SNAPSHOT: Fossil Divestment Gains Momentum as Global Finance Begins to Realign

 
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2018 saw major progress in the determined push for fossil fuel divestment and realignment of the world’s financial flows to drive faster decarbonization. But there was still more work to be done.

In September, just ahead of the Global Climate Action Summit in San Francisco, 350.org reported that the global fossil divestment movement had reached US$6.24 trillion in assets under management, a 120-fold increase over four years. And after years of seeing the campaign dismissed as impractical or unrealistic, there was a definite “said it couldn’t be done” tone to 350’s announcement. “Since it was first launched by students as a moral call to climate action in 2011, the fossil fuel divestment movement has grown tremendously in impact and scope, with new divestment commitments from a broad array of institutions ranging from medical associations, to religious institutions, to museums, which are dropping fossil fuel company sponsorships,” 350 noted. “In 2018, the movement also saw new growth outside the United States and Europe, with divestment commitments from Pakistan, India, Fiji, and Bangladesh.”

In the course of the year, Norway edged closer to a decision to drop the $40 billion in oil and gas stocks it holds in its $1-trillion sovereign wealth fund, the mayors of London and New York City urged their counterparts around the world to dump their fossil investments, and New York promised $5 billion in divestment by 2023. The Royal Bank of Scotland cut funding for Arctic oil and tar sands/oil sands projects and tightened up its loan criteria for coal. Irish parliamentarians voted to divest from fossil fuels, UK solar entrepreneur and advocate Jeremy Leggett said the iconic Lloyd’s of London was 25 years late in its decision to divest from coal, and the McGill University senate in Montreal voted in favour of divestment.

Fossil executives searched for public relations strategies to combat the growing divestment movement. BP CEO Bob Dudley called for trillions in new fossil spending and cast climate risk disclosure as a danger to his industry. Big institutional investors demanded a sharper climate focus as colossal fossils entered annual meeting season in late May, but Exxon shareholders still committed a “failure of epic proportions” by declining to set a higher standard for climate risk disclosure.

The big HSBC bank cut off investment in Arctic drilling, tar sands/oil sands, and most coal projects. The world’s biggest insurer, Allianz, dropped its coverage for coal projects, ING announced a new “science-based approach” to aligning its €500-billion lending portfolio toward the Paris targets, and the Financial Times called it a “welcome and logical development” that the insurance industry was backing away from coal and other fossils. “A pressing question,” the paper editorialized, “is whether there are some activities that the global insurance industry should not make possible. Climate campaigners are calling on insurers to stop providing cover for the coal industry, arguing that it is both a moral imperative and a matter of self-interest, given the rising costs to insurers of natural disasters and the havoc global warming could wreak on their business models.” An international campaign urged reinsurers to do the same, and the Institute for Energy Economics and Financial Analysis predicted that “other industrial behemoths” would follow the lead of Tokyo-based conglomerate Marubeni in stepping away from future coal projects.

Changing investor perceptions were pointing toward declining demand for oil. A big U.K. investment fund demanded that the chair of Loblaws resign over the company’s slow response to the climate crisis. Canadian banks were said to be swinging into action as investors demanded a closer look at the carbon risk in their portfolios, but 44% of Canadian companies were still failing to disclose that risk. Low-carbon stock indices were getting more mainstream attention from fund managers, and British Columbia faced scrutiny over its C$1 billion per year in fossil subsidies, largely devoted to building up its liquefied natural gas industry.

But against that uptick in activity, a Sierra Club report in early April showed private banks around the world, including Canada’s Big Five, increasing their fossil fuel investments by 11% and their tar sands/oil sands financing by 111% in 2017. A close connection to fossils was giving Canadian banks a continuing interest in the industry’s continuing growth, and too many big insurers were still undercutting the Paris Agreement with their coal and tar sands/oil sands investments. Multilateral banks were falling short as well, as dollars for fossil projects continued to flow, although the World Bank turned down financing for a new 500-megawatt coal plant in Kosovo, leaving the Kosovar government to seek financial support from the Trump administration.

The rewards for accelerated fossil divestment were clearly sweet. The Global Commission on the Economy and Climate concluded that the post-carbon transition would produce at least US$26 trillion in economic benefits through 2030, create more than 65 million low-carbon jobs, prevent 700,000 premature deaths, and deliver $2.8 trillion in government revenues in a single year. The second edition of French President Emmanuel Macron’s One World Summit delivered a flurry of new financing commitments during Climate Week in New York City, as an investor-led revolution began pulling financing away from fossil fuels. Environmental Defence climate and energy program manager Patrick DeRochie asserted that green investment and fossil divestment go hand in hand, and the CEO of the $300-billion Caisse de dépot et placement du Québec, Michael Sabia, urged big investors to get onboard a multi-trillion-dollar opportunity. Analysts expected breakaway growth for green bonds in 2018, and the Canadian Pension Plan Investment Board closed renewable energy investment deals in India and Ontario.

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With 77 smaller countries pledging to achieve net-zero greenhouse gas emissions by 2050, but the world’s biggest emitters largely failing to step up, UN Secretary General António Guterres’ much-anticipated Climate Action Summit is being cast as a missed opportunity to gain ground in the fight to get the climate crisis under control.

‘Climate is Fast Outpacing Us’, Hitting ‘Sooner and Faster’ Than Expected, Agencies Warn UN Summit Delegates

The world’s leading international climate science agencies are predicting 2.9 to 3.4°C average global warming by 2100 based on governments’ current climate commitments, “a shift likely to bring catastrophic change across the globe,” The Guardian reports.

New Alberta-New Brunswick Pipeline Proposal Aims to ‘Succeed Where Energy East Failed’

A Montreal-based company is proposing to build a C$23-billion pipeline from Alberta to New Brunswick that it says can succeed where the controversial Energy East megaproject failed.

Liberals Tout Legally Binding Targets, Tax Incentives to Hit Net Zero by 2050

Legally binding, five-year milestones for greenhouse gas reductions, tax incentives for cleantech businesses, and a Just Transition Act to support workers caught in a transforming economy are elements of a plan unveiled yesterday by Liberal leader Justin Trudeau to bring Canada’s greenhouse gas emissions to net-zero by 2050.

530 Organizations in 76 Countries Sign Lofoten Declaration, Demand Oil and Gas Phaseout

With the fossil industry gearing up to spend US$1.4 trillion to increase production over the next five years, climate hawks were at the Climate Action Summit in New York this week with the news that 530 organizations in 76 countries had signed the Lofoten Declaration, calling for an oil and gas phaseout to deliver climate security and a strong economy.

http://www.greenpeace.org/canada/en/campaigns/Energy/tarsands/

Calgary Chamber of Commerce President Pitches Fossils at UN Climate Action Summit

With delegates and protesters from around the world gathered to push toward faster, deeper greenhouse gas reductions, the president of the Calgary Chamber of Commerce was at the UN Climate Action Summit in New York earlier this week to lobby for the Canadian fossil sector.

University of California System Dumps All Fossil Investments

The University of California system has decided to drop all fossil fuel investments from its US$13.4-billion endowment and its $70-billion pension fund.

Global Backlash Against Plastics Emerges as Latest Threat to Fossil Industry

Just when they thought they were ready for the decline of gasoline- and diesel-fuelled cars, driven by surging electric vehicle sales, a mounting aversion to plastics is undercutting fossil producers’ latest plan to save their industry, according to market analysts at New York-based MSCI.

