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Investors demand tougher US climate legislation
An influential coalition of investors has this week called on the US Senate to deliver binding emission reduction targets or risk undermining firms' long-term competitiveness.
The group of more than 50 institutional investors, including Deutsche Asset Management, F&C Asset Management, and the world's largest hedge fund the Man Group, wrote to senate majority leader Harry Reid and senate minority leader Mitch McConnell, calling for a national climate policy to reduce US greenhouse gas emissions by between 60 and 90 per cent below 1990 levels by 2050.
The targets are in line with those proposed under the Lieberman-Warner climate bill, which will be debated in the Senate early next month.
The letter also urges Senate leaders to increase pressure on regulatory bodies such as the Securities and Exchange Commission to issue clear guidance on what climate change risks firms should disclose to investors.
The coalition, which has been organised by ethical investment lobby group Ceres, said there was a strong business case for enacting more stringent carbon targets and legislation.
"Investors hate uncertainty, and that is the problem they face today," said Mindy S Lubber, president of Ceres and director of INCR. "Strong and decisive action from Washington will open the floodgates on large-scale clean technology investments, enabling US investors and businesses to lead instead of lag on climate change solutions."
Oregon state treasurer Randall Edwards, whose office manages $80bn (£40bn) in assets, agreed that far from damaging the economy as its critics claim, the Lieberman-Warner bill would create opportunities for investors. "It is time for Congress to step up to the plate and tackle climate change. Any further delay is inexcusable," he said "The Lieberman-Warner bill would give investors such as myself the ability to see the risks involved so we can begin rebuilding our economy by investing in green technologies."
The calls come in the same week as Democratic Senator Barbara Boxer released an overview of a package of amendments to the Lieberman-Warner bill which are expected to form part of the proposed legislation. The amendments contain a number of measures designed to minimise the financial impact of the planned cap-and-trade scheme, including a mechanism to reduce the price of carbon credits if they hit a certain level and proposals for an $800bn (£400bn) tax relief fund to help consumers cope with rising energy costs.
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Yes, 90% by 2050... That's what I'm talking about.This bill is going to be debated on the floor starting tomorrow. Please contact your senators and tell them that even though this is a start, we need to do much better to pass a more comprehensive bill that truly meets the demands and addresses the adverse effects climate change will have on our country and our world if left unchecked. And that means new forms of energy aggressively brought to market to wean us off the destructive energies that pollute our planet and put us all at risk. An influential coalition of investors has this week called on the US Senate to deliver binding emission reduction targets or risk unde... more -
What nuclear renaissance?
If you listen to the rhetoric, nuclear power is back. Smashing atoms will replace burning carbon-based coal, gas and oil. In the face of a disaster movie-like future of runaway climate change--bringing drought, floods, famine and social breakdown--carbon-free nukes are cast as the deus ex machina to save us at the last minute.
Even a few greens support nuclear power--most famously James Lovelock, father of the Gaia theory. In the popular press, discussion of nuclear energy is dominated by its boosters, thanks in part to sophisticated industry PR.
In an effort to jump-start a "nuclear renaissance," the Bush Administration has pushed one package of subsidies after another. For the past two years a program of federal loan guarantees has sat waiting for utilities to build nukes. Last year's appropriations bill set the total amount on offer at $18.5 billion. And now the Lieberman-Warner climate change bill is gaining momentum and will likely accrue amendments that will offer yet more money.
The Nuclear Regulatory Commission (NRC) expects up to thirty applications to be filed to build atomic plants; five or six of those proposals are moving through the complicated multi-stage process. But no new atomic power stations have been fully licensed or have broken ground. And two newly proposed projects have just been shelved.
The fact is, nuclear power has not recovered from the crisis that hit it three decades ago with the reactor fire at Browns Ferry, Alabama, in 1975 and the meltdown at Three Mile Island in 1979. Then came what seemed to be the coup de grâce: Chernobyl in 1986. The last nuclear power plant ordered by a US utility, the TVA's Watts Bar 1, began construction in 1973 and took twenty-three years to complete. Nuclear power has been in steady decline worldwide since 1984, with almost as many plants canceled as completed since then.
