becomes to first to sell at $1.99.
2.12.14.
UK banks at risk of losing billions in oil-services debt writedowns. Barclays, HSBC, RBS, could face bad debt writedowns of about $1 bn each, say analysts.
New U.S. oil & gas well permits fall nearly 40% in November. These show which rigs will be active 60-90 days in future: i.e.expect collapse Jan – Feb 2015.
“Oil Investors May Be Running Off a Cliff They Can’t See”: Bloomberg. BoE enquiry on stranding risk, and E.ON’s business model U-turn, should be writing on the wall.
Junk bonds backing shale boom face $11bn loss, and counting. The $90bn of debt issued by junk-rated energy producers has fallen 13% since June.
How a Texas town, top to bottom Republican, home of fracking, voted no more. Callous disregard by drillers for residents, and manifest health impacts, turned the tide.
IEA: Climate policymaking is sparing $250bn clean energy industry from oil turmoil. 60% of the $5 trillion to be spent on powerplants in the next decade will go to renewables.
1.12.14.
US shale lenders’ shares fall after Opec’s decision to maintain current oil production. Midsize banks have as much as 20% of total institutional loan book in energy.
E.ON to retreat from coal and gas to focus growth on renewables and energy services. Germany’s biggest utility will split into two companies, admitting failure of old business model.
