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U.N. to rule on carbon offsets from coal plants

Richard — Fri, 11 May 2012 17:01:36 +0000

The main U.N.-appointed panel that regulates supply of global carbon offsets could this week decide whether to approve rules that would lead to the award of millions of CO2 credits to coal-fired power stations in developing countries, according to meeting agenda notes on the UNFCCC website.

See http://reut.rs/KYnEEK.

European Slump Leads Utilities To Burn More Coal

Richard — Fri, 11 May 2012 17:00:44 +0000

Europe’s economic slump is allowing utilities in some countries to burn increasing amounts of cheap, highly polluting coal for electricity generation and still meet legally binding targets to cut carbon dioxide emissions, Reuters research shows.

See http://www.reuters.com/article/2012/05/08/us-energy-power-co-idUSBRE8470JZ20120508.

Hundreds of climate activists and anti-cuts protesters disrupt UK energy summit

Richard — Fri, 04 May 2012 19:16:43 +0000

Yesterday hundreds of protesters from climate and anti-cuts groups across the country teamed up to block the UK Energy Summit in the City of London. At least 300 protesters targeted all of the main entrances to the Summit venue, attempting to push past police to enter the conference.

The UK Energy Summit involves CEOs of the Big Six energy companies, who have recently come under widespread criticism for drawing in record profits whilst one quarter of UK households have been pushed into fuel poverty.

See http://climatejusticecollective.org/#/blog/4561604140.

Nasa scientist: climate change is a moral issue on a par with slavery

Richard — Thu, 12 Apr 2012 14:46:00 +0000

Averting the worst consequences of human-induced climate change is a “great moral issue” on a par with slavery, according to the leading Nasa climate scientist Prof Jim Hansen. He argues that storing up expensive and destructive consequences for society in future is an “injustice of one generation to others”.

See http://www.guardian.co.uk/environment/2012/apr/06/nasa-scientist-climate-change.

London Stock Exchange – occupied by coal

Richard — Tue, 24 Jan 2012 18:59:01 +0000

New analysis from Carbon Tracker shows how the growing number of coal mining companies listing in London exposes the financial market to a significant systemic risk. Investors tracking the FTSE AllShare Index are facing increasing efforts across the world to regulate the carbon dioxide (CO2) emissions from coal-fired power generation, most recently in Australia. Carbon Tracker estimates that coal reserves equivalent to 44.56 GtCO2 are held by companies listed on the London Stock Exchange. This is equivalent to 400 years of emissions from coal power stations in the UK, which currently stand at around 0.1Gt CO2 per annum.

See http://www.carbontracker.org/coalcapital.

Read the report at http://www.carbontracker.org/wp-content/uploads/downloads/2012/01/CoalCapitalbriefingJan12.pdf.

A third of coal listed in the UK is actually located in Australia, where the government has recently agreed to deliver a carbon tax and emissions trading scheme. So “UK” investors are potentially exposed to climate change regulatory risk in Australia. However, Australia and Indonesia export around three-quarters of their coal production. So, in fact, around half of the coal owned by UK-listed companies is supplying developing economies in China, Russia, India and South Africa. Many asset owners and fund managers representing $20trillion of capital reiterated their call for the Durban climate negotiations at the end of November to deliver a 2°C policy framework. Now is the time for them to also ask financial regulators to deliver a 2°C capital market system. The FSA needs to address the systemic risks of reserves concentrating on the London Stock Exchange and monitor the levels of fossil fuels listed in London. Asset owners investing in the UK market should request that the FSA introduces limits to the levels of overseas fossil fuel reserves. Accountants and analysts should review which reserves are lower quality due to risk of climate regulation, and climate change, and discount their value accordingly.

Fossil fuels are sub-prime assets, Bank of England governor warned

An open letter to Sir Mervyn King says overexposure to high-carbon assets by London-listed companies risks creating a ‘carbon bubble’.

See http://www.guardian.co.uk/environment/2012/jan/19/fossil-fuels-sub-prime-mervyn-king?INTCMP=SRCH.

Read the letter at http://www.carbontracker.org/linkfileshare/Letter-to-Bank-of-England-Financial-Policy-Committee-19th-January-2012-Final.pdf.

Is Europe’s carbon trading scheme merely hot air?

Richard — Wed, 28 Dec 2011 16:22:52 +0000

Using “the market” as a means to absolutely reduce global greenhouse gas emissions has long been criticised as “pie in the sky” (and not a particularly clean pie at that). Now, in order to “prop up” carbon prices under the EU Emissions Trading Scheme (ETS), the European Parliament will auction some emissions permits which were earlier planned to be given away for free to carbon-intensive industries (notably power plants and steel producers).

On the face of it, this is a positive move and might lead to a more realistic pricing of the costs of continuing to pollute. But there’s plenty of scepticism about the proposal.

Some investors and environmental groups claim that plans to increase energy efficiency in Europe would reduce demand for emissions permits and thus lower their price. That would potentially undermine the “logic” behind the scheme.

But then that’s “the market” for you!

See http://www.minesandcommunities.org/article.php?a=11391.

Cheap and green energy for miners

Richard — Sat, 17 Dec 2011 15:18:38 +0000

It may seem somewhat audacious for a company with a market value of $16 million to propose a world-leading energy project nearly one hundred times its value. But, says Petratherm managing director Terry Kallis, if you don’t dream, you don’t get. And he just happens to think he’s sitting on a unique opportunity.

