In today’s edition, everybody wants to address climate change, including some Republicans. Wall Street billionaire Tom Steyer wishes to “penalize” those who add to warming risk. In any case, only carbon emissions reduction will best fight climate change, a new study from the University of Chicago finds.
Quote of the day
“We need to reward people whose behavior reduces climate risk and penalize people who add to it. If we can get this right, I think there’s no doubt that our economy is going to continue to do very well.”
Wall Street billionaire Tom Steyer, in the Watchdog.org’s story Tom Steyer wants to ‘penalize people’ who add to ‘climate risk’
Tom Steyer wants to ‘penalize people’ who add to ‘climate risk’
Yaël Ossowski, Watchdog.org
Speaking in New York City last week, Wall Street billionaire Tom Steyer laid clear his vision for penalizing people whose actions may contribute to climate change.
Only Carbon Emissions Reduction Can Best Fight Climate Change — New Study
Reissa Su, International Business Times
A new study has found that only carbon emissions reductions present the best possible chance to address climate change. The findings of the study by University of Chicago climatologist Raymond Pierrehumbert suggested that unless the world does something to reduce carbon dioxide, nothing “is going to matter much for climate.”
Overselling the Costs, Benefits of Greenhouse Gas Regulations
Victoria Stilwell, Insurance Journal
The Environmental Protection Agency calls its carbon rules an economic winner that will deliver more than $10 in benefits for each dollar spent on compliance.
Launch pad glitch delays liftoff of NASA carbon-hunting satellite
Iren Klotz, Reuters
The launch of an unmanned Delta 2 rocket from Vandenberg Air Force Base in California was called off less than a minute before liftoff on Tuesday when the pad’s water system failed, a live NASA Television broadcast showed.
Energy Sector Faces Attacks From Hackers in Russia
Nicole Perlrothj, New York Times
Russian hackers have been systematically targeting hundreds of Western oil and gas companies, as well as energy investment firms, according to private cybersecurity researchers.
EU top court rules Sweden’s EU renewables support is legal
Nina Chestney, Reuters
Sweden’s renewable energy support scheme is compatible with European Union law, the EU’s top court ruled on Tuesday, in a judgment that means member states will avoid a radical overhaul of their renewable energy laws.
Whitman is looking for Republican allies in climate fight
Herb Jackson, NorthJersey.com
Former Gov. Christie Whitman is convinced there are more Republicans like her who want the federal government to act, and act soon, to reduce the carbon emissions contributing to climate change.
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
Former head of Barclays carbon trading launches advisory firm
Louis Redshaw, the former head of carbon, coal and iron ore trading at Barclays investment bank, has launched a London-based advisory firm to help companies manage their risks stemming from carbon trading.
Will Gov. Chris Christie Re-embrace Cap & Trade in Wake of EPA Rule?
John H. Cushman Jr., InsideClimate News
Three years ago New Jersey’s governor peremptorily walked out on the Regional Greenhouse Gas Initiative, saying the novel cap-and-trade scheme for Northeast power plants wasn’t right for his state.
Activists say California fighting pollution globally but not locally
Evan Halper, Los Angeles Times
In the Bay Area oil port city of Martinez, where a colossal Shell refinery has long tainted the air, the landmark California law that requires polluters to ease their carbon footprint seemed to some to promise new relief.
Industry groups stir opposition to a cap-and-trade expansion they say will lead to higher gas prices
David Siders, The Tribune
In a conference call with oil industry analysts in late 2012, Mike Wirth, a Chevron Corp. executive, took stock of California’s greenhouse gas reduction policies and warned that the state’s plan to expand its controversial cap-and-trade program to vehicle fuels in 2015 would result in higher prices at the pump.
Supreme Court won’t hear challenge to Calif. fuel standard
Laura Barron-Lopez, The Hill
The Supreme Court on Monday declined to hear a challenge from oil companies to a California law mandating fuel producers lower the amount of carbon pollution emitted from fuels in the state.
The CarbonNeutral Company Voted Best Offset Retailer for Fourth Consecutive Year
The CarbonNeutral Company has been voted Best Offset Retailer for the fourth consecutive year, in a survey conducted by Environmental Finance.
Palmer will axe carbon tax with conditions
Clive Palmer’s party will support repeal of the carbon tax, but only if the Abbott government’s direct action plan is replaced by a globally-linked emissions trading scheme.
Indonesia seeks US$5b in aid to hit target for reducing emissions
Indonesia needs about US$5 billion in aid to hit its target for reducing emissions, according to the agency set up to protect rainforests and peatlands.
Natural gas / coal
Eni confirms interest in Turkmenistan offshore oil and gas
Italian oil and gas group Eni confirmed on Tuesday its interest in growing its operations in offshore oil and gas exploration in Turkmenistan.
UK GAS-Prompt prices edge higher on undersupplied system
British prompt prices for wholesale natural gas edged higher on Tuesday morning as continued maintenance at a North Sea platform and lower gas exports from Norway led to an undersupplied system.
