Posts belonging to Category Climate change



World’s richest man pledges $10bn to fight climate change

Amazon boss Jeff Bezos wants to mitigate global warming

The world’s richest man said the money would finance work by scientists, activists and other groups. He said: “I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change.”

Writing on his Instagram account, Mr Bezos said the fund would begin distributing money this summer. Mr Bezos has an estimated net worth of more than $130bn, so the pledge represents almost 8% of his fortune.

Some Amazon employees have urged him to do more to fight climate change. There have been walkouts and some staff have spoken publicly. Also, Mr Bezos is financing the Blue Origin space programme. Compared to some multi-billionaires, Mr Bezos had done only limited philanthropy. His biggest donation before Monday’s pledge is thought to have been $2bn in September 2018 to help homeless families and fund schools.

He has also been criticised for not signing the Giving Pledge, under which the super-rich promise to give away half of their wealth during their lifetimes.

https://www.bbc.com/

The American Dream is best achieved in Nordic countries

Look at how the United States compares to Finland on economic and well-being indicators

Finnish Prime Minister Sanna Marin is a big believer in the “American Dream,” and she thinks it’s a lot easier to achieve now in her country than in the United States.

“I feel that the American Dream can be achieved best in the Nordic countries, where every child, no matter their background or the background of their families, can become anything,” Marin told The Washington Post in an interview on the sidelines of the World Economic Forum in Switzerland last month.

“We feel that the Nordic model is a success story,” said Marin, who became prime minister in December at age 34, making her briefly the youngest world leader (she lost that title in January when 33-year-old Sebastian Kurz returned to power as Austrian chancellor).

https://washingtonpost.com/

The economic costs of air pollution

Evidence from Europe

Air pollution is a major threat to human health, with only 1 in 10 people globally living in areas where air pollution is below recommended levels. This study shows that exposure to bad air quality in turn substantially reduces economic output per worker, because it induces absenteeism at work and reduces individuals’ cognitive and physical capabilities.

Therefore, improving air quality can yield large economic benefits. Between 2000 and 2015, fine particulate concentration across the European Union declined by 20%, and the study estimates that this boosted EU GDP by 2.4%. Air quality improvements explain 15% of GDP growth in Europe over this period.

https://www.oecd.org/

Memphis Meats Raises $161 Million In Funding

Memphis Meat Wants to Bring Cell-Based Products To Consumers

Memphis Meats, one of the leading cell-based meat, poultry and seafood companies, has just announced the close of a $161 million funding round. This breakthrough round marks the largest funding moment in the history of the cell-based meat industry, and will likely enable Memphis Meats to reach the historic milestone of bringing its products to consumers. In total, the company has raised more than $180 million. There’s no question about it: The sustainable food industry is on fire right now.

The Series B round is led by SoftBank Group, Norwest and Temasek. Also joining the round are new and existing investors including Bill Gates, Richard Branson, Threshold Ventures, Cargill, Tyson Foods, Kimbal Musk, Fifty Years and CPT Capital. This round extends the Memphis Meats coalition to Asia, which is a strategically valuable market for cell-based meat and faces significant challenges in meeting growing demand for meat.

The future of Hydrogen

Hydrogen is the most abundant element in the universe

As the world pays more and more attention to reducing emissions and mitigating climate change, analysts believe that the most abundant element in the universe—hydrogen—has the potential to become a mainstream energy technology and a key clean fuel source in the future that could help reduce greenhouse gas emissions. In some industries, including oil refining, ammonia production, and methanol production, hydrogen is already widely used.

https://oilprice.com/

Saudi Aramco becomes most valuable listed company in history

Investor demand pushes oil giant’s market value to $1.9tn

Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade.

Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange.

The world’s biggest contributor to the climate crisis had been valued at more than Apple and Facebook – previously the world’s most valuable and fifth-most valuable companies respectively – combined. It is also twice the size of Amazon and Alphabet, Google’s parent company, and bigger than the next five listed oil companies put together.

The record market listing is expected to keep rising on its second day of trade on the Tadawul stock exchange on Thursday after Aramco’s share price surge was capped at 10% under rules designed to safeguard market stability.

https://theguardian.com/

Saudi Arabia Threatens To Flood Oil Markets If OPEC Members Don’t Cut Output

Individual member states ignore self-imposed production limits

Three days after oil tumbled following a Bloomberg report that Saudi Arabia was angry at its (N)OPEC co-members for not complying with production quotas, and was no longer willing to compensate for excessive production by other members of the cartel, the WSJ reports that Riyadh, furious that the price of oil refuses to rise, is threatening to boost oil production and unilaterally flood the market if “some” OPEC nations continue to defy the group’s output curbs, cartel officials say. The surprising ultimatum which reeks of what Saudi Arabia did in November 2014 when it effectively dissolved the cartel, and flooded the world with oil in hopes of putting shale producers out of business only to fail miserably as it never accounted for cheap money and the stupidity of US junk bond investors, comes one day ahead of a gathering between OPEC and non-OPEC nations including Russia on Thursday and Friday in Vienna.

Saudi Arabia, the argument goes, is contending with weak oil prices and members of the cartel who aren’t complying with the collective output cut they agreed to last summer. As a result, the Saudis are considering radical measures, including a new pact that would deepen production cuts although if there is one thing the cartel is notorious for, it is ignoring self-imposed production limits when it suits the individual member states as the Crown Prince is finding out now.

As the WSJ reports, at a technical meeting Tuesday, a Saudi delegate said his government is growing tired of indirectly benefiting the budgets of countries that are flouting the OPEC pact by overproducing oil, said a person who was present. If the noncompliance continues, “the Saudi official signaled that the kingdom would begin merely complying with its commitment—rather than overcutting to make up for laggards in the group.”

https://oilprice.com/

Saudi Aramco in race for IPO record

$1.7 trillion top value

Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Sunday, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO.

