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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António Guterres

COP 25: Guterres Conveys ‘Hope, Not Despair’ as Vulnerable Countries Demand Action

UN Secretary General António Guterres showed up with a mix of urgency and hope, the Climate Vulnerable Forum called for a commitment from countries to adopt more ambitious climate targets by next year, and delegates heard from youth leaders and businesses, movie stars and retired politicians pushing for faster, deeper carbon cuts as COP 25 negotiations in Madrid got under way Monday and Tuesday.

‘Transformational Ramping Up’ Can Deliver 50% Emissions Reduction by 2030

It will take a “transformational ramping up” with all the world’s biggest emitters fully onboard. But with a 50% improvement in emission reduction targets for 2030, the countries attending this year’s UN climate negotiations in Madrid can get back on track to meet the 1.5°C target in the Paris Agreement, Berlin-based Climate Analytics concludes in a report released on the eve of the conference.

Throne Speech in Ottawa, COP Negotiations in Madrid Raise Pressure on Canada for Climate Action

With a much-anticipated Speech from the Throne taking place tomorrow in Ottawa, and United Nations climate negotiations under way in Madrid, the Trudeau government is under sustained pressure to make climate action a priority at home and do its fair share internationally to limit average global warming to 1.5°C.

Investors Scorch Big Four Auditing Firms for Failing to Assess Climate Risk

The world’s four biggest auditing firms are taking fire for their failure to adequately assess the systemic risks posed by climate change, with 29 European investors managing more than £1 trillion (US$1.28 trillion) in assets warning the gap in their analysis could do more harm than the 2008 financial crash.

U.S. Solar+Storage Rivals Utility-Scale Installations as California Power Shutoffs Hit Home

The U.S. residential solar market is on a fast track, with rooftop deployment numbers rivaling utility-scale plants and wildfire-induced power shutdowns turning more ratepayers in the direction of solar+storage installations.

New EU Pollution Controls Undercut Investments in Coal Refurbishments

COP 25

‘Vanguard vs. Laggards’: Spain Presses COP 25 Delegates for Faster, Deeper Carbon Cuts

As this year’s United Nations climate change conference, COP 25, got under way in Madrid, initial news coverage pointed to a division between the plodding, formal negotiating process and the broader, global urgency of getting 195 countries together to find common ground on a more urgent response to the climate crisis.

IEA Growth Projection for U.S. Fracking Produces Eye-Rolls from Texas Fossils

A hotly-contested report from the International Energy Agency (IEA) that projects continuing growth in fossil fuel demand and greenhouse gas emissions is generating eye-rolls from the one community that might have been expected to welcome the overheated projection: the Texas shale industry.

Ontario, Saskatchewan, New Brunswick Agree to Develop Small Modular Nuclear Reactors

Ontario, Saskatchewan, and New Brunswick will work together to research, develop, and build the technology for small modular nuclear reactors (SMRs) under a memorandum of understanding signed yesterday by Premiers Doug Ford, Scott Moe, and Blaine Higgs.

Nuclear power plant

Lovins: Nuclear Makes Climate Crisis Worse by Blocking Faster Uptake of Cheaper Options

Contrary to industry propaganda, nuclear power plants are not an essential tool in the fight against climate change, but an increasingly dangerous drag on the deployment of more practical renewables and energy efficiency, Rocky Mountain Institute Chair and Chief Scientist Amory Lovins declares in a recent post for Forbes.

Mark Carney

Carney Tapped as UN Special Envoy on Climate Action and Finance

Bank of England and expat Canadian Mark Carney will become the United Nations special envoy on climate action and climate finance when he leaves his current post next year, UN Secretary General António Guterres announced in Madrid yesterday.

‘Unprecedented’ Interest Could Pour $4B into Oil and Gas Drilling Off Newfoundland and Labrador Coast

Oil and gas exploration off the coast of Newfoundland and Labrador is expected to boom in the next few years, with fossils poised to spend up to C$4 billion on what they hope will be the province’s next big production project, the Financial Post reports.

Green Bonds, Green Banks Could Free Up Massive New Investment for U.S. Decarbonization

Between green bonds issued by U.S. utilities and green banks set up by New York, Connecticut, and other states, the U.S. power sector could soon have access to huge new pools of investment capital from institutional investors that want in on the transition off carbon, Utility Dive reports.

$38.9-Million Price Tag Made Dorian NS Power’s Most Expensive Hurricane Ever

McKenna Pledges Fast Action on Infrastructure Through a ‘Climate Lens’

Infrastructure and Communities Minister Catherine McKenna donned a hard hat for her first major speech in her new portfolio this week, telling the Federation of Canadian Municipalities she plans to get money out the door and shovels in the ground on projects that are all undertaken through a “climate lens”.

Simon Fraser University

Simon Fraser University Promises 45% Fossil Fuel Divestment by 2025

British Columbia’s Simon Fraser University has adopted a plan to reduce its fossil fuel investments by 45% from 2015 levels by 2025.

