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Thu, 2014-11-13 14:17Mike Gaworecki
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China-U.S. Climate Deal Is Historic, But On Its Own Is Not Enough

Despite the fact that they've been using the “climate action is useless because China won't act” canard as one of their favorite arguments for years now, Republicans' outraged response to the historic climate deal between China and the U.S. probably took noone by surprise.

Because that's the thing: it is historic. For the first time ever, China has agreed to put a cap on the emissions produced by its rapid, voracious economic expansion. While it's certainly not true that the U.S. taking responsibility for its share of global warming pollution wouldn't have had a meaningful impact anyway, it also can't be ignored that averting runaway climate change would be nearly impossible if China's emissions keep growing unabated.

But to say it's historic that two of the world's biggest economic superpowers—and the world's two largest carbon polluters, together responsible for nearly half of global emissions—have agreed to begin to lower their respective contributions to global warming is not the same thing as saying that the deal President Obama and Chinese President Xi Jinping struck is enough to get the job done.

The most important issue, of course, is the emissions targets themselves, which come nowhere near what climate scientists say are needed to prevent catastrophic warming. We must lower global warming pollution 80% below 1990 levels by mid-century, yet the US is still using 2005 as its baseline, and has only committed to lowering emissions 26-28% by 2025. China, meanwhile, needs to see its emissions peak by 2020, climate scientists say, but has only committed to doing so by 2030.

Tue, 2014-11-11 10:00Mike Gaworecki
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Peabody Energy Goes On Offense With New PR Campaign Designed To Sell Same Old Dirty Coal

Despite what you may have heard about the death of the coal industry, Peabody Energy is ramping up mining activities and going on the offensive, pushing “clean coal” on the world’s poor with a disingenuous but aggressive PR campaign. And for good reason: Peabody has got to sell the coal from the world's largest coal mine to someone.

Speculation is rife that the new GOP-led Senate will join with its similarly fossil fuel-beholden House colleagues to usher in a new era of coal. Peabody, the world’s largest privately held coal company, isn’t waiting around to find out.

The company has teamed with public relations firm Burson-Marsteller—the notorious PR giant that helped Big Tobacco attack and distort scientific evidence of the dangers of smoking tobacco—to launch Advanced Energy for Life, a desperate attempt to shift the discussion around coal away from its deleterious effects on health and massive contributions to climate change and instead posit the fossil fuel as a solution to global poverty.

The aim of this PR offensive, according to a piece by freelance journalist Dan Zegart and former DeSmog managing editor Kevin Grandia (one of Rolling Stone’s “Green Heroes,” and deservedly so), the reason for Peabody’s charm offensive is simple: there’s money to be made selling coal in Asian markets, and Peabody aims to make it—as long as initiatives to combat global warming emissions don’t intervene. Which makes Burson-Marsteller the perfect ally:

Burson-Marsteller, which has a long history of creating front groups to rehabilitate the images of corporate wrongdoers, helped Philip Morris, maker of Marlboro, tackle the Asian market, where Burson fought anti-smoking regulations and developed crisis drills for Philip Morris personnel in Hong Kong on how to handle adverse scientific reports.
 

As the US produces a glut of cheap natural gas, the EPA’s Clean Power Plan seeks to set emissions standards that would make building new coal-fired power plants all but impossible impossible, and the domestic demand for coal drops, Peabody’s value as a company has dropped as well, from $20 billion to just $3.7 billion in the space of three years. The company is in desperate need of new business if it’s to even stay afloat.

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.

Wed, 2014-10-01 13:00Chris Rose
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Tide Turning Against Global Coal Industry: New Report

Coal plant

Coal, the fossil fuel that largely sparked the industrial revolution, may be facing the beginning of the end — at least in terms of generating electricity.

There are increasing signs of the demise of the world’s dirtiest fossil fuel, from a global oversupply to plummeting prices to China starting to clean up its polluted air.

Last week, the Carbon Tracker Initiative published an analysis — Carbon Supply Cost Curves: Evaluating Financial Risk to Coal Capital Expenditures — identifying major financial risks for investors in coal producers around the world.

Saying the demand for thermal coal in China, the world’s largest emitter of toxic greenhouse gases, could peak as early as 2016, the analysis also highlights $112 billion of future coal mine expansion and development that is excess to requirements under lower demand forecasts.

