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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Change Investments Now to Avoid ‘Handbrake Turns’ Later: Carbon Tracker

World Bank Support to Guyana Megaproject Undercuts Promise to Stop Funding Fossils

The World Bank is undercutting its own carbon reduction commitments and putting entire Caribbean ecosystems at risk by directing US$55 million to support fossil fuel extraction off the coast of Guyana, campaigners at Sassenberg, Germany-based Urgewald charged yesterday, after a Guyanese high court cleared the way for colossal fossils ExxonMobil, Hess, and CNOOC to continue drilling.

https://commons.wikimedia.org/wiki/File:Coal_hopper_with_barge_Rob_Loftis.jpeg

Restrictions on Japanese Coal Exports Neglect Deeper Problems at Home

Anxious to deflect surging international criticism for its continuing commitment to exporting coal power to developing countries, Japan is vowing to tighten its export policies to align them with the demands of the 2015 Paris Agreement. But details remain under wraps and environmentalists are unimpressed.

U.S. Solar Jobs Bounce Back Despite Trump Tariffs

Solar energy jobs in many parts of the United States have been bouncing back over the last year, with falling costs and a rush of new installations before federal tax credits expire offsetting the past impact of Donald Trump’s punishing tariffs on imported panels, according to new data from The Solar Foundation.

Mammoth U.S. Utility Increases Solar Share by 44%

Making good on its pledge to expand into clean energy while shrinking its reliance on coal, the Tennessee Valley Authority (TVA) is increasing its share of solar generation by a whopping 44% with new contracts announced earlier this month. 

£30-Billion UK Pension Fund Will Fire Managers Who Ignore Climate Emergency

Latest Fossil Bankruptcy Puts NWT Oil Well Cleanup at Risk

Climate Pressure Means ‘Dramatic’ Cost Rises for Cement-Makers

Petrosaurus Rex vs. Reality: Teck Mine Defeated by Low Price of Oil

Paleontology tells us the most fearsome Jurassic-era predators had no outer ears, and depended on a narrow range of sub-sonic vibrations to detect other earless, large, lumbering dinosaurs they could rip to shreds and render into raw-meat power lunches. They are now, of course, ancient history. In their place, evolution delivered far smaller, more agile mammals able to receive and process a wider range of warning signals. Enter Alberta Premier Jason Kenney, who might aptly be classified as Petrosaurus Rex. An analysis by Paul McKay

Windsor Aims for Deep Energy Retrofits in 80% of Homes by 2041

The City of Windsor is closer to adopting a deep retrofit program to slash energy use and greenhouse gas emissions in 80% of its housing stock by 2041, following a unanimous standing committee vote last week.

Teck Withdrawal a ‘Wake-Up Call’ for a ‘Version of Alberta that No Longer Exists’

Teck Resources’ blockbuster decision to walk away from its C$20.6-billion Frontier tar sands/oil sands mine was a “wake-up call” to abandon “a version of Alberta that no longer exists,” Calgary-based opinion writer and self-described “proud centrist” Max Fawcett writes in an opinion piece for CBC News.

U.S. Fossil Pulls the Plug on 124-Mile Constitution Gas Pipeline

Climate campaigners are chalking up another win in New York State this week, after Tulsa, Oklahoma-based fossil giant Williams Companies pulled the plug on its proposed 124-mile Constitution gas pipeline and wrote off the US$345 million it had already spent on the project.

JPMorgan Chase Policy ‘Tweaks’ Cut Coal Investment, Ban New Arctic Oil and Gas Deals

Facing intense pressure from climate campaigners, the United States’ biggest bank, JP Morgan Chase, is making some tentative moves to scale back its investments in coal and eliminate new financing for Arctic oil and gas projects.

Don’t Use Public Pensions to Prop Up Carbon-Heavy Industries, Alberta Unions Say

Alberta’s public pensions shouldn’t be used to prop up carbon-intensive fossil industries at a time when private investors are abandoning the sector, the Alberta Federation of Labour warned in a statement last week.

Siemens Support for Adani Mine Drives ‘Largest Climate Destruction Project on Planet’

After the storm of protest and mockery that greeted President and CEO Joe Kaeser’s decision to supply essential signalling equipment to the Adani mega-coal mine in Australia, German industrial giant Siemens shouldn’t even assume the project makes economic sense, according to a senior advisor to the Australian government.

Week 8, February 24: Cohesive Communities

Every community in Canada needs the capacity and skills to embrace the transition, becoming strong and resourceful. In Britain, the Lambeth Study on participatory culture found that success in building a cohesive community requires regular engagement by 10-15% of the residents, and an investment of $140 per resident.

60% of Global Companies Face Climate Risk, S&P Finds

Lloyds to Halve Emissions in Investments by 2030

Shareholder Challenges CPPIB Purchase of Wind/Solar Producer Pattern Energy

Carbon Capture ‘Fantasy’ for New Mexico Coal Plant Doesn’t Add Up Financially

Meetings Industry Has No Plan to Address Air Travel as Backlash Mounts

Teck Gives Up on Frontier Tar Sands/Oil Sands Mine

In a bombshell announcement yesterday evening, Vancouver-based Teck Resources has withdrawn the application for its C$20.6-billion Frontier tar sands/oil sands mine in northern Alberta, less than a week before the federal cabinet was due to accept or reject the contentious and carbon-intensive project.

As It Happened: Pressure Was Building Against Teck Mine Proposal as 41 Nobel Laureates Weighed In

With the federal cabinet still on track last week to decide whether to approve the C$20.6-billion Teck Frontier megaproject, 41 Nobel laureates urged the government to reject the project, a columnist argued that any decision was better than postponing the issue, and the company that ultimately pulled the plug on its own proposal was already considering exiting the tar sands/oil sands entirely.

Federal Budget Must Scale Up Energy Efficiency, Signal Long-Term Commitment, Analysts Urge

After Canadians voted for strong climate action in last fall’s federal election, and all the political parties represented in Parliament included energy efficiency in their platforms, the upcoming federal budget is an essential opportunity to slash pollution, create jobs, and make everyone’s lives more comfortable, Efficiency Canada argues in a recent opinion piece.

