“Companies spent over $670 billion (£430 billion) last year searching for and developing new fossil fuel resources.
They will need to rethink such substantial budgets if policies are implemented to support the 2°C limit.
Investors in these companies should also question spending such budgets.
I would expect prudent investors in energy to
shift increasingly towards low-carbon energy sources.”
Paul Ekins, report’s co-author and the University College London’s Institute for Sustainable Resources director
- What wonderful things could we do with $670 Billion! Money so often dictates decisions, but we waste so much on obsolete assumptions, rules, and practices, just redirecting what is spent now could lead us to a far more secure future!- Editor
Vast reserves of fossil fuels should be left untapped
The sheer scale of the fossil fuel reserves that will need to be left unexploited for decades if world leaders sign up to a radical climate agreement is revealed in a study by a team of British scientists. Policy makers must realise that their instincts to completely use the fossil fuels within their countries are wholly incompatible with their commitments to the 2°C goal.
It shows that almost all the huge coal reserves in China, Russia and the US should remain unused, along with over 260 billion barrels of oil reserves in the Middle East − the equivalent of Saudi Arabia’s total oil reserves. The Middle East would also need to leave over 60% of its gas reserves in the ground. In total, a third of global oil reserves, half of the world’s gas and over 80% of its coal reserves should be left untouched for the next 35 years.
For the report
“When you’re building a power plant today, you’re not just thinking about what the price of fuel is today, you should be thinking about what the price of fuel will be over the life of that power plant.
You will always know what the price (of wind) will be (it’s free, the only costs are mechanical).
You can’t say that about any other (fossil fuel) energy source.”
Michael Goggin, Director Research, American Wind Energy Association
Wind power saved PJM residents $1 billion in two days last year. Frigid Arctic temperatures spread over the 13 Mid Atlantic and Great Lakes states (PJM) on January 6 and 7, 2014. There was not enough conventional energy to meet demand. According to the American Wind Energy Association (AWEA), spot prices would have skyrocketed if had there not been an abundance of wind energy available.
“Do we want dirty expensive coal/ nuclear from aging plants or
do we want new solar and wind that is guaranteed for 25 years?
(The power company) PNM said they have this model called Strategist, and
it chose coal and nuclear to reinvest in.
We said we have to see that model.
We paid $17,000 for 2 month lease, and
when we ran PNM numbers, it was astounding.
We found out it was not prudent to reinvest in coal and nuclear, but also in this case, to close down the entire San Juan (coal) plant as more economical for ratepayers over 20 years.
It’s 330 million dollars cheaper to close down the entire coal plant and
to invest in solar, wind and gas.
And that is the truth.”
Mariel Nanasi, Executive Director, New Energy Economy
– This short verbal summary from the radio doesn’t explain that the initial report done by the power company PNM concluded that coal and nuclear were the best- and cheapest, but when the inputs to the program were reviewed, various issues came up. Large underestimates for cost of coal, and additional assumptions clearly biased the results. When more accurate figures were used, the conclusions were totally different! For those of us who have run the numbers using computers, GI-GO (Garbage In- Garbage Out) remains true! When any report defies logic- it’s cheaper to pay for fuel than get it free, for example- go back to the original numbers to look for flaws.
Of course, even if the free fuel of sun and wind were more expensive, the world can’t take more coal! When one is in survival mode, survival has to top economics! – Editor
KSFR Radio clip
And for the New Energy Economy organization (report not yet available)
- For additional information on the battle occurring in Northern NM this week- here health, jobs, and water use in our desert are added in the discussion- the health impacts of living near coal are horrendous, and this does not mention the brain-damaging poison mercury in coal plant emissions. So many lakes and streams in New Mexico are poisoned that fishing is prohibited in many areas! Is polluting our earth and our life what we want? – Editor
Public Regulatory Commission should reject PNM’s fossil fuel-laden plan
PNM’s assessments, however, do not adequately account for human suffering caused by the coal plants and mines. According to the San Juan Citizens Alliance, SJGS contributes 33 premature deaths, 600 asthma attacks, 31 asthma-related emergency room visits, along with associated socialized health care costs exceeding $254 million every year.
I’ll mention in closing an oft-overlooked feature of energy generation: water usage. Thermoelectric power plants account for 41 percent of all freshwater withdrawals in the United States. As a recirculation-cooled power plant, San Juan Generating Station consumes between 480 and 1,100 million gallons of water per year. With shrinking reservoirs and an increasingly insurmountable water debt to our southerly neighbors, we can ill afford in our high desert climate to evaporate so much water
2014 Was The Hottest Year On Record Globally By Far
The Japan Meteorological Agency (JMA) has announced that 2014 was the hottest year in more than 120 years of record-keeping — by far. NOAA is expected to make a similar call in a couple of weeks and so is NASA.
