Statoil to invest $200 million in renewable energy by 2022
Statoil, Norway’s biggest oil and gas producer, will invest as much as $200 million in renewable energy over four to seven years, as part of a plan to diversify the company’s portfolio. According to a statement, the new fund, Energy Ventures, will take a minority stake in startups developing technologies including wind power, energy storage and smart grids. The fund is established as part of Statoil’s new business area New Energy Solutions, reflecting the company’s aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions. The company has already met entrepreneurs and is expecting to invest as much as $20 million in each company. Most investments will be in North America and Europe. “The transition to a low carbon society creates business opportunities, and Statoil aims to drive profitable growth within this space,” Irene Rummelhoff, executive vice president of the clean energy unit, said. (Bloomberg)
British Airways readies for takeoff on aviation emissions cuts
The boss of British Airways owner International Airlines Group (IAG) has announced plans to reduce the amount of carbon dioxide emitted per passenger on its flights. Willie Walsh explained this week that IAG’s target is to reduce per-passenger emissions 8 percent by 2020 compared to 2015. He also called for governments and other carriers to support a proposal from the UN’s aviation agency for a global deal to cut emissions from the aviation industry. British Airways was recently ranked in last place on a fuel efficiency ranking of top 20 transatlantic airlines. It also did not sign an open letter, published in November and signed by 28 airline bosses, calling for a market-based solution for tackling aviation emissions. Last week the UN’s International Civil Aviation Organization said its work to produce an official international carbon standard for aircraft is making “further and important headway.” (GreenBiz)
Supply Chain
RSPO launches new, stricter palm oil label
The Roundtable on Sustainable PalmOil (RSPO) has launched a new label called RSPO Next, which allows palm oil growers to brand their products as exceeding the association’s minimum standards on environmental and social responsibility. The industry group said that the new label is a voluntary add-on to its existing criteria, and companies can decide on their own timelines for compliance to the standard. Palm oil giants, such as Wilmar, Golden Agri-Resources and Cargill, have gone beyond the basic RSPO standards to make zero-deforestation commitments and to halt development on carbon-rich peatland. Darrel Webber, chief executive officer of RSPO, said that the new label is a way to “provide continuous improvements within the RSPO framework” and recognise companies who have made such steps. However, environmental groups, were less optimistic about the new label. Greenpeace called it a “failed upgrade” as the optional scheme falls “far short of satisfying mounting demands for a deforestation-free palm oil industry”. (Eco-Business)
Energy
Europe places bets on natural gas to secure energy future
Europe will continue to rely on natural gas for the coming two decades and beyond, according to a new strategy set out on Tuesday by the European Commission. The plans have been attacked by green campaigners, who contrasted the continued role of fossil fuels with commitments to cut carbon dioxide made by the EU at the Paris climate summit. Gas will have to be imported, from countries including Russia, Norway, Qatar and other Gulf states, requiring tens of billions of euros of investment in infrastructure. While gas is a lower carbon fuel than coal, the implication of such a massive new investment in gas infrastructure is that its use will continue for decades to come. “It’s like the Paris agreement never happened… Only if Europe focuses on renewables and energy efficiency will Europe meet its climate targets and reduce dependence on foreign supplies” said Jiri Jerabek, energy policy adviser at Greenpeace EU. (Guardian)
Environment
Report: Global food production needs ‘significant’ fertiliser boost
A new study suggests that the world must increase its use of phosphorus-based fertiliser to meet future demands for food. Looking at grasslands, crucial areas in the production of milk and meat, the researchers found that more phosphorus is being lost from soils than is being added by farmers. Between 1970 and 2005, 44% of these losses occurred in Asia. The researchers say that to meet the projected demand for meat and dairy products in 2050, the amounts of phosphorus used will have to grow more than fourfold from 2005 levels. But increasing the amount of phosphorus used on land, especially in mineral form, carries significant environmental concerns. ” We have to do it carefully, we have to reuse our residues and wastes and make sure as little phosphorus as possible ends up in our sewage systems,” said Prof Martin van Ittersum, a co-author of the study. (BBC)
Image source: Boeing 747-400 by Adrian Pingstone / Public Domain
COMMENTS