Analysts’ Dim View of Exxon Stock Could Be Prelude to Credit Downgrade

U.S. credit ratings agency Moody’s Investors Service has shifted its assessment of colossal fossil ExxonMobil’s shares from “stable” to “negative”, after noticing that the company’s increased spending on oil and gas drilling wasn’t boosting its revenue or putting more money in investors’ pockets.

Reguly: Ørsted’s ‘Black-to-Green Transformation’ Shows Benefits of Rapid Decarbonization

The success of Denmark’s rapid transition off fossil fuels over the last 10 years could point the way for “naysayers” whose “failure of the imagination” is holding off a similar shift in Canada, Globe and Mail European Bureau Chief Eric Reguly writes in a recent opinion piece.

Church of England Pushes Businesses to Stop Bankrolling Climate Denial Groups

Carbon emissions from a coal plant in Germany

Record GHG Concentrations Prompt Call for Drastic Action to Reduce Emissions

A pair of alarming reports from United Nations agencies shows greenhouse gas emissions at record levels and rising at a faster annual rate, meaning that efforts to counter the climate crisis must increase three- to five-fold to avoid a world of 3.2°C average global warming in less than 100 years.

Oil and gas investment Canada Pension Board

Corporate Connections Drive $4 Billion in Fossil Investment by Canadian Pension Board

With more than C$4 billion invested in the world’s top 200 publicly-traded fossils, the Canada Pension Plan Investment Board (CPPIB) is placing bets that those companies will exceed the 1.5°C carbon emission targets in the Paris Agreement, according to a report released last week by the Corporate Mapping Project and the Canadian Centre for Policy Alternatives.

Divestment_Harvard

Climate Protesters Disrupt Harvard-Yale Football Game, Earn Blanket Media Coverage

An estimated 500 climate protesters held up the annual Harvard-Yale football game for almost an hour Saturday, after swarming the field to demand the two universities pull their investments out of fossil fuels and forgive any debts they are owed by Puerto Rico.

Fossil fuel production planned and projected by countries

Fossil Production Plans, Subsidies Put Countries Far Beyond 1.5°C Paris Target

The world’s governments are on track to produce more than twice as much oil, gas, and coal as the amounts that would enable them to hold average global warming to 1.5°C, according to a first-ever production gap report produced by the United Nations Environment Programme and five senior environmental research NGOs.

Wind turbine

Opposition Demands Audit After Cancelled Renewables Contracts Cost Ontario $231M

The NDP opposition is asking Ontario’s auditor general to investigate after documents showed the province setting aside C$231 million for the Ford government’s decision to cancel a completed wind farm and break 758 smaller renewable energy contracts after it took office last year.

‘Being Rich Matters’ as $7.9 Trillion in Future Climate Impacts Hit Africa Hardest

The impacts of climate change could cost the world’s economy US$7.9 trillion by 2050, according to the latest climate resilience index from a leading UK-based finance and economics magazine.

China coal mine

China Brings On New Coal Capacity, Sees Oil and Gas Emissions Rise

Two somewhat contradictory recent reports are pointing to alarming increases in China’s fossil fuel use and resulting greenhouse gas emissions, with the most recent warning the country’s renewed embrace of coal could be enough to undo progress around the world and defeat the targets in the 2015 Paris Agreement.

Colossal Fossil Total Complains About EIB Decision to Quit Funding Gas

Guilbeault to Heritage, McKenna to Infrastructure, Wilkinson to Environment as Climate Rises to Top of Federal Agenda

Veteran climate hawk and newly-minted Montreal MP Steven Guilbeault is expected to be named heritage minister, former environment minister Catherine McKenna takes over the infrastructure and communities portfolio, and climate action is set to emerge as a government-wide priority, when Prime Minister Justin Trudeau introduces his second-term cabinet this morning in a ceremony at Rideau Hall.

March to Stop Trans Mountain Oil Pipeline

Trans Mountain Subsidies Hit $320 Million in First Six Months of 2019

The Trans Mountain pipeline took home C$320 million in direct and indirect subsidies in the first six months of the years that were not clearly disclosed to the taxpayers who now involuntarily own the project, the U.S.-based Institute for Energy Economics and Financial Analysis concludes in a report released this week.

Provincial Energy Efficiency Rankings Map of Canada

Energy Efficiency Scorecard Shows B.C. Leading, But All Provinces with Room to Improve

British Columbia leads, Saskatchewan along with Newfoundland and Labrador lag, and no province receives a score above 58 points on a 100-point scale in the first annual provincial energy efficiency scorecard released yesterday by Efficiency Canada.

Alberta tar sands oil sands

Federal Figures Show Alberta Carbon Emissions Continuing to Rise

Carbon pollution from Alberta’s oil and gas industry is continuing to rise, notwithstanding Premier Jason Kenney’s insistence that his province’s product is the cleanest, most ethically-produced in the world.

Wind power turbine

Companies, Scientists Press IEA for More Ambitious Carbon Reduction Scenarios

A list of 65 pension fund, insurance, science, and large corporate representatives are adding their voices to the chorus of criticism calling on the International Energy Agency (IEA) to shift the way it projects future fossil fuel demand to account for the climate crisis.

