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With fewer than six months to go until the UN
climate summit in Paris, it’s worth asking: what’s been achieved in this very
significant year for action on climate change? Recent news has certainly been
positive, and from unusual suspects.
Wednesday saw the Dutch government set a new
emissions target in a
landmark judgement by their courts – a reminder to politicians of their
constitutional duty to safeguard the environment and protect their citizens (we’ve
written more on this here). In fact three
quarters of the world’s constitutions include some provision on the
protection of the environment.
This ruling comes just a week after Pope
Francis made a strong moral judgement on inaction on climate change, calling for
a swift and fair transition from fossil fuels. He even went
viral, partly due to phrases like “the earth, our home, is beginning to look
more and more like an immense pile of filth”. The divestment movement is still
in full swing, too.
As demand for action gains ground, how are our
current efforts measuring up? New analysis from the
IEA shows that that nearly half of new worldwide electricity capacity added
in 2014 was renewable, while Bloomberg
New Energy Finance (BNEF) forecasts renewables will supply 56% of global
power by 2040.
But even with this rollout of renewables the
BNEF forecasts suggest the climate is still, in their words, “screwed”: current
emissions reduction promises are far from enough to keep warming below 2C.
Reasons for this are rapid demand growth in developing countries, causing coal
capacity to mushroom despite an impressive renewable investment boom. The
optimistic idea of natural gas as a bridging fuel is dismissed by BNEF as a
lacking solution.
In Britain the government is now honouring its
election pledge to axe subsidies for onshore wind, currently the cheapest form
of renewables, a year early. This casts doubts over whether Britain will be able
to meet its 2020 target of 15% renewable energy at a low cost. The UK
is now listed as the EU country furthest from its 2020 target, something
that may undermine any strong words in advance of the Paris talks.
While the science, the technology and the
economics are all in favour of a transition, inaction and low ambition still
rule the political game. When will our elected representatives catch up?
Best wishes,
Sandra Bernick
Co-editor, Energy
Crunch
PS. Want to know more about that landmark court
judgement in the Netherlands? Listen
to me discuss its importance on BBC World Service’s World Business Report.
Three things you shouldn't miss this week
- Chart: Expected renewable energy
deployment in member states compared to their 2020 EU renewable energy
targets.
Source: European commission
- Article: The
Way Humans Get Electricity Is About to Change Forever - These six
shifts will transform markets over the next 25 years.
- Article: Tories
to end onshore windfarm subsidies in 2016 - Planned turbines in
jeopardy after government announces plans a year early.
Energy Transition
IEA:
Energy emissions can peak 10 years early, if fossil fuels targeted - It was
possible without changing the economic and development prospects of any region
and would come at no net economic cost, the IEA said in its Energy and Climate
Change paper.
New
record for UK renewables output - Renewable energy provided 13.4 GW, or 43%,
of British electricity at 2pm on Saturday. I believe this is a new
record.
EU
climate chief criticises UK wind farm policy - The UK's decision to stop
subsidising new onshore wind farms will make it harder to meet renewable energy
targets, the EU's climate chief says.
Oil & Gas
Fracking
poses 'significant' risk to humans and should be temporarily banned across EU,
says new report - A major scientific study says the process uses toxic and
carcinogenic chemicals and that an EU-wide ban should be issued until safeguards
are in place.
Oil
investors betting on crude hitting $82 per barrel - European hedge fund
believes market for crude is oversold as demand picks up.
UK
Tories
to end onshore windfarm subsidies in 2016 - Planned turbines said to be in
jeopardy after government announces it will stop subsidies next April, a year
earlier than set out under coalition government.
UK
offshore wind breezes past 5GW milestone - The UK's offshore wind capacity
has passed 5GW for the first time, with the official inauguration of the Gwynt y
Mor wind farm off the coast of North Wales.
U.K.
May Get Negative Power Price by 2020 on Renewables Jump - Power prices in
the U.K. may fall below zero during some hours before the end of the decade as
intermittent renewable energy output is poised to soar.
Government
trying to fast-track fracking without public consent - The Government is
bidding to change the rules so local residents are no longer consulted at the
testing stage.
Lancashire
county council defers fracking decision - Councillors defer decision on
Cuadrilla’s bid to undertake hydraulic fracturing for shale gas at Preston New
Road, saying they need to seek further legal advice.
UK
and France 'may miss EU renewable energy target' - Britain, France,
Netherlands, Malta and Luxembourg are projected to miss binding goal of getting
20% of energy from renewable sources by 2020.
Austria
to file legal complaint against UK's Hinkley Point nuclear plans - Austrian
chancellor blasts UK project and says legal action is symbolic of his country's
stance against nuclear power.
Government
ordered to publish redacted fracking report in full - Heavily redacted
report on the impact of fracking in the UK should be released in full,
information commissioner tells environment department.
New
Gatwick oil gusher claims 'mean nothing' says expert - Horse Hill investors
issue new report of billions of barrels of oil under Surrey but experts remain
sceptical of claims
Climate
Papal
Encyclical: key statements on climate, energy and the environment - Here are
the document's key statements on climate, energy and the environment.
Dutch
government ordered to cut carbon emissions in landmark ruling - Dutch court
orders state to reduce emissions by 25% within five years to protect its
citizens from climate change in world’s first climate liability suit.
Coal
crash: how pension funds face huge risk from climate change - The plummeting
coal sector and a growing green divestment movement is leaving firms who still
invest in fossil fuels and connected pension holders heavily exposed.
Transport
A
Fairer Way to Fly - It’s estimated that 70% of the total number of flights
are taken by only 15% of the population, while 57% of the population took no
flights abroad whatsoever in 2013.
Related Reports and
Commentary
New
Energy Outlook 2015: Powering a Changing World - Summary - Bloomberg New
Energy Finance
Energy
and Climate Change – International Energy Agency
Managing
Aviation Passenger Demand with a Frequent Flyer Levy – New Economics
Foundation
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