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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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.

Montreal Mayor Promises New Climate Action But Critics Call for More

Montreal’s city administration is vowing to get tougher on fossil-fueled heating and fossil company divestment, but its climate plan has already led to the defection of one borough mayor who plans to advocate for faster, deeper carbon cuts as a private citizen.

Vietnam Aims to Boost Non-Hydro Renewables, Avert Climate Impacts That Would ‘Destroy 30 Million Livelihoods’

With hydroelectric resources maxed out and coal reserves in decline, Vietnam is seeking to mobilize its significant wind and solar potential—and the requisite investment of roughly US$8 billion.

Inslee Calls for $9-Trillion Green Jobs Investment, Transition for Fossil Workers

Provinces Ask Ottawa for $138 Million to Buy Out Flooded Properties

Blockbuster Report Shows Plastics Producing 850 Million Tonnes of Emissions This Year

Producing and incinerating plastic will emit more than 850 million tonnes of greenhouse gases this year, the equivalent of 189 new 500-megawatt coal plants, according to a blockbuster report released this week by the U.S. Center for International Environmental Law and five other organizations.

Bank of Canada Review Declares Climate Risk to Financial System, Wider Economy

The Bank of Canada cites climate change as a risk “to both the economy and the financial system” in its 2019 Financial System Review (FSR), the first in the annual series to examine the climate crisis as a threat to the country’s financial stability.

Albertans Anxious About Future of Solar, Energy Efficiency Rebates

Alberta Premier Jason Kenney’s plan to cancel his province’s carbon tax has produced anxiety about the future of the solar and energy efficiency rebates introduced by the previous Rachel Notley government.

Low-Carbon Investment Must Grow 250% by 2030 to Hit Paris Targets: IEA

Low-carbon energy investment must increase 250% by 2030 if countries are to meet their targets under the 2015 Paris Agreement, the International Energy Agency warned this week.

European Development Bank Commits $100 Million to Turkish Solar

Nelson Mandela’s ANC Wants to Force Banks to Invest in Coal

Daimler Promises Carbon-Neutral Fleet by 2039, But Analysts Query the Details

German automotive giant Daimler AG has announced plans to phase out “traditional combustion” cars and shift its global sales to a completely carbon-neutral fleet by 2039, prompting one U.S. analyst to acknowledge the company’s “aggressive timeline” but still contrast it with the 2030 carbon phasedown target in last year’s IPCC report on 1.5°C pathways.

China, Japan, South Korea Fund Coal Plants Elsewhere, But Not in Their Own Back Yards

China, Japan, and South Korea are financing dozens of new coal plants in the developing countries of southeast Asia and Africa, while more than 100 of the region’s financial institutions back away from supporting similar projects on their home turf.

Edmonton Prepares Backup Plan if UCP Cuts Energy Efficiency Funds

Report Lays Out $68-Billion Opportunity for U.S. Offshore Wind Suppliers

A flurry of state-level commitments to offshore wind in the United States adds up to US$68.2-billion in contracts to build 18.6 gigawatts of new capacity through 2030—but only if investors can see the opportunities shaping up, according to a University of Delaware report last month that aimed to provide a “first-of-its-kind singularity” into the supply chains that will drive the industry.

U.S. Solar Celebrates Two Millionth Installation, Predicts Market Dominance in 2020s

U.S. solar is laying claim to having “reshaped the energy conversation” and aiming to “dominate in the 2020s”, after the latest data from the Solar Energy Industries Association (SEIA) and Wood Mackenzie Power & Renewables showed the industry exceeding two million installations earlier in 2019, a year later than analysts originally predicted.

Tasmania Closes In on 100% RE as Australian Renewables Undercut Coal, Gas on Price

The state of Tasmania is on track to become the first in Australia to be powered 100% by renewable energy, just as an analyst at Bloomberg New Energy Finance (BNEF) declares new wind and solar with battery storage less expensive than coal- and gas-fired generating stations.

September Climate Summit Prompts Goal-Setting on Climate Mitigation, Adaptation, Finance

United Nations agencies and various international coalitions are beginning to gear up for the Climate Action Summit that UN Secretary General Antonio Guterres is set to convene in New York City September 23, with the heads of 37 UN agencies issuing a joint appeal for an “ambitious” climate response and nine track coalitions unveiling their work plans to deliver on that call.