Lamu Coal Plant Protest Kenya

African Development Bank Pulls Plug on Kenya Coal Plant

In a major blow to fossil interests in Africa, the African Development Bank (AfDB) has declined to fund a coal-fired power plant in Kenya, and otherwise signalled a strong turn away from future coal projects and towards renewables.

New Map Shows 19 Years of Saskatchewan Oil and Gas Spills

First Cyber-Attack on Wind, Solar Shows Uneven Security

Analysts Slam Scotiabank’s Fossil Investments Despite $100-Billion Climate Fund

Scotiabank’s decision to pour C$100 billion by 2025 into projects to address the climate crisis is receiving mixed reviews from organizations that track its massive, continuing investments in fossil fuel projects.

Fossils Claim They Receive No Subsidies as Fossil Subsidy Review Bogs Down

Canada’s fossil lobby is setting out to redefine the lavish government handouts it receives as anything but a subsidy, even as the federal finance department drags its feet on a binational peer review intended to quantify that funding as a first step to phasing it out.

‘No Excuse for Inaction’ as Global Energy Efficiency Improvements Lag

The rate at which global energy efficiency is improving has declined for the third year in a row and has hit a low point for the decade, with serious implications for consumers, businesses, and the environment, the International Energy Agency reported in an annual review released earlier this month.

Charity Slams ‘Undemocratic, Unfounded’ Foreign-Funded Radicals Panel

Jason Kenney’s United Conservative Party government is taking fire from one of the province’s most established philanthropic institutions, with the Edmonton-based Muttart Foundation declaring that Alberta’s inquiry into supposed foreign funding of anti-fossil advocacy is polarizing, undemocratic, and unfounded.

Distributed Energy Could Save Texas Consumers $5.5 Billion by 2030

Integrating distributed energy resources (DERs) like solar+storage, smart thermostats, and electric vehicles into Texas’ electricity mix could save customers almost US$5.5 billion by 2030, says a new report from the Texas Advanced Energy Business Alliance (TAEBA).

European Investment Bank divests oil gas coal

World’s Biggest Public Lender Announces End to Fossil Project Funding

In a blockbuster announcement yesterday, the European Investment Bank pledged to end most or all of its financing for fossil energy projects by the end of 2021 and devote future financing to “accelerate clean energy innovation, energy efficiency, and renewables,” a move it says will “unlock €1 trillion of climate action and environmental sustainable investment in the decade to 2030.”

IEA Drives Fossil Growth, Climate Breakdown with Latest World Energy Outlook

The International Energy Agency (IEA) is undercutting its own, essential role in confronting the climate crisis by downplaying renewable energy options and driving future investment to more expensive, higher-carbon fossil fuels, according to analysts responding to the release of its annual World Energy Outlook report earlier this week.

Swedish Central Bank Sells Off Carbon-Intensive Alberta Bonds

Sweden’s central bank has sold its Alberta Government bonds and declared it will no longer invest in assets with high carbon footprints, even if they offer solid financial yields.

IEA Sees Solar Supporting ‘Energy-Hungry Industrial Revolution’ in Africa

Though sunny Africa is currently home to far fewer solar power installations than are found in the soggy UK, an International Energy Agency (IEA) report says a solar boom, intersecting with a surging and increasingly urban population, “will ignite an energy-hungry industrial revolution” powered almost entirely by renewables.

Failing to Dump Fossil Investments Costs California Pension Funds $17 Billion Over 10 Years

The two biggest pension funds in California missed out on US$17 billion in income by holding onto their fossil fuel investments for a decade too long, Fossil Free California reports in a study released last week.

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Chevron Scrambles to Motivate Employees with ‘Moral Case’ for Fossil Fuels

Chevron Corporation’s attempt to build a “moral case” for fossil fuels in a recent pamphlet for employees suggests the California-based colossal fossil is under ever-increasing pressure to justify its raison d’etre in the face of an escalating climate crisis, climate journalist Emily Atkin suggests in her daily climate newsletter, HEATED.

Climate Crisis Drives More Migrants Toward Incarceration by ‘Border-Industrial Complex’

The sprawling private prison system in the United States is a direct beneficiary of a climate crisis that is putting millions of people at the mercy of a growing “border-industrial complex”, author and journalist Todd Miller writes in a recent opinion piece for Al Jazeera.

Climate Costs to Taxpayers Will Spiral Unless Australia Introduces New Policies

Financial Crisis Delays Argentine Gas Pipeline Megaproject

Two-Thirds of Canadians Want Federal Action on Climate Crisis

Two-thirds of Canadians want the country’s response to the climate crisis to continue or accelerate under Justin Trudeau’s minority Liberal government, and nearly 60% were dissatisfied with the Conservative Party’s climate platform in the recent federal election, according to polling results released last week by Clean Energy Canada.

