Quote of the Day

“Investors continue to pour cash into unsustainable high carbon assets without understanding or being able to manage the risks associated with these investments, such as climate change, local pollution, fossil fuel price volatility, political risk and catastrophes such as Deepwater Horizon. This poses significant strategic challenges for the future prosperity of Britain that just can’t be ignored.”

James Cameron, founder and chairman of Climate Change Capital and member of the prime minister’s business advisory group, in Reuters’ “UK’s high-carbon investment risky, central bank told”


Lead Stories


UK’s high-carbon investment risky, central bank told
Reuters
The Bank of England should look into how Britain’s exposure to high carbon emitting investments might harm the UK’s financial system and long-term economic growth prospects, a coalition of investors, academics and environmentalists said on Thursday.
http://jlne.ws/z3nLkP

Phasing out fossil fuel subsidies ‘could provide half of global carbon target’

Guardian
Eliminating subsidies for coal, gas and oil could save as much as Germany’s annual greenhouse gas emissions each year by 2015, according to one of the world’s leading energy experts.
http://jlne.ws/zqsI8I

2011 was ninth-warmest year since 1880: NASA
Reuters
The global average temperature last year was the ninth-warmest in the modern meteorological record, continuing a trend linked to greenhouse gases that saw nine of the 10 hottest years occurring since the year 2000, NASA scientists said on Thursday.
http://jlne.ws/wszB6S

China report spells out “grim” climate change risks

Reuters
Global warming threatens China’s march to prosperity by cutting crops, shrinking rivers and unleashing more droughts and floods, says the government’s latest assessment of climate change, projecting big shifts in how the nation feeds itself.
http://jlne.ws/vZ76aa

U.S. Will Investigate Wind-Tower Makers From China, Vietnam
Bloomberg
The Commerce Department said it will investigate U.S. producer complaints that wind-tower manufacturers from China and Vietnam sell their renewable-energy equipment below cost in the U.S.
http://jlne.ws/xQE0XM

Phasing out fossil fuel subsidies ‘could provide half of global carbon target’
guardian.co.uk
Eliminating subsidies for coal, gas and oil could save as much as Germany’s annual greenhouse gas emissions each year by 2015, according to one of the world’s leading energy experts.Speaking to the Guardian, Fatih Birol, chief economist at the International Energy Agency (IEA), said such a move could provide half of the carbon savings needed to stop dangerous levels of climate change.
http://jlne.ws/yZ2et6

Japan Girds for Summer Power Cuts
Wall Street Journal
The official overseeing Japan’s energy industry said there may be no nuclear reactors operating when power demand peaks this summer, as the country struggles with how far and fast to reduce its reliance on nuclear energy.
http://jlne.ws/wmPfd2

Gas Prices Could Rise With Exports

Wall Street Journal
Increased exports of U.S. natural gas could drive up domestic gas prices as much as 54% in 2018, federal officials said Thursday, in a projection that could complicate efforts by more than a half-dozen companies hoping to spend billions of dollars on new export terminals.
http://jlne.ws/wnjGjW

US

Election battle looms as Obama rejects Keystone pipeline
Business Green
President Obama yesterday rejected the proposed Keystone tar sands pipeline, prompting celebrations among environmentalists who immediately hailed an “iconic David and Goliath victory” against “Big Oil”.
http://jlne.ws/yL9THf

Renewable Energy Little Changed in Trading Debut After Pricing Below Offer

Bloomberg
Renewable Energy Group Inc., the biggest U.S. biodiesel maker, was little changed in its trading debut after raising $72 million in an initial public offering, less than first proposed.
http://jlne.ws/ymjQsP

Canada

The Keystone Pipeline Is No Victory for Environmentalism
Lisa Margonelli – The Atlantic
Yesterday, everyone involved in the support and opposition to the Keystone XL pipeline got what they wanted: Obama tossed a squib to environmentalist supporters whom he’s previously disappointed, and Republican boosters of the pipeline got to turn the Obama’s refusal (which they accelerated by attaching a February 21 deadline for approval to the payroll tax bill) into a talking point against Obama in the upcoming election. In a country without a greenhouse gas strategy or an energy policy, this is passing for political action, but it’s really… nothing, a draw, a symbol of symbols.
http://jlne.ws/yA5FgW

Climate Change Canada: Carbon Emissions From Hydro Drastically Underestimated, Says Report
Huffington Post
A study by an environmental group suggests the federal government may be underestimating greenhouse gas emissions from hydro developments by a factor of 20.
http://jlne.ws/wy2MOF

Canadian programme to entice coal users to switch to biomass
BioEnergy News
The province of Manitoba in Canada has introduced a new programme that will give $400,000 (308,000 euro) in grants to coal companies that switch to biomass energy projects.
The Manitoba Biomass Energy Support Program (MBESP) is aimed at supporting the growth of biomass within the energy production industry, and the agriculture, food and rural minister, Ron Kostyshyn says the biomass will be taken from local resources.
http://jlne.ws/z4BaH1


TransCanada May Shorten Keystone XL

Bloomberg
TransCanada Corp. (TRP) may shorten the initial path for its rejected Keystone XL project, bringing oil from Montana’s Bakken Shale to refiners in the Gulf of Mexico and removing the need for federal approval.
http://jlne.ws/y74tUE

Europe

French power sector CO2 emissions fall 20 pct in 2011
Point Carbon
Emissions from France’s power sector dropped by nearly a fifth in 2011, mainly on increased generation from nuclear and renewable energy sources, grid operator RTE said on Thursday.
http://jlne.ws/z7eS2e

Asia

Mott MacDonald Aids Kasikornbank, Siam in $222 Million Thai Wind
Bloomberg
Kasikornbank Pcl (KBANK) and Siam Commercial Bank Pcl (SCB) aided in the financing of the largest wind farm in southeast Asia, according to Mott MacDonald Group Ltd., the U.K. company appointed as engineer on the project.
http://jlne.ws/zQTYVP

Africa/Middle East


Green Fuel of Zimbabwe to Generate 18 Megawatts, Herald Reports

Bloomberg
Green Fuel (Pvt) Ltd. of Zimbabwe will increase generating capacity to 18 megawatts within the next six months, the Herald reported, citing General Manager Graeme Smith.
http://jlne.ws/zlJdJU

Mideast Solar Projects Can Compete With Gas, Industry Group Says
Bloomberg
Solar projects in the Middle East are competitive with natural-gas-fired generators in some markets because of falling technology prices and more expensive fossil fuels, an industry group said.
http://jlne.ws/wSePUD

Masdar Capital reveals plan to step up investment in fast-expanding UK waste sector

Business Green
The investment arm of Abu Dhabi’s green energy company, which commands over $540m of capital, has revealed it is “very interested” in the UK waste sector.
http://jlne.ws/zIq53O

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