5 June 2015, Truth Dig, Big Oil Soon to be Extinct: What do Big Oil and whale oil have in common? According to Amory B. Lovins, chairman and chief scientist of the sustainability-focused Rocky Mountain Institute, Big Oil is soon to follow whale oil’s downward trajectory toward extinction. At the Ceres Conference 2015 for sustainable business, Lovins challenged big businesses to rethink the outdated belief that investing in fossil fuels remains the safest way to get rich (dolphins, seabirds and humanity be damned). At first look, Lovins appears to be a nerdy, middle-aged scientist in a suit, but once he starts talking, it becomes clear that he’s actually a brilliant revolutionary. Lovins’ message hasn’t changed much in the four decades he’s been doggedly trying to get the world to embrace renewable energy, but he’s accumulated more data to prove his point to a host of unlikely converts, from communist China to Arab sheiks and presidents of companies like Texaco. Even if you don’t care much about the environment, Lovins makes the case that you’d be economically foolish not to invest in renewable energy, because green technology today is akin to the discovery of petroleum and its effect on the whaling industry of the 19th century. Read more here
Category Archives: The Mitigation Battle
4 June 2015, RTCC, Oil giants support for UN climate pact signals change in strategy. Top hydrocarbon producers seem to accept a global deal will be done in Paris – the question is can they limit its damage? It’s unprecedented for the UN’s climate chief to receive a letter from six oil companies offering help. More likely Sepp Blatter resigning in the wake of FIFA’s corruption scandal, Tony Blair making a speech at a hunger summit for free. But that’s what happened on Friday when the heads of BP, Shell, BG Group, Statoil, Eni and Total wrote to Christiana Figueres. “Climate change is a critical challenge for our world,” they said. “We stand ready to play our part.” The chief executives emphasised the importance of a global price on carbon, and their willingness to work with the UN to make this happen….
But why now, and why this letter? Tom Burke, advisor to BP from 1999-2001 and chair of environmental think tank E3G is in no doubt. It’s fear. “They are getting worried. They are beginning to think governments will bend to respond on pressure on climate change more than they thought they would,” he says.“They assumed governments would not do enough to stay below 2C [a temperature level the UN agreed to avoid in 2010]. It’s unprecedented and a sign they are nervous.” The letter is a sign, argues Burke that work exposing the risk of “stranded assets” as a result of climate policies that make fossil fuels unusable is starting to hit home. Read more here
4 June 2015, Timberbiz, RET could revive timber in Victoria. The revised Renewable Energy Target (RET) currently before Parliament would provide a market for otherwise unsaleable timber, according to a document from Victoria’s state-owned forestry business, VicForests, obtained by the ABC. Source: ABC News. Environment Minister Greg Hunt introduced the Renewable Energy (Electricity) Amendment Bill and the legislation locks in the bipartisan deal for a new, lower, 2020 Renewable Energy Target. But, controversially, it reinstates the burning of native forest wood waste as a renewable energy source in the RET scheme. “There is no evidence that its eligibility leads to unsustainable practices or has a negative impact on Australia’s biodiversity,” Mr Hunt said when introducing the bill. “Using wood waste for generation is more beneficial to the environment than burning waste alone on the forest floor or simply allowing it to decompose and to produce methane a very high global warming potential gas.” The changes will help hardwood timber company Australian Solar Timbers (AST) build a two-megawatt power plant that will generate electricity onsite. AST chairman Douglas Head said timber for the plant in New South Wales’ Macleay Valley would come from existing sawmill waste that had little current value. “There is not one new tree that would be cut. Frankly you would not cut a tree to produce electricity alone. It’s got to be cut for some other high-value use,” he said. He said the wood by-products now potentially eligible for burning were “used sometimes as boiler fuels, potting mix, horse stable coverings and in the chicken industry — very low value”. The VicForests document says wood could be used as a brown coal substitute, but Nathan Trushell from VicForests downplayed the prospect of massive forest furnaces. “I think the stark reality for us is we would see some significant economic challenges with Renewable Energy Target credits or not,” he said. “I think if there is opportunity for us in that space, it’s really around small-scale local generation. I think for large-scale co-generation in coal-fired power stations the reality is timber is heavy and expensive to transport. “If we’re looking at our operations in East Gippsland we’re talking about several hundred kilometres to transport that material. I can’t see how economically that would stack up for us. Read More here
2 June 2015, Renew Economy, Big Oil turns on Big Coal, but not to save the planet: In a stunning reversal on years of opposition to a global carbon price, the CEOs of six European oil and gas giants have said they are now ready for a price on carbon. But not so they can save the planet. Big Oil has broken ranks with Big Coal in a bid to save its own business model, hoping that an international carbon price will phase out coal and cause more gas to be consumed.
The CEOs of the European oil giants Shell, BP, Total, Statoil, Eni and BG Group, with a combined revenue of $US1.4 trillion – although notably not the US giants Chevron and Exxon – sent letters last Friday to the head of the UN climate negotiations, Christiana Figueres, and Laurent Fabius, France’s Foreign Affairs and International Development Minister who will also lead the Paris climate talks later this year. Read More here