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OPEC Seen Holding the Line as $40 Oil Looms Over Vienna Meeting

It’ll take more than $40 crude to make OPEC change its mind, analysts said before the group’s Dec. 4 meeting in Vienna. (Bloomberg) — It’ll take more than $40 crude to make OPEC change its mind, analysts said before the group’s Dec. 4 meeting in Vienna. In the year since the Organization of Petroleum Exporting Countries chose to defend its market share, and let prices sink, a 44 percent plunge in crude has slashed members’ revenues by almost half a trillion dollars. Undeterred, the group will press on with its strategy to batter rival producers when ministers meet next week, according to 30 analysts and traders surveyed by Bloomberg. Saudi Arabia, OPEC’s biggest member, appears determined to see through its plan to eliminate a supply glut by squeezing out competitors like U.S. shale drillers, even as the resulting price collapse spurs dissent from Venezuela, Algeria and Iran. The kingdom’s […]

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The Climate Talks in Paris Might Actually Work This Time

Wind turbines and electricity pylons flank a coal-fired power plant in Germany. United Nations climate talks set to begin in Paris next week promise to produce a landmark deal that has eluded diplomats for more than two decades. All of the Group of 20 nations, including the biggest developing countries — China, India and Brazil — have prepared to limit emissions into the next decade. Plunging costs for wind and solar power mean alternatives to fossil fuels are more viable. At least 130 heads of government and state will descend on the city for the opening of the two-week conference on Monday as France’s biggest diplomatic gathering since 1948 coincides with a security lockdown spurred by the deadly Nov. 13 terrorist attacks . Thousands of of police and soldiers will be deployed, and planned demonstrations by environmental activists have been canceled due to the terror threat. While the fatal […]

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Fossil fuel sector seen risking $2.2 trillion on stranded assets

* Projects may be uneconomic with climate goals * Half of the supply in new LNG projects ‘unneeded’ Fossil fuel companies risk wasting up to $2.2 trillion in the next decade by pursuing projects that could be uneconomic in the face of international action to limit climate change, UK-based financial think-tank Carbon Tracker Initiative said Tuesday. Two-thirds of the total financial risks are currently earmarked for new and existing oil projects, the biggest fossil fuel sector at risk behind natural gas, according to the report. It said that around 20-25% of oil and gas majors’ potential investment is on projects that would not be needed in a scenario where the world agrees to limit climate change to 2 degrees. Due to the higher cost of developing oil shale and oil sands and Arctic oil, the total relates to only 11% of potential production, according to the report. Article continues […]

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Energy Companies Risk $2.2 Trillion as Climate Goals Cut Demand

Oil, natural gas and coal producers are risking $2.2 trillion by investing in projects for which there will be no demand if the world meets a United Nations target of limiting the rise in temperature to less than 2 degrees Celsius, a non-profit think tank said. No new coal mines are needed, oil demand will peak around 2020 and growth in gas will disappoint industry expectations, Carbon Tracker Initiative said Wednesday in a report. The U.S. has the greatest exposure with $412 billion of projects at risk up to 2025, followed by Canada with $220 billion, China $179 billion, Russia $147 billion and Australia $103 billion, according to the think tank. “Too few energy companies recognize that they will need to reduce supply of their carbon-intensive products to avoid pushing us beyond the internationally recognized carbon budget,” James Leaton, head of research and co-author of the report, said in […]

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States warn US climate plan is illegal

Sign up for quick access to a wealth of global business news, including: States warn US climate plan is illegal Newspaper + Premium online Newspaper + Premium online Premium Full FT.com subscription Premium Full FT.com subscription Standard Full news & archive Standard Full news & archive Trial Try Premium online Trial Try Premium online Price Monthly Annual $66.30 $11.77 per week $53.00 $9.25 per week $36.00 $6.45 per week $1.00 for 4 weeks $1.00 for 4 weeks FT Alphaville plus selected FT blogs yes yes yes yes Unlimited FT.com article access yes yes yes yes Unlimited mobile and tablet access yes yes yes yes Unlimited fast FT yes yes yes yes 5 year company financials archive yes yes yes yes The LEX column yes yes no yes ePaper access yes yes no yes Three exclusive weekly emails yes yes no yes Daily newspaper delivery yes no no For 4 […]