Aramco cannot sell its shares directly to investors in the United States and other markets, as the initial public offering (IPO) will be restricted to Saudis and those foreign institutions permitted to invest in the kingdom’s stock market.

The oil giant said it plans to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.

https://www.reuters.com

$10 Oil – How Far Could Oil Prices Fall If We See A 2009 Style Crash?

Forecasters can’t revise down their projections for oil demand fast enough

While predictions about volatile oil prices abound, one theme keeps popping up: geopolitical risk premium. First it was theories about a closure at the Strait of Hormuz. Then it was fears of an all-out war between Iran and the United States or Iran and Saudi Arabia. All those are merely possibilities, but the reality suggests that a whole different kind of extreme is far more likely: crushingly low oil prices.

In amongst the screams of geopolitical risk premium are far scarier whispers of words such as demand destructiontrade disputes, and economic climate deterioration. And those words describe the current reality in the market, and as such, suggest a similar future reality—a reality where demand destruction continues to push prices down, down, down. Is $10 oil really possible?

Throughout 2019, it seems like the forecasters can’t revise down their projections for oil demand fast enough. The International Energy Agency has continued to revise downward its oil demand growth projections for 2019 and beyond.

https://www.oilprice.com

Goldman Sachs released a 34-page analysis of the impact of climate change

The results are terrifying 

Goldman Sachs released a report on the effect of climate change on cities around the world and the results made for grim reading.

The bank’s Global Markets Institute, led by Amanda Hindlian, warned of “significant” potential risks to the world’s largest cities, which are especially vulnerable to more frequent storms, higher temperatures, rising sea levels, and storm surges.

Cities generate about 80% of global GDP and are home to more than half of the world’s population, a share that Goldman says, citing the United Nations, is projected to reach two-thirds by 2050. About 40% of the global population lives within 100 kilometers of a coast, it says, and 1 in 10 live in areas less than 10 meters above sea level.

http://www.businessinsider.com

Crude futures to jump after drone attack on oil plants

Saudi stock market dives

Saudi Arabia’s stock market fell by 2.3% at Sunday’s open as the country grappled with weekend drone attacks on the heart of its oil production facilities in Abqaiq and Khurais claimed by Yemen’s Houthi rebels.

Reports that the country may take weeks to return to full oil supply capacity is set to send crude futures up by as much as $10 per barrel, analysts say, depending on the scale of the damage. Half the country’s oil production was halted due to fire damage and an assessment of the situation is due on Monday, Saudi energy ministry officials said. They have not yet offered a timeline on full production restoration.

http;//www.cnbc.com

Amazon fires: Brazil to reject G7 offer of $22m aid

Bolsonaro has accused France of treating Brazil like a colony

French President Emmanuel Macron – who hosted a G7 summit that ended on Monday – said $22m (£18m) would be released.

Brazilian officials gave no reason for turning down the money. But President Jair Bolsonaro has accused France of treating Brazil like a colony.

His defence minister said the fires in the Amazon were not out of control.

Commenting on the G7 offer of aid, Mr Bolsonaro’s chief of staff, Onyx Lorenzoni, told the Globo news website: “Thanks, but maybe those resources are more relevant to reforest Europe.”

“Macron cannot even avoid a predictable fire in a church that is part of the world’s heritage, and he wants to give us lessons for our country?” Mr Lorenzoni added, in a reference to the fire that hit Notre-Dame cathedral in Paris in April.

He also said Brazil could teach “any nation” how to protect native forests.

https://bbc.com/

The Amazon is on fire

How bad is it?

Thousands of fires are ravaging the Amazon rainforest in Brazil – the most intense blazes for almost a decade.

The northern states of Roraima, Acre, Rondônia and Amazonas as well as Mato Grosso do Sul have been particularly badly affected.

However, images purported to be of the fires – including some shared under the hashtag #PrayforAmazonas – have been shown to be decades old or not even in Brazil.

So what’s actually happening and how bad are the fires?

https://bbc.com/

The Energy Transition in 4 Charts

The world risks relying on fossil fuels for decades to come 

Even under an aggressive-action scenario, the outlook is dim for keeping global warming below 2° C, with emissions plateauing but not yet falling in the 2030s.
“The energy mix is changing only gradually, and the world risks relying on fossil fuels for decades to come,” Wood Mackenzie president Neal Anderson writes.

“Despite great efforts to reduce costs in renewables, electricity, zero-carbon technologies and advanced transportation — not to mention burgeoning support in governmental policies — it is not enough,” Anderson said.

“Our analysis sees carbon emissions continuing to rise into the 2020s, with growth slowing only in the 2030s. As a result, our Energy Transition Outlook (3° C) and Carbon-Constrained Scenario (2.5° C) fall outside the 2° C or lower trajectories.”

https://www.greentechmedia.com/

Oil falls after record U.S. shale output forecast

Shale production alone will hit a record 8.4 million barrels per day next month

Oil fell on Wednesday after the U.S. government said shale output would rise to a record next month, denting a rally that sent prices to their highest this year. Brent futures eased by 53 cents to trade at $65.92 a barrel by 1312 GMT, still within sight of Monday’s high for the year of $66.83. U.S. futures were at $55.77 a barrel, down 31 cents, having touched a 2019 peak of $56.39 earlier.

The U.S. Energy Information Administration said in a monthly report on Tuesday shale production alone will hit a record 8.4 million barrels per day next month, suggesting little chance of a near-term slowdown in overall U.S. crude output.

http://www.reuters.com