Green Leasing, PACE Financing Transform 1960s Commercial Building in Cleveland

A non-descript office building in Cleveland is about to complete a big leap in operating efficiency, becoming the community’s first to finance a major energy retrofit through Commercial Property-Assessed Clean Energy (C-PACE).

Third-Largest U.S. Coal Miner Files for Bankruptcy

The United States’ third-biggest remaining coal miner by volume, Gillette, Wyoming-based Cloud Peak Energy, has filed for bankruptcy.

U.S. Regulator Declares ‘Micromanagement’ After Exxon Shareholders Demand Climate Action

2018 was U.S. Fossils’ Most Profitable Year Since 2013, EIA Reports

Osaka Gas Pullout Threatens $1.2-Billion Japanese Coal Project

IEA Flags ‘Deeply Worrying’ Stagnation in Renewable Energy Growth

The International Energy Agency is raising the alarm over 2018 statistics that show annual growth in renewable energy deployments stagnating for the first time since the turn of the century.

Bosch Plans Major Offsets Purchase to Achieve Carbon-Neutral Operations by 2020

The world’s largest automotive supplier, Germany’s Bosch, has declared its intention to be carbon neutral by 2020, thanks to increased energy efficiency, more green power, and substantial offsets.

Exxon Pitches $100 Million Over 10 Years for Biofuels, CCS Research

Eight Countries Urge EU to Spend 25% of Budget on Climate Change

Butts Resurfaces as Consultant on Global Climate Risk

Deadbeat Fossils Withhold Taxes, Lease Payments from Alberta Municipalities and Landowners

Rural municipalities in Alberta are out more than C$81 million in tax revenue from oil and gas companies, and deadbeat fossils are also asking landowners, mostly farmers, to let them skimp on lease payments on the properties their oil and gas rigs occupy, according to a follow-up news report on Trident Exploration’s decision last week to shut down operations and abandon 4,700 gas wells.

Percent of Actuaries Citing Climate as Top Insurance Risk Grows 200% in One Year

The percentage of actuaries who view climate change as the top insurance risk, ahead of cyberthreats, terrorist attacks, and financial meltdowns, has rocketed upwards more than 200% in the last year, a recent industry survey concludes.

U.S. Solar Tax Credit Extension Would Help Communities Facing Coal Phaseout

There’s an unexpected good reason for the U.S. government to extend its solar energy tax credit through 2024, according to a new briefing note by the Institute for Energy Economics and Financial Analysis: It’s an essential support for coal communities making the transition to cleaner, less expensive, low-carbon energy.

https://www.flickr.com/photos/asiandevelopmentbank/22186030516

Mini-Grids+Solar Promise Reliable Power, Community Income for World’s Poorest Countries

With mini-grid technology that allows peer-to-peer solar energy trading well in hand, the next step for poor countries like Bangladesh is to allow individual solar home systems (SHS) to connect to the public grid, a move that would boost energy equity and overall grid stability while enabling joint public-private energy planning, inclusive business consultancy Enleva states in a recent blog post.

Two Profs Quit McGill University Board to Protest ‘End-Run’ Around Fossil Divestment Resolution

Two professors have resigned from the McGill University Board of Governors, in anticipation that the institution will reject its own Senate’s resolution to divest its holdings in fossil fuels.

Coastal Wetland Protection Would Save 3.3 Gigatons of Carbon by 2050

Protection of Coastal Wetlands ranks #52 on Drawdown’s list of climate solutions. The strategy could reduce atmospheric carbon dioxide by 3.3 gigatons by 2050, as long as 75 million acres of these vital ecosystems (out of a total of 121 million world-wide) can be secured within the next 30 years.

Renewables Investors Breathe Easier After Spanish Election Result

Buffett-Owned Utility Proposes to Replace Coal with Renewables+Storage

Bankrupt Alberta Fossil Abandons 4,700 Wells, $329 Million in Clean-Up Costs

A bankrupt Canadian fossil is walking away from 4,700 abandoned natural gas wells and an estimated C$329 million in clean-up costs, according to a report last week by the industry-funded Alberta Energy Regulator (AER).

National Bank Looks Outside Canada for Renewable Energy Investments

Canada’s sixth-biggest bank has to look abroad for projects to meet its renewable energy investment targets, its CEO revealed during the company’s annual shareholders’ meeting late last month.

