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Thu, 2014-11-13 13:02Chris Rose
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G20 Governments are Spending $88B Each Year to Explore for New Fossil Fuels. Imagine if Those Subsidies Went to Renewable Energy?

oil change international, subsidies, oil gas exploration

Rich G20 nations are spending about $88 billion (USD) each year to find new coal, oil and gas reserves even though most reserves can never be developed if the world is to avoid catastrophic climate change, according to a new report.

Generous government subsidies are actually propping up fossil fuel exploration which would otherwise be deemed uneconomic, states the report, “The fossil fuel bail-out: G20 subsidies for oil, gas and coal exploration.”

Produced by the London-based Overseas Development Institute and the Washington-based Oil Change International the 73-page analysis also noted the costs of renewables is falling and the investment returns are better than fossil fuels.  

Every U.S. dollar in renewable energy subsidies attracts $2.5 in investment, whilst a dollar in fossil fuels subsidies only draws $1.3 of investment,” said the report released Tuesday, just days ahead of the G20 leaders meeting in Brisbane, Australia.

The report also notes the G20 nations are creating a ‘triple-lose’ scenario by providing subsidies for fossil-fuel exploration.

Mon, 2014-11-10 12:08Chris Rose
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Canada Urged to Prepare for 'Climate Migrants' in Warming World: New Report

Climate migrants

In a sign of things to come, a report by the Canadian Centre for Policy Alternatives says Ottawa should create a new “climate migrants” immigration class to prepare for the inflow of people fleeing extreme climate change.

Estimates of the number of climate-influenced migrants range widely, but most projections agree that in the coming years climate change will compel hundreds of millions of people to relocate,” the report says. “Climate change is one factor that interacts with many others to drive population movements.”

Many countries are more vulnerable to the impacts of climate change than Canada, said the 26-page report — Preparing BC for Climate Migration — published last week

Industrialized countries like Canada have disproportionately benefitted from the combustion of fossil fuels, whereas others who have contributed least to climate change will disproportionately feel its impacts,” the report states.

Canada is the fourth highest per-capita greenhouse gas emitter in the world according to 2008 World Resources Institute climate data (this estimate does not take into account emissions resulting from the burning of exported coal, oil and gas).

Wed, 2014-11-05 15:26Chris Rose
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The EU’s New Climate Commitments Make Canada and the U.S. Look Ridiculous

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The European Union has reached a new legally-binding climate change agreement that would see greenhouse gas emissions drop by at least 40 per cent of 1990 levels by 2030.

The agreement, signed off in Brussels two weeks ago by the EU’s 28 member nations, is designed to ensure Europe meets its objective of cutting emissions by at least 80 per cent by mid-century.

It also puts Europe in the lead position to help persuade other nations trailing far behind the EU’s emissions-reduction goals to reach a long-sought global climate change accord next year in Paris.

The 2030 climate and energy plan also calls for the share of renewable energy to increase to 27 per cent of 1990 levels while seeing a 27 per cent increase in energy efficiency.

In an official statement, European Commission President José Manuel Barroso said the 2030 package is very good news for the fight against climate change.

Mon, 2014-11-03 15:41Chris Rose
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“Citizen Interventions” Have Cost Canada’s Tar Sands Industry $17B, New Report Shows

Oil companies and fossil fuel investors seeking further developments in the Alberta tar sands have been dealt another setback with the publication of a report showing producers lost $17.1 billion USD between 2010-2013 due to successful public protest campaigns.

Fossil fuel companies lost $30.9 billion overall during the same period partly due to the changing North American oil market but largely because of a fierce grassroots movement against tar sands development, said the report — Material Risks: How Public Accountability Is Slowing Tar Sands Development.

A significant segment of opposition is from First Nations in Canada who are raising sovereignty claims and other environmental challenges, added the report, which was produced by the Institute for Energy Economics and Financial Analysis (IEEFA) and Oil Change International (OCI).

Tar sands producers face a new kind of risk from growing public opposition,” Tom Sanzillo, director of finance at IEEFA, and one of the lead authors on the report, said. “This opposition has achieved a permanent presence as public sentiment evolves and as the influence of organizations opposed to tar sands production continues to grow.”

Mon, 2014-11-03 11:31Chris Rose
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In Starkest Warning Yet, IPCC Calls on Politicians To Rapidly Transition to Renewables to Avoid Climate Disaster

In its starkest warning yet about the challenges facing humanity, the Intergovernmental Panel on Climate Change said Sunday humans are responsible for all of the planet’s warming since 1951.

The Fifth Assessment Report by the Intergovernmental Panel on Climate Change includes a strict carbon budget for governments for the first time. More than two-thirds of that carbon budget has already been used up and at current rates the world would burn through the rest in less than 30 years, the panel warned.

With this latest report, science has spoken yet again and with much more clarity. Time is not on our side,” said UN Secretary-General Ban Ki-moon. “Leaders must act.”

For the best chance of avoiding severe levels of warming, governments will need to peak emissions, rapidly phase fossil fuels down to zero and transition to 100 per cent renewable energy, the report said.

This transition is not only possible, but economically viable, according to the IPCC. Since 2007, clean energy costs have dropped dramatically and continuing down a path of investing in renewable energy will be cheaper than paying a growing bill for “severe, pervasive, and irreversible impacts.”

The report sets governments a clear choice: “Either put policies in place to achieve this essential shift, or they can spend the rest of their careers dealing with climate disaster after climate disaster.”

Thu, 2014-10-30 17:00Chris Rose
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World’s Major Banks Poured Over $80 Billion into Coal Last Year Alone

At least $83 billion USD in financing was provided to 65 coal mining and energy companies last year by 92 of the world’s leading commercial banks, according to a Dutch report published Wednesday.

Leading banks provided $500 billion in financing for the coal industry through 2,283 lending and underwriting transactions between 2005 and April 2014, said the report Banking on Coal 2014, which was released by BankTrack in Nijmegen.

The top 20 financiers provided 73 per cent of this amount alone, added the report, released just days ahead of the publication of the fifth United Nations Intergovernmental Panel on Climate Change (IPCC) assessment.

The report said JPMorgan Chase was the top financier between 2005 and this year, lending more than $27 billion, while Citi, in second place, lent $25.8 billion and third-place RBS provided $22.9 billion to coal-related borrowing.

Bank finance for coal is increasing rapidly, the report said, adding 2013 was a record year for coal finance, with commercial banks providing more than $88 billion to the main 65 coal companies – over four times the amount provided in 2005.

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