In today’s edition, the text of a new treaty is – tentatively – being drafted and the carbon market has a new player: South Korea, which will open a carbon trading market system next month to meet its pledge to cap greenhouse gas emission by 2020. Also, though pledges to cut emissions abound at the Climate Summit in Lima, thousands of power plants and factories will need to be fitted with carbon-capture and storage equipment to limit global warming to safe levels, says Nicholas Stern.
Quote of the day
“At some point emissions have to go to zero, no matter what.”
Jim Kim, head of the World Bank, in the RTCC’s story World Bank chief calls for “zero net emissions” climate goal
With Compromises, a Global Accord to Fight Climate Change Is in Sight
By Coral Davenport – The New York Times
Diplomats from 196 countries are closing in on the framework of a potentially historic deal that would for the first time commit every nation in the world to cutting its planet-warming fossil fuel emissions — but would still not be enough to stop the early impacts of global warming.
As Lima Talks Enter Second Week, Delegates Turn to Text for 2015 Global Climate Pact
By Eric J. Lyman – Bloomberg
Negotiations began Dec. 8 in Lima on the first draft of the text for the 2015 global climate change agreement, including discussion of emissions reduction targets for all countries and long-term financial targets starting in 2020.
Green Climate Fund will get $200m from Australia after Tony Abbott’s about-turn
By Lenore Taylor and Suzanne Goldenberg – The Guardian
The federal government has pledged $200m over four years from its existing aid budget to the international Green Climate Fund, which Tony Abbott previously disparaged as a “Bob Brown bank on an international scale”.
World Bank chief calls for “zero net emissions” climate goal
By Ed King – RTCC (Responding to Climate Change)
The head of the World Bank has added his backing to calls for countries to agree a long term carbon cutting target at UN climate change talks taking place in Lima, Peru this week.
China, U.S., EU emissions pledges to curb warming -study
Recent pledges by China, the United States and the European Union to limit greenhouse gas emissions will slow the rate of global warming this century, a study by climate scientists showed.
Thousands of Carbon-Capture Plants Needed to Curb Warming
By Alex Morales – Bloomberg News
Thousands of power plants and factories will need to be fitted with carbon-capture and storage equipment to limit global warming to safe levels, former World Bank chief economist Nicholas Stern said.
US takes heat at Lima climate talks
By Laura Barron-Lopez – The Hill
A number of countries are questioning whether the U.S. can meet its emissions reduction targets.
Decarbonisation push emerges at UN climate talks
By Marcus Priest – The Sydney Morning Herald
Countries will be asked to decarbonise their economies by 2050 and then move to negative emissions under a controversial proposal to be negotiated as part of international climate change talks in Lima.
REDD Early Movers Program Expands To Ecuador and Colombia
By Allie Goldstein – Ecosystem Marketplace
Ecuador and Colombia now have the chance to earn $65 million each for reducing deforestation over the next three years, courtesy of new financial commitments from Norway and Germany.
S. Korea to open carbon emission market next month
By Kim Eun-jung – Yonhap
South Korea will open a carbon trading market system next month to meet its pledge to cap greenhouse gas emission by 2020, the bourse operator said Tuesday, despite lingering concerns and resistance from the business community.
Joint Statement on Climate Change Shows Leadership
Ontario, Ministry of the Environment and Climate Change
Ontario, together with California, Quebec and British Columbia, issued a joint statement today, demonstrating leadership and collective action on climate change.
Investors told to challenge oil and gas majors over climate threats
Investors are being encouraged to question how fossil fuel companies are dealing with growing carbon asset risks, following the publication of a new set of guidelines aimed at institutional investors.
Obama: Keystone may contribute to ‘disastrous’ climate change
By Timothy Cama – The Hill
President Obama told comedian Stephen Colbert that he is weighing the benefits of the Keystone XL oil pipeline against its potential contribution to “disastrous” climate change.
U.S. Solar Market Insight Conference
The U.S. Solar Market Insight Conference presents data, analysis and expert forecasting on the state of the solar market in the U.S.
Dec. 8 – 10, 2014
San Diego, CA
The Importance and Impact of Including Fuels and Natural Gas in California’s Cap-and-Trade Program
Climate Action Reserve
December 11, 2014 – 10:00am – 11:00am PST
Type of Event: Webinar
Defense, National Security & Climate Change Symposium
January 7-8, 2015
Marriott Wardman Park Hotel, Washington DC
2015 Climate Leadership Conference
ACCO, EPA, The Climate Registry, C2ES
February 23-25, 2015
Ritz-Carlton Pentagon City (Arlington, VA)
High Cost Hinders Progress of Carbon Capture As Climate-Change Fix
By Jeremy van Loon – Bloomberg News
Scientists know only two credible ways to prevent temperatures from rising to dangerous levels: stop burning fossil fuels or capture and bury the carbon dioxide byproduct before it gets into the atmosphere.