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Standoff over government climate study provokes national uproar by scientists

A top House lawmaker’s confrontation with government researchers over a groundbreaking climate change study is provoking a national backlash from scientists, who say his campaign represents the most serious threat Congress has posed to scientific freedom. Rep. Lamar Smith (R-Tex.), chairman of the House Committee on Science, Space and Technology, has subpoenaed scientists at the National Oceanic and Atmospheric Administration and demanded that they turn over internal e-mails related to their research. Their findings contradicted earlier work showing that global warming had paused, and Smith, a climate change skeptic, has accused them of altering global temperature data and rushing to publish their research in the June issue of the journal Science. [ NOAA chief tells lawmaker: No one will ‘coerce the scientists who work for me’ ] So far, NOAA officials have resisted Smith’s demands, and the showdown has escalated. The lawmaker has threatened to subpoena Commerce Secretary Penny […]

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Extreme Weather Tied to Over 600,000 Deaths Over 2 Decades

Photo Destroyed houses after a mudslide caused by Tropical Storm Erika in Montrouis, Haiti, in August. Credit Hector Retamal/Agence France-Presse — Getty Images GENEVA — Weather-related disasters in the past two decades have killed more than 600,000 people and inflicted economic losses estimated at trillions of dollars, the United Nations said on Monday, warning that the frequency and impact of such events was set to rise. The figures were released before a United Nations-backed climate meeting, starting next Monday in Paris, at which more than 120 national leaders will try to rein in greenhouse gas emissions and slow the rise in global temperatures. According to the report from the United Nations Office for Disaster Risk Reduction, the United States has had the highest number of weather-related disasters in the past two decades, but China and India have been the most severely affected, enduring floods that had an effect on […]

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Norwegian energy giant addresses climate concerns

Norwegian energy company Statoil sees change coming in energy industry, with renewables meeting most of the future demand. File Photo by Stephen Shaver/UPI OSLO, Norway, Nov. 23 (UPI) — Oil and gas will continue playing a strong role in the global energy sector, but climate issues are sparking an industry sea change, the head of Statoil said. Most major economies have offered climate proposals ahead of the late November meetings in Paris. The U.S. government has plans to cut emissions by about 25 percent of their 2005 levels by 2025, and similar commitments have come from Europe, Russian and Scandinavian countries. Eldar Saetre, the chief executive officer at Norwegian energy company Statoil, said those commitments are not enough to keep climate change in check . "But there are weak signals that give cause for optimism," he said. "On the political side there is stronger willingness and commitment from some […]

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EU Climate Head Warns International Agreement Far From Certain

European Union representative Miguel Arias Cañete speaks during a news conference in Quito, Ecuador. BRUSSELS—Days before negotiations for a global deal to fight climate change kick off in Paris, the European Union’s climate and energy czar warned that an agreement is far from certain. Next Monday, world leaders will open two weeks of talks in the French capital on how to protect the planet from the potentially catastrophic consequences of global warming. If successful, the Paris climate conference, also known as COP 21, could, for the first time, bind developed and developing countries into cutting greenhouse-gas emissions. But after four years of preparations, big gaps remain among the 195 governments that have to agree unanimously on any deal. At a summit of the Group of 20 industrialized and developing nations this month, some governments questioned central elements of the deal—including the overall target of keeping global temperatures from rising […]

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Proof-of-principle of cost-effective methane cracking technology for H2 production without CO2; 50% cleaner than SMR, comparable to electrolysis