Canada Falls Behind on Climate Risk Reporting, Sustainable Finance

With Canada’s Expert Panel on Sustainable Finance due to report this spring, and a recent national climate assessment showing the country warming at twice the global rate, two community investment strategists say it’s time to catch up with other jurisdictions in requiring companies to disclose their climate-related investment risk.

The ‘What Were They Thinking’ Moment: How Was St-Marthe Built on a Lake Bed?

In the aftermath of last month’s catastrophic flooding in Sainte-Marthe-sur-le Lac, on the shore of Lake of Two Mountains outside Montreal, some local planners are having a ‘what were they thinking’ moment: How is it that much of the town, which more than doubled in population between 1995 and 2016, was built on a lake bed?

Beyond Meat Value More Than Doubles in First Day on Stock Market

Germany’s RWE, France’s ENGIE Pivot from Coal to Renewables and Gas

Two big European utilities, RWE in Germany and ENGIE in France, are both stepping away from coal-fired electricity production in favour of renewables and natural gas.

U.S. Supreme Court Backs Fight for Reparations Against Indian Coal Plant’s Funder

In a precedent-setting case that corporate polluters will be watching closely, fishers in India’s westernmost state of Gujarat have taken their plea for reparations against the financier of a massive coal plant to the U.S. Supreme Court—which recently ruled in their favour.

Cenovus Shareholders Reject Move to Align Emissions with Paris Targets

Shareholders at Cenovus Energy’s annual meeting in Calgary last week roundly defeated a shareholder resolution that would have required the Alberta tar sands/oil sands producer to align its greenhouse gas emission targets with the Paris Agreement.

PBO Places Canada’s Carbon Price Revenue at $2.6 Billion

Hannover RE Sets Tougher Limits on Coal Reinsurance

Enerkem Raises $76.3 M in New Financing, Draws Suncor as New Investor

Second Singapore Bank Steps Away from New Coal Lending

Thunberg Addresses UK Parliament as Extinction Rebellion Caps Nine Days of Street Protests

#FridaysforFuture leader Greta Thunberg addressed the UK parliament last week, attended a roundtable with national party leaders that included an empty seat for absent Prime Minister Theresa May, and backed a general strike as the next step in mobilizing public response to the “existential crisis” of climate change.

Trudeau Warns of More Climate-Driven Floods, as Researcher Suggests Rethinking Quebec’s Relationship with Water

In the wake of massive spring flooding in Quebec, New Brunswick, and parts of Ontario, Prime Minister Justin Trudeau is warning of more of the same in an era of climate disruption, while a researcher in Quebec says it’s time for the province to rethink its relationship with water.

Péloffy: ‘Epic Clash of World Views’ Pits Public Mobilization Against Fossil Lobby

Quebec’s “climate spring” is a cascading grassroot trend that the province’s “powers that be” ignore at their peril, argues Karine Péloffy, legal counsel for the Centre québécois du droit de l’environnement (CQDE), in a recent post for iPolitics.

Nevada, Washington State Declare 100% Clean Energy Targets

Nevada and Washington State have been the latest in a string of U.S. jurisdictions to adopt rapid steps to replace fossil fuels with renewable energy.

China Relaxes Limits on New Coal Plants, But Analysts See Renewables Boom Continuing

The last few days have seen conflicting analysis of China’s recent decision to allow new coal plant construction in 11 of its provinces, with an initial report on Bloomberg asserting that the country is “far from finished with the most-polluting fossil fuel”, but a follow-up suggesting relatively few developers will take the national government up on its offer.

Out-of-State Interests Fund Pro-Coal Campaign in Indiana

Gyms, Pools, Amenities Drive Up Energy Use in New Condo Buildings

News Analyst Hopes for ‘Less Bellicose’ Kenney as Climate Groups Prepare for the Worst [GoFundMe Campaign]

News commentary in the wake of the United Conservative Party’s decisive election win in Alberta last week is skewing in two equal and opposite directions, with some stories pointing toward a more moderate, somewhat middle ground for UCP leader Jason Kenney, while the climate groups he spent much of the campaign vilifying prepare for the worst.

Central Bank Execs Stress Financial Sector’s Role in Addressing Climate Change

It’s time for central banks and the wider financial community to set clear, measurable goals for building a smooth transition to a low-carbon economy, 34 of the world’s biggest central banks declared last week, in the first comprehensive report by the Network for Greening the Financial System (NGFS).