Mangroves need carbon finance mechanisms, UN says
Removing mangrove forests that protect tropical coastlines is costing countries $42bn in damages each year and creating millions of tonnes of CO2 emissions, according to a UN report.
Nuclear Poised to Be Winner as Abe Eyes Broader Japan Majority
By Chisaki Watanabe and Masumi Suga – Bloomberg News
Nuclear energy is likely be one of the big winners as Japanese Prime Minister Shinzo Abe looks set to return to power after elections on Dec. 14.
China nuclear giant CGN Power set to surge 24 pct in HK debut
By Elzio Barreto – Reuters
Shares in China’s largest nuclear power producer, CGN Power Co Ltd, surged 24.1 percent in their Hong Kong trading debut on Wednesday as investors bet on a government-backed sector primed for growth.
Exxon Sees Carbon Emissions Up 50% as Prosperity Spreads
By Joe Carroll- Bloomberg News
The world’s largest oil company sees emissions in the developing world surging 50 percent, a forecast that suggests the diplomatic push to draft an accord to curb global warming stands to fall short.
Hungary and Russia confirm nuclear deal
By Andrew Byrne – Financial Times
Hungary awarded nuclear energy contracts worth at least 6bn euros to a Russian state owned company on Tuesday, formalising a contentious deal that critics say will bind the country’s energy supply to Moscow for decades.
Germany and France look to put brake on EU car emission standards
By BusinessGreen – BusinessGreen
Proposals to slash EU vehicle emissions are once again being resisted by Germany, after it emerged the German government is looking to delay emissions targets for 2025 by five years.
Natural gas / coal
Ukraine makes payment for Russian gas as winter arrives
By Andy Tully – Oilprice.com
Ukraine’s Naftogaz has sent $378.22 million to Russia as advance payment for natural gas supplies, which should lead to the resumption of shipments that were suspended nearly six months ago in a dispute over the prices Moscow had set for the fuel and debts Kiev owed for previous shipments.
Mitsui Buys $763 Million Stake in Vale’s Mozambique Venture
By Yuriy Humber and Juan Pablo Spinetto – Bloomberg News
Mitsui & Co., Japan’s second-largest trading house, agreed to pay $763 million to join Vale SA in a Mozambique coal project, the second partnership between the companies in a year, as output expands.
US shale industry faces endurance test after Opec rejects cuts
By Ed Crooks – Financial Times
When Saudi Arabia and other Gulf countries last month rejected calls for a production cut by Opec, the oil cartel, they put the responsibility for stabilising plummeting crude prices on to the US shale industry.
Scientists Track Down Serious Methane Leaks In Natural Gas Wells
By Christopher Joyce – NPR (Audio)
Faulty gear and attempts to clear liquid from wells can release enough gas to power hundreds of homes, new research reveals. Scientists say finding the leaks is a first step to plugging them.
Leaks from natural gas drilling are falling, study finds
By Timothy Cama – The Hill
Methane leaks from natural gas drilling and production have fallen from the last estimate more than a year ago, according to a study sponsored by the industry and an environmental group.
Foresight to acquire UK’s largest solar farm
Foresight Solar Fund is set to purchase the UK’s largest solar farm, currently under construction in Oxfordshire.
Worsening electricity crisis adds to South Africa’s economic woes
By Andrew England – Financial Times
Bruno Dimana sits in the dark at the menswear shop he helps manage in a usually bustling district of Johannesburg, and sighs at the latest power cut that he says keeps customers away.
Scottish government accused of abandoning wave power
By Rob Edwards – The Guardian
The Scottish government has been accused of abandoning wave power after one leading company has been forced into administration and another has had to shed most of its staff.
Walden Pond where Thoreau lived simply goes solar
Henry David Thoreau famously wrote of “the sunshine of a winter’s day,” and now the simple place that inspired him the most is going solar.
Wind farms ‘powered 43 per cent of UK homes’ on Sunday
By Will Nichols – BusinessGreen
Almost half of UK homes were powered by wind turbines on Sunday after wind farms racked up a record level of electricity production.
Tesla Rebounds as Shoppers Seen Looking Past Pump Price
By Keith Naughton – Bloomberg News
Tesla Motors Inc. customers are rich enough to keep buying luxury cars whatever the cost of a tank of gasoline.
Water Contaminated By Oil Spills in Peru’s Amazon
Circle of Blue
Oil spills may be sickening communities in Peru’s Amazon.
Business energy costs predicted to rise by around a third by 2030
By James Murray – BusinessGreen
The government may have to extend financial support to UK industry, as the latest projections from the independent Committee on Climate Change (CCC) today confirmed businesses are likely to face increased energy costs through to 2030.
Copenhagen Lighting the Way to Greener, More Efficient Cities
By Diane Cardwell – The New York Times
On a busy road in the center of town here, a string of green lights embedded in the bike path — the “Green Wave” — flashes on, helping cyclists avoid red traffic lights.