Oil: BP says everything’s going to be alright
In its annual energy outlook analysis, BP sees a new oil and gas boom on the horizon, the imperilled oil price returning to its historic high of $100 a barrel, the failure of electric cars to catch on.
In a truly bizarre moment, the oil giant’s chief economist questioned the science of climate change, saying: ‘I’m not a climate scientist but the mapping between carbon emissions and temperatures itself is a highly ill-defined and uncertain thing’.
So I guess it’s alright that BP says the global climate change agreement will fall flat on its face.
In his take on the well-respected report, Damian Kahya points out that BP failed to predict the US shale boom, the rise of renewables, the demise of coal in China and the fall of the oil price – and that’s just in the past few years.
Bloomberg Gadfly says this year will go down as ‘the great energy debt crisis’ and has some interesting numbers to back that up.
Meanwhile Russia is pretty mad at OPEC for starting this oil price war, branding the cartel’s decision to keep on pumping ‘irresponsible’, reports The Telegraph.
Coal: US Supreme Court decision causes global panic
The climate commitments made by President Obama at last year’s UN conference that formed the basis of the global agreement to curb emissions are under serious threat after the Supreme Court voted to delay the Clean Power Plan until after all the legal challenges are resolves.
The BBC sees the parallels with what happened with the Kyoto Protocol.
The Economist is damning in its appraisal of the seemingly partisan attack on climate change action.
The White House has assured everyone that the Paris Agreement will not undermined, and that this is just the way the American system works.
The EU climate change commissioner sounded supportive and sympathetic, although a bit concerned.
In other (renewable) news
Cars: Elon Musk continues to perform a magic trick on markets, with Tesla shares surging despite depleted cash reserves, reports Reuters. Apparently the company will become profitable this year.
Solar: The New York Times looks at the struggles of the US rooftop solar sector.
Tidal: The UK government review of the Swansea tidal lagoon represents a ‘disastrous setback’ for the project, according to The Guardian.
Countries: Climate Central says these 9 EU countries are leading on renewable energy.
Coal phase-out: Here’s a cool map from Carbon Brief which will chart the closure of the UK’s coal plants.