22 May FastFT: Axa to ditch coal investments by the end of 2015. Axa, one of the world’s largest insurers, has become the first global financial institution to shun investments in coal companies. The French group, which has more than $1trn in assets under management, will sell EUR500m of coal assets between now and the end of the year, its chief executive, Henri de Castries, said at a business and climate change conference in Paris on Friday, reports Pilita Clark, environment correspondent. It will also invest EUR3bn in renewable energy between now and 2020. The move makes the French group by far the biggest recruit to an international fossil fuel divestment campaign that aims to stigmatise the use of coal, oil and gas because of their impact on the climate. Read More here
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22 May 2015, euractiv: Biomass will play a critical role in Europe’s energy future. Biomass is the only renewable, affordable energy source available on-demand. European countries need to make sure it is sourced sustainably, writes Philip Lowe. Philip Lowe is former Director General for Competition (2002-2010) and Energy (2010-2014) at the European Commission. Since 2013, he is a non-executive director of the UK Competition and Markets Authority. He is writing in a purely personal capacity and his comments should not be interpreted as either reflecting or engaging the views of the European Commission or the UK CMA. Read More here
Here’s how the states can dodge Canberra’s renewable roadblock. Labor and the Coalition government have now agreed to cut the federal renewable energy target (RET) from 41,000 gigawatt hours in 2020, to 33,000 GWh – a reduction of almost 20%. This agreement has been hailed as restoring stability to the industry, after a year plagued with uncertainty and featuring two reviews. However, this is still a significant cut, particularly as the target is a significant part of Australia’s policy response to climate change. Meanwhile, Victoria has committed to restoring its own renewable energy target, the VRET, following other states in developing renewable energy policy. However a clause the federal legislation prevents schemes similar to the federal RET. How can the states get around this and support their industries? Read More here
18 May 2015, The Conversation: FactCheck: Are 95% of models linking human CO₂ emissions and global warming in error? In a recent newspaper column, Mr Newman said discrepancies between climate model forecasts and recorded temperatures begged the question: “Why then, with such little evidence, does the UN insist the world spend hundreds of billions of dollars a year on futile climate change policies?” All scientists would agree with Mr Newman that critical analysis of mathematical modelling is a crucial part of science. But it is a logical fallacy to leap from that valuable topic to describing climate change policies as futile. Climate models: what they can and can’t do. Read More here