Bezos Pledges $10 Billion for Climate Action, Takes Heat for Amazon’s Carbon Footprint

Amazon CEO Jeff Bezos has been receiving a megatonne of advice since forming his Bezos Earth Fund last week and pledging to donate US$10 billion of his own considerable wealth to help scientists and activists fight the climate crisis. Some of the most pointed comments have suggested he take a more look at his own company’s carbon footprint.

New Research Institute Supports ‘Burgeoning’ Canadian Electric Bus Sector

Powered by C$4.7 million in federal and industry funding, seven mostly post-secondary institutions in Ontario are forming North America’s first research cluster providing research support to zero-emission buses (ZEBs) powered by batteries or fuel cells.

New U.S. Efficiency Bill Would Massively Cut Energy Waste, Save $51 Billion

U.S. households stand to massively cut energy waste and save $51 billion if a bipartisan group of legislators in both the House and the Senate can push through a package of measures to increase energy efficiency in homes and commercial, industrial, and federal government buildings, Utility Dive reports.

Rocky Mountain Institute Tracks Hidden Costs of EV Infrastructure

BREAKING: Federal Export Agency Considers ‘Highly Inappropriate’ Loan to Coastal GasLink

The federal Export Development Corporation is weighing what a Wet’suwet’en hereditary chief calls a “highly inappropriate” loan to TC Energy, the company behind the contested Coastal GasLink pipeline, to help the company push the 670-kilometre project through unceded Indigenous land.

India Reduces Coal-Fired Electricity Production for First Time in 10 Years

Last year saw a decline in the electricity India produces from coal for the first time in a decade, the product of a slower economy plus increased reliance on renewable energy.

Week 6, February 10: Prairie Solutions

To the frontline workers in the coal, oil, and gas industries: we understand your concerns. We need to bring the age of fossil fuels to a smooth but rapid ending, while protecting you and your families and communities.

U.S. Financier Backs out of UK Fracking Company Cuadrilla

Think Tank Sees Green Economy Averting UK Recession

Mayors of 15 Big EU Cities Request Funds to Fight Climate Change

Guelph Invests $177 Million to Buy 65 Electric Buses

Delayed Atlantic Coast Pipeline Balloons to $8 Billion

Canadian Pension Board Becomes Lead Shareholder in India’s Biggest Renewables Company

The Canadian Pension Plan Investment Board (CPPIB) is about to become the largest shareholder in ReNew Power, India’s biggest renewable energy company, a business with 3.1 gigawatts of wind and 1.9 GW of solar generation currently in operation.

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

Fast-Growing BlackRock Investment Fund to Exclude Tar Sands/Oil Sands, Thermal Coal

Asset management giant BlackRock is promising to exclude tar sands/oil sands and thermal coal projects from of its fastest-growing sustainable investment funds.

Royal Bank of Scotland headquarters

Royal Bank of Scotland Vows to Stop Funding Coal by 2030, Set Stricter Rules for Oil and Gas

The Royal Bank of Scotland will stop lending to coal projects by 2030, set stricter rules for oil and gas funding, cut its net greenhouse gas emissions to zero this year, and make its operations “climate positive” by 2025, under a new strategy it released Friday alongside its annual financial results.

GM Announces New Electric, Autonomous Vehicle Plant in Detroit

General Motors has announced plans to invest US$2.2 billion in its Detroit-Hamtramck plant to produce all-electric trucks and sport utility vehicles, as well as a new-model self-driving taxi.

VW Shuts Two Coal Plants at Main Factory, Refuses to Sell Them Off

New Study Shows Wind, Solar, Storage Australia’s Cheapest Options

Kitimat LNG Project Reports $720-Million Write-Down

Michigan Shuts Down 37-Year-Old J.B. Sims Coal Plant

IESO Sees Cost Saving Potential in Ontario Greenhouses

BREAKING: Cancelled Project Means the ‘End of New Coal’ in Europe

Lawyers at ClientEarth are heralding “the end for new coal” in Europe, after Polish utilities Enea and Energa announced last night that they would suspend work on the controversial new Ostrołęka C plant, citing economic concerns.

Details Scarce, Serious Questions Remain as BP Claims Net-Zero Target

Colossal fossil BP is drawing a healthy dose of scrutiny and skepticism this week, after incoming CEO Bernard Looney announced plans Wednesday to bring the company to net zero by 2050 or sooner and help the world do the same.

Fossil Fuel Non-Proliferation Treaty Would Draw a Lesson from Cold War

A global fossil fuel non-proliferation treaty, analogous the Nuclear Non-Proliferation Treaty adopted in 1967, is a necessary mechanism to get greenhouse gas emissions under control in time to hold average global warming below 1.5°C, according to a post last week for the Bulletin of the Atomic Scientists.

Central Banks Face $12B Coal Investment Problem

Student Presidents from Top 10 U.S. Universities Demand Fossil Divestment

Chinese Firm Helps Kenya Complete 50-MW Solar Farm

Buying Trans Mountain Would End Badly for Brookfield, Analyst Warns

It would be a serious error for Toronto-based Brookfield Infrastructure Partners to invest in the Trudeau government’s troubled Trans Mountain pipeline expansion, a leading energy and finance analyst warned yesterday, after a news report identified Brookfield as a potential “dark horse” buyer for the project.

Oil Change: IEA’s ‘Grand Coalition’ with Fossils Won’t Fix the Climate Crisis

It’ll take more than a “grand coalition” between the International Energy Agency and the world’s biggest fossil producers to get the climate crisis under control, Oil Change International wrote late last month, in an advance rebuke to a planning session the IEA was scheduled to host earlier today.

Norway May Redefine Northern ‘Ice Edge’ to Limit Oil and Gas Drilling

Norway is working on a creative way to limit oil and gas drilling in the offshore areas under its control: it’s considering redefining the “ice edge” that determines how far north fossils can go to pursue exploration activities.

$1.4-Trillion Asset Manager Declares ‘Zero Tolerance’ for Fossil Methane Leaks

One of the world’s biggest asset management firms, the UK’s $1.4-trillion Legal & General Investment Management, is declaring “zero tolerance” for climate-busting methane leaks from oil and gas wells.

Week 4, January 27: Our Climate Investments

To address the climate and ecological emergencies and to support Canada’s transition to renewable energy and ecologically-managed forestry, farming and fisheries, in addition to large private sector investments, the Bank of Canada, new public banks, utilities, municipalities and citizens will collectively invest $62.7 billion a year, representing 3.6% of Canada’s estimated $1,735 billion GDP in 2020.