India Can Save by Shifting Kerosene Subsidies to Solar

SE Asia’s Second-Biggest Lender Says No to Future Coal Projects

Malaysian Fossil Petronas Jumps Into Solar PV Market

Delay in Federal Subsidy Creates Lull in Canadian EV Sales

Auto Insurers Can Help Community Solar Spot EV Users

Cities Scramble to Keep in Touch as Rockefeller Shutters 100 Resilient Cities Network

The Rockefeller Foundation is shutting down its 100 Resilient Cities network, a major initiative that has helped communities around the world prepare for the impacts of climate change and respond to local challenges as diverse as transportation, poor sanitation, flooding, fire control, and cholera outbreaks.

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

Commercial Buildings Drive 75% Growth in Property Assessed Clean Energy Financing

American commercial builders and retrofitters determined to deliver a lower-carbon product are signing up in droves for long-term financing using the Property Assessed Clean Energy (PACE) mechanism and hammering home cumulative savings of 6.3 billion kWh, the amount of electricity used annually by around 25,000 commercial office buildings.

Fossils ‘Surprised and Disappointed’ as Norway Turns Against Lofoten Islands Oil Drilling

Norwegian fossils declared themselves “surprised and disappointed” last week after the opposition Labour Party, the biggest voting bloc in the national parliament, withdrew its support for offshore oil and gas exploration in the environmentally sensitive Lofoten Islands.

Climate-Vulnerable Countries Plan New Tools to Fund Green Development

With at least a billion people in developing countries facing serious risk as the climate warms, the 48 members of the Vulnerable Twenty Group of Ministers of Finance (V20) is introducing a new set of tools to free up more funds at less cost for green development.

Investment Houses See Climate Targets Undercutting Fossils, Warming Above 2.0°C Boosting Financial Risk

Continued fossil industry development came under increased pressure from investors over the last week, with a major fund manager concluding that climate targets could undercut global oil demand by the mid-2020s and one of the world’s biggest investment advisors warning of trouble ahead if global climate goals are missed.

Analysis: Alberta Misses Out on Grown-Up Conversation About Fossil Transition

With Albertans voting tomorrow in the province’s 30th general election, most of the punditry and virtually every opinion poll reinforce the popular wisdom that rage at a failing fossil economy has made Jason Kenney’s United Conservative Party pretty much bulletproof and headed for a massive electoral win.

Ontario Cuts Energy Efficiency, Talks Generalities on Climate in ‘Most Anti-Environment Budget Since Walkerton’

The Doug Ford government in Ontario released a budget last week that allocates job creation incentive funds for clean energy investments but cuts program funding for electricity conservation, even though the province could face electricity shortages as early as 2023.

Apple Pushes Suppliers to Adopt 100% RE Targets

Tech giant Apple has nearly doubled the number of suppliers it has convinced to adopt 100% renewable energy targets, bringing the total to date to 44, the company announced in a release last week.

Bloomberg Columnist Echoes Calls for 1.5°C Scenarios from IEA

A Bloomberg News opinion columnist is turning to Google Maps as an analogy for an annual energy futures roadmap from the International Energy Agency (IEA) that has policy-makers presuming continuing high demand for fossil fuels, rather than giving serious consideration to off-fossil strategies that will help get climate change under control.

Bankrupt PG&E Tries to Duck $42 Billion in Power Purchase Contracts

Colossal Fossils Push Back Against Shareholder Climate Action

EPA Scientists Calculate Costs of Climate Change Through 2100

New Coal Plants in India Collapse from 20 GW in 2015 to 1.2 Last Year

Chevron Becomes Third-Biggest Fossil with $33-Billion Acquisition

‘Built on Quicksand, Clear as Mud’: Trans Mountain Costs Are Impossible to Track, IEEFA Warns

The financial arrangements behind Canadian taxpayers’ involuntary acquisition of the controversial Trans Mountain Pipeline are “built on quicksand and clear as mud”, the Institute for Energy Economics and Financial Analysis reports this week, in an assessment that urges the Trudeau government to be more transparent about what the project is costing now and how it’ll be paid for in the future.

Energy Storage to Become ‘Key Grid Asset’ with 13-Fold Growth Through 2024

The capacity of energy storage systems around the world is set to increase thirteenfold over six years, from 12 gigawatt-hours of installed capacity in 2018 to an astonishing 158 GWh in 2024, according to a new market assessment by Wood Mackenzie Power & Renewables.