« ROEV Association forms to promote public EV charging interoperability | Main | Renault-Nissan Alliance installing 90 new charge spots for COP21 summit in Paris » Researchers of the Institute for Advanced Sustainability Studies ( IASS ) in Potsdam and the Karlsruhe Institute of Technology (KIT) have achieved the proof-of-principle for a innovative technique to extract hydrogen (H 2 ) from methane (CH 4 ) without the formation of CO 2 as a byproduct. At this stage, cost estimates are uncertain, since methane cracking is not yet a fully mature technology. However, preliminary calculations show that it could achieve costs of €1.9 to €3.3 per kilogram of hydrogen at German natural gas prices—without taking the market value of the solid black carbon byproduct of the process into consideration. Most of the world’s hydrogen production is currently based on conventional technologies such as steam methane forming (SMR), which also uses […]

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Global Witness: Exxon’s climate issues tip of the iceberg

Exxon isn’t the only big energy company suspected of violating basic transparency measures, advocacy group Global Witness says . Photo by Katherine Welles/Shutterstock LONDON, Nov. 19 (UPI) — Exxon Mobil is just one bad apple among a bunch of companies in the extractive industry suspected of holding back on investors, Global Witness said. The New York Attorney General’s office issued a subpoena to Exxon Mobile following a series of reports claiming the company was misleading investors decades ago about the potential impact its sector had on the global climate. Accusations made against the oil company are similar to those made against the tobacco industry, in that it downplayed the threats of its products despite research acknowledging the risks. Global Witness, an advocacy group working for more corporate transparency, said Exxon’s issues are part of a broader issue on concerns about public disclosure. "The attorney general is right to investigate […]

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United States and China advance policies to limit CO2 emissions

Source: U.S. Energy Information Administration, International Energy Statistics China and the United States are the two countries with the most energy-related carbon dioxide (CO2) emissions, together accounting for about 40% of global emissions in 2012. Late last year, China and the United States each announced intended nationally determined contributions (INDCs) to mitigate their respective greenhouse gas (GHG) emissions, but there is still uncertainty in each country’s ability to meet those targets. Further efforts to reduce GHG emissions will be discussed at the upcoming United Nations Climate Change Conference in Paris. The United States, which had previously set a goal of reducing GHG emissions by 17% from 2005 levels by 2020, has proposed in its INDC to bring emissions 26% to 28% below the 2005 level by 2025. China’s INDC proposes to achieve the peaking of its CO2 emissions around 2030, making best efforts to peak early. China’s INDC also […]

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Rhine water levels set to rise later this week, easing logistics

Water levels on the Rhine are likely to rise to above one meter in some places later this week, temporarily easing navigation and enabling oil product importers in Germany and Switzerland to restock, traders said Wednesday. Rhine levels have been low since July, hampering the normal circulation of barges laden with oil products on the river and forcing operators to load less volume than usual by as much as several thousand mt. "We’re expecting big improvements on the Rhine. There’s a lot of rainfall expected this week and over the weekend," one trader said. "We should see Rhine levels back up to around one meter in some parts, which means you can start loading around 1,200 mt on a barge again." Water levels at Kaub — a key transit hub along the middle Rhine — will reach one meter by 7:00 local time on Saturday, up from just 57 […]

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Solar Air-Conditioning: The Next Big Step for Solar Energy

Air-Conditioning (AC) has become an essential part of modern society as it enables a productive and comfortable life style in hot and humid climates. The amount of installed AC systems is expected to dramatically increase in the coming decades, largely driven by economic growth in developing countries. Since many of these countries, such as China, India, Indonesia and Brazil are in hot climates their AC use will be larger than in most Western countries [1] . Out of the 30 metropolitan areas with the highest demand for AC, all but two are in developing countries [2] . Air-conditioning is a very energy intensive activity. In the USA 5% of the electricity produced is used for AC, and up to 40% of the electricity demand for households in warm climates is due to AC. The rise of air-conditioning will cause a significant increase of fossil fuels. It is difficult for […]