Veteran Cleantech Investor Sees Infrastructure Funds Upping Their Game

Newfoundland and Labrador, Ottawa Set Financing Deal for Muskrat Falls Hydro

Democrats Ask Banks to Bar Arctic Drilling

Romanian Utility to Shutter All Coal Plants, Build Gas and Renewables by 2025

Trans Mountain Construction Cost Rises 133% to $12.6 Billion

The projected cost to complete the controversial Trans Mountain pipeline expansion has skyrocketed to C$12.6 billion, driving the total price tag above $16 billion when the expense of buying the project on taxpayers’ behalf is taken into account.

Big-City Mayors Call for Predictable, Long-Term Transit Funding

Canada’s big-city mayors are pushing for predictable, long-term mass transit funding and immediate dollars for climate change programming when Finance Minister Bill Morneau issues his climate-focused budget next month.

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

Ottawa Mulls Alberta ‘Aid Package’ as Province Angles for Teck Mine Approval

With an end-of-month deadline looming for a cabinet decision on Teck Resources’ proposed Frontier tar sands/oil sands mine, Ottawa was preparing an “aid package” to cushion the blow for Alberta if it rejects the company’s plan, Alberta said it wasn’t interested in a federal “handout”, and Teck itself was facing stiff financial headwinds that were entirely unrelated to the C$20.6-billion megaproject.

Redirect Military Spending to Climate Action, Sanders Argues During Democratic Debate

The back-and-forth among seven Democratic candidates during a high-stakes presidential primary debate in New Hampshire Friday evening veered into the connections between the climate crisis and the United States’ massive military budget and trade relations.

Coronavirus Drives Sharpest Oil Demand Drop Since 9/11

Oil consumption in China is down 20 to 25% this month and at least one market analyst firm has cut its projection for global oil prices, as the coronavirus drives the biggest demand shock fossils have seen since the 2008 economic crash, and the most sudden one since 9/11.

Saudi Wealth Fund Misses Out as Tesla Shares Soar 40% in Two Days

After shares in Tesla Inc. soared 40% in two days last week, the company’s fans were inspired, its skeptics were unmoved, founder Elon Musk’s personal wealth ballooned by US$13.5 billion, and a news report said Saudi Arabia’s sovereign wealth fund had missed the fun by selling most of its stock too soon.

Trump Holds Back $823 Million for Energy Efficiency, EVs

Low Oil Prices Drive Suncor to $2.2-Billion Loss in Three Months

Church of England Shifts £600 Million to Climate Investments

Tab for Flood Protection Runs NYC into the Billions

Scotland to Require Energy Retrofits when Homes Are Sold

Corporate Renewables Procurements Surge, But 24/7 Reliability is Essential

Daimler’s late January signing of a 100% renewable power purchase agreement (PPA) with Norwegian hydropower firm Statkraft offered momentum and a cautionary tale to the renewable electricity sector: corporate clients are going to come knocking, but only for generating capacity that is flexible enough to offer 24/7 reliability.

Climate Impact of Commercial Space Travel ‘About to Get Worse’

The wild west of commercial space travel remains unconstrained by regulations on rockets’ greenhouse gas emissions, and they’re on track to get worse as the competition among private operators heats up. But some space cowboys are beginning to channel their inner boy scout, racing to build launchers less catastrophic for the planet than the ones they currently use.

Italian Fossil Fined $5.6M for False Advertising on Climate Action

Cyprus Plans €290-Million LNG Terminal

African Development Bank Hires Ottawa Lobbyist, Seeking Funds ‘to Develop Climate Capacity’

The African Development Bank has hired an Ottawa lobbyist to reinforce its quest for funds to help the continent “develop the capacity to address climate change”, iPolitics reports.

Alberta Solar Farm, Canada’s Biggest, Nets $500 Million from Danish Infrastructure Fund

Canada’s biggest solar farm, the 400-MW, 1,900-hectare Travers Solar Energy Project in Alberta, has received a C$500-million cash infusion from Denmark’s Copenhagen Infrastructure Partners that will allow Calgary-based Greengate Power to start construction at the site near the village of Lomond in Vulcan County.

Shell Says It Has Less Than Eight Years of Oil and Gas Reserves Left

Colossal fossil Royal Dutch Shell says it now has less than eight years of oil and gas left in its available reserves, after reporting for six years in a row that it is using up those reserves faster than it replaces them.

House Democrats Put Climate, Environment at Centre of $760-Billion Infrastructure Plan

Grid modernization, electric vehicle charging infrastructure, public transit, and incentives for sustainable aviation fuels are key components of a five-year, US$760-billion infrastructure framework introduced last week by Democrats in the U.S. House of Representatives, with The Hill concluding the plan puts environment at centre stage.

BlackRock Considers Gas Pipeline Buy, But Sees Renewables and Storage as Biggest Opportunity

After releasing its splashy, new climate-friendly investment policy last month, asset management giant BlackRock is still considering new investment in a US$15-billion gas pipeline network, but is signalling deep, continuing interest in the energy options that will gradually drive fossil fuels out of the market.

Developing Countries at Greatest Risk as Biodiversity Loss Threatens 50% of World GDP

Biodiversity loss is now one of the top five risks to the global economy, with more than 50% of worldwide GDP significantly dependent upon natural ecosystems that are being rapidly destroyed by climate change, deforestation, and disease, according to a report by the World Economic Forum (WEF) that stresses the threat to developing countries.

Mad Money Host Jim Cramer Declares ‘Death Knell’ for Fossil Stocks

With ExxonMobil, Chevron, and Shell all reporting weak fourth-quarter earnings, an influential CNBC analyst and former U.S. hedge fund manager says he’s done with fossil fuels.

ExxonMobil Stock Hits Lowest Point Since 2010

Wind Giant Ørsted Reports Record Profits for 2019

Cenovus Puts Up $50 Million for Indigenous Housing

Climate Denier Moore Gets $10,000 to Appear at Regina ‘Sustainability’ Conference

Dangerous to Move Too Fast on Climate Change, Colossal Fossil Warns

With a bushfire calamity devastating Australia, the world’s “riskiest” and “most dangerous” glacier melting at an accelerating rate, and assorted other climate impacts worsening around the world, the retiring CEO of BP has his priorities just right: He’s cautioning colossal fossils against moving too quickly to counter the climate crisis.