A Conduit for Russian Gas, Tangled in Europe’s Conflicts
Stanley Reed, New York Times
The port of Varna on the Bulgarian Black Sea coast was supposed to be the gateway for a major new pipeline, directly connecting Europe to Russia’s vast natural gas supplies.
Bumi Resources Gets Green Light for $682 Million Rights Issue
Yudith Ho and David Yong, Bloomberg
Shareholders passed a resolution in Jakarta late yesterday allowing the Indonesian coal miner to issue 32.2 billion new Series B shares at 250 rupiah apiece.
New York court rules towns can ban fracking
Laura Barron-Lopez, The Hill
The Albany Court of Appeals Monday ruled New York cities and towns can ban hydraulic fracturing within their borders.
Scotland shale gas and oil reserves ‘modest’ compared with England
Fiona Harvey, Adam Vaughan and Severin Carrell, theguardian.com
Scotland boasts only “modest” reserves of shale gas and oil compared to England, and these may be difficult to access, according to a government-sponsored report on Monday that poured cold water on the idea of the country repeating its North Sea success through fracking for fossil fuels onshore.
UK tax take from oil and gas drops to decade low
Gavin Jackson, Financial Times
Government revenue from oil and gas has fallen to its lowest level in 10 years, according to figures released on Monday by HM Revenue & Customs.
China trust firm warns of possible default on wealth management product -report
A Chinese trust firm has warned that one of its high yield investment products may have trouble making payments on time, a state-owned newspaper reported on Tuesday, the latest possible default to hit the country’s shadow banking system.
***LB: Also in this story “Investors told a product backed by loans to coal company at risk – state-owned paper”
Puerto Rico’s Default Plan May Spread Pain Beyond Utility
Michelle Kaske, Bloomberg
The U.S. municipal-bond market begins the week wondering whether the Puerto Rico Electric Power Authority, the commonwealth’s sole provider of electricity, will pay bondholders after lawmakers last week enacted debt-restructuring legislation.
GE Said Near Brazil Wind-Turbine Deals for $604 Million
Christiana Sciaudone and Vanessa Dezem, Bloomberg
General Electric Co. plans to announce deals in coming weeks to sell wind turbines worth as much as 1.33 billion reais ($604 million) to Brazilian developer Casa dos Ventos, said two people involved in the negotiations.
UK seeks to avoid ‘energy crunch’ with 53GW of back-up power
Jessica Shankleman, BusinessGreen
The government has confirmed plans to buy more than 53GW of power from gas plants, energy storage and demand reduction schemes, through a back-up capacity market that is designed to keep the lights on.
UK’s pioneering low-carbon heating scheme helps just 79 households
Josephine Moulds, theguardian.com
The much-delayed government scheme to encourage Britons to switch to low-carbon heating has helped just 79 homes install renewable heat technologies in the two months since it launched, it has emerged.
Toshiba closes deal to build new UK reactors by 2024
Jessica Shankleman, BusinessGreen
UK plans to drive investment in a new fleet of nuclear power stations took a step forward today after Toshiba and GDF Suez inked a deal to build three new reactors on the West Cumbria coast by 2024.
Obama: US to help Chile build massive solar plant
Laura Barron-Lopez, the Hill
President Obama said Monday that the U.S. would help construct a major solar power plant in Chile.
Bulgaria hikes electricity prices, cuts natural gas
Bulgaria raised electricity prices by an average of 2 percent on Tuesday aiming to keep politically sensitive costs at bay despite huge deficits in the Balkan country’s energy sector.
African Development Bank Supports South African Solar Thermal Power Project With $142 Million Loan
Mridul Chadha, Clean Technica
As the South African renewable energy project developers gear up to commission projects under the country’s landmark Renewable Energy Independent Power Producers program, financial support is pouring in from domestic commercial as well as international development banks.
Battersea Park to host London’s first electric Grand Prix
Will Nichols, BusinessGreen
London’s first all-electric Grand Prix will be held in Battersea Park, the organisers behind the Formula E racing series have revealed.
Dead Zone and Algae Forecasts for U.S. Waters
Circle of Blue
Computer models forecast a low-oxygen “dead zone” of average size for the Gulf of Mexico this summer and a slightly above-average fish-suffocation zone for the Chesapeake Bay, according to the National Oceanic and Atmospheric Administration.
Bordeaux eyes up new market opportunities from cleaner estuary
James Murray, BusinessGreen
It may be more famous for its wine than its seafood, but Bordeaux could be about to start harvesting oysters for the first time in over 20 years as long standing efforts to improve the biodiversity of the giant Gironde Estuary start to bear fruit.
The human cost of China’s untold soil pollution problem
He Guangwei for Chinaidalogue and Yale Environment360, part of the Guardian Environment Network, theguardian.com
When Zhang Junwei’s uncle died in February 2012, he was only 50.