15 April 2016, Renew Economy, Turnbull’s Jekyll and Hyde climate and clean energy policy. Environment minister Greg Hunt this week has been on a mini-tour of Western Australia, with the head of the Australian Renewable Energy Agency – which he wants to de-fund – announcing the sort of grants for solar and battery storage installations that he wants to stop. If there was any hint of irony in praising the work of ARENA and taking credit for the initiatives of an institution that the Coalition has spent much of the last three years trying to abolish, it was not immediately apparent. “The Turnbull government is providing $17 million funding for nine new R&D projects set to deliver renewable energy technologies and solutions suited to the 21st century,” Hunt proudly announced in a press release, before enthusing at the opening about the potential for Australia to lead the world in battery storage. “I’m delighted to announce that in partnership with Synergy, the Australian government is contributing $3.3 million for a community household storing of – solar storage and energy facility,” he told a gathering of media and dignitaries. “Behind us we have 1.1 million hours’ worth of storage. This is the real world, this is the future that is behind us in terms of storage, solar energy on the roofs in front of us, the storage behind us.” And on it went. Indeed, Hunt’s speech was a compilation of everything that people find confusing and dumbfounding about this Turnbull government. Australia will be among the first to formally sign the Paris climate deal, but it still hasn’t the domestic targets or the policies to get anywhere near its share of meeting that agreement; it professes support for wind and solar but has no new developments to show for it; it claims to have brought certainty to the renewable energy industry, when the only certainty in the last three years has been the lack of investment; it hails innovative solar and storage projects and then removes the funding mechanism that makes them possible; it applauds the work of a key agency it has tried to dismantle and finally strips it of funding; it wants to cease grants to clean energy projects “to protect taxpayers money” but then uses grants to polluters as the basis of its emissions reduction fund. Read More here
Category Archives: The Mitigation Battle
14 April 2016, Climate News Network, Investors warned: Forget fossil fuels. Historic change heralded as investors are told they face losing their money if they continue to back the fossil fuel industry that is causing disastrous global warming. The head of a global philanthropic foundation says that the world turning away from fossil fuels is a critical moment in human history, akin to the abolition of slavery. Ellen Dorsey, executive director of the US-based Wallace Global Fund, told a packed conference in Oxford, UK, this week: “We are right in the middle of a transition − not to try to curb the burning of the fuels, but to end the fossil fuel industry altogether. The industry will be one for the history books, much like slavery” The conference, organised by the Divest Invest movement, was held to assess progress in convincing the financial sector that it will lose its money if it continues to invest in fossil fuels. The movement involves 500 organisations − with a combined wealth of more than $3.4 trillion − that have already pledged to divest from fossil fuels and invest in climate solutions. Sarah Butler-Sloss, founder director of the Ashden Trust, a leader in the field of green energy and sustainable development, opened the conference and stressed: “We are not making a sacrifice. We have gained money from not investing in fossil fuels.” Read More here
13 April 2016, Inside Climate News, CO2’s Role in Global Warming Has Been on the Oil Industry’s Radar Since the 1960s. Historical records reveal early industry concern with air pollutants, including smog and CO2, and unwanted regulation. The oil industry’s leading pollution-control consultants advised the American Petroleum Institute in 1968 that carbon dioxide from burning fossil fuels deserved as much concern as the smog and soot that had commanded attention for decades. Carbon dioxide was “the only air pollutant which has been proven to be of global importance to man’s environment on the basis of a long period of scientific investigation,” two scientists from the Stanford Research Institute (SRI) told the API. This paper, along with scores of other publications, shows that the risks of climate change were being discussed in the inner circles of the oil industry earlier than previously documented. The records, unearthed from archives by a Washington, D.C. environmental law organization, the Center for International Environmental Law (CIEL), reveal that the carbon dioxide question—an obscure corner of research for much of the 20th century—had been closely studied since the 1950s by some oil company researchers. Read More here
13 April 2016, Vox, Why Peabody Energy, the world’s largest coal company, just went bankrupt. The US coal industry is imploding. And here’s the biggest casualty yet: Peabody Energy, the world’s largest private-sector coal company, filed for Chapter 11 bankruptcy in St. Louis on Wednesday. It’s hard to overstate what a seismic shift this is. Peabody has been a giant in the mining industry seemingly forever, after starting out in Chicago in 1880 with just a wagon and two mules. A decade ago, coal provided fully half of America’s electricity, much of it dug up by Peabody in Illinois, Kentucky, Wyoming, Colorado. At its peak in 2008, the company had a market cap of $20 billion, supplying coal to 26 countries worldwide. But then came the fall. The rise of fracking and cheap shale gas in the United States, coupled with stricter environmental regulations, has helped push hundreds of coal-fired power plants out of business in recent years. US coal production has nosedived from 1.17 billion metric tons in 2008 to just 752.5 million in 2016. Coal consumption in China, another crucial market, has also cooled off of late. Between 2012 and 2015, Peabody laid off more than 20 percent of its global workforceand started closing some of its US mines. Today, the company is saddled with $10.1 billion in debt and its future looks much bleaker than it once did. Hence the bankruptcy filing. Read More here