Jonathan WIlkinson

Cabinet Could Delay Teck Decision, as Company Says Mega-Mine May Never Be Built

Maneuvering around Teck Resources’ controversial Frontier tar sands/oil sands proposal is heating up, with Environment and Climate Minister Jonathan Wilkinson saying Cabinet review of the project may be delayed, while Teck CEO Don Lindsay says it’s “anyone’s guess” whether his company will build the C$20.6-billion project if it’s approved.

India Would Need Massive New Solar Capacity to Replace 500,000 Coal Jobs

India would need to install 1,000 gigawatts of new solar capacity if it set out to replace the country’s 500,000 coal mining jobs solely with new employment in renewable energy generation, according to a new study in the journal Environmental Research Letters.

HSBC Steps Away from 1,980-MW Coal Plant in Vietnam

Multinational investment bank HSBC is withdrawing its support from a US$2-billion, 1,980-megawatt coal plant in southeastern Vietnam.

New European Sleeper Car Service Heralds a Rail Renaissance

Better for the environment, and decidedly glamorous, Europe’s sleeper trains are back on the rails as travellers sensitive to flygskam (flying shame)—or just plain sick of the drudgery of air travel—choose to pay quite a bit more to take quite a bit longer to get where they need to go.

San Francisco Declares Market Street a Car-Free Zone

San Francisco has gone through with a plan to ban cars along Market Street, one of the busiest and most hazardous thoroughfares in the city’s bustling downtown—and has earned what a leading urban affairs newsletter calls a “remarkable level of local support” for doing so.

Equatorial Guinea Looks for $1.4B in Fossil Investment in 2020

Freeland Pushes for Quick Vote on Trade Deal with Big Concessions to Fossils

The Trudeau government is making it a top legislative priority to ratify a trade agreement with the United States and Mexico that is under fire in the U.S. for its concessions to oil and gas companies.

Three-Year Federal EV Incentive Burns Through Half Its Budget in Eight Months

It’s only taken the Canadian government eight months to burn through nearly half of its three-year budget for electric and zero-emission vehicle rebates, leaving the funds at risk of running out by year-end and Transport Minister Marc Garneau considering whether to extend the program to meet the demand.

JP Morgan Chase tower divest

Shunning Big Banks Could Change the Game for Climate Action

As the window for addressing the climate crisis narrows, Americans must stop parking their money in banks that prop up fossil fuels, 350.org co-founder Bill McKibben and Hip Hop Caucus President Lennox Yearwood argue in a recent opinion piece for the New York Times.

BlackRock Still Leads the World in Coal Plant Finance, Despite Divestment Promise

There’s a strong whiff of greenwashing in BlackRock CEO Larry Fink’s widely-acclaimed promise to dump his company’s coal investments, with the details in the announcement sidestepping the segments of the global coal industry that produce the most carbon dioxide emissions, Germany’s Urgewald coal phaseout campaign warned this week.

UK Accused of ‘Breathtaking Hypocrisy’ for Massive Funding of Overseas Fossil Projects

The Boris Johnson government is facing charges of hypocrisy, after a report by the BBC and the investigative news arm of Greenpeace UK, Unearthed, revealed billions of dollars in public financing for overseas oil and gas projects, enough to trigger 69 megatonnes of carbon pollution per year.

Child labour artisan mining Congo cobalt

Surging Mineral Demand Produces Sharper Focus on ‘Ethical’ Batteries

Blockchain-enabled transparency, rigorous third-party mining standards, local production, and recycling are among the strategies in play to create batteries that are planet- and people-friendly—a tall order, given that the supply chains supporting the EV revolution remain linked to environmental degradation and human suffering.

Countries’ Credit Ratings at Risk from Sea Level Rise

Returned Online Purchases Get Sent to Landfill

Fossil Industry Sees Financial Value Collapse as Prices Stay Low, Renewables Surge

Despite record production and rapidly-rising greenhouse gas emissions, North American oil and gas companies are coming off a notably bad financial year in 2019, and analysts are predicting they won’t be any happier about their financial results in 2020.

New Decade Opens with Cascade of U.S. Coal Plant Closures

The new decade is opening with a mounting cascade of plant closures in the United States coal industry, with investors abandoning ship, revenue being driven down by record-low gas and renewable energy prices, and communities asking increasingly tough questions about the economic, environmental, and health impacts of the coal-fired generating stations in their midst.

New York State Expects $2.6B Benefit from Charging Infrastructure Plan

Ontario Cash for Clunkers Plan Offers $2,000 Toward EV Purchase

Utah State Capitol

Conservative U.S. States Take Tentative Steps, But Won’t Call it Climate Action

Across major swaths of the United States, legislators in some of the country’s most conservative enclaves are making tentative moves to take action on the climate crisis—though many of them are still unwilling to call that crisis by its proper name.

‘Words Make Worlds’: Holthaus Issues Call to Imagine, Create a Radically Positive Future

As the climate crisis deepens, we must be “radically imaginative,” telling ourselves and each other stories of fiercely visionary, loving, and productive collective actions that will help end the climate emergency, veteran meteorologist and climate hawk Eric Holthaus writes in The Correspondent.

Maldives Can’t Wait for Cheap Financing as Sea Levels Rise

California Won’t Let Insurers Drop Coverage in Wildfire Areas

Canadian Start-Up Nets $2M to Develop Longer-Lasting Zinc Battery

Fossils Devote 0.8% of Investment to Climate Solutions, New IEA Figures Show

The oil and gas industry only devoted 0.8% of its capital investment in 2019 to clean energy, a category that combined renewable energy with dollars thrown at more fanciful attempts at carbon capture and storage, according to figures in an International Energy Agency (IEA) report that largely amplifies the industry’s contention that it’s committed to climate solutions.

Thunberg Demands Action, Fossils Tout Carbon Capture as Greenpeace Calls Out Fossil Investors at Davos Forum

The annual World Economic Forum in Davos, Switzerland was a study in contrasts yesterday, with #FridaysforFuture founder Greta Thunberg slamming the world’s governments and business elites for climate inaction while the fossil industry touted carbon capture and storage as the path to climate stability.

