Report: Oil & gas companies under-reporting key investment risk from methane
A new report released by the US Environmental Defense Fund (EDF) finds that leading oil and gas companies are putting themselves and their investors at risk by failing to adequately disclose meaningful information on emissions of methane. None of the 65 oil and gas market leaders reviewed by EDF disclose targets on methane and less than a third report such emissions via accessible, investor-facing data sources. Methane – a greenhouse gas 84 times more potent than carbon dioxide – is responsible for more than a quarter of the warming we are experiencing today. The report says that every pound of methane allowed to escape represents not only a loss of sellable product, but also undercuts the climate benefits of natural gas as a fuel source. “Without rigorous, consistent data, investors can’t gauge progress, manage risks, or compare company performance,” said lead author Sean Wright.
The report coincides with news that an ongoing natural gas leak in California has poured so much methane gas into the atmosphere since it began in October, that it now comprises 2% of the entire country’s annual methane emissions. The leak has so far cost facility-owner Southern California Gas $50 million for mitigation of environmental and community impacts, over $12 million in lost product to date and reputational damage. A state of emergency has been declared in the neighbourhood, with more than 2,000 people forced to leave due to public health concerns. (Environmental Defense Fund; Mashable)
City of London launches initiative to become world leader in green finance
The City of London yesterday launched a new initiative which aims to cement London’s position as a world leader in green finance. The Green Finance Initiative will focus on how to mobilise the capital required to implement both the UN’s Sustainable Development Goals and the Paris climate change agreement. The unveiling of the new project came as a separate report released by the UN Environment Programme at the Green Finance Initiative (GFI) launch event highlighted how the UK is currently a global hub in the emerging green finance market. “The City of London Corporation is determined that 2016 be the year in which policymakers and practitioners convene to drive the long-term development of the UK’s green finance sector,” said Sir Roger Gifford, chair of the new GFI, in a statement. The report argues the UK has evolved a distinctive model of innovation in sustainable finance. Priorities for the UK financial system should now to be built on the country’s position as one of the top issuers of green bonds and to ensure investors are informed about the sustainability performance of their investments, the report said. (BusinessGreen)
Policy
Germany may offer €2 billion in EV subsidies
German Economy Minister Sigmar Gabriel wants to commit two billion euros to encourage more people to buy electric cars. According to the Minister, the subsidy initiative would be funded under the current German budget without tax increases. Gabriel also wants to expand charging stations and encourage federal offices to use electric cars. Sales of electric cars in Germany were about 19,000 in 2014, but the country had only about 2,500 charging stations at the end of 2014. The German government aims to put one million electric cars on the roads by 2020. Calls for supporting electric cars grew at the end of last year after the Volkswagenemissions scandal. Among German brands, BMW, Mercedes-Benz and Volkswagen produce battery-powered cars; Audi and Porsche have plans to do so. Both Gabriel and his fellow Social Democrat Environment Minster Barbara Hendricks have called for a quota for electric cars. (Automotive News Europe)
Cambodia parties retain clause in controversial union law
Cambodia’s controversial draft union law clause requiring a 50 per cent plus one vote by members to authorise a strike will stand, lawmakers have said, though clarity is still required to define how that quorum should be shaped. The strike clause was one of seven outstanding points agreed to yesterday at the second meeting of the bipartisan committee to work out criticisms of the law, according to Sok Eysan, Cambodian People’s Party spokesman. Cambodia National Rescue Party lawmaker Son Chhay confirmed that the clause will remain in place, but said clarifications would be necessary to ensure there is no ambiguity. However, Moeun Tola, of the rights group Central, said the entire law interfered with unions’ affairs. The rule, he said, was impractical and a “violation of fundamental rights”. Unions should be free to determine themselves how many people are needed to call for a strike, he said. (Human Rights Resource Centre, Phnom Penh Post)
Energy
Finnish town enjoys datacentre-powered hot water
Heat generated from the servers of a data centre is being used to warm the residential water supply of Mäntsälä, a city on Southern Finland. The heat recovery plant, which came online in December, uses hot air generated by the servers to heat water from the city’s supply system. The data centre is owed by Yandex, Russia’s largest search engine. “We wanted to make full use of the excess energies we produce in order to benefit the community,” said Ari Kurvi, data centre manager. The company said the scheme is set to halve the local gas consumption of utility providers, slashing CO2 emissions by 40 per cent. Yandex also argued the method is significantly cheaper than building and operating a typical gas boiler, and predicts it will cut residents’ heating costs by five per cent in the coming year as well as the electricity costs of the data centre by as much as a third. (BusinessGreen)
COMMENTS