Global Electric Bus Buys to Triple by 2025

36 Countries Expected to Announce New Climate Plans as UN Climate Summit Convenes

After months of preparations and arm-twisting, the United Nations is signalling that as many as 36 countries could announce more ambitious climate targets at today’s global climate action summit in New York City. 
But as delegates gather, the New York Times is pointing to a fundamental disconnect: the diplomats at UN headquarters and the four million protesters who thronged the world’s cities at last Friday’s #ClimateStrike live in separate worlds.

Google Announces 1.6 GW in New Renewables Projects as U.S. Solar Procurement Hits 37.9 GW

Global tech giant Google announced a cluster of renewable energy deals totalling 1.6 gigawatts last week, just days after an analyst report placed the “contracted pipeline” for new solar capacity in the United States at 37.9 GW, driven largely by corporate purchases.

Trip to Block Island Test Site Shows U.S. Offshore Wind Has Arrived

The Bulletin of the Atomic Scientists is out with a detailed, exquisitely-designed and -illustrated look at the offshore wind boom now getting under way off the east coast of the United States.

Fossils Shift Language, Pay Less Heed to ‘Combatting’ Climate Change

The fossil industry that has poured millions of dollars into climate denial is now working to burnish its image with increasingly skeptical investors, just enough to convince them that the future of oil and gas in a warming world is…bright enough.

McKibben: A World Run on Renewables Would Never Go to War for Oil

If the world ran on renewable energy, it would never be at risk of going to war for oil, 350.org co-founder Bill McKibben argues in a post for The Guardian.

Fossils Dispute Whether LNG Canada is Sending $42 BIllion in Steel Contracts to China

National Renewable Electricity Exchange Could Cut U.S. Power Bills by 20%

Mississauga to Seek Public Input on 10-Year, $450-Million Climate Plan

The City of Mississauga is going out for public comment on its draft of a 10-year, C$450-million climate plan aimed at cutting its greenhouse gas emissions 80% by 2050.

Big Investors Demand Faster Action on Climate Change, Amazon Deforestation

With the United Nations Climate Summit coming up in New York City next week, investor groups with tens of trillions of dollars at their command are calling for more effective government action on climate change and deforestation. But that isn’t stopping some of Wall Street’s biggest asset management companies from voting against climate change resolutions that would begin to bring colossal fossils like ExxonMobil and Duke Energy into the fight.

German Financiers Scramble to Connect Climate Action with Business Strategy

OECD Numbers Show Donor Countries Falling Short on Climate Adaptation Finance

The wealthy economies whose contributions are expected to pay for climate action in developing countries are failing to fund efforts to adapt to the climate crisis, with just under one-fifth of the dollars secured in 2017 earmarked to help communities adapt to climate change impacts, according to a new report from the Organisation for Economic Cooperation and Development (OECD).

Alberta Looks for Advantage, But Oil Prices Recede Within Days of Saudi Drone Attack

Canada’s biggest oil refinery came in for some unwanted scrutiny and Alberta put itself forward as a more stable source of supply in the wake of the devastating drone strike on a Saudi oil production facility over the weekend. But within days of the attack, analysts were already talking down the impact the attack by Houthi rebels would have on global oil supplies or prices.

Atlantic Canada Rethinks Infrastructure, Tree Planting to Prepare for More Frequent, Severe Storms

A steady stream of hurricane-force storms has Atlantic Canada rethinking its approach to electricity grids, shoreline defences, and even tree planting, while insurance companies brace themselves for damage claims that are set to double every five to seven years.

World Bank Agency Raises $750 Million with First-Ever Green Bond in Canadian Funds

The International Finance Corporation (IFC)’s first green bond ever issued in Canadian dollars has generated C$750 million in investment capital, the agency reported earlier this month.

Enbridge Plans $2.5-Billion Gas Processing Plant and Pipeline for Chetwynd, B.C.

Enbridge Corporation is proposing to build a new natural gas liquids extraction plant and pipeline based near Chetwynd, British Columbia, at a cost of C$2.5 billion.

Suncor Aims to Cut Emissions with $1.4-Billion Cogeneration Investment

‘Time to Pull the Plug’: Report Shows Construction Delays, Safety Issues Delaying Trans Mountain, Making Pipeline a Financial Loser

Construction challenges, steadfast opposition from landowners along the route, shocking safety and health risks at two tank farms, and the looming risk of construction “man camps” near B.C. Indigenous communities all call into question the federal government’s stated belief that the Trans Mountain pipeline expansion will open on schedule in 2022, Vancouver-based Stand.earth concludes in a blockbuster report released Wednesday.
The resulting delays could boost the project’s completion costs, undercutting its financial viability and turning the now publicly-owned pipeline megaproject into a “white elephant”, Stand says.

Global Oil Investment Set to Tumble as Demand Peaks in 2022, Renewable Energy Surges

A new study is predicting that global oil demand will peak in 2022, hit a plateau until 2030, then decline sharply, in what the Reuters news agency is calling “one of the most aggressive forecasts yet for peak oil”.

New Study Shows Solar Meeting 40% of Global Power Demand, Wind 30% by 2050

Solar is on track to become the world’s biggest source of electricity by 2035 as renewable energy costs continue to fall, making it easier to electrify previously stubborn sectors like transportation and construction, according to the fourth in a series of annual analyses published by renewable energy company Statkraft.

Developing Countries Look for More Money, Greater Efficiency as Green Climate Fund Goes for Replenishment

The developing world will remember which rich countries kept their promises and which ones didn’t when it comes time to replenish the Green Climate Fund, the most important United Nations financing mechanism that will enable the majority of the world’s countries to reduce their greenhouse gas emissions and adapt to climate change impacts.

U.S. Grid Coalition Calls for Transmission Investment Incentives

China Funds 500 MW of Bangladesh Renewables Development

UK Company Nets Mitsubishi Investment to Deliver Off-Grid Solar in Asia

Opportunity Zones Could Drive Clean Energy, Sustainable Development

Adaptation Efforts Need $1.8 Trillion by 2030 to Avert ‘Climate Apartheid’

Countries must invest US$1.8 trillion in climate adaptation funding by 2030 to prevent a world of “climate apartheid”, in which the wealthiest pay to protect themselves from sea level rise and mounting food shortages while everyone else suffers.

Toronto Stock Exchange May Dump Seven Canadian Fossils Over Low Share Prices

Plummeting share values may soon drive up to seven small Canadian fossil companies out of the Standard & Poors/Toronto Stock Exchange Composite Index, a key listing that brings businesses to the attention of investors who might consider buying their stocks, according to a list of potential deletions published by analysts at AltaCorp Capital.

India’s Coal Sector Faces Stranded Asset Risk as Demand Falls, Water Supplies Run Short

India’s coal sector faces a multitude of serious threats, as customers report they have more supply than they need, water supplies run short, and affordable renewable energy and hydropower increasingly undercut demand for their product, states a report released last week by the Institute for Energy Economics and Financial Analysis (IEEFA) and the Applied Economics Clinic at Boston’s Tufts University.

Oxford Properties Plans One Million Square Feet of Rooftop Solar by 2022

One of Canada’s biggest commercial real estate companies, Oxford Properties, is planning to install a million square feet (92,900 square metres) of rooftop solar panels on its retail and industrial properties across North America by 2022.

Montreal North Shore Nets $50M in Federal Flood Prevention Funds

Russian Fossil Proceeds with $21-Billion Arctic LNG Project

Fossils Could Lose $2.2 Trillion by 2030 if Countries Get Serious About Carbon Cuts

The world’s most colossal fossils have invested US$50 billion in less than two years in new oil and gas projects that undercut the fight against climate change, according to a new analysis by the UK-based Carbon Tracker think tank, the first ever to assess whether individual fossil projects would be financially sustainable in a low-carbon world.