Global Wind Capacity Set to Surge 50% in Five Years As GE Installs 12-Megawatt Test Turbine

Falling technology costs and expanding markets will send global wind capacity soaring by 50% over the next five years, according to an annual report by the Global Wind Energy Council (GWEC).

Canada Takes Aim at Range Anxiety with Expanded EV Charging Network

Alert to the allure of the long-distance road trip—and corresponding anxieties around electric vehicle range—Canadian governments, utilities, and automakers are working to support potential EV buyers by installing more public fast-charger stations along busy big-city connectors and more lightly-travelled routes in northern Ontario and on the Prairies.

$21 Billion in Fossil Investment ‘Completely Undermines’ World Bank Support for Paris Goals

The World Bank is contributing US$21 billion to finance fossil fuel projects, compared to only $7 billion for renewable energy, notwithstanding then-president Jim Yong Kim 2015 promise that the institution would “do its utmost” to support the goals of the Paris Agreement, German NGO Urgewald reports in a scathing study released yesterday in Washington.

15 Groups Receive Federal Dollars to Form Pan-Canadian Expert Collaboration

A new Pan-Canadian Expert Collaboration on climate change will receive up to C$20 million over five years to “generate, communicate, and mobilize trusted information, policy advice, and best practices for Canadians, governments, and stakeholders,” Environment and Climate Change Canada announced this week.

EU Excludes Nuclear from Green Investment Label

Investors Back High-Efficiency Perovskite Solar Start-Up

Renewables Make Decarbonization $15 Trillion Cheaper, Promise $160 Trillion in Savings by 2050

The plummeting cost of solar and wind farms, coupled with government policies driving faster electrification, has cut the cost of reaching global climate goals by US$15 trillion in the last year, concludes a report issued this week by the International Renewable Energy Agency (IRENA).

20 Elected First Nations Councils Seek Stake in Coastal GasLink Pipeline

A group of 20 elected First Nations councils was expected to present a bid this week for a 22.5% share in TransCanada Corporation’s contentious Coastal GasLink pipeline, which would connect fracked gas fields in Dawson Creek, British Columbia to the massive LNG Canada export terminal in Kitimat.

Bank of America Announces $300 Billion for Low-Carbon Business, But Still Hasn’t Dropped Fossil Investments

Bank of America has announced plans to invest an additional US$300 billion in low-carbon and sustainable business activities by 2030, increasing its total funding to $445 billion since 2007.

Midwestern Floods Cut Ethanol Supplies, Drive Up Gas Prices

U.S. Senators Push for ‘Highest Possible’ Funding for CCS

Norway Shifts Sovereign Wealth Fund from Coal to Renewables

Norway’s Conservative-led government is expanding its ban on coal investments from its massive US$1-trillion sovereign wealth fund and doubling the dollars it directs to “unlisted” renewable energy projects to $14 billion, following a three-year review that it stressed was driven primarily by business considerations, not a focus on climate protection.

Chevron Asks to Double Proposed LNG Project as B.C. Completes ‘Fiscal Framework’ for LNG Canada

Chevron Canada has asked the National Energy Board to nearly double the size of its proposed Kitimat LNG facility, seeking a 40-year licence to export up to 28.23 billion cubic metres of natural gas per year, just days before B.C. Premier John Horgan affirmed that the fiscal framework for another LNG megaproject has fallen into place.

New Brunswick Touts Small Nuclear Reactor Potential, Though Decisions Are Years Away

Although any decision is years down the road, New Brunswick is considering building a second nuclear reactor at its Point Lepreau power station and turning it into a manufacturing hub for a new generation of small modular reactors.

U.S. House May Consider 30% Tax Credit for Energy Storage

U.S. politicians are making another attempt to introduce a tax credit for investments in batteries and other energy storage systems, and may extend the life of existing solar and wind credits, thanks in part to new momentum created by the Green New Deal resolution introduced earlier this year by Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ed Markey (D-MA).

U.S. Heartland Faces $12.5 Billion in Flood Damage, Economic Losses

Shell Urges CAPP to Support Carbon Tax

Investors Back Out of Australian Solar Tower Project

Global Coal Plant Construction ‘Collapses’, But China Considers Massive New Buildout

The introduction of new coal-fired power plants around the world has entered a “collapse” over the last three years, although the China Electricity Council is considering a proposal for a massive new buildout.