Thu, 2014-09-25 05:00Mike Gaworecki
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China To Create National Cap-And-Trade Program As Obama Admin Must Bypass U.S. Senate On Climate

The Obama Administration is pursuing an international climate agreement that would be “politically binding” but would not be a treaty requiring ratification by two-thirds of the U.S. Senate.

Meanwhile, China has announced it will create a national cap-and-trade program.

These two facts amount to a stunning juxtaposition. China, currently the world’s largest emitter of greenhouse gas pollution, is taking decisive action to lower its emissions, while the leader of the United States, historically the world’s largest climate polluter, must circumvent his own government to take even modest first steps towards dealing with climate change.

According to the latest Global Carbon Budget report, CO2 emissions rose 2.3% in 2013, with China responsible for 28% and the United States contributing 14%.

Emissions are projected to increase by another 2.5% in 2014, according to the report, which also notes that the world is on track for a temperature rise somewhere between 3.2 and 5.4 degrees Celsius over pre-industrial levels by 2100—well above the 2-degree mark scientists say we must limit warming to in order to avert the worst effects of climate change.

The New York Times reports that negotiators for the Obama Adminstration are calling an international agreement that bypasses the treaty ratification process in the Senate the only viable path forward:

Lawmakers in both parties on Capitol Hill say there is no chance that the currently gridlocked Senate will ratify a climate change treaty in the near future, especially in a political environment where many Republican lawmakers remain skeptical of the established science of human-caused global warming.


This is not the first time Obama has gone around Congress to take action on the climate. The centerpiece of President Obama’s Climate Action Plan uses authorities granted to the EPA under the Clean Air Act to limit carbon emissions on a state-by-state basis and requires states to come up with plans to achieve those cuts.

But even the Obama Administration admits that this type of measure is not, in and of itself, a solution to the climate crisis we’re facing.

“The point is, that this is a start,” White House science and technology advisor John Holdren recently told the House Science Committee. “The carbon-action plan is a start, and if we do not make a start, we will never get there.”

Tue, 2014-09-23 05:00Steve Horn
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Peabody Energy Booted From S&P 500, King Coal on the Defensive as Market Signals Industry Decline

King Coal and industry multinational Peabody Energy (BTU) have taken a beating in the markets lately, and it has some executives in the dirty energy industry freaking out

On September 19, Dow Jones removed Peabody Energy from its S&P 500 index, considered a list of the premier U.S. stocks for investors. The St. Louis Post-Dispatch cited the downward trajectory of the company's market capitalization as the rationale behind the ouster of Peabody from the S&P 500 index. Peabody will now join the JV leagues in the S&P MidCap 400.

Peabody's downfall symbolizes ongoing market trends within the coal industry overall.

“The total market value of publicly traded U.S. coal companies has rebounded slightly in recent months, but remains nearly 63% lower than a total of the same companies at a near-term coal market peak in April 2011,” explained SNL Energy in April. 

“A perfect storm of factors, including new federal regulations impacting coal-burning power plants, cheap competing fuels, railroad service issues and weak global markets has kept pressure on a number of coal operators since the industry's 2011 near-term peak.”

A new study published this week by the Carbon Tracker Initiative — best known for its work accounting for a “carbon budget” and unburnable carbon — raises further questions about the future of coal's global market hegemony. It's another blow to the coal industry as the United Nations convenes this week's Climate Summit in New York City to discuss climate disruption, in no small part driven by antiquated coal-fired power plants.

Fri, 2014-02-28 13:40Kevin Grandia
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New Global Study Finds Canada Lagging Behind China on Climate Change Legislation

pollution from syncrude plant in the Alberta oilsands

A frequently used talking point from Prime Minister Stephen Harper is that Canada will only tackle the issue of climate change if countries like China agree to take action as well. 

Looks like that time has come.

A new study released this week that examines nearly 500 pieces of legislation in 66 countries finds Canada lags behind many countries, including China, when it comes to advancing a plan to reduce climate change pollution and fossil fuel usage. 

According to Globe International, the organization behind the study, Canada currently “has no comprehensive federal climate change legislation.”

