“Global fund managers warn of a bond bubble”: FT. 4 out of 5 fear that overvalued asset class will collapse in a disorderly sell off.
“Oil majors pile on record debt”: FT. Oil majors have hiked borrowing 60% in first 2 months to $63bn of bonds.
“Sovereign wealth funds start to leak oil”: FT. The $7.1tn sector depends on revenue streams from oil and gas, so transfers are plunging.
“BHP chief: stop saying gas is cleaner”: FT. Andrew Mackenzie says the argument is a rich-nation marketing ploy.
Costa Rica goes a record 75 days powering itself using only renewable energy. Heavy rainfall and 4 HEP plants are the reason. 94% of energy needs are met by renewables.
20.3.15.
US climate envoy hails special relationship with China. More upbeat noises from Todd Stern after two days of Beijing talks in Beijing.
Obama Administration unveils first federal fracking legislation. The laws only apply to public land. The vast majority of fracking is on private land.
Shale drillers offer equity in latest effort to find lifelines. They are turning to equity markets while they can. $8bn has been raised in the last 3 months.
“Solar Age’s first eclipse passes with brief surge in power price.” The German grid, which has up to 40% solar on it some days, managed fine.
19.3.15.
Solar success holds key to Paris deal, says UK climate envoy. The “transformational” cost reductions now allow beliefin a low carbon future.
Arctic sea ice extent hits winter-maximum record low. Climate change and mild weather are to blame, scientists say.
Obama signs order for 40% emissions cuts from federal buildings by 2025. An executive order also targets 30% renewables.
Senate majority leader urges states to help thwart “Obama’s war on coal”. Mitch McConnell writes to governorsurging use of argument that the EPA acts unconstitutionally.
IBM sets 20% electricity-from-renewables target by 2020. They will source from wind, solar, biomass, large and small hydro.
Gates Foundation holds $1.3bn (£1bn) in fossil fuels. So research by the Guardian finds. Companies include BP, Anadarko and Vale.
SEC clears way for dividend vs capex proposal to be voted onat Chevron’s AGM. The As You Sow resolution stands, marking a big win for stranded-assets campaigning.
Florida punishes employee for mentioning climate change. He was sent home and ordered to get a mental health evaluation before returning to work.
India and Saudi Arabia question cost of HFC replacements. Global deal in jeopardy as suspicions rise that manufacturers are charging too much.
18.3.15.
10,000 members petition largest Dutch pension fund to drop fossil fuels. ABP’s $360bn £250 billion portfolio is world’s fifth largest.
Wellcome Trust has sold off £138m investment in ExxonMobil. But refuses to divest from all fossil fuels.
UK budget gives £1.3 bn tax breaks to oil industry. Over 5 years, the Chancellor expects the boost to lift North Sea production by 15%.
First Texan city goes 100% solar. Georgetown, population 50,000, will be powered by 150 MW of SunEdison solar farms.
Industry poll: 82% say electricity system can be 70% renewable by 2050. DNV GL poll of 1,600 energy sector participants across more than 70 countries.
Distributed energy storage market growing faster than expactions. So a report by Navigant shows. 12GW could be installed worldwide by 2024.
“Self driving cars may lead to ban on human drivers within 20 years.” Tesla founder’s Elon Musk says “you can’t have humans driving a 2 tonne death machine.”
Amazon rainforest is taking up a third less carbon than a decade ago. So a 30 year study by 100 researchers shows.
17.3.15.
100,000 oil industry layoffs and counting. One of the worst affected areas is the tar sands. But all the global oil hubs are“emptying out”.
Saudis woo fired US shale workers. Aramco posts ads targetting fracking experts as they try to develop their own capability.
RWE buys minority stake in Conergy. It leads a $45m expansion round, but this does not preface acquisition, the solar company says. 450 MW planned this year.
Coal bust may explain stall in carbon emissions in 2014. Analysis shows that since 2010 two coal plants have been cancelled for every one built.
Enel pledges phase-out of new coal investments. Italy’s largest utility says it will lead the charge for a 2C climate pact, and that zero C by 2050 is feasible.
Obama says some elected officials are “shills” for the fossil-fuel industries. In a TV interview, he says congressional committees are populated by such.
16.3.15.
“The argument for divesting from fossil fuels is becoming overwhelming”. Guardian Editor launches the paper’s campaign, targetting Gates Foundation & Wellcome Trust.
Norway’s pension fund only marginally decreased coal investments in 2014. Campaigners are disappointed. 53 companies were dropped.
Oxford University postpones divestment decision and faces immediate protest. Former students occupy the administrative offices.
“Why I pledged to give my degree back if Oxford voted against fossil fuel divestment.” Jeremy Leggett alleges the university fears offending energy companies.
Shell’s climate change strategy: “narcissistic, paranoid, and psychopathic”. So says former UK climate envoy John Ashton in an open letter to Ben van Burden.
Future Today