March to Stop Trans Mountain Oil Pipeline

Ottawa Won’t Offload Trans Mountain to First Nations While Legal, Political Risk Remains

The federal government won’t try to sell off the Trans Mountain Pipeline to the new Indigenous owners it hopes to attract as long as the project is beset by legal and political risk, a spokesperson for Finance Minister Bill Morneau said last week.

Scott and DeRochie: Coastal GasLink Buy Undercuts Pension Fund’s Duty to Alberta Retirees

Buying a 65% stake in the C$6.6-billion Coastal GasLink pipeline in northeastern British Columbia was the wrong way to invest Alberta’s public pension fund, Adam Scott and Patrick DeRochie of Shift: Action for Pension Wealth and Planet Health argue in an op ed last week for the Edmonton Journal.

Harvard Students Protest After Exxon’s Law Firm Tries to Recruit Them

An elite U.S. corporate law firm flopped badly in its recent bid to recruit Harvard law students, when nearly a third of the invitees delivered a sharp rebuke for the firm’s ongoing role in defending colossal fossil ExxonMobil, making it clear they saw no kind of professional future with an organization that traffics in fossils.

Nottingham Delivers Home Comfort, Rooftop Solar in Drive to Be UK’s First Carbon-Neutral City

Nottingham, England is setting out to transform housing, transportation, energy use, and waste management in a bid to become the country’s first carbon-neutral city by 2028, a full 22 years before the UK hopes to hit the same target.

City of London Launches Green Energy Company, Expects £300 Saving for Average Family

Analysts Downgrade Stock as Husky Energy Spirals Downward

Mixed Results for 2019 Show Slight Rise in Renewable Energy Investment

World renewable energy investment hit US$282.2 billion last year, slightly higher than 2018’s total of $280.2 billion, with investment declining in China but hitting a record high in the United States, Bloomberg New Energy Finance reports.

45 Million in Southern Africa Face ‘Critical Levels of Hunger’

Climate-induced drought and severe flooding, coupled with economic woes, have left 45 million people across Southern Africa facing critical levels of hunger and in desperate need of support from the international community, the United Nations World Food Program (WFP) warns.

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

Microsoft Pledges $1 Billion to Become Carbon-Negative by 2030

Software giant Microsoft is embarking on a four-year, US$1-billion effort to pull carbon dioxide out of the atmosphere, aiming to remove more CO2 than it emits by 2030 and offset all its historic emissions by 2050.

Chetwynd, B.C. ‘Renewable Hydrogen’ Plant Gets $200M Cash Injection from Macquarie

A new C$200-million “renewable hydrogen plant” is about to get off the ground in Chetwynd, British Columbia with a boost from the green energy arm of Australian infrastructure investment giant Macquarie Capital.

€40-Billion Compensation Plan to Drive Germany’s Coal Phaseout by 2038

National and regional governments in Germany have sealed the deal on a €40-billion (US$45-billion) plan to phase out coal by 2038 and fund a realistic transition for workers and communities that still depend on the industry.

Thunberg Calls for Immediate End to Fossil Extraction, Subsidies as WEF Convenes in Davos

Global warming may be set to dominate this year’s World Economic Forum in the Swiss resort town of Davos, with FridaysforFuture founder Greta Thunberg scheduled to open a debate on how to avert “climate apocalypse” and everyone assuming the session will start on time despite an earlier, no doubt long-winded appearance by Donald Trump.

credit suisse Federer protest

Swiss Judge Acquits Credit Suisse Protesters for ‘Necessary, Proportional’ Response to Climate Crisis

A judge in Lausanne, Switzerland has acquitted a group of youth protesters on trespassing charges and waived fines of CHf 21,600 (US$22,200) per person, ruling their actions were “necessary and proportional” to the “imminent danger” of climate change.

Forbes: Fossil Subsidies Are Real, Do Damage

Global Business Leaders Cite Climate as Decade’s Biggest Risk

Global business and political leaders have declared climate change the decade’s biggest risk, in the latest edition of an annual survey issued by the World Economic Forum (WEF).

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

Teck Mega-Mine Shows ‘Misguided and Reckless’ Disregard for Low Oil Prices

Teck Resources’ proposed C$20.6-billion Frontier tar sands/oil sands mega-mine in Alberta reflects a “misguided and reckless” disregard for economics, given a review panel’s approval that assumed an unrealistically high world oil price “for years to come”, according to an analysis released this week by the Institute for Energy Economics and Financial Analysis (IEEFA).

TerraForm Buyout Would Lift Toronto-Based Brookfield Renewable’s Asset Base to 22 Gigawatts

Toronto-based Brookfield Renewable Partners is pitching a US$1.5-billion offer to buy out the remaining shares of TerraForm Power Inc., a move that would boost its global portfolio of renewable energy and energy storage assets from 18 to 22 gigawatts.

Tenured Professor Resigns Over McGill’s Failure to Divest Fossil Fuels

A tenured professor at Montreal’s McGill University has quit his job over the board of governors’ refusal to dump its investments in fossil fuels.

LED lighting energy efficiency

LED Retrofit Cuts Lighting Costs 94%, Points to Fast ROI for Commercial Buildings

An LED lighting replacement project at a manufacturing plant in the Ottawa suburb of Kanata cut lighting costs 94% while providing better illumination, delivering the equivalent of a one-day return on investment after factoring in federal and provincial incentives.

Swedish Fossil Sees Dimming Prospects for Offshore Oilfield in Norwegian Arctic

Norway’s hope of opening up a major, new cluster of Arctic oil and gas developments may be slipping farther from reality, after Stockholm-based Lundin Petroleum reduced its resource estimate for its Alta discovery in the Barents Sea and announced it wouldn’t be developing the site on its own.

Teck Buys B.C. Solar Project for $2 Million

Minister of Finance Bill Morneau Ryerson University

Morneau Cites Climate as ‘Central Focus’ of 2020 Federal Budget

The climate crisis will be a “central focus” of the 2020 federal budget, Finance Minister Bill Morneau told students at Toronto’s Ryerson University Monday, during a kick-off event for this year’s pre-budget consultations.

BlackRock CEO’s Influential Annual Letter Emphasizes Climate Risk, Fossil Divestment

BlackRock CEO Larry Fink is promising to pay attention to the climate crisis and avoid investing in companies that “present a high sustainability-related risk” in his widely-read and influential annual letter to chief executives of the world’s biggest companies.

