Category Archives: PLEA Network

PLEA Network

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

 

PLEA Network

14 December 2017, The Conversation, Instead of congratulating ICAN on its Nobel Peace Prize, Australia is resisting efforts to ban the bomb. Earlier this week in Oslo, the 2017 Nobel Peace Prize was officially givento the International Campaign to Abolish Nuclear Weapons (ICAN), a global campaign that was launched in Melbourne in 2007. ICAN lobbied to establish a special UN working group on nuclear disarmament, campaigned for the UN General Assembly’s December 2016 resolution to launch negotiations on a prohibition treaty, and was an active presence at the UN conference that negotiated the treaty. Prime Minister Malcolm Turnbull failed to congratulate the Australian faces of ICAN, adding to the growing body of evidence of his flawed political judgement. There were no political downsides to phoning ICAN, noting the difference of opinion on the timing and means to effective nuclear disarmament, but warmly congratulating ICAN for the global recognition of its noble efforts to promote nuclear peace. Out of step with the global nuclear order The global nuclear order has been regulated and nuclear policy directions set by the Nuclear Non-Proliferation Treaty (NPT) since 1968. The 2015 Iran nuclear deal and North Korea’s unchecked nuclear and missile delivery advances show the benefits and limitations of the NPT respectively. The transparency, verification and consequences regime mothballed Iran’s bomb-making program by enforcing its NPT non-proliferation obligations. These will remain legally binding even after the deal expires in 2030. By contrast, the crisis over North Korea’s nuclear program has intensified within the NPT framework. Heightened geopolitical tensions in Europe, the Middle East and south and east Asia have further stoked nuclear fears. Meanwhile the NPT-recognised five nuclear weapon states have no plan to abolish their nuclear arsenals. Frustrated by the stubborn resistance of the nuclear weapon states to honour their NPT commitment to nuclear disarmament and alarmed by rising nuclear threats, on July 7 this year, 122 countries adopted a UN treaty to stigmatise and ban the bomb. Read More here

PLEA Network

13 December 2017, World Weather Attribution, Climate Change Fingerprints Confirmed in Hurricane Harvey’s Record-Shattering Rainfall. Scientist with World Weather Attribution (WWA) find that human-caused climate change made the record rainfall that fell over Houston during Hurricane Harvey roughly three times more likely and 15 percent more intense.  WWA is releasing the findings of its new analysis regarding the role of human-induced climate change on Hurricane Harvey’s devastating rains that is published in the peer-reviewed journal, Environmental Research Letters (ERL). The findings are being released jointly with the American Geophysical Union (AGU) in a joint press release and at a press conference on Wednesday, December 13 at 2:30 p.m. CT at the annual AGU Fall Meeting in New Orleans.  The paper can be found on our website and in Environmental Research Letters.

PLEA Network

13 December 2017, Renew Economy, AGL says batteries are coming, but coal is uninvestable. AGL says no private investor would invest in new coal plant, but says battery storage is coming and will be major game changer as costs fall – which may not be far away. Several days after formally rejecting federal government requests that it invest hundreds of millions of dollars to keep the ageing and increasingly decrepit Liddell coal generator open, AGL held an “investor day” where it said no private money would support a new coal generator. “We do not believe that any private capital will invest in new coal plants,” CEO Andrew Vesey told the assembled analysts. “Someone may say they want to, but that does not mean they will.” AGL over the weekend unveiled plans to replace Liddell, which include 653MW of wind farms, currently under construction, 300MW of new solar farms, a 250MW gas peaking plant, and small amounts of demand management. AGL over the weekend unveiled plans to replace Liddell, which include 653MW of wind farms, currently under construction, 300MW of new solar farms, a 250MW gas peaking plant, and small amounts of demand management. The later stages of the scheme – depending on what else happens in the market, and the make-up of energy policy – could see another 650MW of wind and solar, 250MW of battery storage, or pumped hydro, and possibly more gas peaking plants and more demand management. The AGL plan made it clear to the government that the cheapest way to provide reliability, and reduce emissions, was to shift from coal to renewables, something the Coalition is finding hard to accept. But Vesey’s comments were unequivocal, and appeared deliberately aimed at the lingering push from many in the conservative arena to build a new coal-fired generator. “The government may say it wants to … but it is becoming an increasingly risky proposition.” Read More here