Latest Fossil Bankruptcy Could Add 1,400 Orphan Wells, Pipelines to Alberta Cleanup Backlog

Alberta is on the hook for as many as 1,400 more abandoned oil and gas wells and associated infrastructure after the officers and directors of Calgary-based Houston Oil & Gas Ltd. laid off their staff and contractors, shut down the company, and walked away from their responsibility to clean up after themselves.

New Studies Show Global Emissions Rising, G20 Climate Investments Falling in 2018

Countries are still increasing their greenhouse gas emissions and scaling back their investments in GHG reductions, making 2020 a crucial year to turn the tide on the climate crisis.

Green Budget Coalition Urges Ottawa to Acknowledge Cost of Climate Impacts

Next year’s federal budget must acknowledge the hundreds of millions of dollars Canadians are already paying due to climate change and its impacts, the 22-member Green Budget Coalition says in a set of recommendations released last week.

U.S. Fracking Giant Chesapeake Energy Sees Share Value Crash as it ‘Drowns’ in Debt

The accelerating decline of the U.S. fracking industry looked likely to claim its highest-profile victim to date as Oklahoma City-based Chesapeake Energy, once the country’s second-largest gas producer, warned last week that a crippling, US$9.7-billion debt might prevent it from continuing as a viable business.

Virginia Set to Embrace Carbon-Free Energy, Join RGGI After Democrats Win Legislative Majority

Virginia is on track to accelerate its drive for carbon-free energy and join the Regional Greenhouse Gas Initiative (RGGI) in the northeastern United States, after Democrats took control of the state legislature in off-year elections last week.

Buyout by Vancity Brings New Financial Clout to Green Bond Provider CoPower

Vancity Community Investment Bank has announced plans to acquire CoPower Inc., a Toronto-based green financing platform that offers green bonds to investors with as little as C$5,000 to spend.

Concordia Promises Full Fossil Divestment by 2025

Montreal’s Concordia University plans to divest about C$14 million in coal, oil, and gas companies and redirect its entire C$243-million endowment to sustainable investments by 2025.

Scotland Restores Degraded Peatlands to Boost Carbon Capture

As part of its pledge to achieve net zero emissions by 2045, Scotland has begun an ambitious program to restore its degraded peatlands, stating that the boggy ecosystems, which at present cover 3% of the planet’s surface, store twice as much carbon as all of its forests combined.

Shareholders Push BHP to Quit Australia Mineral Council

France Dumps Coal Funding, Restricts Investment in Fracking, Flaring

Green Economy, Climate Change Emerge as Key Priorities for Trudeau Government

The green economy and climate change are shaping up as a key focal point for the re-elected Trudeau government, with seven cabinet portfolios set to play “key roles in helping Canada adapt to the rapidly expanding global green economy and create jobs in clean energy,” the Globe and Mail reports, citing sources familiar with the government’s emerging priorities.

Canada Pension Plan Investment Board Buys Major Wind Farm Operator

The Canada Pension Plan Investment Board (CPPIB) is acquiring a major North American wind farm operators, in what Greentech Media describes as one of the U.S. industry’s biggest mergers and acquisitions deals of the year.

S&P Reports Booming U.S. Market for Solar+Storage

A booming solar+storage sector is catching the attention of a major U.S. investment news service, with 85 projects totalling 8,921 megawatts of storage and 4,175 MW of storage either under construction or set to begin.

U.S. Utility Plans 30 More Years of Gas Plants, Despite Risk of Early Phaseouts

North Carolina-based Duke Energy is insisting that natural gas plants built today are critical lynchpins in its strategy to become 100% carbon-free by 2050, dismissing some stakeholders’ predictions that they will be stranded assets long before that date, with future generations left to pick up the tab.

Tropical Forest Restoration Would Save 61.23 Gigatons of Carbon by 2050

Restoration of Tropical Forests places #5 on the Drawdown list of climate solutions, with potential to cut atmospheric carbon dioxide by 61.23 gigatons by 2050.

Royal Bank Signs On to Support Saudi Aramco Share Offering

Green Groups Want Wall Street to Stop Enabling Saudi Aramco IPO

Dyson Cancels Multi-Billion-Dollar EV Project

Nigeria Demands $62 Billion in Fossil Compensation

UK Sets Nation-Wide Fracking Moratorium

The United Kingdom has issued a temporary moratorium on shale gas fracking, citing the industry’s inability to “reliably predict and control tremors”.

World’s Biggest Fossils Must Cut Output 35% by 2040 to Hit 1.5°C Warming Target

The world’s seven biggest fossil companies, including ExxonMobil, BP, and Shell, must cut their oil and gas production 35% by 2040 to avoid driving average global warming above 1.5°C, according to a new analysis published last week by UK-based Carbon Tracker.

Years of Fossil Investments Deliver ‘No Value’ to Investors

Years of lavish funding for new offshore fossil developments are on track to deliver little or no return to their investors due to low oil prices, although a more recent generation of projects may fare better, industry analysts Rystad Energy reported last week.