Business, Investment Leaders Demand IEA Scenarios that Drive Toward 1.5°C

It’s high time for the International Energy Agency to develop future scenarios that show a reasonable prospect of keeping average global warming to 1.5°C, while taking a precautionary approach to so-called negative emission technologies, a group of more than 40 business leaders, investors, and energy specialists asserts in a letter released this week by Oil Change International.

Silicon Valley Start-Up Brings Off-Grid Solar Lighting to 100 Million People

A pair of Silicon Valley entrepreneurs has raised just over US$100 million on a mission to make renewable electricity available to 2.3 billion people.

44-Megawatt Nanticoke Solar Farm Goes Online, Marking One-Year Anniversary of the Day the Coal Towers Fell

The solar farm on the former site of the Nanticoke coal-fired generation station has gone into service with precisely 192,431 solar panels across 460 acres sending 44 megawatts to the Ontario grid, marking the one-year anniversary of the demolition of the plant’s 650-foot smokestacks.

New York Backs Congestion Pricing

Nova Scotia LNG Developer Set to Sign Major Engineering Contract

Romania Looks to Hydro-Québec for New Investment

Sustainable Investments Grow 34% Over Two Years, with Climate as Prime Motivator

Sustainable investments around the world grew 34% over the last two years to US$30.7 trillion, with financial professionals pointing to climate change as a leading motivator for investors, according to the latest in a series of biennial analyses by the Global Sustainable Investment Alliance.

Canadian Organizer Calls for Bank Strike Against Fossil Fuel Investments

Scarcely two weeks after an international study placed five Canadian banks at the centre of financing fossil fuel development, in defiance of the targets in the Paris Agreement, Engagement Organizing author Matt Price says young people opening their first bank accounts might have the power to make them think twice.

Florida Utility to Replace Two Natural Gas Plants with World’s Biggest Battery

Florida Power & Light has announced plans to build the world’s biggest battery and charge it from an existing solar power plant to replace two of its existing natural gas generating stations, a deal it says will save its ratepayers US$100 million.

Idaho Signs Solar Contract at Record-Low 2.175¢/kWh, Sets 2045 Target for 100% Clean Power

A new, 120-megawatt solar farm in southern Idaho is on track to deliver electricity at prices started at 2.175 cents per kilowatt-hour, believed to be the lowest ever for a U.S. project.

Australia Yanks Support from UN’s Green Climate Fund as National Elections Loom

Australia will stop contributions to the United Nations’ major fund for battling climate change this year, according to government budget papers released on Tuesday.
With a federal election looming, the government followed up on Prime Minister Scott Morrison’s threat not to “tip money into that big climate fund”.

‘Surprised’ Bush-Era Official Says Trump’s Fuel Economy Rollback Costs Drivers Money

Egypt, Liberia Train More Women for Solar Jobs

African Development Bank Invests $20 Million in Congo Mini-Grids

738 Dead, 1.8 Million in Urgent Need, Cholera Cases Hit 271 as Cyclone Impacts Wrack Mozambique

Half a month after Cyclone Idai ripped through parts of Mozambique, Zimbabwe, and Malawi, destroying 90% of the port city of Beira, the numbers that trace the devastation are continuing to mount: At least 738 dead with many more missing, an estimated three million people affected and 1.8 million in urgent need, 136,000 displaced and 50,000 homes destroyed in Mozambique alone, and deadly disease spreading quickly to people with no choice but to drink contaminated water.

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

UBS Bans Project-Level Finance for New Coal Plants

Swiss banking giant UBS has adopted new lending guidelines that ban project-level finance for new coal-fired generating stations around the world.

Analysts Raise Eyebrows After Exxon ‘Re-Books’ 3.2 Billion Barrels of Tar Sands/Oil Sands Reserves

ExxonMobil is running into some second-guessing from analysts after bringing 3.2 billion barrels of tar sands/oil sands crude back into its active reserves.

‘Incremental’ Gains in Budget 2019 Fall Short of a Path to Climate Stabilization

Finance Minister Bill Morneau’s pre-election budget March 19 would have been “an historic milestone of massive proportions” had a government of any political stripe introduced it five, 10, or 20 years ago, but falls short of the climate challenges that every government today must confront, The Energy Mix publisher Mitchell Beer writes in a guest post for the Canadian Science Policy Centre.