UK Pension Funds Press Barclays Bank to Stop Lending Money to Fossils

In the United Kingdom’s first-ever shareholder climate resolution aimed at a bank, a group of 11 pension and investment funds is urging Barclays to stop lending money to fossil fuel companies.

2019 Stock Index Results Show Fossil Companies as Worst-Performing Segment

The fossil energy sector was the worst-performing segment of the Standard & Poor’s 500 stock index last year, despite a healthy increase in world oil prices, with the value of energy stocks increasing 7.9% compared to 29% for the index as a whole.

Democrats Plan ‘Sweeping Legislation’ to Hit Net-Zero Emissions by 2050

Democrats in the U.S. House of Representatives are developing what The Hill calls “sweeping climate legislation” to bring the country to net-zero carbon emissions by 2050, while Utility Dive points to renewable energy advocates charting the “most effective” path to hit that target.

Roger Federer tennis Credit Suisse

Thunberg Outclasses Tennis Pro Federer Over Credit Suisse Sponsorship

#FridaysforFuture founder Greta Thunberg opened her 2020 advocacy season last week by going after tennis great Roger Federer. So far, writes Globe and Mail sports columnist Cathal Kelly, the Swedish teenager is crushing the 20-time grand slam champion 6-0, 6-0.

Telus Pension Plan Faces Losses in Calgary’s Slumping Fossil Economy

Oilfield Services Giant McDermott Heads for Bankruptcy

Siemens headquarters Joe Kaeser Adani Australia

Australia in Photos: Siemens Backs Massive Adani Coal Mine as 30,000 Protest Climate Inaction

German industrial giant Siemens decided earlier today to back Australia’s intensely controversial Adani/Carmichael coal mine. The announcement came days after 30,000 people braved driving rain in Melbourne protesting their country’s refusal to recognize devastating wildfires as a climate disaster or take action on the broader climate crisis.

Gwich’in Urge Major U.S. Banks to Refuse Future Arctic Oil and Gas Investment

The Gwich’in Steering Committee in Alaska is setting its sights on a small number of major U.S. banks that could ultimately determine whether fossil companies drill for oil in the exquisitely sensitive Arctic National Wildlife Refuge (ANWR).

World’s Biggest Fund Manager BlackRock Joins Climate Accountability Campaign

The world’s biggest investment fund manager, BlackRock Inc., announced last week that it is joining Climate Action 100+, a two-year-old campaign pressing the world’s biggest corporations to take action on the climate crisis.

Cenovus Sets ‘Aspirational’ Net-Zero Target, Pledges 30% Carbon Intensity Cut by 2030

Alberta tar sands/oil sands fossil Cenovus Energy is promising to cut its carbon emissions per barrel produced 30% by 2030, reclaim 1,500 decommissioned oil wells by the same year, hit “net zero” emissions by 2050, and expand its work with Indigenous businesses by C$1.5 billion.

Surging Canadian Renewables Stocks Deliver ‘Pleasant Side Benefit’ to Ethical Investors

Shares in three Canadian renewable energy companies surged in 2019, producing a “pleasant side benefit” to investors who may have signed on for the good of the planet by “delivering gains that mock the fossil fuel-clinging political leadership in Washington,” the Globe and Mail reported in mid-December.

Wave and Tidal Power Would Save 9.2 Gigatons of Carbon by 2050

Wave and tidal power ranks #29 on Drawdown’s list of climate solutions. By 2050, this alternative energy source could eliminate 9.2 gigatons of atmospheric carbon dioxide at a cost of US$412 billion. Drawdown calculates that the installations would produce a net financial loss of $1 trillion over three decades, but the investment would result in substantial emission reductions over that time.

IRENA: $750B Per Year Needed to Double Renewables in 10 Years

Canada’s Second-Largest Pension Fund Steps Away from Coal, Oil

Fort Mac Homeowners ‘Very Much Underwater’ as Foreclosure Rate Rises

Cleanup Among the Highest Costs in Fossil Bankruptcies

U.S. Coal Market Cap Down 59% Last Year

Don’t Let Fossils Manipulate You, NAACP Urges Local Chapters

Fossils Brace for Scrutiny as Carney Warns Half of World Oil Reserves Could Become Worthless

Canadian fossils ended the year bracing themselves for closer scrutiny after departing Bank of England Governor Mark Carney declared that half of the world’s oil and gas reserves could become stranded assets, leaving millions of peoples’ investments “worthless”.

London Eye UK England

London, New York Mayors Urge Major Cities to Dump Fossil Investments

London, UK Mayor Sadiq Kahn and New York City Mayor Bill de Blasio are urging every major municipality in the world to dump their fossil fuel investments, after C40 Cities released a toolkit to help them do just that.

Tesla Boosts Annual Deliveries by 50%, Exceeds Combined Market Value of GM and Ford

Palo Alto, California-based Tesla Inc. entered the new decade on a roll, with its deliveries up 50% in just a year and its market value suddenly higher than General Motors’ and Ford’s combined.

Mayor Declares ‘Betrayal’ After Ontario Cancels Funding for Hamilton LRT

Hamilton Mayor Fred Eisenberger declared a betrayal in mid-December, after the Ontario government announced it was cancelling C$1 billion in funding for the community’s long-awaited light rail transit (LRT) system.

Wind Farm, Gas Plant to Pay Compensation for UK Blackout

UK’s Hinkley C Reactor Faces More Delays, Higher Debt

Sustainable Rice Needs Financing to Secure the Future

Shell On Track to Miss Targets for Green Energy Investment

Royal Dutch Shell is falling far short on its green energy investment plans, with an estimated US$2 billion allocated so far and just a year to go to meet its $4- to $6-billion goal for the period from 2016 through 2020.

Amazon Staff Face ‘Formal Corrective Action’ for Challenging Company’s Climate Performance

While pledging aggressive action to reduce a carbon footprint that approaches that of Denmark, Amazon is policing climate activists on its payroll, recently threatening to dismiss several employees who’ve publicly called on the sprawling tech giant to do more, including severing its ties with Big Oil.

