The planet is halfway to dangerous levels of global warming, with the
average temperature for 2015 set to eclipse last year’s record, the
United Nations said, just days before the COP21 climate talks began in Paris.
This year’s average temperature will be “approximately” 1 degree
Celsius (1.8 degrees Fahrenheit) above the 1880-1899 mean for the first
time, the UN’s World Meteorological Organization said on 25 November.
That compares with the 2-degree threshold beyond which scientists say
the effects of climate change risk becoming catastrophic.
The data was released in time to spur envoys from 195 nations into action as they prepare for two weeks of talks on a new climate change deal intended
to limit warming to 2 degrees. More than 130 world leaders gathered at
the UN conference on 30 November to open the negotiations, six years
after a similar attempt failed in Copenhagen.
China, the world’s second-biggest economy, has become a driving force
for a possible deal in the French capital and has promised to cap
emissions by 2030 and to cut carbon intensity by 60-65% from 2005
levels.
In 2014, China added 35GW of new renewable power generating
capacity—greater than all the capacity online today in sub-Saharan
Africa’s 49 nations combined, excluding South Africa and Nigeria—and
attracted $89bn in all types of new clean energy capital, the report
said.
Climate funding has become a theme in Paris. Industrial countries and
the UN are shining a bit more light on how a key pledge to boost
climate-related finance will reach $100bn by 2020.
Three separate announcements set out plans for $2.75bn to flow to
poorer nations. That’s dwarfed by the at least $38bn that six
development agencies pledged in support for the 2020 climate-aid goal,
and those programmes have the potential to leverage billions more from
other groups.
“Given the pledges we’ve received,
reaching the $100bn goal is perfectly within reach,” French Finance
Minister Michel Sapin said. The $100bn is a “floor” that may be looked
at every five years as greenhouse gas targets are reviewed.
The economics of fossil fuels are coming under increased scrutiny as
some investors consider long-term prospects and risks. German lenders
with holdings in conventional power generation are being asked to
justify the investments as companies like Allianz switch funds into
cleaner forms of energy.
Europe’s biggest insurer has said it will reduce its coal investments
and double its spending in renewables from about EUR 2bn ($2.1bn). The
move is a gesture of support to the Paris climate talks and to “send a
signal to our branch and to capital markets,” said Allianz’s chief
investment officer Andreas Gruber in a ZDF television interview.
Allianz’s announcement adds to pressure on German lenders and
investors to examine exposure to coal after Economy and Energy Minister
Sigmar Gabriel said the nation will close all of its lignite plants,
which supply about a quarter of German power. Germany’s biggest banks
including Deutsche Bank, Commerzbank as well state lenders like BayernLB
retain direct and indirect investments in lignite valued at EUR 8.7bn,
the Urgewald climate lobby group said in a report.
“We are now thinking about our position about coal,” Frankfurt-based
Commerzbank spokesman Martin Halusa said in an interview after Allianz
published the report from Urgewald. Commerzbank has about EUR 3bn linked
to lignite, according to Urgewald.
Across the border in France, Caisse des Depots & Consignations,
the country’s largest state-controlled financial institution, said it
plans to divest shares of companies that don’t make efforts to cut
greenhouse-gas emissions. It aims to reduce the average carbon footprint
of its listed-stock portfolio by 20% percent from 2014 to 2020, the
Paris-based company said. The group and its CNP Assurances and Bpifrance
units, which hold shares in 100 French companies listed on the SBF120
index, valued the portfolio at EUR 55bn ($58bn) at the end of last year.
“If the voluntary reduction of emissions by companies held in the
portfolio is insufficient in the medium term, the group will reallocate”
investments, Caisse des Depots chief executive officer Pierre-Rene
Lemas said.
Demand for fossil fuels could wane, according to non-profit think
tank Carbon Tracker. Oil, natural gas and coal producers are risking
$2.2 trillion by investing in projects for which there will be no demand
if the world meets a United Nations target of limiting the rise in
temperature to less than 2 degrees Celsius, the group said.