U.S. Coal Exports Hit Five-Year High in 2018

Bank of Canada to Study Climate-Related Risk

Buyers in Asia Reject ‘Infected’ U.S. Shale Oil

Five Indigenous Groups Vie for Ownership of Trans Mountain Pipeline Expansion

Five groups of Indigenous communities are vying for ownership shares of the Trans Mountain pipeline expansion, with CBC reporting that one of the groups has been in meetings with Finance Minister Bill Morneau and the Globe and Mail describing a separate effort to buy a 51% stake in the project in a debt deal with major Canadian banks.

UK Fossils Should Pay £44 Billion Per Year in Climate Damages, Campaigners Calculate

The United Kingdom should apply the “polluters pay” principle by assessing the country’s coal, oil, and natural gas companies at least £44 billion per year for the climate damage their products cause, according to a new estimate by campaigners at Friends of the Earth UK.

Climate Disaster Losses Could Undermine Financial System Stability, U.S. Federal Bank Exec Warns

Economic losses from natural disasters and other climate impacts could produce enough risk to undermine the security of the financial system, according to a research letter released Monday by Glenn D. Rudebusch, a senior policy advisor and executive vice president with the Federal Reserve Bank of San Francisco.

B.C. Enables Billions in Tax Subsidies for LNG Development

British Columbia has introduced tax changes that confirm billions of dollars in fossil fuel subsidies for liquefied natural gas (LNG) development.

74% of U.S. Coal Plants Are ‘Walking Dead’ Thanks to Cheaper Renewables

New wind and solar projects can deliver cheaper electricity than 74% of the remaining coal plants in the United States, putting 211 gigawatts (that’s 211 billion watts) at risk from cleaner, less expensive competitors.

Shell Shifts 700,000 UK Homes to 100% Renewable Electricity

Royal Dutch Shell is switching more than 700,000 homes in the United Kingdom to 100% renewable electricity and rebranding its power and broadband provider First Utility to Shell Energy, just over a year after completing a deal to acquire the company.

BP Says It Has ‘Dramatically’ Cut Exploration, Will Leave Some Oil and Gas in the Ground

A senior official at colossal fossil BP says his company has “dramatically” reduced oil and gas exploration and might ultimately leave a sizeable share of its fossil resources in the ground, in a post originally published on Business Green.

Pine Ridge Reservation in Crisis, 13 Million People at Risk, as Experts Say Midwestern U.S. Flooding Could Continue for Months

The record-breaking floods that hit parts of the midwestern United States last week are shaping up as a long-term, slow-moving disaster, with residents of the Pine Ridge Indian Reservation stranded for nearly two weeks with limited food and water, at least 50 levees across the region breached or overtopped, experts predicting months of flooding, and nearly two-thirds of the lower 48 states facing elevated risk through May.

Rising Premiums Due to Severe Weather Could ‘Threaten Social Order’, Insurers Warn

The world’s biggest reinsurer, Munich Re, is warning that climate change may soon turn rising insurance costs into a pressing social issue, as more frequent, severe weather puts rates beyond the reach of most households.

Carbon Engineering Raises $68 Million for Commercial Direct Air Capture Plant

Squamish, B.C.-based Carbon Engineering has received billionaire backing from Silicon Valley investors, netting US$68 million to build its first commercial-scale Direct Air Capture (DAC) facility to pull carbon dioxide out of the atmosphere.

Miami Beach Fights Expensive, Losing Battle Against Rising Seas

Fossil Analysts Blame Global Transition, Not Federal Policies, for Canadian Industry’s Woes

A strange, new tone is emerging in the day-to-day news chatter about Canada’s oil and gas sector: after years of blaming regulatory rules and a lack of pipeline capacity for the industry’s financial woes, a couple of analysts close to the Alberta oilpatch are acknowledging some of the bigger issues at play.

Gas Industry Plans Multiple Projects to Boost Demand, Combat Record-Low Prices

Canadian natural gas producers are scrambling to avoid the price disadvantage hobbling the country’s tar sands/oil sands industry, working on “a flurry of export and chemicals projects to avoid the same fate,” Bloomberg reports, in a post republished by JWN Energy.

Advocates Declare ‘Historic Moment’ as Navajo Nation Abandons Bid for Arizona Coal Plant

The Navajo Nation in Arizona is walking away from nearly 50 years of economic dependence on coal after dropping its bid to take over the 2,250-MW Navajo Generating Station, one of the largest remaining coal plants in the southwestern United States, and the Kayenta mine operated by the now-bankrupt Peabody Energy.