Chevron Paid No Taxes in 2018 on $4.5 Billion in Profit

Excess Grid Capacity Costs New England Ratepayers $1.4B Per Year

Review of Colossal Fossils’ Climate Promises Separates Spin from Substance

Though Big Oil increasingly acknowledges the threat of climate change, and the corresponding need to do its part to reduce emissions, trillion-dollar business-as-usual production plans, a low-bar emphasis on emissions intensity, and buck-passing to consumers and society at large remain the industry’s primary order of the day.

Bank of England Sets Climate Stress Test

Fort Mac Condo Owners Face Staggering Insurance Costs

Bezos-Backed Fusion Prototype Nets $65 Million in Investment

Goldman Sachs Bans New Investment in Coal Mines, Arctic Oil and Gas

Influential U.S. banking giant Goldman Sachs announced this week that it is tightening up its fossil fuel investment policies, promising to “decline financing that directly supports new thermal coal mines and upstream Arctic oil exploration and development,” Bloomberg reports.

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Five Colossal Fossils Face 2020 Shareholder Resolutions on Emission Reductions, Paris Compliance

Colossal fossils ExxonMobil, Chevron, Royal Dutch Shell, BP, and Equinor can expect to see shareholder resolutions in the first half of 2020 urging them to cut their carbon emissions in line with the targets in the Paris Agreement, after Netherlands-based responsible investment advocates Follow This announced a stepped-up campaign.

Europe Threatens Border Adjustment Tariff for Climate Laggards Like U.S.

In what Politico interprets as a lesson learned from Donald Trump’s trade wars, the European Union is threatening a carbon tariff on countries like the United States that refuse to step up and commit to getting their greenhouse gas emissions under control.

ScottishPower Plans ‘Complementary’ Solar+Storage at Onshore Wind Farms

Citing a natural complementarity, and a desire to maximize all renewable energy opportunities toward a 2050 net zero target, Glasgow-based utility ScottishPower is planning to harness the solar potential at its onshore wind farms by covering the ground beneath its turbines with solar+storage systems.

Analyst Says Saudi Aramco Shares Could Hit $0 in 2020

While Saudi Aramco is riding high right now with a US$2-trillion valuation after its recent initial public offering, a veteran oil and gas analyst and financial journalist says the stocks could lose all their value in the next year, driven to zero by Donald Trump’s impulsiveness and OPEC’s waning control over global oil markets.

Scots Prefer Renewables Investments Over Gold, IT

Coal Phaseout, Renewables to Save Indiana Ratepayers $4B

Debt Crisis Sinks Argentina’s Green Energy Push

COP 25

‘Disgraceful’ COP 25 Shows Big Emitters ‘Betraying People Across the World’

After running 44 hours beyond its scheduled end time, this year’s United Nations climate conference dissolved in failure, frustration, and anger Sunday morning, with a large bloc of countries and an exhausted climate advocacy community blaming the world’s biggest emitters and the fossil fuel interests behind them.

17 of 37 Cabinet Ministers Receive Climate Action Goals in Mandate Letters from Trudeau

Seventeen of 37 federal cabinet ministers received instructions to address some aspect of the climate crisis, and National Observer says Environment Minister Jonathan Wilkinson emerges as “an especially active and influential figure in cabinet,” in the long-awaited mandate letters published Friday by Prime Minister Justin Trudeau.

House of Commons Motion Backs a Green New Deal for Canada

The first motion filed in the reconstituted House of Commons calls for MPs to endorse a Green New Deal for Canada.

Greta Thunberg

Thunberg, 15 Other Youth Call Out Canadian, Norwegian Fossils for Violating Children’s Rights

With #FridaysForFuture founder Greta Thunberg and 15 other youth campaigners in Madrid calling out Canada and Norway for violating children’s rights and urging them to wind down their oil and gas production, Norway’s top fossil lobbyist is openly fretting about the “intense” nature of the debate around his industry’s climate impact.

Climate Crisis Could Drive $20 Trillion in Losses, Trigger Global Financial Meltdown

Climate change is the next economic threat that could trigger a global financial meltdown by destroying up to US$20 trillion in market value, independent journalist Nick Cunningham writes for Oilprice.com.

500 B Corporations Pledge to Hit Net-Zero Target by 2030, 20 Years Ahead of Paris Schedule

A list of more than 500 B Corps that includes The Body Shop, New Zealand-American shoemaker Allbirds, California-based health and personal care manufacturer Dr. Bronners, and Canadian renewable energy project developer 3Degrees have pledged to hit a net-zero target for their operations by 2030, 20 years ahead of the deadline in the Paris Agreement.

Carney’s New UN Gig Comes with Major Climate Finance Clout

Credit Suisse Stops Funding for New Coal Plants

Alberta Fossil Earmarks $935M for New Petrochemical Plant

U.S. Declared ‘Climate Criminal’ as ‘Stalemated’ COP 25 Limps to a Close

Reporters on the ground described two weeks of stalemated United Nations climate negotiations limping to a close, a diplomat branded the United States a “climate criminal” for its stance on the crucial issue of loss and damage, and the hundreds of youth, Indigenous, and other community representatives onsite talked about the grassroot action back home that will continue to spur faster, more ambitious climate action, as COP 25 entered its final hours in Madrid.

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

Decision on Teck Frontier Mega-Mine Will Test Canada’s Climate Action Commitment

The massive Teck Frontier tar sands/oil sands mine in Alberta is emerging as an early test of the re-elected Trudeau government’s climate commitment, with a cabinet decision due in February and campaigners gearing up to oppose a megaproject that would run through 2067 and increase Canada’s greenhouse gas emissions by six million tonnes per year.

Swiss Parliament May Instruct Central Bank to Divest Fossil Assets

The newly-constituted parliament in Switzerland, elected in a fall vote in which the climate crisis took centre stage, may soon instruct the country’s central bank to drop all fossil fuel assets from its US$800-billion investment fund, Reuters says in an exclusive report this week.

Ottawa Won’t Confirm Trans Mountain Timeline or Budget as Cost Estimate Balloons to $12 Billion [Petition]

Despite the Trudeau government’s assurance that the controversial Trans Mountain pipeline expansion is in the national interest, and will turn a profit for the taxpayers who became its involuntary owners last year, new disclosures show the project could run out of cash in the next few months and cost more to complete than Ottawa estimated, National Observer reports.

