22 May FastFT: Axa to ditch coal investments by the end of 2015. Axa, one of the world’s largest insurers, has become the first global financial institution to shun investments in coal companies. The French group, which has more than $1trn in assets under management, will sell EUR500m of coal assets between now and the end of the year, its chief executive, Henri de Castries, said at a business and climate change conference in Paris on Friday, reports Pilita Clark, environment correspondent. It will also invest EUR3bn in renewable energy between now and 2020. The move makes the French group by far the biggest recruit to an international fossil fuel divestment campaign that aims to stigmatise the use of coal, oil and gas because of their impact on the climate. Read More here
Category Archives: Fossil Fuel Reduction
Here’s how the states can dodge Canberra’s renewable roadblock. Labor and the Coalition government have now agreed to cut the federal renewable energy target (RET) from 41,000 gigawatt hours in 2020, to 33,000 GWh – a reduction of almost 20%. This agreement has been hailed as restoring stability to the industry, after a year plagued with uncertainty and featuring two reviews. However, this is still a significant cut, particularly as the target is a significant part of Australia’s policy response to climate change. Meanwhile, Victoria has committed to restoring its own renewable energy target, the VRET, following other states in developing renewable energy policy. However a clause the federal legislation prevents schemes similar to the federal RET. How can the states get around this and support their industries? Read More here
Why is oil and gas activity causing earthquakes? And can we reduce the risk? If you’ve been following the news lately, chances are you’ve heard about – or even felt – earthquakes in the central United States. During the past five years, there has been an unprecedented increase in earthquakes in the North American mid-continent, a region previously considered one of the most stable on Earth. According to a recent report by the Oklahoma Geological Survey, Oklahoma alone has seen seismicity rates increase 600 times compared to historic levels. The state has gone from experiencing fewer than two magnitude-three earthquakes per year to greater than two per day, the report found. Similarly, my home state of Texas has experienced a near 10-fold increase in magnitude-three earthquakes or greater in the past five years. Read More here
27 April 2015, Climate News Network: Well drilling has deep impact on Great Plains’ health. Loss of vegetation on North America’s vast rangelands as a result of a huge increase in oil and gas wells invokes memories of the 1930s Dust Bowl disaster. Oil wells and natural gas may have made individual Americans rich, but they have impoverished the great plains of North America, according to new research. Fossil fuel prospectors have sunk 50,000 new wells a year since 2000 in three Canadian provinces and 11 US states, and have damaged the foundation of all economic growth: net primary production − otherwise known as biomass, or vegetation. Brady Allred, assistant professor of rangeland ecology at the University of Montana’s College of Forestry and Conservation, and colleagues write in the journal Science. Read More here