In today’s edition, apart from a behind-the-scene report on the GE/Alstom deal and another on how media mogul Rupert Murdoch managed to turn climate conscious Australia into a renegade, the focus is on how much climate change would cost and benefit the U.S. and the world economy.
Quote of the day
“I say we should take out an insurance policy.”
George P. Shultz, who was Treasury secretary under President Richard M. Nixon and secretary of state under President Ronald Reagan, in the New York Times’ story Bipartisan Report Tallies High Toll on Economy From Global Warming
Corporate carbon investments: Over $1 billion saved
Will Nichols, GreenBiz.com
The largest U.S. companies are saving more than $1 billion a year by buying renewable energy and embracing emissions reduction targets, a new study has revealed.
***LB: Also in this story “The companies posting the biggest improvements to their bottom line were UPS, which saved more than $200 million annually, Cisco Systems which made a saving of $151 million, PepsiCo which saved $120 million, United Continental which cut costs by $104m, and General Motors with a saving of over $73 million.”
Climate policies could lift global GDP by $2.6 trln/yr-World Bank
Nina Chestney, Reuters
Global economic output could rise by as much as an additional $2.6 trillion a year, or 2.2 percent, by 2030 if government policies improve energy efficiency, waste management and public transport, according to a World Bank report released on Tuesday.
***LB: Also in this story “For example, if China deployed 70 million low-carbon cook stoves, it could avoid around 1 million premature deaths from pollution and reap almost $11 billion in economic benefits, the report showed.”
Bipartisan Report Tallies High Toll on Economy From Global Warming
Justin Gillis, New York Times
More than a million homes and businesses along the nation’s coasts could flood repeatedly before ultimately being destroyed. Entire states in the Southeast and the Corn Belt may lose much of their agriculture as farming shifts northward in a warming world.
Fuel subsidies ‘drive fishing industry’s plunder of the high seas’
Suzanne Goldenberg, theguardian.com
Eighteen countries are underwriting the “plunder of the high seas” on an industrial scale through government hand-outs to fishing fleets, an international commission has found.
***LB: Also in this story “The Spanish government led the world with those subsidies, providing some $1073 million in fuel subsidies for a catch of $2625 million, the report found. But France, Britain, Denmark and Italy were also heavily subsidising fuel costs for their fishing fleets.”
White House officials to meet with activist Tom Steyer on climate
White House officials and Treasury Secretary Jack Lew will meet with billionaire environmental activist Tom Steyer on Wednesday to discuss climate change, a White House official said.
House to vote on gas exports, pipelines
Laura Barron-Lopez, The Hill
A slew of energy bills will hit the House floor next week, including a measure designed to force the Department of Energy to more quickly approve applications to export liquefied natural gas.
Where Did the Supreme Court Leave EPA’s Power on Greenhouse Gas?
Paul M. Barrett, Bloomberg Businessweek
Confused by the Supreme Court’s ruling on carbon emissions? It’s understandable. Monday’s decision interpreted highly technical regulatory provisions and produced a splintered vote.
Australian PM moves to repeal carbon tax
Laura Barron-Lopez, The Hill
Australian Prime Minister Tony Abbott reintroduced legislation Monday that would repeal a carbon tax on the country’s biggest polluters.
How Rupert Murdoch created the world’s newest climate change villain
Alexander White, Salon
Australia, the sunburned country, is uniquely vulnerable to the dangers and risks of global warming.
Immelt’s Alstom Push Crowned by Promise Under Chandelier
Matthew Campbell, Helene Fouquet and Francois de Beaupuy, Bloomberg
As France geared up for a night of soccer frenzy, hoping to see its team crush Switzerland in the World Cup, Economy Minister Arnaud Montebourg took the stage in Paris for a surprise announcement.
EMA’s 18th Annual Meeting
Join the Environmental Markets Association and environmental industry professional for two days of dynamic sessions, two nights of networking receptions, and countless opportunities to increase your business contacts.
October 22 – 24, 2014
Santa Monica, CA
FT European Gas Summit
The FT European Gas Summit brings together leading and aspiring gas suppliers from around the globe, as well as energy industry experts, commentators and government decision makers to review the potential barriers to new gas supplies for Europe, and the impact on the region’s economic competitiveness. The summit will be chaired by Guy Chazan, Energy Editor, Financial Times.
