Environmental Financial Products introduces the book “Environmental Markets: A New Asset Class”, authored by Richard L. Sandor, Nathan Clark, Murali Kanakasabai and Rafael L. Marques. The book, commissioned by the CFA Institute Research Foundation, was created as a research and teaching tool and is available free to the public online. Amory Lovins, founder of the Rocky Mountain Institute and a world-renowned scientist, environmentalist and sustainability expert, offers the forward to this look at a relatively new asset class that offers a chance to “do well and to do good.” The book is born out of economic theory and practical experience, covering: air and water; catastrophic and weather risk; and sustainability. It will further demonstrate how these environmental asset classes are being incorporated into commodities, fixed income and equity instruments.

In this edition: Obama Keystone Pipeline Review Roiled by Nebraska Judge; California senators float post-2020 climate change bill; and Climate billionaire aims to set stage for 2016

Quote of the Day:

“They came out here like a bunch of bullies and tried to force it down our throats. They told us there was nothing we could do to stop it.”

–Nebraska rancher Randy Thompson in the AP’s Nebraska Court Ruling Voids Approval For Keystone XL Pipeline”

Lead Stories

Obama Keystone Pipeline Review Roiled by Nebraska Judge
Bloomberg
A Nebraska judge’s decision throwing out the Keystone XL pipeline route in the state may push President Barack Obama’s final decision on the contested project until after the midterm congressional elections.
http://jlne.ws/MD48nn

Nebraska Court Ruling Voids Approval For Keystone XL Pipeline
AP
Just as pressure was building on President Barack Obama to make a decision on the Keystone XL pipeline that would carry oil from Canada to refineries in Texas, the project ran into another obstacle — and it came again from Nebraska.
http://jlne.ws/1gjODsU

Keystone pipeline approval in limbo after Nebraska ruling
Reuters
A Nebraska court on Wednesday voided the governor’s decision to allow the Keystone XL pipeline to pass through the Midwestern state, creating another snag for the controversial project to link Canada’s oil sands with refineries in Texas.
http://jlne.ws/1csRRLz

Obama unswayed on Keystone as Harper rebuffed in Mexico
The Globe and Mail
Prime Minister Stephen Harper was again rebuffed in his bid to press U.S. President Barack Obama to approve the controversial Keystone XL pipeline when he raised the issue during a North American leaders’ summit in Toluca, Mexico.
http://jlne.ws/1l0KQqg

As Obama Vows to Act on Climate Change, Justices Weigh His Approach
The New York Times
President Obama in recent days has been announcing muscular executive actions to address climate change, making good on his promise to act on pressing problems “with or without Congress.” On Monday, the Supreme Court will consider the limits of that approach, in a case on greenhouse gas emissions.
http://jlne.ws/1ea2OhA

Climate billionaire aims to set stage for 2016
Politico
California billionaire Tom Steyer turned heads in Washington with the news that he plans to spend $100 million to help make climate change a defining issue in this year’s elections.
http://jlne.ws/1eW6Z0x

California senators float post-2020 climate change bill
Reuters
Two California state senators released a bill on Wednesday that would give regulators the authority to design a plan to meet the state’s long-term greenhouse gas reduction goals and improve air quality in the state’s poorest communities.
http://jlne.ws/1mcGBGc

How Big Oil Gave Up On the Climate
Slate.com
Big oil companies believe in climate change. How could they not? Already, the melting Arctic is opening up new shipping lanes that could allow them to tap into vast deposits of oil and natural gas. Despite a string of setbacks, Royal Dutch Shell has poured $6 billion into Arctic drilling and still calls it the company’s “most attractive single opportunity for the future.”
http://jlne.ws/1ea6Fv0

UW researchers: We can’t geoengineer our way out of global warming
Seattle Post-Intelligencer
Our industrial technology is creating global warming, so why can’t our inventions and engineering genius build a machine to get us out if it?
http://jlne.ws/1jSqQ92

Events

Climate Leadership Conference
Association of Climate Change Officers
February 24-26, 2014
San Diego, CA
climateleadershipconference.org/

The Microgrid, Distributed Energy, and Renewables: How They Work Together
February 25, 2014
New York
http://jlne.ws/1hTnxNR

Round Table: California Clean Energy Markets and Policy Strategies
EMA
February 28, 2014
San Francisco,CA
Click here for more information and to register.