Renewables Investment to Hit $2.6 Trillion from 2010-2019

Global renewable energy investment is on track to hit US$2.6 trillion in this decade, according to a Bloomberg New Energy Finance study released last week by the United Nations Environment Programme (UNEP) and the Frankfurt School’s UNEP Collaborating Centre for Climate & Sustainable Energy Finance.

India’s Rajasthan State Plans 50 GW of New Solar Capacity by 2025

The state government in Rajasthan, India has laid out a plan to install 50 gigawatts of solar capacity by 2025 and establish itself as a global solar hub, PV Magazine reports, in a post republished by the Institute for Energy Economics and Financial Analysis (IEEFA).

Solar+Storage Costs Less than Grid Electricity in Six European Cities

Solar plus storage is already cost-competitive across much of southern and northern Europe, and will hit grid parity across the continent by 2025, according to a new study conducted by a solar photovoltaic researcher with support from industry.

Haisla Join $500-Million LNG Tug Business

Gravity Storage Company Nabs $100-Million Investment

‘One-Upmanship’ Reigns as 2020 Democrats Debate Their Climate Plans

A marathon, seven-hour climate forum on CNN Wednesday evening gave 2020 Democrats a first opportunity to debate their climate strategies and try to differentiate themselves on an issue on which many of the leading candidates largely agree.

Queensland Extinguishes Aboriginal Title to Allow Construction of Adani Coal Mine

The state government in Queensland, Australia has gone to the extraordinary length of extinguishing Aboriginal title over 1,385 hectares of land to permit construction of the mammoth Adani coal mine, even as financial analysis concludes the project would be “unbankable and unviable” without billions of dollars in subsidies.

Alberta Solar Developer Catches International Eye with 600-MW Project, Canada’s Biggest Ever

Southern Alberta is drawing international attention after the province approved Canada’s biggest-ever solar-electric installation, the 600-megawatt, privately-financed Travers Solar project in Vulcan County.

B.C., Ottawa Get Mixed Reviews with LNG-Fracking Industry Electrification Plan

The federal and British Columbia governments are getting mixed reviews for their plan to partly decarbonize the province’s emerging liquefied natural gas (LNG) industry by electrifying upstream fracking operations.

Danish Pension Fund Dumps Shares in 10 Colossal Fossils, Citing Failure to Meet Paris Goals

Denmark’s $20-billion MP Pension fund is selling off its shares in 10 of the world’s most colossal fossils, after concluding they aren’t serious enough about meeting their responsibilities under the 2015 Paris Agreement.

Don’t Let ‘Neanderthals’ Block Climate Action, Kerry Urges, as Australia Faces Winter Heat and Drought

With parts of southern and eastern Australia suffering through a winter of intense heat and drought, and the Australian Medical Association declaring health emergency, former U.S. secretary of State John Kerry called for immediate action on the climate crisis and took what The Guardian called “veiled swipes” at governments that aren’t responding.

Eastern U.S. Gears Up for 19.3-GW Offshore Wind Boom

The east coast of the United States is on the verge of a 19.3-gigawatt boom in new offshore wind capacity by 2035 that would dwarf the 30 MW currently operating offshore across the country, according to analysis released last week by S&P Global Market Intelligence and S&P Global Platts.

India Plans New 5-GW Solar Park in Gujarat

Green Builders Call for New Investment in 2020 Federal Budget

Canada, UK Boost Their Green Climate Fund Contributions, Still Fall Short of Fair Share

Canada and the United Kingdom both announced new contributions to the United Nations Green Climate Fund (GCF) during last weekend’s G7 meeting in France, but Canada’s announcement brought immediate concern the level of funding would short-change the countries most affected by the climate crisis.

Tesla Reboots Lagging Solar Rental Business as Walmart Sues Over Rooftop Panel Fires

Tesla CEO Elon Musk announced plans to reboot his company’s lagging solar division by offering rooftop panels for rent in six U.S. states, just days before Walmart filed a lawsuit over seven fires it linked to Tesla rooftop installations between 2012 and 2018.

Turkey Postpones or Cancels 70 GW of Coal Capacity Since 2009

Turkey has either indefinitely postponed or officially cancelled an estimated 70 gigawatts of new coal capacity since 2009, as a faltering economy and a determined environmental movement all but permanently buried the country’s earlier plans to expand its thermal coal power plant fleet.

Federal Rebate Needed to Prevent Canada from ‘Missing the Bus’ on Electrified Transit

If Canada wants transit agencies to buy more electric buses, it should introduce the kind of simple, predictable, easily accessible funding that is jump-starting adoption of electric vehicles, Fernando Melo of Clean Energy Canada and Robert Parsons of the University of Manitoba argue in a post for Policy Options.

Subsea Exploration Threatened by $50/Barrel Oil

Texas Fossil Hires Big Game Hunting Guide as Perk for Investors

Utilities Miss Revenue Opportunity in Microgrids

Newfoundland Regulator Takes Notice as Latest Offshore Oil Spill Points to Continuing Risk

The latest in a series of offshore oil spills has roused the Canada-Newfoundland and Labrador Offshore Petroleum Board (CNLOPB) to express some displeasure at fossils’ ability to meet their obligations for environmental protection.

Mayor of Impoverished French Town Combines Green Strategy with Social Supports

Undaunted by 28% unemployment, and the fact that Marie Le Pen’s xenophobic National Rally party continues to appeal to a majority of his constituents, the Green Party mayor of an impoverished coastal town near Calais is determined to prove that strong environmental policy means a better life for working people.

VW Sees EVs Reaching Price Parity with Gas, Diesel

Financial Risk of Climate Change Has Economists, Ratings Agencies Worried

The potentially devastating economic and financial impact of unrestrained climate change has been coming into focus in several recent news stories, with global GDP on track to fall as much as 7.2% by 2100, accountants and ratings agencies taking note, and an economic historian warning the United States Federal Reserve to take action against a risk that could trigger the next global economic crash.

Alberta Fossil Buys Kinder Morgan Canada, Shows Less Interest in Trans Mountain

The Calgary-based pipeliner that bought Kinder Morgan Canada this week says it isn’t keen to make a bid for the Trans Mountain pipeline expansion, given the “noise” associated with the now taxpayer-owned project.

Trump Officials Throw Roadblocks at Offshore Wind Project After Accelerating Fossil Development

The Trump administration is showing a distinct double standard in a series of decisions to deregulate fossil fuel development while slowing down the landmark Vineyard Wind offshore wind farm in Massachusetts.

Bankrupt California Utility Will Still Honour $42 Billion in Solar, Wind Contracts

There were sighs of relief in California earlier this month, after utility giant Pacific Gas & Electric confirmed it will honour all its contracts with renewable energy providers as it goes through bankruptcy reorganization.

Global Energy Storage Market Set to Hit $500 Billion by 2025

Blackrock’s Fossil-Friendly Strategy Costs Its Investors $90 B

Report Cites Nuclear as Seven Decades of Economic Ruin

Corporate Renewable Energy Buys Could Set All-Time Record in 2019

Corporate renewable energy purchases are on track to set another all-time record in 2019, with the United States still driving a strong growth trend and China moving toward a more prominent role.