Chevron to Dump 50% Share in Kitimat LNG, Writes Off $10 Billion in Oil and Gas Assets

California-based colossal fossil Chevron Corporation has announced it is writing off US$10 billion of the value attached to its various projects and selling its 50% stake in British Columbia’s Kitimat LNG project, blaming a drop in the long-term price of oil and gas.

Minority Communities Face Greatest Risk as Atlantic Coast Pipeline Pushes Into Rural America

Promising jobs and property tax revenue, owners of the Atlantic Coast Pipeline are pushing ahead against grassroots resistance and expert testimony, both maintaining that such gains are outweighed by the potential for great harm to be borne mostly by rural, African-American, and Indigenous communities, as well as delicate ecosystems.

Denmark’s $30-Billion Wind Island Could Power 10 Million Homes

Urgewald Pushes 10 Big Banks to Stop Backing Coal Projects

Jonathan Wilkinson COP 25 climate Canada

Canada Pledges Net Zero by 2050 as Major Emitters Dig In to Block COP 25 Progress

Canada earned praise for promising to legislate a 2050 deadline for net-zero carbon emissions, but big emitters like Australia, Brazil, Saudi Arabia, India, and China were called out for blocking progress, as COP 25 moved into a crucial round of high-level negotiations this week in Madrid.

Wilkinson Throws Cold Water on Carbon Credits for LNG Exports

Environment and Climate Change Minister Jonathan Wilkinson is raising major flags about the fossil industry’s hope of using liquefied natural gas (LNG) exports to earn carbon reduction credits under the hotly-contested Article 6 of the Paris Agreement, and aiming to meet Canada’s Paris targets without resorting to international carbon trades.

Battery Costs Plummet 50% in Three Years, 87% Since 2010

Average market prices for battery packs have fallen 50% since 2016, driven by technology advances and an increase in commercial-scale purchases, and continuing price drops will contribute to a virtuous cycle of increasing global electrification, according to an annual price survey by Bloomberg New Energy Finance (BNEF).

Rural Municipalities Take the Hit as Alberta Cuts Taxes for Gas Producers

Alberta’s rural municipalities already straining to make up for deadbeat fossils’ unpaid property tax bills, will be expected to shell out C$20 million per year in lost revenue from 2020 on, under a tax rebate for shallow gas well developers introduced by the provincial government.

Crossword Puzzle Tests COP Delegates’ Knowledge on Fossil Fuel Phaseout

Just when you thought there was nothing but despair emanating from UN climate negotiations in Madrid, that there was no creative way to push recalcitrant big emitters toward the end of the fossil fuel era, Climate Action Network-International is out with a crossword puzzle primer (yes! a crossword puzzle!) on the fossil phaseout.

Saudi Aramco IPO Shows Weakening Global Oil Market, Perils for ‘Wexit Albertans’

Saudi Arabia’s long-awaited bid to raise investment dollars through an initial public offering (IPO) for its massive, state-owned oil company, Saudi Aramco, has produced two equal and opposite results: the deal has taken its place as the biggest IPO in history and pegged the company’s value at about US$1.7 trillion, while simultaneously pointing to the fragility of the global oil and gas industry.

Navajo Coal Plant Closure Opens Door for Solar+Storage, Distributed Power

The recent retirement of Arizona’s massive Navajo coal-fired generating station, one of America’s largest, has opened up considerable space for solar+storage, and a new frontier for Indigenous entrepreneurs seeking to ensure their communities thrive in the green economy—as they never did under the regime of fossil fuels.

Did Kenney Just Link the Moody’s Ratings Agency to His Anti-Alberta Conspiracy Theory?

So, look, just because a major credit rating agency reviewed Alberta’s fossil-dependent economy and issued a downgrade, there’s nothing wrong with the province’s economic strategy. It just means Moody’s Investors Service is “completely factually wrong”, and probably a part of an international conspiracy to persecute the Canadian oilpatch.

EVs Could Save UK Households Up to £300 Per Year

Scottish National Portrait Gallery Ends Fossil Sponsorship

Local Content Demands Confront Europe Offshore Wind Industry

Throne speech Ottawa 2019 climate action emissions Trudeau Payette

Wilkinson Vows Tougher 2030 Emissions Target as Throne Speech Promises Net-Zero by 2050

A 2050 deadline to achieve net-zero emissions, a price on carbon in every part of the country, and new initiatives on energy-efficient buildings, zero-emission vehicles, “clean, affordable power”, and climate change adaptation are major elements of the legislative program the incoming federal government laid out in the Speech from the Throne delivered in Ottawa yesterday by Governor General Julie Payette.

Ontario Climate Plan Won’t Hit 2030 Target, Isn’t Based on ‘Sound Science’: Auditor General

The climate plan introduced last year by the Doug Ford government in Ontario is not based on “sound evidence”, and the province is warming faster than the global average and off-course to meeting its 2030 emission reduction targets, Auditor General Bonnie Lysyk concluded in her annual report issued Wednesday.

100-MW Power Purchase Shows Unsubsidized Offshore Wind Taking Off in Europe

The world’s biggest-ever contract for unsubsidized offshore wind, a 100-megawatt power purchase deal between Danish wind powerhouse Ørsted and German chemicals company Covestro, is being touted as a sign that the offshore industry is moving from the margins to the mainstream.

New Coal Plant Construction Puts Indonesia at Odds with 1.5°C Carbon Target

Even as its neighbours join the rest of the world in turning increasingly away from coal, Indonesia is charging full steam ahead with new coal plant construction, putting any hope of aligning with a 1.5°C average global warming target under the 2015 Paris Agreement in serious jeopardy along the way.

Alberta Fossils Aim to Push More Oil Through the Same Pipes

With the three new pipelines they’ve been counting on all delayed, Alberta fossils are looking to at least two new strategies to push more bitumen through the pipes and rail lines they’ve already got, even as two major tar sands/oil sands operators cut back their investment plans for 2020.

‘Green’ Cement May Fuel New Markets

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

BREAKING: Moody’s Downgrades Alberta’s Credit While Federal Regulator Predicts Continuing Over-Dependence on Oil

One of the world’s leading credit assessment agencies has downgraded its rating for Alberta, citing the province’s over-dependence on fossil fuels, lack of pipeline access, carbon intensity, and vulnerability to climate disasters.

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.

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

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