Alberta Slashes Energy Efficiency Programs That Delivered 3-to-1 Return on Government Dollars

Alberta has reclaimed the dubious distinction of being the only North American jurisdiction with virtually no government support for energy efficiency programs, after mostly cancelling the rebate and incentive programs that had delivered C$692 million in energy savings, $850 million in economic impact, and 5.7 million tonnes of potential greenhouse gas emission reductions in their first two years of operation.

Canadian CEOs’ Lobby Calls for Climate Risk Assessment, Still Wants More Pipelines

The lobby group representing CEOs of Canada’s biggest corporations is calling on businesses to disclose the long-term risks they face as a result of the climate crisis.

Social Licence Begins to Evaporate as Fossils Keep Funding High-Carbon Gas Projects

As the tide begins to turn against natural gas, with insurers thinking twice about underwriting projects and the industry’s social licence starting to evaporate, the industry is scrambling to salvage its reputation as a relatively low-carbon alternative to coal.

Canadian Entrepeneur Converts Gas Guzzlers Into EVs

Analysis: Encana Departure Puts Canada, Alberta at Crossroads to a Carbon-Free Future

The overwrought grief that greeted Encana Corporation’s decision to move its Calgary head office to the United States shows Canada and Alberta at a crossroads, facing an increasingly obvious choice between yesterday’s energy options and tomorrow’s.

Young Insurance Professionals Launch Petition to End Coverage for Fossil Projects

With insurance required at every stage in oil and gas industry projects, the companies that do the insuring have the power to stop the fossil business in its tracks. And some future insurance brokers say the industry has an ethical responsibility to do just that.

Alberta Cuts Funds, Changes Contract Terms for Calgary, Edmonton LRTs

‘Step Backwards’ on Carbon Rules Saves Alberta’s Big Emitters $330 Million Per Year

Alberta has introduced a new C$30-per-tonne carbon cap-and-trade system that covers most of its biggest industrial greenhouse gas emitters, but will cost them $330 million less next year because of looser compliance requirements.

Colossal Fossils ‘Will Have Some Explaining to Do’ as Quarterly Profits Plunge 42%

Financial media are predicting a devastating run of corporate reports from some of the world’s biggest fossil companies, with low oil prices, weak customer demand, and shrinking profit margins on chemical production hitting an industry whose investors are looking for higher payouts on their shares.

Murray Energy Declares Bankruptcy After Losing Bid for Trump Coal Bailout

Murray Energy, the U.S. coal mining company whose CEO was an early Donald Trump supporter and later begged his successful candidate for an industry bailout, has become the latest in a series of nearly four dozen mining firms to declare bankruptcy over the last decade.

U.S., Australia Refuse to Pitch In as 27 Countries Pledge $9.8 Billion to Green Climate Fund

More than 27 countries, excluding the United States, promised US$9.8 billion to the United Nations Green Climate Fund (GCF) by the end of a two-day pledging conference last week in Paris, aimed at beginning the process of replenishing the badly-depleted fund.

Central Bank Office in San Francisco Traces Financial Risks of a Destabilized Climate

A destabilized climate could lead to a precipitous decline in property values, cutting communities off from the tax base they need to fund climate adaptation while banks stop lending in areas that experience repeated floods, according to an analysis released earlier this month by the Federal Reserve Bank of San Francisco.

Tesla Raises Eyebrows with Latest Solar Roof Promise

Tesla Inc. has been making waves over the last week with the latest in a series of announcements for its long-promised, long-awaited solar roof. But one industry publication is declaring itself unconvinced.

Philanthropists Backing Front-Line Protests Look for ‘More People on the Streets’

The philanthropists backing the UK-based Extinction Rebellion and other street-level activist groups are looking at their investment as money well spent, based on what they see as a demonstrable need for street climate protests and a deep trust in the groups’ “very clear theory of change”, veteran climate writer David Roberts reports on Vox.

Wind Power Could Meet Global Electricity Needs 18 Times Over

With production costs falling and green power policies on the rise, wind energy could soon be positioned to meet the world’s demand for electricity 18 times over, the International Energy Agency (IEA) concluded in an analysis released last week.

India Plans 55 Gigawatts of New Solar, Wind Development Along Border with Pakistan

India is planning 55 gigawatts of new solar and wind development along its often contentious border with Pakistan, according to a dispatch last week by Agence France-Presse.

Election Post-Mortems Point to Conservatives’ Climate Problem, Urge Massive Federal Investment in Carbon Reductions

In the wake of last week’s federal election results, two different clean transition organizations are pointing to the climate policy problem now facing Conservative politicians in Canada, and the opportunity for governments to invest in the shift off carbon.

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Fossils Lobby for Subsidies as Decommissioning Orphan Wells Becomes Oilpatch’s Only Growth Industry

With more oil and gas wells abandoned than drilled in Alberta this year, decommissioning dead rigs is the only business showing any kind of growth in Western Canada’s struggling oilpatch.

Massachusetts Sues Exxon for Allegedly Defrauding Consumers, Investors on Climate Risks

Massachusetts has filed a lawsuit against ExxonMobil, in what Climate Liability News says is the first case to accuse the colossal fossil of fraud against both consumers and investors over climate risks.