China Think Tank Calls for Early Emissions Cap in 2025, But Banks Continue Funding Coal

China is sending out decidedly mixed signals on its climate and energy strategy, with an influential think tank calling for the country to cap its greenhouse gas emissions by 2025, five years ahead of schedule, but the country’s financial institutions delivering at least US$1 billion in “green” financing to coal-related projects in the first six months of this year.

Trudeau Announces $1.2 Billion for Transit in Quebec City

Trump Sanctions Deliver Billion-Dollar Windfall to Russian Oil Exporters

Royal Bank of Scotland Phases Out Funding for Tar Sands/Oil Sands, Arctic and Antarctic Refuge Drilling

The Royal Bank of Scotland is phasing out financing for tar sands/oil sands exploration and extraction, and limiting its funding for fossil projects in the Arctic and Antarctic.

Alberta Loses 14,300 Jobs in July Despite Corporate Tax Cut, Profitable Fossils

Alberta Energy Minister Sonya Savage is declaring herself “disappointed” that her province lost 14,300 jobs last month, bringing the unemployment rate up to 7%, in spite of healthy second-quarter fossil profits driven up by a 1% corporate tax cut introduced by Savage’s boss, Premier Jason Kenney.

Emerging Economies Put Onus for Climate Action on Richest Countries

Four of the world’s leading emerging economies are calling on rich countries to meet their international targets for pre-2020 climate action and stepped-up climate finance, but pointedly pushing back on UN Secretary-General António Guterres’ call to all nations to arrive at his climate action summit next month with concrete decarbonization plans.

IPCC Land Use Report Draws New Attention to Soil Carbon, Regenerative Agriculture

In the wake of the IPCC land use report earlier this month, with its urgent focus on food supplies, soil conservation, and natural methods of storing carbon, follow-up news stories in the United States and Canada are tracing the steps farmers are already taking to shift their practices.

Power Prices Hit $9,000/MWh as Texas Grid Declares First Supply Emergency Since 2014

The Electric Reliability Council of Texas (ERCOT) issued its first emergency alert since January 2014, after record demand driven by a summer heat wave last week pushed electricity prices above $9,000 per megawatt-hour and reduced the sprawling state’s electricity reserves from at least 3,000 to less than 2,300 MW.

Carbon Capture Unit on Australian LNG Megaproject Starts Up Four Years Late

Four years late and far over budget, Chevron Corporation has finally flipped the switch on a carbon capture and storage (CCS) system for the mammoth, $72-billion liquefied natural gas (LNG) project that has accounted for half of the annual increase in Australia’s carbon dioxide emissions.

Australia Considers Massive $77-Billion Fracking Megaproject

When Utility Forecasts Are Wrong, Consumers Pay

South Korean Industrial Giant Invests in Small Modular Reactors

Koch Brothers Abandon Alberta Tar Sands/Oil Sands

Wichita, Kansas-based conglomerate Koch Industries has sold off its substantial position in the Canadian tar sands/oil sands, selling thousands of hectares of land to Cavalier Energy Inc., a subsidiary of Calgary-based Paramount Resources Ltd., the Financial Post revealed Wednesday.

B.C. Actively Promotes Fracking Boom as New Study Reaffirms Climate Impact

British Columbia is taking heat from two different news outlets for its avid support of natural gas fracking to feed its liquefied natural gas (LNG) boom, just as a new study reasserts the connection between fracking and a continuing increase in climate-busting methane emissions.

Environmental, Indigenous Groups Demand Insurers Withdraw Coverage for Trans Mountain Pipeline

In a series of letters issued late last month, a group of 32 environmental, Indigenous, and citizens’ organizations led by Stand.earth is demanding commitments from more than two dozen major insurance companies to stop underwriting tar sands/oil sands projects, beginning with the Trans Mountain pipeline expansion.

Exxon Accused of Pressuring Witnesses in NY Fraud Case, Disappoints Investors with Latest Financial Results

ExxonMobil faced accusations last week that it pressured possible witnesses in a climate fraud case brought by New York State Attorney General Letitia James, just as analysts pointed to continuing business challenges in the colossal fossil’s earnings report for the second three months of 2019.

Solar Price Beats Grid Electricity in Every City Across China

Subsidy-free solar is now less expensive than grid electricity in virtually every city across China, according to a paper published this week in the journal Nature Energy.

Fracking Sites in Texas, New Mexico Need $9 Billion to Dispose of Salty, Radioactive Wastewater

Oil and gas fracking producers in Texas and New Mexico will be looking for more than US$9 billion over the next decade, just to drill new wells to dispose of their polluted water, according to analysis published late last month.

India Plans to Cut Coal Imports, Boost Domestic Production

India is planning to cut its coal imports by at least one-third over the next five years, while boosting domestic coal mining and renewable energy generation to take up the slack.

New York Officials Tour Quebec Cree Territory Before Deciding on New Hydro Project

BREAKING: Australia Tries to Drop 1.5°C Target from Pacific Declaration as Endangered Countries Demand Real Carbon Reductions

Australia is trying to water down references to the climate “crisis”, the long-term goal of 1.5°C average global warming, a ban on new coal-fired generation, and an end to fossil subsidies in the final declaration from this week’s annual Pacific Islands Forum leaders’ meeting in Tuvalu, according to an annotated draft seen and reported by Climate Home News.

Tar Sands/Oil Sands Analysts Predict Implausible Growth as Renewables, EVs Crush Fossils on Price

A stunning new international analysis shows increasingly affordable wind and solar power and electric vehicles crushing oil on price and efficiency—even as Canadian fossil analysts continue to predict future growth for tar sands/oil sands production, and industry boosters tout their “marathon” effort to convince investors to take their product seriously.

Alberta Efficiency Programs Cut GHGs by 5.7 Megatonnes, Save $692 Million Over Two Years

Energy Efficiency Alberta is earning praise at the national level, even as it faces an uncertain future in its home province, after reporting C$692 million in energy savings, $850 million in economic impact, and 5.7 million tonnes of potential greenhouse gas emission reductions over its first two years of operation.

European Investment Bank Promises Fossil Funding Phaseout in 2020

In a move that Oil Change International is hailing as a “massive step forward in climate leadership”, the European Investment Bank (EIB) announced late last month that it will cut off the billions of euros per year that it invests in fossil fuel projects by the end of next year.

Indigenous Coalition Submits Early Bid to Buy Trans Mountain Pipeline

Resource Giant BHP Links Executive Pay to GHG Reductions, Takes Responsibility for Scope 3 Emissions

Natural resource giant BHP Group will link executive pay to reductions in the company’s greenhouse gas emissions, and will include downstream or “Scope 3” emissions in the calculation, in what the Institute for Energy Economics and Financial Analysis calls a “landmark commitment” that shows “leadership towards implementation of the Paris Agreement”.

Vrooman: EV Infrastructure, Better Buildings Data Would Unlock Progress Toward Decarbonization

In an exclusive interview with The Energy Mix, Tamara Vrooman, President and CEO of Vancity Credit Union, talked about the next steps the federal government could take down the road toward decarbonization, after getting at the short-term wins that she and Steven Guilbeault of Montreal looked into as co-chairs of the federal Advisory Council on Climate Action.

Republican States Lead the Transition as U.S. Regulators Push Renewables Over Coal, Natural Gas

Alert to the steadily improving economics of wind and solar—and growing ever more wary of natural gas investments becoming stranded on the fossil slag heap—U.S. state regulators are increasingly pushing utilities towards renewables, with Republican states leading the transition.