Navigating the American Carbon World (NACW) 2014
March 26-28, 2014
San Francisco, California
www.nacw2014.org

GLOBE 2014
13th Biennial Conference and Trade Fair on Business and Sustainability
March 26-28, 2014
Vancouver, British Columbia
http://jlne.ws/1cAETLI

Carbon

Utah pol: Increase carbon dioxide
Politico
A Utah state lawmaker is introducing legislation to exempt CO2 from regulation in his state, citing a need for more carbon dioxide in the atmosphere. Republican state Rep. Jerry Anderson, a retired science teacher, told a committee hearing Tuesday that the atmosphere needed double the amount of CO2, matching levels when dinosaurs walked the earth.
http://jlne.ws/1fBuYTQ

Microsoft Acquires Carbon Credits From Madagascan Rainforest
Press Release
Global tech giant, Microsoft Inc. has acquired a block of carbon credits from the Madagascan government to help protect one of the country’s pristine rainforest ecosystems – the Makira National park.
http://jlne.ws/1gjM0aI

Natural Gas/Coal/Alternative Fuels

Canadian Natural Resources Buys Devon Energy Assets in Canada
The Wall Street Journal
Canadian Natural Resources Ltd.agreed on Wednesday to buy Devon Energy Corp.’sWestern Canadian natural gas and light oil assets for 3.125 billion Canadian dollars ($2.85 billion), making a big bet on gas prices.
http://jlne.ws/Odpbhb

With Stable Gas Prices, Who Still Cares About Fuel Economy?
The Wall Street Journal
As the WSJ reports today, President Obama has announced the next phase in his administration’s push to improve fuel efficiency on U.S. roads: stricter economy rules for the nation’s fleet of medium- and heavy-duty trucks. That’s a big deal for overall U.S. fuel consumption, because while big trucks make up fewer than 5% of the vehicles on the road, they account for about a quarter of all greenhouse-gas emissions from the transport sector.
http://jlne.ws/1mcUHaE

How Much Does Western Canada Subsidize Fracking?
The Tyee
The technique of horizontal drilling has doubled or even tripled the percentage of crude oil that industry now extracts from formerly uneconomic basins in Western Canada.
http://jlne.ws/1boCG7W

Power

States in the middle as utilities, solar advocates clash
USA Today
Someone is installing a solar power system in the U.S. every four minutes. Generous state and federal tax credits for hooking up solar panels on roofs or in fields make solar energy attractive to homeowners and businesses.
http://jlne.ws/1nPOccR

Offshore Wind Industry Thwarted by Birds, Bombs, Sharks
Bloomberg
Birds, sharks and unexploded bombs from World War II are being blamed for holding up offshore wind farms, raising doubts about the costs of the technology.
http://jlne.ws/1hxHHhi

Morgan Stanley-Backed Atlantis Raises $33 Million for Tidal Plan
Bloomberg
Atlantis Resources Corp., a Morgan Stanley-backed maker of tidal turbines, raised 20 million pounds ($33 million) with a European grant, funds from a government institution and an initial public offering in London.
http://jlne.ws/1h9z5IY

Iceland, Japan Can Cooperate to Boost Geothermal, Minister Says
Bloomberg
Iceland and Japan, two nations rich with underground sources of renewable energy, can tackle climate change together by promoting the use of geothermal power, Iceland’s environment minister said.
http://jlne.ws/1fj9IG7

Electricity privatisation ‘a dismal failure’
Climate Spectator
Prominent Australian economist Professor John Quiggin has launched a scathing attack on energy sector privatisation, concluding that it has failed to deliver promised benefits for consumers.
http://jlne.ws/1ff4Ymi

Reports

State of Green Business 2014
GreenBiz.com
http://jlne.ws/1kte6FV

California Carbon Market Watch: A Comprehensive Analysis of the Golden State’s Cap-and-Trade Program,Year One (January 8, 2014)
EDF
http://jlne.ws/1agCk0M

Assessing Corporate Emissions Performance Through the Lens of Climate Science (December 2013)
Climate Counts and Center for Sustainable Organizations
http://jlne.ws/1kZFzuA

Use of internal carbon price by companies as incentive and strategic planning tool (Posted December 11, 2013)
CDP
http://jlne.ws/1dspD1J

OECD: Effective carbon prices (November 4, 2013)
http://jlne.ws/176gahP

Global 500 Climate Change Report 2013 (Posted September 12, 2013)
CDP
http://bit.ly/16mBo8p

The Future of China’s Power Sector (posted August 27, 2013)
Bloomberg New Energy Finance
http://bit.ly/14Bk1k2

U.S. Energy Sector Vulnerabilities to Climate Change and Extreme Weather (Posted July 14, 2013)
U.S. Dept. of Energy
http://bit.ly/12z1YK5

Turn down the heat: climate extremes, regional impacts, and the case for resilience (Posted June 19, 2013)
World Bank
http://bit.ly/14KrLza

View all reports >

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