In China on the other hand, “it was announced in 2010 at the GLOBE International legislators’ forum in Tianjin that China would begin work on [climate] legislation. A first formal draft of the law is expected to be produced in early 2014, after which a comprehensive formal consultation will begin with government ministries, industry and other stakeholders, with passage likely by 2015.”

Mon, 2013-12-16 10:07Steve Horn
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New "Frackademia" Report Co-Written by "Converted Climate Skeptic" Richard Muller

The conservative UK-based Centre for Policy Studies recently published a study on the climate change impacts of hydraulic fracturing (“fracking”) for shale gas. The skinny: it's yet another case study of “frackademia,” and the co-authors have a financial stake in the upstart Chinese fracking industry.

Titled “Why Every Serious Environmentalist Should Favour Fracking“ and co-authored by Richard Muller and his daughter Elizabeth “Liz” Muller, it concludes that fracking's climate change impacts are benign, dismissing many scientific studies coming to contrary conclusions.

In an interview with DeSmogBlog, Richard Muller — a self-proclaimed “converted skeptic” on climate change — said he and Liz had originally thought of putting together this study “about two years ago.”

“We quickly realized that natural gas could be a very big player,” he said. “The reasons had to do with China and the goal of the paper is to get the environmentalists to recognize that they need to support responsible fracking.

The ongoing debate over fracking in the UK served as the impetus behind the Centre for Policy Studies — a non-profit co-founded by former right-wing British Prime Minister Margaret Thatcher in 1974 — hosting this report on its website, according to Richard Muller.

“They asked for it because some environmentalists are currently opposing fracking in the UK, and they wanted us to share our perspective that fracking is not only essential for human health but its support can be justified for humanitarian purposes,” he said. 

This isn't the first time Liz Muller has unapologetically sung the praises of fracking and promoted bringing the practice to China. In April, she penned an op-ed in The New York Times titled, “China Must Exploit Its Shale Gas.” 

Tue, 2013-01-22 17:54Carol Linnitt
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Approaching the Point of No Return: The World's Dirtiest Megaprojects We Must Avoid

Canada's tar sands are one of 14 energy megaprojects that are “in direct conflict with a livable climate.”

According to a new report released today by Greenpeace, the fossil fuel industry has plans for 14 new coal, oil and gas projects that will dangerously increase global warming emissions at a time when massive widespread reductions are necessary to avoid catastrophic climate change. In conjunction these projects make it very likely global temperature rise will increase beyond the 2 degrees Celsius threshold established by the international community to levels as high as 4 or even 6 degrees.

Fri, 2012-12-07 17:21Carol Linnitt
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Harper Government Approves Foreign Acquisition of Nexen, Progress Energy, Affirms FIPA Concerns

Today Prime Minister Stephen Harper announced the approval of two major acquisitions of Canadian energy companies by foreign state-owned enterprises. The Chinese National Offshore Oil Company (CNOOC) will commence the $15.1 billion takeover of Nexen Inc., a Canadian company with major holdings in the Alberta tar sands. Malaysia's Petronas will proceed with the purchase of Progress Energy Resources Corp., a Calgary company with considerable shale gas plays in British Columbia, for $5.2 billion. Petronas has plans to construct an $11 billion liquified natural gas plant in Prince Rupert to prepare gas exports for Asia. 

Prime Minister Harper announced the takeovers, which are steeped in controversy, in tandem with new takeover guidelines intended to address growing concerns of foreign ownership of Canada's resources by energy-hungry nations. He remained silent on the significance of the approval for FIPA, the Foreign Investment Protection and Promotion Agreement, also known as the China-Canada Investment Treaty.
 
“Canadians generally and investors specifically should understand that these decisions are not the beginning of a trend but rather the end of a trend,” said Mr. Harper. The full meaning of that statement, however, remains to be seen. The Harper government's decision to ratify FIPA may mean deals done with China, like today's deal with CNOOC, will carry a new significance.
 
The government previously raised the threshold for official review of foreign takeovers from $330 million to $1 billion, signaling open arms to potential foreign investors with an eye on mega projects like the Alberta tar sands. However, today that threshold was returned to $330 million for state-owned enterprises.
 
“To be blunt, Canadians have not spent years reducing ownership of sectors of the economy by our own governments only to see them bought and controlled by foreign governments instead,” Mr. Harper said

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