Coal Debt Impedes U.S. Energy Co-ops’ Embrace of Renewables

New Category on London Stock Index Favours Renewables Over Fossils

Campaign Roundup: Pre-Election Advertising, Carbon Tax Politics, Kenney Makes Trudeau Look Good, and the Prospect of a Coalition Government

With the federal election less than 100 days away, news reports last week focused on the financial action around the upcoming campaign, provinces’ mixed reaction to programs the Trudeau government wants to fund out of carbon tax revenue, the possibility of extreme fossil ideology uniting Canadians behind a more moderate alternative, and the prospects for a Liberal-Green-NDP coalition that would truly be those ideologues’ worst nightmare.

New Canadian Association Builds Energy Efficiency’s Profile, Beginning with the Industry Itself

With a national think tank positioning energy efficiency as a kind of “all-of-the-above” strategy to deliver lower home energy bills, boost business productivity, and cut pollution, the industry’s newly-minted trade association is embarking on an initial campaign to help energy efficiency companies and professionals see their own place in the sector.

Minnesota Sees Energy Storage Competing Against Natural Gas Peaker Plants

Minnesota is the latest U.S. state to consider grid-scale storage as a possible alternative to natural gas peaker plants, under a new state law that requires power companies to include storage in their long-range plans.

GE, BlackRock Announce New Investment in Distributed Solar, Solar+Storage

General Electric and BlackRock Real Assets, described by Greentech Media as an “asset management firm and heavyweight renewables investor,” have unveiled a joint investment in distributed solar and solar+storage projects for commercial, industrial, and public sector power consumers.

https://en.wikipedia.org/wiki/Wikipedia:Featured_picture_candidates/Barrow_Offshore_Wind_Farm

Biggest-Ever Renewables Procurement Makes New York a U.S. ‘Epicentre’ for Offshore Wind

Offshore wind developers Ørsted and Equinor and industrial workers along the eastern United States coast were the biggest winners last week as New York Governor Andrew Cuomo announced contracts for 1.7 gigawatts of offshore wind while signing his state’s Green New Deal into law.

1.5°C Warming Limit Destroys One-Third of Oil Tanker Demand by 2050

Demand for oil tankers will shrink by one-third by 2050 if countries stay on track to hold average global warming to 1.5°C, meaning that some existing ships may ultimately become stranded assets, according to an analysis released last week by consultants at Maritime Strategies International (MSI) for the European Climate Foundation.

Nicaragua Lands Foreign Funding for 100-MW Solar Project

U.S. Coastal Seawalls to Cost $400B

Saudi Aramco Builds $44-Billion Refinery in India

China’s National Oil Companies Become Big Investors in Africa

Two Million People Lose Access to Water as Drought, Dam Management Problems Hit Harare

Only about half of the 4.5 million people living in the Zimbabwe capital of Harare and four satellite towns have access to municipal water supplies, with some suburbs going weeks without water and reported cases of typhoid beginning to emerge, Climate Home News reports.

Utility Safety Outages in California, Nevada Boost Interest in Solar and Storage

With utilities in two southern U.S. states resorting to planned outages to stop their equipment from sparking wildfires during dry, windy conditions, power users are looking for more reliable electricity—and solar and storage battery providers are stepping up to respond.

Pieridae Delays Nova Scotia LNG Decision While Chevron Unveils New Plans in B.C.

Calgary-based Pieridae Energy Inc., the company behind the C$10-billion Goldboro liquefied natural gas (LNG) development in Guysborough County, Nova Scotia, has postponed the go/no-go decision on its investment by a year.

Scheer’s Climate Plan Costs More, Achieves Less Than Current Federal Policies: Clean Prosperity Study

Conservative leader Andrew Scheer’s recently-announced climate strategy would end up costing more than the current government’s policies and leave Canada farther from achieving its Harper-era carbon reduction targets for 2030, according to a report released last week by Clean Prosperity.

FERC Update Shows U.S. Renewables Growing 10 Times Faster Than Fossil Electricity by 2022

A new three-year projection from the U.S. Federal Energy Regulatory Commission (FERC), showing renewable energy growing 10 times faster than fossil-generated electricity by 2022, is being taken as official confirmation that the country’s shift to clean power is here to stay.

New Investment, Demand from New Data Centre Make Georgia a Hot U.S. Market for Solar

The southeastern U.S. state of Georgia has emerged as the country’s hottest new market for solar, driven largely by data centre demand from tech giant Facebook and regional reaction to the punishing, 30% tariff the Trump administration imposed on solar components from China in 2018.

Alberta Consults Fossils on Plan to Loosen Regulations, Lower Taxes

Toronto, Hamilton Get Federal Dollars for Apartment Building Retrofits

Air Pollution Costs China Billions in Solar Efficiency

U.S. Appliance Efficiency Program Cuts Boost Emissions, Cost Consumers Money

Climate Making Some Homes Uninsurable

UN Stresses Adaptation Funding as Frequency of Global Climate Disasters Hits One Per Week

The frequency of major climate disasters has reached one per week around the world, a top United Nations official warns, in a new report that calls for developing countries to prepare now for the “profound impact” they will continue to face.

Buildings, Coastlines, Northern Communities Face Worst Climate Impacts

Buildings, coastlines, and Northern communities in Canada face the most serious risks from climate change, according to a new report produced for the federal Treasury Board by the Council of Canadian Academies.

Utility Sees 14 GW of New Solar Capacity Attracting Investors, Data Centres to U.S. Southeast

The mammoth Tennessee Valley Authority is planning to add up to 14 gigawatts (14 billion watts) of new solar capacity and five GW of storage by 2038, in a bid to draw business investors and data centres to the southeastern United States.

Trudeau Offers Dollars for Montreal Subway Expansion First Proposed in 1979

Ottawa, PEI Earmark $14.5 Million for Climate Adaptation Centre

Minnesota Extends PACE Financing to New Construction

Bitcoin Now Consumes as Much Electricity as Las Vegas

Finland Puts Climate at Top of EU Policy Agenda

Climate change is set to surge to the top of the European Union agenda, at least temporarily, with Finland beginning its six-month term in the European Council presidency this month.

Fossil-Friendly Canadian Export Agency Cited for Poor Disclosure, Environmental and Human Rights Violations

A federal export credit agency with a history of massively supporting fossil industry exports over clean technology is taking fire for failing to consider the environmental, human rights, and ethical implications of its financial support to Canadian businesses.

Alberta Towns, Utility Embrace Solar as ‘the Business of the Future’

Undaunted by a premier avowedly hostile to renewable energy, communities across Alberta are embracing solar electricity as good business, with the small southern town of Raymond determined to be the first in Canada to power itself entirely by the sun.

World Isn’t Spending Enough to Shut Down Fossil Fuels

German State Development Bank Yanks Loans for New Coal Projects

Research Finds Bike Lanes Boost Retail Sales, Home Values

U.S. ‘King of Coal’, Billionaire Trump Backer, Dies in Copter Crash

Project Reconciliation Promises $6.9-Billion Trans Mountain Bid as Early as Next Week

The Indigenous-led Project Reconciliation is expected to announce a C$6.9-billion bid for majority ownership of the controversial Trans Mountain pipeline as early as next week, with the group’s leadership promising a proposal that will “work for all sides”.

Some Oil and Gas Resources Will Stay in the Ground, BP Admits

One of the world’s biggest fossil companies is admitting that some of its “more complicated to extract” oil and gas resources will have to either be sold off or left in the ground.