Kallis outlined his vision for a $1.5 billion clean energy precinct in the outback of South Australia that would take advantage of the unique combination of geothermal, solar and wind energy resources, the intersection of major gas pipelines, and the proximity of the world’s largest mine and other major developments.

The big opportunity is, of course, to service the massive energy demands of BHP Billiton’s proposed Olympic Dam expansion – which could be more than 700MW at that site alone – as well as other mine proposals or expansions.

See http://www.climatespectator.com.au/commentary/cheap-and-green-energy-miners.

(The Olympic Dam mine is, of course, anything but clean – see http://www.foe.org.au/anti-nuclear/issues/oz/u/roxby/BHP%20Alt%20AR%202011%20-%20Dirty%20Energy.pdf.)

Who needs coal? Who needs nuclear?

Richard — Sat, 17 Dec 2011 15:15:38 +0000

It seems to be a “Hobson’s choice” par excellence! As global climate change talks continued in Durban, South Africa’s leadership was faced with a “conundrum” – does the country continue burning-up the world by depending on coal, or should it risk radiating it with nuclear power? Of course this “dilemma” confronts many other industrialised and “lesser developing” states too. But it’s arguably completely false. In a startling analysis, Australian climate change reporter, Giles Parkinson, contends that “alternative” energy sources, such as solar and wind power, have the potential to outstrip coal as a key source of electrical power. Indeed, says Parkinson, this is already happening.

See http://www.minesandcommunities.org/article.php?a=11348

UK secretly helping Canada push its oil sands project

Richard — Sat, 03 Dec 2011 09:26:32 +0000

The UK government has been giving secret support at the very highest levels to Canada’s campaign against European penalties on its highly polluting tar sands fuel, the Guardian can reveal.

At the same time, the UK government was being lobbied by Shell and BP, which both have major tar sands projects in Alberta, and opened a new consulate in the province to “support British commercial interests”.

See http://www.guardian.co.uk/environment/2011/nov/27/canada-oil-sands-uk-backing

Mining companies hold back progress on climate change

Richard — Sat, 03 Dec 2011 09:24:52 +0000

The world’s biggest steel producer, ArcelorMittal, and global miner, BHP Billiton, are among companies “block[ing] progress on climate legislation”, while they “ensure that fossil fuel and nuclear subsidies continue to give unfair advantage to dirty energy”.

So says Greenpeace in a new report, released just prior to the climate change conference being held in Durban this week.

See http://www.minesandcommunities.org/article.php?a=11329&l=1

Coal study names top 20 ‘climate killer’ banks

Richard — Sat, 03 Dec 2011 09:23:46 +0000

Barclays, the Royal Bank of Scotland and HSBC are among the top banks that have lent billions of euros to the coal sector – despite their much-vaunted environmental credentials, a new investigation has found.

See http://www.guardian.co.uk/environment/2011/nov/30/coal-banks.

Report available at http://www.banktrack.org/download/bankrolling_climate_change/climatekillerbanks_final_0.pdf.

New reports question World Bank’s coal investments

Richard — Sat, 03 Dec 2011 09:22:08 +0000

As the climate talks in South Africa approached, the World Bank continued to be overshadowed by past and prospective loans for fossil-fuel power plants.

See
http://www.minesandcommunities.org/article.php?a=11332&l=1

BHP Billiton – Dirty Energy

Richard — Wed, 16 Nov 2011 14:12:51 +0000

BHP Billiton holds its Australian AGM on Thursday 17 November. A coalition of organisations including London Mining Network has produced an ‘alternative annual report’: BHP Billiton – Dirty Energy.

To read the alternative report, see http://bhpbillitonwatch.files.wordpress.com/2011/11/bhpb_report_sml.pdf.

Climate Vulnerable Forum Declaration adopted

Richard — Tue, 15 Nov 2011 17:14:27 +0000

Nineteen climate vulnerable countries have signed the Climate Vulnerable Forum 2011 Dhaka Declaration: Afghanistan, Bangladesh, Bhutan, Costa Rica, Ethiopia, Ghana, Kenya, Kiribati, Madagascar, Maldives, Nepal, Philippines, Rwanda, Saint Lucia, Tanzania, Timor-Leste, Tuvalu, Vanuatu and Vietnam.

Among other things, signatories declare:

1. We underscore that it is incumbent upon the developed countries, given their historical responsibility to climate change and taking into account their commitments to reduce our vulnerability, to extend all necessary support to our vulnerable countries so as to be able to respond to the challenges posed by climate change….

3. We, as vulnerable countries, resolve to demonstrate moral leadership by committing to a low-carbon development path on a voluntary basis within the limitations of our respective capabilities, which are to a large extent externally determined by the availability of appropriate financial and technological support, and call on all other nations to follow this moral leadership.

It is unclear what effect this declaration will have on the Bangladesh Government’s approach to London-listed GCM Resources‘ proposed open cast coal mine at Phulbari in the north west of the country, or on GCM Resources’ seeming determination to push the project through.

GCM resources holds its AGM in London on 15 December.

See http://daraint.org/2011/11/14/2748/climate-vulnerable-forum-declaration-adopted/.

Australia Passes Landmark Carbon Price Laws

Richard — Tue, 15 Nov 2011 17:07:48 +0000

Australia passed landmark laws last week to impose a price on carbon emissions in one of the biggest economic reforms in a decade and injecting new impetus into December’s global climate talks in South Africa.

Among London-listed mining companies affected are Anglo American, BHP Billiton, Rio Tinto and Xstrata.

See http://www.reuters.com/article/2011/11/08/us-australia-carbon-idUSTRE7A60PO20111108.