For the chart and the announcement
“Around 60% of businesses expect that more regular heatwaves over the next 20 years would hit their profits, when many industries would have to heatproof their operations, including agriculture, retail, and insurance companies. They are thinking about how can we insure for extreme events like bushfires that are precipitated by heatwaves, so they have to model for an increasingly unpredictable climate. Large shopping centres are looking at dramatic increases in electricity costs as they try to increase air conditioning.
Heatwaves are becoming longer, and they are becoming more severe, and that becomes hard to manage depending in which business sector you are in.
Almost two-thirds of businesses expect future heatwaves to hit their profits!
So my own take is that a lot of businesses are probably fairly unprepared for what is coming.”
Prof Christopher Wright from the University of Sydney Business School
- Do increasing temperatures really matter? “Heat-proofing” farming will eventually be “fruitless.” It’s already getting harder to produce food outside. Temporary measures can work for a while, but raise new questions. What are the health impacts from eating sunscreen in your fruits and your wine? What foods will no longer even be available in the future? But if our minds are riddled only in economics, having two thirds of businesses already realizing that climate change will impact their profits is BIG, and puts a monstrous hole in economic arguments for continuing fossil fuels! – Editor
Why Australians are using sunblock to protect grape crops
Sunblock is being used to safeguard the health and vitality of Australian grapes as the nation reflects on another scorching year when temperature records continued to tumble. This region has temperatures that can exceed 113F (45C). Spraying sunscreen on grapes is now routine.
- Watch sixteen minutes of hope! Major rethinking of all our systems is so fundamental now that seeing such rethinking of basic assumptions at the neighborhood level makes you want to get off your duff and make good, sustainable transitions happen right where you live! “Criminals” lead the way to sustainability and amazing neighborhood- and personal- regeneration! This is replicable everywhere in some form or another! – Editor
Farmin’ in The Hood 2
Everything from Urban Agriculture to Robotics and a huge basement full of Aquaponic growing. A 20K square ft Laboratory that will change the game for the inner city youth.
Watch You Tube
– This article may seem irrelevant, but it haunted me. Do read it! The Froot Loop experiment is fabulous! It should be required of everyone!
Climate destroying emissions are created by just 2 big variables- the amount of carbon emissions each of us creates multiplied by the number of people. If greed overtakes our brains, as it has with so many, it’s not good for our earth, our future, and our souls! So much would fall into place if we could get to this fundamental, deep issue. People like the Koch brothers seem victimized by insatiable craving. – Editor
What wealth does to your soul
Getting rich won’t make you happy. But it will make you more selfish and dishonest. What is clear about rich people and their money — and becoming ever clearer — is how it changes them. A body of quirky but persuasive research has sought to understand the effects of wealth and privilege on human behavior. There is a growing awareness that the yawning gap between rich and poor is no longer a matter of simple justice but also the enemy of economic success and human happiness. It’s not just bad for the poor. It’s also bad for the rich. It’s funny, when you think about it, how many rich people don’t know this. But they are not idiots; they can learn.
Why Pope Francis is going green in 2015
In March 2015, according to The Guardian, following a visit in Tacloban, the Philippine city ravaged by typhoon Haiyan in 2012, the pope will issue an encyclical on climate change and human ecology, the first environmentally themed encyclical in history. He is also slated to address the UN General Assembly in September and convene a summit of world religious leaders to address climate change.
Why is the pope doing all of this?
First, perhaps Pope Francis wishes to make clear that when it comes to matters of creation, the church should be a major player, not a marginal voice. The earth is not just a geopolitical arena, but it is also, from an ecclesial perspective, God’s creation, and is thus of central concern to the church.
Second, perhaps Francis is underscoring that this is not just a question of policies and carbon emissions, critical as they are, but it is also one of persons, especially poor and vulnerable persons, who often contribute the least to carbon emissions but suffer the most from “climate chaos”.
Third, might Pope Francis be suggesting that climate change is not only a moral crisis, but a deeply spiritual crisis as well, one that cuts to the core of who we are and how we relate to all that is?
ACTION: SUPPORT PRESIDENT OBAMA IN VETOING THE UPCOMING KXL BILL!
The incoming Congress has pledged to pass a bill that would force the approval of the dangerous Keystone XL tar sands pipeline as one of its very first actions. But on Tuesday, the White House announced that the president would NOT sign Congress’s KXL bill. It is more important now than ever before to encourage President Obama to stand by this pledge!