Ottawa Finalizes Carbon Price Plan for Large Industrial Emitters

The Trudeau government closed out the spring legislative season last week with the final version of a regulation that sets a carbon price for large emitters, includes a price break for steel and fertilizer companies, and creates incentives for emitters to invest in cleantech companies and support decarbonization projects overseas.

Garossino: Despite Pipeline Approval, $70-Billion Federal Plan is Canada’s Best Shot at Decarbonizing

While the Trudeau government disappointed its climate allies with its much-anticipated decision to re-approve the controversial Trans Mountain pipeline expansion, it has also crafted a more complicated record on energy and carbon by committing to C$70 billion in low-carbon investment over a 12-year span, reporter Sandy Garossino writes in a provocative post last week for National Observer.

$6 Billion in Coal Liabilities Could Put Insurers Out of Business

Struggling Chinese Coal Plant Becomes Second to File for Bankruptcy

Trillion-Dollar UK Investor Group Dumps Exxon, Four Others from Some Funds

New Analysis Reveals ‘Clean’ Natural Gas as ‘the New Coal’

Methane leaks from liquefied natural gas (LNG) and other parts of the gas production chain are making the supposedly “clean fuel” a climate pollutant on par with coal, with the vast majority of the new development taking place in Canada and the United States, CBC reports.

Chubb Becomes First U.S. Insurer to Withdraw Investment, Risk Coverage for Coal

Chubb Ltd. is becoming the first U.S. insurance company to refuse coverage or investment dollars to companies that draw more than 30% of their revenue from coal mining or coal-fired generation.

Overlapping ‘Downstream Disruptors’ Spell Troubles for Fossil Exploration and Development

Oil and gas exploration companies are facing down a half-dozen simultaneous, overlapping threats to their financial success, according to two recent stories in the Rigzone industry newsletter.

G-20 Adopts Modest Climate Statement as Trump Stumbles, Japan Grapples with Coal

Leaders of the G-20 industrial economies held their ground against Trump administration climate denial at the end of their annual meeting in Osaka, Japan Saturday, adopting a watered down statement on the climate crisis that fell short of what was needed but still committed to continuing action to implement that 2015 Paris Agreement.

Feds Announce $3.2M in Coal Transition Support for Edmonton-Area Counties

McKenna Announces $223.5M for Caribbean, Latin America to Cut Emissions

‘Net-Zero’ UK Sends £2 Billion in Annual Subsidies to Overseas Fossil Projects

Kuwait Buys In to Canadian Shale Gas Production

Saudis Lead Fossil States to Block 1.5°C Report, Declare Island States a ‘Disposable Global Zone’

A landmark report on 1.5°C pathways was forever dropped from formal consideration in United Nations climate negotiations, and Climate Action Network-International scorched countries for their “weak political positions on responding to the climate crisis,” as mid-year negotiations to implement and push beyond the 2015 Paris Agreement wrapped up yesterday in Bonn.

Investors Representing $34 Trillion in Assets Urge Rapid Climate Action by G20

A group of 477 retirement funds and investors representing US$34 trillion in assets is calling on world leaders to adopt carbon pricing and phase out coal plants in a bid to hold average global warming to 1.5°C, in a statement released ahead of the upcoming G20 summit in Osaka, Japan.

U.S. Fossils Fret as Leading Democrats Call for Mandatory Climate Risk Disclosure

Virtually all the leading candidates for next year’s Democratic presidential nomination are calling for mandatory disclosure of the climate risk fossil companies face. And fossils are beginning to feel the heat.

Kenya Environmental Tribunal Cancels Licence for 1,050-MW Coal Plant

Citing an “outright disregard” for public consultation and a cavalier attitude to environmental protection, Kenya’s National Environment Tribunal has withdrawn the environment licence granted in 2016 to an East African investment firm that, together with General Electric, was looking to build the 1,050-megawatt, US$2-billion Lamu coal-fired power plant on the coast.

Quebec Overhauls, Renames $1.3-Billion Green Fund

Canada Infrastructure Bank to Support VIA Rail Modernization

Canada Funds Training for Women Climate Leaders in Francophone Africa

Africa Development Bank Plans $500-Million Fund for Small Renewables

Canada, UK, France, Ireland Declared Climate Emergency While Subsidizing Fossil Fuels

A new analysis this week identifies Canada as one of four countries that have declared climate emergencies after collectively spending US$27.5 billion per year on fossil fuel subsidies earlier this decade.

http://www.greenpeace.org/canada/en/campaigns/Energy/tarsands/

Zurich Insurance Drops Tar Sands/Oil Sands, Pipelines and Rail, Commits to 100% RE by 2022

The world’s 23rd-largest insurance company, Zurich Insurance Group, has become the world’s first to withdraw insurance and investment from companies significantly involved with the tar sands/oil sands, including pipelines and railways, as well as coal developers, utilities, and oil shale developers.

Reducing Climate Damage Claims Depends on Flood Zone Mapping, Public Awareness

Mapping flood zones, raising public awareness, and investing heavily in climate mitigation are necessary pre-conditions for making a proposed “high-risk” insurance pool (rather than the public purse) available to homeowners at risk of overland flooding.

Smart Grid Technology Would Enable ‘Variable’ Renewables, Save 0.7 to 2.1 Gigatons of Carbon Dioxide by 2050

Smart grid development is a low-carbon solution that Drawdown lists as a “coming attraction” that can help utilities accommodate the rise of renewable energy. It could also eliminate 0.7 to 2.1 gigatons of carbon dioxide by 2050.

Ottawa Directs $60 Million in Carbon Tax Revenue to Energy-Efficient Schools

More Than 30 B.C. Business Leaders Join Clean Economy Coalition

Decommissioning North Sea Oil Sites Could Cost UK Up to £77 Billion

Three U.S. Senators Target Billion-Dollar Refined Coal Subsidy

Scheer Climate Plan ‘Like Building a House Without a Hammer’, Mirrors Fossil Industry Campaign Demands

More than a year after he promised it, and after weeks of mounting hype, Conservative leader Andrew Scheer released his party’s climate plan Wednesday, a glossy, 60-page document with no fixed carbon reduction target that he cast as Canada’s best shot at meeting its 2030 goal under the Paris Agreement.

World’s Biggest Financial Co-op to Phase Out EU, OECD Coal Funding by 2030

Patent Records Show New Interest in Gravity-Based Energy Storage

Trans Mountain Pipeline Approval Triggers New Lawsuits, Leaves Fossils Unsatisfied

In a move condemned by critics as the height of cynicism, Prime Minister Justin Trudeau and several senior cabinet ministers announced re-approval of the C$9.3-billion Trans Mountain pipeline expansion Tuesday afternoon, not 24 hours after their government pushed a climate emergency resolution through the House of Commons.

CAN-Rac: Canada’s Next Climate Plan Must Cut Carbon Faster, End Fossil Subsidies

Faster carbon reductions, an end to fossil subsidies, more support for international emission reductions, and a commitment to “leave no community, group, or worker behind” are the cornerstones of the comprehensive, accountable climate plan Canada will need after this year’s federal election, Climate Action Network-Canada (CAN-Rac) asserts in a policy paper released earlier this week.

Slow Uptake Has Countries Missing Benefits of Renewable Energy Transition, REN21 Warns

While the industry’s growth in 2018 showed that “renewable power is here to stay”, countries around the world are falling short of the full benefits they could gain from the post-carbon transition and needlessly dragging out their dependence on fossil fuels, concludes the Renewables 2019 Global Status Report, released this week by the Paris-based REN21 Secretariat.

