Ocean warming now unstoppable for centuries, wildfire risk soaring, Church of England votes for divestment, Shell hopes to drill in Arctic without safety kit: Week 28, 2015

18.7.15.
Chinese-built electric bus will begin service in London in autumn. Designed and built by BYD, the initial group of five will utilise high-efficiency batteries.
17.7.15.
France seeks short, concise, but long-lasting legal core for Paris climate change deal. One is being prepared for climate ministers attending prep talks in Paris 19-21-June.
Japan submits UN climate plan: 26% cuts from 2013 levels by 2030: steeper than US (18-21%) and EU (24%) over same period. But if all countries copied it, warming would be >3-4C.
Former UK Navy chief lambasts government for climate “disconnect”. Recent policy retreats ignore “one of the greatest 21st-century challenges to our prosperity and wellbeing”, he says.
UK energy bills are not rising due to clean energy charges. 80% of a bill is wholesale power and network costs. Energy efficiency is 3%, low-carbon power, covered by the LCF, is 3%.
Former energy regulators attack CMA proposal to cap UK energy bills. The competition watchdog will restrict competition, increase regulatoru uncertainty and cost of capital, they say.
Europe’s leaders worry about ‘violence’ and ‘revolution’ if Greece goes wrong. European Council leader Donald Tusk talks of similarities to 1968.
16.7.15.
Warming of oceans is now unstoppable for centuries. So say US scientists in the State of the Climate in 2014 report. Even if we stop emissions now, the heating will continue.
Oil majors fly into Iran “candy store” post sanctions. But the can expect a long wait, the FT suggests. Negotiations will be tough, after all the history.
Shell to proceed With Arctic drilling without critical emergency gear on stricken icebreaker heading to Portland for repairs. The Fennica is expected to need several weeks of repairs.
UK government reneges on fracking ban in SSSIs. Sites of Special Scientific Interest cover 8% of England.
Oil and gas company Swift Energy bond offering fails. The shale driller pulls a$650m deal in the latest example of a low-oil-price casualty, citing low investor appetite.
UK’s first energy-positive house opens in Wales. It produces and sells more energy than it uses. For every £100 spent on electricity, £175 is generated from exports.
“Fund managers need to stop chasing returns and start tackling global warming.” “The ($87 trillion) financial system has failed”, writes Sakar Nusseibh, successful fund manager.
15.7.15.
BHP writes down $2 bn of US shale assets. But still plans to invest $2.4bn in US shale in 2016, in “higher quality” acreage.
Sabine Oil & Gas Corp files for bankruptcy. It joins American Eagle Energy Corp., Dune Energy Inc. and Quicksilver Resources Inc. in bankruptcy this year.
UK government has “failed to implement” key fracking safety recommendation. So says the Task Force on Shale Gas, referring to monitoring of wells to ensure no leakage.
Hanergy formally suspended by Hong Kong regulator. Shares in the Chinese solar giant have been suspended for 8 weeks, but now Hanergy needs regulatory approval to restart trading.
UK faces second winter of electricity capacity perilously close to demand. National Grid is buying back-up power from 4 stations and striking deals with major users.
14.7.15.
Global risk of wildfires rising as the climate warms. Report shows wildfire season lengthened 1979 – 2013 by an average of c.19% for more than a quarter of the Earth’s vegetated surface.
Church of England synod votes for divestment from coal and tar sands. But a motion to threaten oil companies if not out of exploration in 3 years fails.
Saudi crude production ramps up month by month. June was 1.6 mbd. They are showing the market they are the only producer able to get to 11 mbd, the FT reports.
Iran agrees breakthrough nuclear deal. Long-running negotiations with the US+ ends in success. price falls 2% at the prospect of post-sanctions Iranian oil exports.
“Tesla CTO: Bulk Energy Storage Will Grow Much Faster Than People Expect.” JB Straubel says that the energy storage industry is “right at the precipice” of massive cost declines like PV.
13.7.15.
UK Foreign Office Minister likens climate change threat to nuclear war. This in a foreword to a suitably depressing scientific assessment by experts from UK, US, China and India.
Heathrow airport disrupted as climate activists protest on runway. A third runway has been given the thumbs up in a report for the government.
“Fracking – a bubble waiting to burst.” So writes John Manning in International Banker, emphasising the importance to shale drillers of relaxed regulation in the USA.
“The Multi-Trillion Dollar Oil Market Swindle.” Oil Price: EA and EIA overstatements of supply & understatements of demand in 2014 & 2015 have created a falsely undervalued market.
Tony Hayward looking to cash in at Genel. The co-founder tells the FT that he wants to be “less full on”. The Kurdistan oil producer could be worth several billion.
Former Greek Finance Minister likens bailout to Treaty of Versailles. The requirement to sell state $50bn of assets is seen by many as total surrender of sovereignty.
“Greece put its faith in democracy but Europe has vetoed the result.” The EU has “functionally vetoed the outcomes of Greek democracy” by humiliation of government, says Paul Mason.