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EPA intends tougher downwind air-pollution rule in 23 states

WASHINGTON (AP) — The Environmental Protection Agency proposed tougher new limits on Tuesday on smokestack emissions from nearly two dozen states that burden downwind areas with air pollution from power plants they can’t control. At the same time, the EPA moved to remove two states -South Carolina and Florida – from the "good neighbor" rules, saying they don’t contribute significant amounts of smog to other states. The EPA’s proposal follows a federal appeals court ruling this summer that upheld the agency’s right to impose the clean-air standards, which block states from adding to air pollution in other localities. Some states and industry groups had argued that the rule was overly burdensome. The rule applies mostly to states in the South and Midwest that contribute to soot and smog along the East Coast. Under the EPA’s proposal, states would have to comply with air quality standards for ozone, or smog, […]

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Groundwater is mostly non-renewable

Less than 6% of groundwater is replenished within 50 years The water that supplies aquifers and wells that billions of people rely on around the world is mostly a non-renewable resource that could run out, a new Canadian-led study has found. While many people may think groundwater is replenished by rain and melting snow the way lakes and rivers are, underground water is actually renewed much more slowly. In fact, just six per cent of the groundwater around the world is replenished within a “human lifetime” of 50 years, reports University of Victoria hydrogeologist Tom Gleeson and his collaborators in a new study published in the journal Nature Geoscience today. That water tends to be mainly found within a few hundred metres of the surface, where it is most vulnerable to being contaminated by pollution or depleted by higher temperatures and reduced rainfall as a result of climate change, […]

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By one measure, this wicked El Niño is the strongest ever recorded: What it means

NOAA visualization of El Nino. The El Niño event of 2015-2016 is making history, wreaking weather havoc around the world and forecast to unleash many weather surprises through the coming winter. As of today, the warm ocean temperatures that define El Niño have surged to a stunning three degrees Celsius (5.4 degrees Fahrenheit) warmer than normal in the central tropical Pacific, the highest level ever measured. Many global impacts already El Niño events, while simply descriptions of ocean temperatures in the tropical Pacific and not storms, have ripple effects on weather patterns all over the world. “Severe droughts and devastating flooding being experienced throughout the tropics and sub-tropical zones bear the hallmarks of this El Niño, which is the strongest for more than 15 years,” said World Meteorological Organization (WMO) Secretary-General Michel Jarraud in a news release . According to the World Meteorological Organization, the El Niño of 2015-2016 […]

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Warm weather worsens glut of U.S. gas, heating oil: Kemp

Unusually mild weather across the United States this autumn has sharply reduced heating demand and contributed to the substantial oversupply of both natural gas and heating oil. Heating demand has been 27 percent lower than the long-term average so far this heating season according to the National Oceanic and Atmospheric Administration (NOAA). Temperatures have been above normal every week since the beginning of September and heating demand has been correspondingly lower than usual ( tmsnrt.rs/1X1Y1WK ). The heating season runs from July 1 through until June 30 of the following year. NOAA estimates heating demand by comparing the temperature in each area with a baseline of 65 degrees Fahrenheit, and then weighting the differences by the population. Mild weather has coincided with strong growth in supply of both natural gas and heating oil this year and contributed to a big rise in the amount of both fuels in storage. […]

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Syria, climate change and the horror in Paris

As the world mourns those who died in Paris last week in a killing spree for which the Islamic State in Iraq and Syria (ISIS) has claimed responsibility , reporters and commentators have been discussing the motivations behind the attacks. I’m not sure that any so far has considered whether one can draw a straight line from a severe drought in Syria to these mass killings. My own answer is that the if the line is there–and I think it is–then it has taken many twists and turns before arriving in Paris. Even so, it might be worthwhile for those who will soon be gathering in this bereaved city in order to negotiate a new worldwide climate treaty to understand any such connection. For in the background behind these events, there is a Syria starved of water almost surely because of climate change. A study released earlier this year […]

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