Exxon, Amazon Head List of Companies that Fail to Reveal Climate Impact

ExxonMobil, Amazon, and UK grocery retailer Tesco head the list of 707 major global companies with combined value above US$15 trillion that have failed to reveal their full impact on the climate crisis, water shortages, and deforestation, according to CDP, the non-profit formerly known as the Carbon Disclosure Project.

Ontario NDP Promises Net-Zero Carbon Economy by 2050

Ontario would move toward a net-zero carbon economy by 2050 under an as-yet uncosted plan released by New Democrat leader Andrea Horwath during her party’s annual convention last Saturday in Hamilton.

New Fossil Investment in China Hits 14-Year Low

China’s investment in building new coal and other thermal power plants hit a 14-year low last year, down to ¥78.6 billion (US$11.35 billion) across the fossil sector and ¥6.44 billion ($930 million) for the most polluting fuel of all.

Alberta Touts Market Access for Natural Gas Industry

Solar Investors Run Afoul of DC Scammers

No Business Case for Trans Mountain, Ex-Cabinet Minister Warns, as Decision Day Nears

With the Trudeau government widely expected to announce re-approval of the Trans Mountain pipeline expansion tomorrow, news reports have excitement building in Calgary, and a former Liberal cabinet minister warning there’s no business case for the project.

Subsidies Would Help Deliver Mini-Grids as Cheapest Rural Electrification for Sub-Saharan Africa

While subsidies have helped ensure the expansion of national power grid systems around the world, using public money to finance solar mini-grids is less established—a situation that needs to change in sub-Saharan Africa, investors urge, where 573 million people still live without electric power.

Investigative Report Links Foreign Funding to Pro-Fossil Propaganda Outlet

Urgent alert to Jason Kenney and Vivian Krause! Another “foreign-funded radical” has just been identified, and the unity of our country will hang in the balance until you can direct all your taxpayer-funded investigative might toward…Alberta-based Rebel Media and its self-styled “Rebel Commander”, not-quite-disbarred former lawyer Ezra Levant.

Canada Earns Praise for Global Coal Phaseout, Falls Behind on Renewables Deployment

Canada earned its share of international praise last month in a report that highlighted the country’s leadership in the global coal phaseout, shone a light on its slow uptake of renewable energy, and said nothing about the domestic pipeline battles that will likely dominate the news over the coming week.

Norway’s Sovereign Wealth Fund Dumps Billions in Coal Investments

New Zealand Boosts Funding for ‘Wellbeing Budget’

Feds Fund Four Climate Resilience Projects in Greater Montreal

Renewables Employed 11 Million in 2018, IRENA Reports

Renewable energy employed 11 million people around the world last year despite slower annual growth in key markets like China, the International Renewable Energy Agency (IRENA) concludes in the latest edition of its annual jobs report.

Oil Prices Fall, Alberta Fossil Stocks Plummet After Short-Lived ‘Kenney Bump’

Less than two months after fossil analysts celebrated a “Kenney bump” with the arrival of a new government in Alberta, the industry is still beset by the same host of economic, political, and regulatory programs it has faced for years—notwithstanding the new premier’s loud promises to make his province’s oilpatch great again.

U.S. Set to Add 17,000 MW of New Renewables Per Year Through 2022

The United States is on track to add 17,000 megawatts of new renewable energy capacity per year through 2022, according to analysis this week by Fitch Solutions, with plummeting technology costs and state-level programming offsetting the gradual end of federal subsidies and a continuing regulatory rollback by the Trump administration.

Radiohead Defeats Hackers by Releasing Pirated Recordings, Donating Proceeds to Extinction Rebellion

Legendary British rock band Radiohead came up with a climate-friendly solution when hackers threatened to release stolen tapes of the studio sessions for their venerated album, OK Computer: the musicians offered up the recordings online for about US$23 each, and directed all the proceeds to Extinction Rebellion.

Norway Plans €5-Billion Coal Divestment

Industry Sees No Impact on Demand, Still Urges Feds to Go Slow on Single-Use Plastics Ban

Within hours of the official announcement that Canada would ban single-use plastics as early as 2021, the plastics industry was simultaneously claiming the initiative would have no impact on demand for petrochemical feedstocks and suggesting there are more effective ways to address plastic pollution than by banning products outright.

String of Cancellations Could Spell the End of New Gas Plants in California

The latest in a string of project cancellations is opening up the possibility that California will never have to build another new natural gas plant.

Stiglitz: Green New Deal Would Deliver the Second World War-Scale Investment to Confront the Climate Crisis

Describing the climate crisis as the “third world war,” Nobel laureate and former World Bank chief economist Joseph E Stiglitz is urging critics of the Green New Deal to take a second look at an agenda that could avert catastrophe and usher in a new golden age for America.

https://pixabay.com/en/plastic-bottles-fishing-net-netting-388679/

Fossils See Circular Economy, Backlash Against Plastics Cutting Demand for Oil and Gas

The mounting global backlash against plastic pollution has fossil companies worried, as public opinion coalesces into a threat to businesses they’ve been counting on as a reliable source of demand for their own raw product.

Bloomberg Funds $500-Million Campaign to Shut All U.S. Coal Plants by 2030

Billionaire former New York mayor Michael Bloomberg is donating US$500 million over three years to Beyond Carbon, a new push to phase out all remaining coal plants in the United States by 2030 and begin the process of shutting down the country’s natural gas plants.

Kenney Unveils Fossil ‘War Room’, Faces Criticism on Carbon Tax Repeal, Wildfire Impacts

Alberta Premier Jason Kenney announced the cost but few details of his much-touted, C$30-million oil and gas “war room” Friday, prompting immediate pushback from the environmental groups he vowed to target during the recently-concluded provincial election campaign.

Keystone Wins Court Appeal, But Further Legal Challenges Await

Opponents of the ever-controversial Keystone XL pipeline are exploring “all available legal avenues” to halt the project, after a U.S. appeal court overturned a judge’s decision to reject its construction permit in Montana last November.

Biden Promises Pushback on China’s Funding for New Coal Plants, Fossil Subsidy Ban

Joe Biden has promised to crack down on China’s coal power spree in other countries if elected U.S. president in 2020.

Big UK Investment House Plans €850-Million Green Energy Fund

Calgary Loses $300 Million in Tax Revenue on Unused Fossil Office Space

Ottawa Announces $15-Million Lifeline After Ontario Cuts Successful Tree Planting Program

The federal government has tossed an emergency lifeline to Ontario’s 50 Million Tree Program, committing C$15 million over four years after the Ford government suddenly cut the non-profit initiative in its 2019 budget.

Lobbying Against 2009 Waxman-Markey Bill Cost the U.S. $60 Billion in Climate Action Benefits

The fossil and transportation lobby groups that successfully defeated the American Clean Energy and Security Act, put forward in 2009 by then-U.S. senator Henry Waxman (D, CA) and then-Rep. Ed Markey (D, MA), cost their country US$60 billion in net benefits, a new analysis in the journal Nature Climate Change concludes.

Big Companies Foresee $970 Billion in Climate Risk, $2.1 Trillion in Gains from Climate Action

More than 200 of the world’s biggest companies anticipate nearly US$1 trillion in business risk—more than half of it in the next five years—due to climate change, but $2.1 trillion in benefits from climate-friendly products and services, according to an analysis of thousands of corporate disclosures by CDP, the UK non-profit formerly known as the Carbon Disclosure Project.