All of which raises the question: why is the much-storied "nuclear renaissance" so slow to get rolling? Who is holding up the show? In a nutshell, blame Warren Buffett and the banks--they won't put up the cash.
"Wall street doesn't like nuclear power," says Arjun Makhijani of the Institute for Energy and Environmental Research. The fundamental fact is that nuclear power is too expensive and risky to attract the necessary commercial investors. Even with vast government subsidies, it is difficult or almost impossible to get proper financing and insurance. The massive federal subsidies on offer will cover up to 80 percent of construction costs of several nuclear power plants in addition to generous production tax credits, as well as risk insurance. But consider this: the average two-reactor nuclear power plant is estimated to cost $10 billion to $18 billion to build. That's before cost overruns, and no US nuclear power plant has ever been delivered on time or on budget.
much more at the link. If you listen to the rhetoric, nuclear power is back. Smashing atoms will replace burning carbon-based coal, gas and oil. In the face ... more -
Groundbreaking of North America's largest solar Photovoltaic energy park
Joint venture partners SkyPower and SunEdison Canada have announced the official groundbreaking of First Light, North America's largest solar photovoltaic energy park to date, located on approximately 300 acres of land in Lennox and Addington County, Ontario. Construction of the 19-megawatt (MW) solar park is anticipated to be completed by the end of 2009. Local communities will benefit from clean renewable energy sufficient to power more than 2,000 homes annually.
The Government of Ontario in concert with the Ontario Power Authority, which launched the innovative Standard Offer Program in 2006, have created a unique program that provides a platform for stimulating investment and job creation in the renewable energy sector.
The historic groundbreaking of First Light demonstrates the strong support of the provincial government, municipal leaders, and communities and is a clear indication that Ontario's renewable energy targets are achievable. First Light is an important first step of many towards delivering secure, sustainable and clean energy to Ontarians for generations to come.
First Light will be built in two phases. The power generated from the project will be distributed through the Hydro One utility, providing clean energy to customers in the Township of Stone Mills for 20 years.
The environmental and health benefits of the two-phase facility are substantial. It is estimated that First Light will reduce yearly carbon emissions by an amount equal to displacing 4,200 cars and light trucks each driving 12,000 miles per year.
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"Through innovation, creativity and hard work, SkyPower, SunEdison and the Province of Ontario are 'making dirt fly' and, most important, putting assets in the ground to help mitigate climate change," stated Theodore Roosevelt IV, Managing Director at Lehman Brothers, and Chairman of the Firm's Global Council on Climate Change.
Joint venture partners SkyPower and SunEdison Canada have announced the official groundbreaking of First Light, North America's larges... more -
The convergence of the smart grid With photovoltaics
Navigant Consulting has announced plans to launch a major multi-client study on the convergence of the Smart Grid with Photovoltaics (PV). This comprehensive and focused study will help participating organizations identify the key technology components of a PV Smart Grid; understand how the Smart Grid could create additional value for distributed PV; gain insight to the implications for utilities; and identify trends and valuable market opportunities.
Navigant Consulting is accepting participants for the study.
"It's an exciting time for PV and we see tremendous opportunity with regards to the emerging Smart Grid," stated Lisa Frantzis, Managing Director, and leader of the Renewable Energy Team within Navigant Consulting's Energy Practice.
"We're seeing companies positioning themselves now for leadership in this rapidly converging PV Smart Grid future. This study will describe the likely evolution of PV and PV-enabling Smart Grid technologies, and the potential for new business models that will arise out of the convergence of the two."
Navigant Consulting has announced plans to launch a major multi-client study on the convergence of the Smart Grid with Photovoltaics (... more -
Converting Citrus Waste Into Ethanol
I'm not sure of the residual GHGs that would be used in the conversion or in its use, but it's good to see companies looking for ways to meet energy needs without compromising food sources. I'm not sure of the residual GHGs that would be used in the conversion or in its use, but it's good to see companies looking for ways ... more
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U.S. Air Force Leads The Nation In Solar Power
Now the nation should follow with solar being cheaper and easier for us civilians to have. Kudos to the U.S. Air Force.
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Sustainable Investment