Dauncey Analysis Highlights Strengths, Gaps in 10 Green New Deal Plans

Greater community engagement, the imperative for national carbon budgets, and the need to recognize and harness the power of central and public banks are takeaways identified by British Columbia sustainability specialist Guy Dauncey in a recent analysis of 10 Green New Deals published in the United States, the United Kingdom, the European Union, and Canada.

Vermont’s Green Mountain Power Announces Fossil Divestment

Texas LNG Project Gets Investor from UAE

Bottled Water Billionaires Donate $750 Million to Caltech Climate Research

Climate Community Declares the Win as Polling Shows Climate Concern Driving Vote

The Canadian climate community is taking a victory lap and getting ready for the hard work ahead, after this week’s federal election largely delivered on the hope that the climate crisis would emerge as a key issue setting the composition of the country’s new government.

10-Year Increase in Fort McMurray Food Bank Visits Hits 300%

Visits to the Wood Buffalo Food Bank in Fort McMurray are up 300% from 10 years ago, as the area’s fossil fuel workers and their families suffer the bitter consequences of trusting in the boom-and-bust economics of international oil and gas production.

Toronto’s $1.25-Billion Waterfront Project Gains Urgency Due to Climate Change

Commonwealth Aims to Influence Banks on Climate Crisis

UK Labour Pitches £83 Billion in State Wind Farms

With Climate on the Agenda, Advocates Call for Legislated Targets, Fossil Industry Phasedown

As election results rolled in last night in downtown Ottawa, climate hawks assessed the results of the first campaign in Canadian history where climate change was at the top of the political agenda. Now, they say the next step is to hold a reconfigured parliament accountable for the domestic action and international commitments that will make the country a world leader in responding to the climate crisis.

Months of Open Advocacy, Direct Intervention Bring Fossils the Election Outcome They Feared

After months of open advocacy, thousands if not millions of dollars in campaign spending, and direct collaboration with the federal Conservative Party that prompted a complaint to Elections Canada, the fossil industry is confronting the election outcome it feared most: a Liberal minority government.

Alberta Pundits Pitch Separation While Foundation Director Calls for Unity

As the rhetoric began to fly in the dying days of #elxn43, with some voices hinting at a new push toward western Canadian separation, one of Canada’s leading environmental thinkers warned that “Albertans can kiss their economic future goodbye” if extreme oil development became national policy.

Canada’s Climate Change Election Failed to Tackle Fossil Industry Dominance, Energy System Transformation

While Canada has just concluded the first election in its history that focused in large part on climate change, the campaign still failed to produce a conversation about a future free of fossil fuels, reflecting the extent to which “oil is part and parcel of our political, economic, and cultural framework,” Corporate Mapping Project researcher Angela Carter told National Observer in a recent interview.

Alberta Looks to Renewables Boom as Corporate Procurement Gains Momentum

Canadian corporations are just beginning to catch on to a wider global trend and speed up their renewable energy purchases, and Alberta has the right mix of solar and wind resources and skilled work force to meet its share of the demand, CBC reports.

Canadian Fossils Stall Out in Bid to ‘Scrub’ the Record on Carbon Emissions

However hard they may be trying, Canada’s tar sands/oil sands aren’t moving far enough, fast enough to reduce their greenhouse gas emissions, Maclean’s magazine writes, in a painstaking analysis that separates the industry’s genuine efforts to reduce its carbon emissions and carbon intensity from its spin about delivering a low-carbon energy source.

Fitch Research Sees Massive New Solar Potential in Midwestern U.S.

Market analysts at Fitch Solutions Macro Research are looking to the Midwestern United States to supply a large share of the 100 gigawatts of new solar capacity it sees the country adding over the next decade.

Solar, Wind May Power $4-Billion Petrochemical Complex in India

Transmission Pricing Problems Put Australian Wind, Solar Projects at Risk

Investors Still Flock to Beach Hotels Wiped Out by Hurricanes

Alberta Loses 7,000 Fossil Jobs in Nine Months, En Route to 12,500 for 2019

The first nine months of 2019 saw 7,000 fewer workers on Alberta’s oil and gas drilling rigs thanks to low commodity prices, full pipelines, and investors increasingly skittish to bankroll further expansion of the infrastructure necessary to get fossil fuels to market.

Indigenous Wind Farm Finishes Construction in Ontario as Buffett Invests in New Alberta Project

Two new wind farm developments are making headlines this week, with the Henvey Inlet First Nation announcing completion of the country’s biggest wind installation on Indigenous land and a company linked to U.S. mega-investor Warren Buffett putting C$200 million into a 117.6-megawatt project in Alberta.

Renewables Poised to Overtake Fossils Decades Faster Than Forecast

The world’s renewable energy industries may be poised to overtake fossil fuels decades faster than forecast, as production prices plummet and renewables’ investment returns begin to dramatically outpace oil and gas.

New Lawsuit Accuses Exxon of Masking Tens of Billions in Climate-Related Costs

Colossal fossil ExxonMobil will stand accused of misleading investors by masking tens of billions of dollars in climate-related costs when proceedings get under way next week in a civil case brought by New York State attorney general Letitia James.