Push Japan Toward Coal Subsidy Phaseout, Abreu Urges Trudeau Government

With Japan chairing this year’s G20 meetings and its prime minister, Shinzo Abe, trying to position himself as a climate leader, Canada has an opportunity to encourage the country to “power past coal”, Climate Action Network-Canada Executive Director Catherine Abreu writes in a National Observer opinion piece.

Carbon Tax Mustn’t Shield Fossils from Climate Liability

Arizona Considers High-Cost Coal-to-Biomass Conversion

Where Land is Scarce, Floating Solar Can Deliver

Quebec LNG Megaproject Would Boost Emissions by 37 Million Tonnes Per Year

The GNL Quebec liquefied natural gas megaproject would increase life cycle greenhouse gas emissions by more than 37 million tonnes per year, a group of more than 150 Quebec scientists is warning in an open letter to Prime Minister Justin Trudeau and Premier François Legault.

https://en.wikipedia.org/wiki/Extraction_of_petroleum

Abandoned Well Cleanup Could Take 2,800 Years, Alberta Regulator Tells Industry

It may take more than 2,800 years to clean up abandoned oil and gas wells across Alberta, National Observer and Star Calgary reveal in an exclusive report this week, after obtaining a September 2018 presentation to a private industry gathering by a senior official with the Alberta Energy Regulator (AER).

Ontario Climate Plan Costs Taxpayers More Than Federal Carbon Tax

The Ford government’s new climate plan for Ontario will cost taxpayers half again as much as the federal carbon tax, according to a new analysis released yesterday by Canadians for Clean Prosperity.

https://www.flickr.com/photos/waynenf/3725860708

EVs Can Halve the Payback Period for Rooftop Solar, Study Shows

Running an electric vehicle alongside rooftop solar can cut the payback period for the solar power system by more than half, according to a study by the Institute for Energy Economic and Financial Analysis (IEEFA) that gauged the impact of policy incentives—and disincentives—in the UK and Germany.

Ohio House Bill Bails Out Coal and Nuclear, Cuts Renewables and Efficiency Programs

Ohio businesses and homeowners are a big step closer to picking up the tab for their utilities’ uneconomical power plants, after the state House passed a bill last week to subsidize existing coal and nuclear capacity while cutting back on renewable energy and energy efficiency programming.

UK Renewables Investment Falls by Half, Jobs by One-Third

Canada Can Hit Paris Targets, ‘Zero Out Carbon’ by Mid-Century, Study Shows

Canada can get its energy system on track to meet its targets under the Paris Agreement and “zero out carbon pollution” by mid-century by adopting a menu of 10 technically feasible options to cut carbon emissions, the David Suzuki Foundation concludes in a report issued last week.

NDP Outlines ‘Canadian New Deal’ While Trudeau Promises to Support Cities’ Climate Action

Pre-election commitments on climate action were in the air last week, with New Democratic Party leader Jagmeet Singh releasing early snapshots if his party’s plan and Prime Minister Justin Trudeau making new promises to cities and small businesses.

Ban Non-Electric Cars to Improve Air Quality, Extend Lives, Bloomberg Editors Urge

One of the surest ways to improve air quality and extend lives shortened by pollution is for cities to ban non-electric cars, two opinion editors with Bloomberg News conclude in a recent post.

World’s Dirtiest Air, Cheapest Solar Produce Challenge and Opportunity for Modi’s Second Term

The world’s dirtiest air and its lowest prices for installed solar will be two of the influences shaping Prime Minister Narendra Modi’s second term of office in India, according to news reports circulating around the time of his swearing-in last week.

http://breakingenergy.com/wp-content/uploads/sites/2/2013/07/chevron.jpg

Exxon, Chevron AGMs Rebuff Shareholders’ Climate Resolutions

Efforts by activist investors to hold ExxonMobil and Chevron to greater climate account at their respective AGMs were a bust last week, with strong majorities of fossil shareholders voting against any climate-related proposals.

Indigenous Group Pitches to Buy Trans Mountain Pipeline

Texas Investor Sees New Potential in Canadian Oilpatch

Canada Becomes First Country to Sign ‘Zero Pledge’ for Medium, Heavy Transport Vehicles

Canada became the first country to sign on to the Drive to Zero Pledge, an international effort to boost the number of zero- and low-emission vehicles in medium- and heavy-duty transportation, from box trucks to school buses to 18-wheelers, during the Clean Energy Ministerial in Vancouver earlier this week.

Renewables Investment in Asia Set to Exceed Fossil Exploration by 2020

Renewable energy investment in Asia is set to edge ahead of oil and gas exploration by next year, according to international fossil analysts at Rystad Energy.

Leggett: Fossils Could Topple as Suddenly as the Berlin Wall Fell

Though renewable energy investments stalled in 2018 while fossil dollars surged, legendary UK solar entrepreneur Jeremy Leggett believes a combination of public pressure and market forces will soon topple the fossil industry with a speed and conclusiveness comparable to the collapse of the Berlin Wall.

EVs Can Save Drivers Thousands, BC Hydro Says

KLM Plans Big Biofuel Buy Beginning in 2022

UK on the Verge of Subsidy-Free Wind

Utility Advocate Challenges NJ’s $300-Million Nuclear Bailout in Court

https://en.wikipedia.org/wiki/Magnox

Canada Touts Cleantech Venture with Gates as Clean Energy Ministerial Gets Under Way

Ottawa will invest up to C$30 million in a public-private venture with mega-entrepreneurs Bill Gates, Mark Zuckerberg, Jeff Bezos, and others to help launch new, low-carbon energy technologies, Natural Resources Minister Amarjeet Sohi announced Monday, at the opening of the annual Clean Energy Ministerial in Vancouver.

Global Solar Set to Surge, But Still Falls Short of Paris Targets

The solar industry is expecting a continuing surge in the years ahead, according to two reports released earlier this month, though the rapid growth still falls short of what will be needed to keep average global warming below the minimum international target of 2.0°C.

Louisiana Plans for Big Population Movements as Gulf Coast Washes Away

Responding to rising seas and their attendant storm surges, Louisiana has developed a 1,500-page plan to keep its citizens as safe as possible under the circumstances.

U.S. Utilities Want to Charge Billions for Toxic Coal Ash Cleanup

Scientists Petition UK Super-Rich for Climate Funding

100 Resilient Cities Closure Shows Limits of Climate Philanthropy

In the spring of 2013, the Rockefeller Foundation—the hundred-year-old charitable organization started by Standard Oil tycoon John D. Rockefeller—launched an ambitious program to help cities around the world adapt to the physical, social, and economic challenges of the 21st century. Known as 100 Resilient Cities, the initiative was designed largely to address challenges of urban population growth and the increasing threat posed by climate change.

Legault Touts Quebec as ‘Battery of North America’

7-MW Solar Buy Boosts Resilience for Texas Distribution Co-ops

Clean Energy Jobs Growing 60% Faster than National Average, Study Shows

Clean energy employs nearly 300,000 Canadians from coast to coast, and the sector’s job count was growing 60% faster than the Canadian average in 2017, according to a 10-province survey conducted by Navius Research and released today by Clean Energy Canada.

Alberta Pays Landowners $20 Million Since 2010 to Cover Deadbeat Fossil Leases

Bankrupt U.S. Coal Giant was Bankrolling Climate Denial

BP Backs Shareholder Resolution Linking Emission Cuts to Executive Pay

BP is supporting a shareholder resolution at its annual meeting today that calls for greater transparency about its greenhouse gas emissions, links between emission reductions and executive pay, and an indication of how its future investments will match up with the targets in the 2015 Paris Agreement.