23 October 2014
Supreme Court upholds rules curbing greenhouse gases from power plants
David G. Savage, Los Angeles Times
The Obama administration’s drive to regulate global-warming gases won a surprising victory in the Supreme Court on Monday with the support of two conservative justices.
Experts: Ruling helps target top polluters
Timothy Cama, The Hill
The Supreme Court ruling Monday overturning the Environmental Protection Agency’s (EPA) authority to regulate a small subset of polluters actually helps the agency, legal experts said, allowing it to focus on the biggest carbon emitters.
FIFA to offset all its operational carbon emissions through certified projects in Brazil
FIFA today announced the portfolio of carbon offsetting projects in Brazil that have been selected to reduce the footprint of the 2014 FIFA World Cup.
Clean energy sector ‘on hold’ while government reviews renewables target
Oliver Milman, theguardian.com
More than $5 billion was invested in Australian clean energy last year but the sector has virtually ground to a halt owing to widespread anxiety over the government’s commitment to renewables, according to the industry body.
***LB: Also in this story “In its analysis of renewables in 2013, the Clean Energy Council found that nearly 15% of Australia’s power was produced by renewable energy, with $5.18 billion invested in the sector.”
Renewable energy target: Economic modelling shows household bills to rise in short term, drop long term
Jake Sturmer, ABC
Australia’s pledge to use renewable energy sources to produce at least 20 per cent of the nation’s power by 2020 is currently being reviewed by an expert panel.
Natural gas / coal
“King Coal” in Australia faces rising investment backlash
James Regan, Reuters
A farmer’s habit of rising before dawn finds Cliff Wallace alone most mornings while a rag-tag army of anti-coal activists camped in tents and tee-pees on his land catch a few more hours sleep.
Crowded rails in US coal country throw miners, utilities out of gear
Swetha Gopinath and Sweta Singh, Reuters
Coal miners and power companies are both suffering as railroads struggle to clear a backlog of coal stuck in the Powder River Basin in Wyoming and Montana after the harshest winter in over a decade.
Targa Said to Abandon Sale to Energy Transfer After Share Spike
Matthew Monks and Jeffrey McCracken, Bloomberg
Targa Resources Corp. and its operating unit called off a sale to Energy Transfer Equity LP (ETE) after news of the potential $15 billion deal sent Targa’s shares surging, making its board question whether the offer was high enough, people with knowledge of the matter said.
KKR Buys Wind-Farm Stake from Spain’s Acciona for $563 million
Christopher Bjork, Wall Street Journal online
KKR & Co. has agreed to buy a third of the renewable energy unit of Spain’s Acciona Infraestructuras SA for 417 million euros ($563 million), with plans to later list the unit on the stock exchange.
Britain’s green bank to launch 1 bln stg offshore wind fund
Susanna Twidale, Reuters
Britain’s government-funded bank investing in green energy projects will launch a 1 billion pound ($1.7 billion) fund dedicated to buying stakes in operational offshore wind projects in the country, the bank said on Tuesday.
Wisconsin Energy to Buy Integrys for $5.7 Billion
Michael J. De la Merced, New York Times
The Wisconsin Energy Corporation agreed on Monday to buy the Integrys Energy Group for about $5.7 billion in stock and cash, uniting two big Midwestern utilities.
Consumer group: Drivers buying more fuel efficient cars
Keith Laing, The Hill
The average miles-per-gallon of new cars that are purchased in the United States has increased from 21 miles-per-gallon in 2008 to 25.6 miles-per-gallon this year, according to a study released Monday by the Consumer Federation of America (CFA).
US corn’s gravy train faces derailment
Kieran Cooke, Climate News Network
One-third of cropland in the US is devoted to corn. It produces nearly 40% of the world’s corn, and a record harvest last year was valued at nearly $70 billion.
Water and Energy Grab the Spotlight
Circle of Blue
A new Department of Energy report on the connections between water and energy marks a path for the department’s research into the twinned challenges.
How Ford is motoring ahead with a water scarcity strategy
Matthias Krause, GreenBiz.com
For many companies, the cost of water—compared to the overall cost of production—hardly makes a blip on the radar screen.
6 ways climate change will ruin your next holiday
Sue White, ABC
For Australians, a love of travel is virtually part of our DNA.
May was hottest on Earth since records began
Adam Vaughan, theguardian.com
Last month was the hottest May globally since records began in 1880, new figures show.