SaskPower Restores Solar Net Metering Program, Cuts Repayments in Half

Pacific Islands Say $500 Million Would Bring Shipping to Zero Carbon

‘Game-Changing’ Analysis: Unsubsidized Renewables, Efficiency Cost Less than New Alberta Gas Plants

Solar, wind, battery storage, energy efficiency, and demand flexibility can reliably replace coal in Alberta at less cost than new gas plants, according to “game-changing” new analysis released last week by the Calgary-based Pembina Institute.

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Job Transition for Coal Workers Faces Uncertainty as Alberta Government Prepares First Budget

The 70 unionized workers and dozen administrative staff who are about to lose their jobs at Alberta’s Highvale coal mine face “a lot of uncertainty” as the province’s latest budget approaches, with a change in government throwing their job transition plans into doubt.

Shell Has ‘No Choice’ About Investing in New Fossil Projects, CEO Claims

Colossal fossil Royal Dutch Shell has “no choice” but to invest in new, long-lasting fossil projects, a defiant CEO Ben van Beurden told Reuters this week, in an interview in which he decried the “demonization” of oil and gas and “unjustified” worries that the company’s business model is unsustainable.

Set Climate Risk Reporting Rules Or Have Them Imposed, Carney Warns Major Companies

Major corporations have received a two-year ultimatum from Bank of England Governor Mark Carney to devise their own approach to reporting the climate risks they face, or have global regulators develop a set of rules and make them mandatory.

Google Claims Climate Leadership While Funding U.S. Climate Denial Groups

While consistently claiming to support political action to get global warming under control, Google has made “substantial” donations to “some of the most notorious climate deniers in Washington,” The Guardian reports, as part of its multi-story exposé last week on the forces driving the climate crisis.

Flamanville Nuclear Costs Hit Four Times Original Estimate

Debt Forgiveness Would Pull U.S. Energy Co-ops Away from Coal

Colossal Fossils Plot 35% Oil Production Increase Through 2030

With climate scientists, the United Nations, and millions of #ClimateStrike protesters around the world demanding faster, deeper carbon cuts, the world’s colossal fossils are poised to increase their oil production by seven million barrels per day over the next 12 years, in a strategy to generate one last, big surge of profits and emissions before demand for their product collapses.

U.S. Renewables+Storage to Wipe Out Coal in 10 Years, Mega-Utility CEO Tells Analysts

Unsubsidized renewable energy and battery storage are so much less expensive than conventional electricity generation that they will likely replace all coal generation in the United States within a decade, the head of the country’s biggest power utility told a conference last week.

Big Investment Funds BlackRock, Vanguard Resist Shareholder Resolutions for Climate Action

Two of the biggest investment funds in the United States, BlackRock Inc. and Vanguard Group, are consistently voting against shareholder resolutions calling for faster, more effective action to address the climate crisis.

New Vancouver Venture Capital Fund Raises $145 Million for Environmental Technology, Sustainable Products

A Vancouver venture capital firm, Renewal Funds, has raised nearly C$145 million to invest in environmental technology and sustainable consumer products.

Climate Disasters Cost U.S. Health Care $10 Billion in 2012: NRDC

Business Coalition Urges All Federal Parties to ‘Renew Canada’s Climate Leadership’

A group of nearly four dozen Canadian business leaders has sent the parties running in the federal election an eight-point plan that calls on them to “renew Canada’s climate leadership” if they are a part of the country’s next government.

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

Norway’s Biggest Pension Fund Dumps All Tar Sands/Oil Sands Investment

Norway’s biggest pension fund, Kommunal Landspensjonskasse (KLP), has sold off US$58 million in stocks and bonds in Canadian tar sands/oil sands companies and declared it won’t back companies that draw more than 5% of their revenue from bitumen production.

Abu Dhabi Wealth Fund Considers Investing in Coastal GasLink Pipeline

The hotly-contested Coastal GasLink pipeline in British Columbia may be in line for investment dollars from a multi-billion-dollar sovereign wealth fund in Abu Dhabi, United Arab Emirates.

New York Grid Looks to Carbon Pricing to Support Zero-Emission Target

The New York Independent System Operator (NYISO) is looking to carbon pricing as an option to reduce the otherwise “astounding” cost of bringing the state’s electricity system to zero emissions by 2040, though it says it won’t take action without a go-ahead from Governor Andrew Cuomo and state stakeholders.

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

Colorado Utility Inks Landmark Deal to Shift Major Steel Plant from Coal to Solar

U.S. utility Xcel Energy has announced a landmark, US$250-million deal to replace coal-fired electricity with a 240-megawatt solar power plant to power a steel mill in Colorado.

How the ‘Lionesses’ of Global Climate Diplomacy Brought Net Zero Targets to Life

Six years ago, a group of about 30 “lionesses” of international climate diplomacy gathered at a country estate in the borders region of Scotland to lay the groundwork for the 2015 Paris Agreement.

