7 February 2016, Reuters U.N. agency seeks to end rift on new aircraft emission rules. Europe and the United States tried to bridge differences over emissions standards for aircraft on Sunday as global aviation leaders prepared to adopt new rules that could affect Boeing Co and Airbus Group’s production of the largest jetliners and freighters. Proposals being debated in Montreal by the International Civil Aviation Organization (ICAO), the United Nations’ aviation agency, would force makers of the world’s largest passenger jets to upgrade or stop producing certain models as early as 2023, according to sources close to the negotiations and documents seen by Reuters. U.S. and European negotiators are trying to come up with the world’s first carbon dioxide emissions standards for aircraft as part of the industry’s contribution to efforts to combat climate change. Aviation was not included in the global climate deal agreed by a UN conference in Paris in December, but ICAO is trying to nail down the first of its two-part strategy as soon as Monday after six years of talks. It is due to finalize a market-based mechanism for all airlines later this year. Differences remain on where to place the bar on efficiency, with the United States and Canada pushing for more stringent targets than the European Union, while environmental groups have accused Europe of dragging its feet. “The CO2 standard will push industry to be as fuel-efficient as possible in all market conditions to reduce GHG (greenhouse gas) emissions and the impact of aviation on climate change,” stated the Canadian paper presented at ICAO last week. Read More here
Tag Archives: Emissions
4 February 2016, Renew Economy, Adani puts Galilee coal mine on hold pending recovery in coal price. The Indian mining and energy giant Adani Enterprises appears to have put development of its massive and controversial $16 billion Carmichael coal mine in the Galilee Basin on hold – until coal prices show signs of a solid rebound. Which could be never. A report from brooking house Axis Capital in India this week quotes Adani management as saying that no capital expenditure is planned by the company for the project until there is “visibility” of a rebound in the coal price. Given that international coal prices are at record lows, and most analysts predict further falls as the commodity faces increased competition from renewables, and major economies turn away from coal due to environmental and climate impacts, it suggests that Adani accepts that the Galilee Basin may not get developed. This is in complete contrast to the comments attributed by Adani to the Queensland government, where it is apparently trying to sound optimistic about its go-ahead, suggesting it could re-start works within months. The Queensland Labor government this week gave environmental approval for the mine, despite massive concerns about its impact on the Great Barrier Reef and on climate targets. An Adani spokesman was quoted by the Brisbane Courier-Mail as saying: “The company is in a position to resume some of the development and other works on its projects within months of a mining lease being granted.” However, the Axis Capital report (an excerpt of which appears above) quoted Adani management as saying that no capital expenditure is planned for the Galille Basin mine this financial year – and none would be likely in future without “visibility of revival in global coal prices.” Given that the outlook for global coal prices is poor, this suggests that there will be no investment in Galilee, and underscores the difficulty it will have in attracting finance for a project that analysts says will not be economic. Even the conservative International Energy Agency said late last year that it did not expect carmichael and other projects in the Galilee Basin to be built. “It is not likely that the above listed projects will be operational by 2020, if ever,” it said in its latest medium term coal outlook.Read More here
3 February 2016, The Guardian, We’re drowning in cheap oil – yet still taxpayers prop up this toxic industry. Those of us who predicted, during the first years of this century, an imminent peak in global oil supplies could not have been more wrong. People like the energy consultant Daniel Yergin, with whom I disputed the topic, appear to have been right: growth, he said, would continue for many years, unless governments intervened. Oil appeared to peak in the United States in 1970, after which production fell for 40 years. That, we assumed, was the end of the story. But through fracking and horizontal drilling, production last year returned to the level it reached in 1969. Twelve years ago, the Texas oil tycoon T Boone Pickens announced that “never again will we pump more than 82 million barrels”. By the end of 2015, daily world production reached 97m . Instead of a collapse in the supply of oil, we confront the opposite crisis: we’re drowning in the stuff. The reasons for the price crash – an astonishing slide from $115 a barrel to less than $30 over the past 20 months – are complex: among them are weaker demand in China and a strong dollar. But an analysis by the World Bank finds that changes in supply have been a much greater factor than changes in demand. Oil production has almost doubled in Iraq, as well as in the US. Saudi Arabia has opened its taps, to try to destroy the competition and sustain its market share – a strategy that some peak oil advocates once argued was impossible. Read More here
3 February 2016, Renew Economy, Senate to inquire into carbon risk, despite Coalition objection. The Australian Senate is to begin an inquiry into carbon risk disclosure in Australia, following a proposal by the Greens after the ground-breaking Paris climate agreement reached late last year. The inquiry is due to report in June and will study carbon risk disclosure practices among Australian companies, regulatory oversight, international practice, and Australia’s involvement in the G20 Financial Stability Board discussions on carbon risk impacts. “The Paris Agreement finalised in December 2015 has fundamentally changed the investment landscape,” said Emma Herd, the head of The Investor Group on Climate Change (IGCC), which represents most major investment houses and superannuation funds. “When 195 nations agreed to a goal of limiting global warming to 2°C moving towards 1.5°C, it immediately became clear that all companies will need to stress test their commercial strategy for a two degree scenario and disclose to the market the risks and opportunities for their business.” The inquiry will focus on corporate disclosure, although given the decisions at state and federal level in recent weeks, it might also want to focus on the carbon risk for the Australian economy as a whole. New data this week revealed that Australia was increasing its emissions at a faster rate than any other developed economy, and was not likely to peak its emissions before 2030. The lack of new funding for Direct Action means that there is now no policy in place to reduce emissions. Investment in renewables remains at a standstill. Read More here