Category Archives: Fossil Fuel Reduction

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14 December 2017, The Guardian, National Australia Bank stops all lending for new thermal coal projects. National Australia Bank says it will halt all lending for new thermal coal mining projects, becoming the first major Australian bank to phase out support of thermal coal mining. While the bank will continue providing finance for coal projects already on its books, NAB said an orderly transition to a low-carbon Australia was critical for the economy and for continued access to secure and affordable energy. “While we will continue to support our existing customers across the mining and energy sectors, including those with existing coal assets, NAB will no longer finance new thermal coal mining projects,” the bank said in a statement on Thursday.  “This is a market-leading position for an Australian bank and is even stronger than the position taken by Commonwealth Bank last month because it is formal policy,” Greenpeace campaigner Jonathan Moylan said. The Commonwealth Bank indicated to shareholders in November that it would not fund new, large coal projects, saying its support for coal would continue to decline as it helps finance the transition to a low-carbon economy. ING has promised to phase out coal within a decade and has committed to stop funding any utility company which relies on coal for more than 5% of its energy. ANZ and Westpac both have policies that limit lending to new coal projects under certain conditions. “NAB has lifted the bar above its competitors by becoming the first major bank to end lending to all new thermal coal mining,” said Julien Vincent, executive director of environmental finance advocates Market Forces. “This policy means NAB joins the ranks of dozens of banks and insurance companies globally that are withdrawing from this most climate-polluting of industries.” The World Bank has also announced it will “no longer finance upstream oil and gas, after 2019” in an effort to be consistent with the Paris Agreement goal of limiting warming to 1.5C. Read More here

 

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4 December 2017, Inside Climate News, Microgrids Keep These Cities Running When the Power Goes Out. Borrego Springs, California, is a quaint town of about 3,400 people set against the Anza-Borrego Desert about 90 miles east of San Diego. Summers are hot—often north of 100 degrees—and because it lies at the far end of a San Diego Gas & Electric transmission line, the town has suffered frequent power outages. High winds, lightning strikes, forest fires and flash floods can bust up that line and kill the electricity. “If you’re on the very end of a utility line, everything that happens, happens 10 times worse for you,” says Mike Gravely, team leader for energy systems integration at the California Energy Commission. The town has a lot of senior citizens, who can be frail in the heat. “Without air conditioning,” says Linda Haddock, head of the local Chamber of Commerce, “people will die.” But today, Borrego Springs has a failsafe against power outages: a microgrid. Resiliency is one of the main reasons the market in microgrids is booming, with installed capacity in the United States projected to more than double between 2017 and 2022, according to a new report on microgrids from GTM Research. Another is that microgrids can ease the entry of intermittent renewable energy sources, like wind and solar, into the modern grid. Utilities are also interested in microgrids because of the money they can save by deferring the need to build new transmission lines. Read More here

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29 November 2017, The Guardian, banks warned of ‘regulatory action’ as climate change bites global economy Australian Prudential Regulation Authority says it is quizzing companies about their actions to assess climate risks. Australia’s financial regulator has stepped-up its warning to banks, lenders and insurers, saying climate change is already impacting the global economy, and flagged the possibility of “regulatory action”. Geoff Summerhayes from the Australian Prudential Regulation Authority (Apra) revealed it had begun quizzing companies about their actions to assess climate risks, noting it would be demanding more in the future. Apra also revealed it has established an internal working group to assess the financial risk from climate change and was coordinating an interagency initiative with the corporate watchdog Asic, the Reserve Bank of Australia (RBA) and federal Treasury to examine what risks climate change was posing to Australia’s economy. In February, Summerhayes put banks, lenders and insurance companies on notice, urging them to start adapting to climate change and warning that the regulator would be “on the front foot on climate risk”. Now, in the first significant update to Apra’s thinking on the topic since that speech, Summerhayes said Apra’s view was that climate change and society’s response to it “are starting to affect the global economy”. In an extended version of a speech to the progressive Centre for Policy Development, and circulated to journalists ahead of its delivery, Summerhayes said a shift occurring in the global economy was increasingly being driven by commercial imperatives – investments, innovation and reputational factors – rather than what scientists or policymakers are saying or doing. Read More here

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25 October 2017, ENOVA One Step Off the Grid: Enova launches community “Solar Garden” for those who can’t install. NSW community energy retailer Enova has launched a first-of-its kind project that will enable renters and others who can’t intall rooftop solar to invest in a “solar garden” and benefit from reduced bills. The idea is to build a 99kW rooftop solar system – most likely on a business – and “sell” the panels in 1kW chucks to consumers that can’t put solar on their own roofs, either because they are renting, they live in apartments, in houses that are shaded, or can’t afford to invest in a whole system. Enova held a public meeting in the northern Rivers town of Brunswick Heads on Tuesday to sell the idea, which it says could be the first of many such “solar gardens”, particularly as it moves into the major metropolitan markets of Newcastle and Sydney early next year. “We’ve been thinking about this for a while,” Enova chair Alison Crook said. “People have been saying they want to install solar but they can’t do it …. this makes rooftop solar more affordable and accessible for everyone. We didn’t think that we’d be able to offer this so quickly – but it is here.” The savings from a solar garden are not as great as having your own rooftop solar, but according to Enova’s numbers they are substantial, and can offer a rapid payback time. Customers will be able to buy capacity in increments of 1kW. The upfront price is expected to be $1,000 for each 1kW, and the returns could up to to 23 per cent a year (in the form of a $230 reduction in annual energy bills for each kW). That represents a payback of less than 5 years. The deal lasts for 20 years. Read More here