No new coal mines are needed, oil demand will peak around 2020 and
growth in gas will disappoint industry expectations, Carbon Tracker
Initiative said in a report. The US has the greatest exposure with
$412bn of projects at risk up to 2025, followed by Canada with $220bn,
China $179bn, Russia $147bn and Australia $103bn, according to the think
tank.
The world still needs a lot of coal, gas and oil and carbon-based
fuels will meet three-quarters of energy needs over next 30 years, Exxon
Mobil chief executive officer Rex Tillerson said 7 October in London.
The industry is divided. The head of Eni, one of the world’s biggest
oil and natural-gas explorers, said it’s time to scrap the planet’s
reliance on fossil fuels. The industry wants to be part of the solution
to global warming but needs a consistent set of policies out of the
Paris conference that encourages more climate-friendly fuels, Claudio
Descalzi, chief executive officer at Eni, said during a forum on 23
November in New York.
“We have to change the model, a model we’ve built over the last 200
years, which is based on fossil fuels,” said Descalzi, whose Rome-based
company is the world’s seventh biggest oil producer by market value.
In corporate news, Abengoa’s bonds and stock tumbled to records after
the embattled renewable-energy company said it was seeking preliminary
protection from creditors following the breakdown of talks with a new
investor.
Abengoa, which employs more than 24,000 people worldwide, has been
seeking to reassure investors that it can generate enough cash to
service its debt pile of about EUR 8.9bn of consolidated gross debt.
Green bonds continued to make headlines, with HSBC Holdings issuing its first green bond, raising EUR 500m ($531m).
The senior unsecured debt will pay an annual coupon of 0.625%,
maturing in five years. HSBC France was the issuer. HSBC joins a handful
of commercial banks such as Credit Agricole Corporate & Investment
Bank, DNB and National Australia Bank that have issued climate debt.
“This is HSBC’s debut green bond,” group treasurer Bryan Pascoe said.
“The success of this trade shows the appeal of green bonds beyond the
traditional investor base and shows how the private sector can play an
important role in sustainable finance.”
In the UK, the government shed more light on its renewables policy,
when Chancellor of the Exchequer George Osborne said spending on
renewable heat subsidies will be capped and expenditure on energy
efficiency measures will be cut in an effort to curb costs to consumers.
The U.K. also scrapped funding of GBP 1bn ($1.5bn) for a competition to spur carbon capture and storage, a blow to efforts to clean up fossil-fuel pollution from factories and power plants.
The cash will no longer be available for so called CCS technology,
which takes emissions blamed for global warming and sequesters them
underground, the Department of Energy and Climate Change said. The two
groups competing for the funds were a partnership between SSE and Royal
Dutch Shell, and another between Alstomand BOC Group.
Nuclear, however, was given a nod. The U.K. plans to build one of the
world’s first small modular nuclear reactors in the 2020s, the Treasury
said. Britain will plough GBP 250m ($378m) into research and
development for the reactors over the next five years, the Treasury
said. A competition for funding will be held “early next year,” it said.
Deals in the past week were dominated by Portuguese and French
companies. EDP Renovaveis said it will sell its stake in a US wind
portfolio with a net capacity of 340MW to a group of investors led by
Axium Infrastructure.
The equivalent enterprise value is $590m based on the transaction
price and the outstanding and expected tax equity liabilities of the
projects, the Madrid-based renewables developer said. The US wind
portfolio has seven wind farms with a total installed capacity of 1GW
and long-term power purchase agreements. The stake sale is part of
EDPR’s “asset rotation program” that generates funds for re-investment
and growth.
Electricite de France, the biggest operator of nuclear plants, plans
to keep spending EUR 2bn ($2.1bn) to EUR 2.5bn per year to build wind
farms, solar parks and hydroelectric dams to almost double its renewable
energy capacity by 2030.
The utility will boost that capacity to more than 50GW from its
current 28GW by adding about 5GW in France and the rest mainly in Latin
America, Asia, the Middle East and Africa, said Jerome Cahuzac, head of
EDF’s renewable energies.
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