9 November 2016, Energy Post, Oil companies’ climate initiative lacks initiative. The Oil and Gas Climate Initiative (OGCI) formed by ten of the world’s largest oil companies including Shell, BP, Total, Statoil and Saudi Aramco, has announced it will spend $1 billion over the next ten years “to accelerate the development of innovative low-emission technologies”. According to Stuart Haszeldine, Professor of Carbon Capture and Storage, at the University of Edinburgh, this is “small change compared to the size of the problem. This looks like trying to tell us that the climate problem is still best handled by denial, over-analysis, and under-activity.” Article courtesy of the Energy and Carbon blog. When is $1 billion not a lot of money? Answer one, when you are trying to save the human species from global self-destruction. Answer two, when it is split 10 ways, and then again 10 ways. In an announcement timed to coincide with the entry into force last Friday of the COP21 Paris Climate Agreement, 10 of the world’s largest international oil and gas producers announced a $1billion fund to help protect the earth’s climate. The OGCI (Oil and Gas Climate Initiative) was formed in January 2014, led by the CEO’s of six multinational oil and gas companies (1). Its self-stated ambition was to “catalyse meaningful action and coordination on climate change …. provide a full spectrum on what the sector what the sector is prepared to do, collaboratively, going forward”. The defining moment of the UN Climate Change conference in Paris last December has now passed, the agreed text has been scrutinized, pored over, analysed – and then ratified by the political leaders of more than 190 nations. It is clear that the intended national emissions reductions (INDCs) offered in Paris are voluntary and non-enforceable. It is also clear that even if the INDCs were delivered in full, then the world is on track for 3.7C or greater warming, not 2C or an aspirational 1.5C. And if nothing new happens, the world is already operating the hydrocarbon combustion equipment which can take warming beyond 6C by 2100. This group proudly proclaims that they are responsible for 20% of global oil and gas production, so we should expect something big, commensurate with the size of the problem, right? Wrong. Read More here
Monthly Archives: November 2016
28 October 2016, Renew Economy, Coal wars: A fact check for the Turnbull government. Since Malcom Turnbull replaced Tony “coal is good for humanity” Abbott, the Adani Carmichael Mine, the Galilee Basin and environmental “Lawfare” had been out of the news. But an increase in the coal price and Turnbull’s apparent change of view means the Coal Wars are BACK. It’s time to re-arm yourselves the facts.
CLAIM: The Adani mine will create 10,000 jobs.
FACTS: Adani’s own economist contradicted this under oath in the Queensland Land Court, saying: “Over the life of the Project it is projected that on average around 1,464 employee years of full time equivalent direct and indirect jobs will be created”.
Adani’s economist, Jerome Fahrer from ACIL Allen, found that Adani’s mine and rail operations would employ around 1,800 people directly and create around 1,000 downstream jobs in “other services”. But, in building and operating such a big mine, ACIL found that the project would reduce employment in agriculture, manufacturing and other mining projects by around 1,400 jobs. All this is shown in ACIL’s graph below, with increased jobs at the Carmichael mine in yellow, increases in services in dark purple and reductions in manufacturing, agriculture and other mining below the axis: Read More here
4 November 2016, The Conversation Company directors can be held legally liable for ignoring the risks from climate change. Company directors who don’t properly consider climate related risks could be liable for breaching their duty of due care and diligence, a new legal opinion has found. Although the alarm for business leaders has been sounding for some time, the release of the opinion by senior barristers and leading solicitors confirms the potential liability for Australian company directors. Australian companies are particularly exposed to the physical, transition and liability risks posed by climate change. The Paris Climate Agreement, which comes into force today, brings the transition risks (and opportunities) forward, given the policy and business changes necessitated by the agreement’s commitment to a sustainable economy. Directors’ liability hinges on the foreseeability of risks or opportunities material to the best interests of the company. Courts have long experience of finding fault for inadequate responses to foreseeable risks, even where there is supposed uncertainty. Examples of this are when health risks associated with HIV and asbestos were improperly understood or managed. A defendant can be liable even though they are ignorant, if a reasonable person would have known about them. Some corporate leaders might want to hit the snooze button again, but today’s challenges to business as usual are acute. The long foreseen economic and environmental impacts of a changing climate are intensifying. Legally, any excuse that prior uncertainty about the science or impacts of climate change may have previously afforded directors has expired. Corporate leadership ignoring interdependent economic, social and environmental risks and drivers of value has never been a sustainable long term strategy. Here are four reasons why there is only upside for business leaders to change course: Read More here
8 November 2016, The Conversation, Natural disasters are affecting some of Australia’s most disadvantaged communities. Bushfires have been the most common natural disaster in New South Wales over the past decade, according to our study published today in Nature’s Scientific Reports. Our study, the first of its kind, looked at disaster declarations in local government areas (LGAs). We found 207 disasters affected the state between 2004 and 2014. Bushfires were the most common, responsible for 108 disaster declarations, followed by storms (55) and floods (44). By looking at where disasters were declared, we found a “hotspot” in northern New South Wales, which includes some of the state’s most disadvantaged communities. This suggests that to help communities prepare for disasters, we need to address underlying causes of disadvantage. There’s nothing natural about a disaster Disasters are a regular part of life for communities across the globe. So far in 2016, disasters have cost US$71 billion and claimed some 6,000 lives. Globally, the number and cost of disasters is rising. Australia has a long history of natural disasters, from catastrophic bushfires to flooding rains. Many people are asking whether such disasters are becoming more frequent, and what we can do to better prevent and prepare for them. Despite the way we talk about them, fires, floods and storms are not inherently natural disasters. Though they may threaten social systems or the environment, they are more accurately classified as natural hazards. A disaster occurs when a natural hazard overwhelms a social system’s capacity to cope and respond. Instead, disasters require many agencies and a coordinated response. Many factors such as vulnerability, resilience and population density influence a how a community copes with hazards.Read More here