Oil Glut, Low Prices Drive OPEC Toward Collapse

Canada Risks Missing the Cleantech Revolution as Politicians, Fossils Haggle Over Climate Policy

While Canadian politicians and fossil executives haggle over national climate and energy policy, a global wave of technological disruption is emerging as a “real threat to Canadian economic health,” analysts Tom Rand and Mike Andrade argue in the Globe and Mail.

U.S. Utility Aims to Save $600 Million Over 20 Years by Replacing Coal with Cheaper Renewables

Big U.S. utility PacifiCorp is laying out a strategy that relies heavily on solar, energy storage, and wind and speeds up the phaseout of its economically fragile coal plants in a new integrated resource plan (IRP) covering investments through 2038.

U.S. Coal Giant Murray Energy Slides Closer to Default

The U.S. coal baron and avid Donald Trump donor who begged his influential friend for an industry bailout, after suing TV comedian John Oliver for calling him a “geriatric Dr. Evil”, has been given until October 14 to cover his company’s outstanding debt to its creditors.

Climate Hawks See No Gain in German Utility RWE’s Plan for 2040 Coal Phaseout

German coal and power plant giant RWE, Europe’s biggest emitter of carbon dioxide, is promising to make its operations carbon neutral by 2040, prompting climate organizations to accuse the company of spinning an inevitable business transition as climate protection.

https://commons.wikimedia.org/wiki/File:Microsoft_CES_2009.jpg

Tech Companies Decarbonize Their Operations, But Still Sign Lucrative Deals with Big Oil

Big tech companies like Google, Amazon, and Microsoft may be taking promising steps to cut their own greenhouse gas emissions. But they’re a lot farther from severing ties with the fossil companies that take advantage of their products and services, The Associated Press reports.

UK Offshore Wind Sets New Record at 4.88¢/kWh

Toronto Unanimously Adopts Climate Emergency Resolution, Still Rebuilds Major Highway

The City of Toronto unanimously adopted a climate emergency resolution Wednesday morning and reaffirmed its plan to bring its greenhouse gas emissions to net zero before 2050.

Suzuki and Yano: Climate Action Must Counter ‘Unequal Privilege’, Rebuild Democratic Systems

At a time when 70 to 75% of Canadians are largely disengaged from a political arena often dominated by “unproductive partisan pot shots and misplaced accountability,” getting serious about climate solutions is one way for politicians to earn trust, two of the country’s leading environmentalists argue in a post for the David Suzuki Foundation (DSF).

BP CEO Dudley Plans to Step Down

TC Energy Purchase Drives 75-MW Solar Farm in Alberta

Beer: Emissions Are Set to Rise Through 2050. And Fossils Think Climate Protesters Are the Naïve Ones?

With the latest trend report for fossil fuel consumption projecting higher carbon dioxide emissions through 2050, Canadian fossils are expressing the odd view that the million or more people who took to the streets for #ClimateStrike Friday are naïve to expect a rapid phasedown of fossil production.

Trudeau Promises to Plant Two Billion Trees Over 10 Years, with Funding ‘Offset’ by Trans Mountain Pipeline Revenue

Liberal leader Justin Trudeau promised last week that a second-term government under his leadership would invest C$3 billion over 10 years to plant two billion trees across the country. But a Liberal Party backgrounder says the cost of the program would be “offset” by revenue from the controversial and financially fragile Trans Mountain pipeline expansion.

Election Roundup: Parties’ Promises, Fossils Collect Campaign Data, and Climate Protesters Tread Carefully

Week three of Canada’s federal election saw a flurry of climate, energy, and environment promises from the four national party leaders, coinciding with a major United Nations climate summit in New York, dozens of successful #ClimateStrike marches across the country, and the latest IPCC report laying out the devastating impacts the climate crisis is wreaking on the world’s oceans and ice cover.

All Eyes on 2020 After UN Climate (Action) Summit Fails to Deliver

The tepid results of last week’s United Nations Climate Summit pointed to the need for political will to match the urgency of the climate crisis, the opportunities in climate solutions, and rising public demand that governments take action, E3G co-founder and CEO Nick Mabey writes for Climate Home News.

Include CO2 Impacts with Stock Reports, B.C. Environmental Educator Urges

News media should begin reporting companies’ greenhouse gas emissions alongside their stock market results to help people understand the connection between economic activity and environmental impacts, a Royal Roads University professor told CBC last week.

Teck, Suncor, CNRL Take Top Spots in Annual Ranking of Mining Company Revenues

Mining and tar sands/oil sands producers Teck Resources, Suncor Energy, and Canadian Natural Resources Ltd. took three of the four top spots in an annual listing of Canadian mining companies by gross revenues, raking in a combined C$36.1 billion in 2018—a year when fossils complained bitterly about how hard they were finding it to operate in Canada.

California Governor Directs $700-Billion Pension Funds Toward Climate Targets

World Bank Says Pricing Pollution Won’t Kill Economic Growth

Renewables Purchase Offsets Emissions at Three U.S. Honda Factories

UN Climate Summit Falls Short as Major Emitters Fail to Commit

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.

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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.