Global coal: Severe pain over low prices
Thermal coal prices fell 11% in the third quarter, tumbling to an eight-year low on Wednesday and worsening the pain for beleaguered miners, including Glencore. The shares of the Anglo-Swiss multinational fell to an all-time low on Monday, and have rebounded slightly since. It cut 340 more jobs in South Africa. (Here’s our Energydesk story on Glencore’s collapse from Tuesday.)
Coal prices are unlikely to rise anytime soon.
In Europe, European coal had its worst quarterly performance in seven years as nations favor less-polluting fuel for electricity generation.
On the political stage, Poland’s upcoming elections getting bogged down in a debate over coal is threatening the country’s reputation and growth, as it enlists the help of state-run companies to save the EU’s biggest coal miner.
Across the pond, Mother Jones tells the story of coal boss Don Blakenship, who goes on trial shortly for safety violations at his US mines. Meanwhile, The Intercept’s Lee Fang describes how the CEO of Alpha Natural Resources defends the financing of the harassment of climate scientists.
INDCs: India’s expected today – INDCs so far not enough for 2 degees
Some 125 countries have submitted their pledges towards the Paris climate talks this winter, including top three polluters China, US and Europe. Today we can expect India to follow suit and announce its climate action plan – called an INDC.
According to the Economic Times its INDC is expected to focus on reducing carbon intensity (carbon emission per unit of GDP) through efficient use of energy, a huge renewable energy drive (focusing on solar, wind and biomass), a massive afforestation drive by unlocking a fund of over Rs 38,000 crore for this purpose, development of efficient public transport system across the country and a range of adaptation measures in various fields including agriculture, water resources and waste management.
Prakash Javadekar, India’s minister of Environment, Forests and Climate Change told The Climate Group the country’s will follow a sustainable growth path.
INDCs so far put us on a path to 3.5 degrees of global warming, a Washington-based thinktank warns.
China: on track to meet 2015 CO2 goal
China is on track to hit its short-term target for reducing carbon emissions as slower economic growth proves a boon for global efforts to control greenhouse gas.
The World Resources Institute said an analysis of unofficial data shows that by the end of 2014, China may have cut its carbon intensity by 15.5% compared with 2010 levels.
Meanwhile, China’s promise to curb public funding of “highly polluting projects” has isolated Japan and increased the pressure to close a deal to phase-out coal export subsidies after months of wrangling.
Oil price: slightly up despite a lacklustre Q3
Crude oil prices edged up on Thursday as demand was estimated to have remained strong despite slowing growth in Asian economies, and as Russian and western air campaigns in Syria worried markets.
Renewables: Bjorn Lomborg says renewables have a ‘trivial’ contribution to make in reducing CO2 emissions. Meanwhile, capital buildings in California are to be powered 100% by renewables; Renewables bring 31.3% of Spain’s power this month and Chile sets 70% renewable energy target for 2050.
Scottish solar: Holyrood maintains long term support for Scottish solar projects
Arctic oil: Italian firm Eni poised to begin Arctic oil quest as Shell quits Alaska
VW emissions scandal: 1.2m UK cars affected
Divestment: New York City to divest from coal
Africa: Ex-French minister aims to launch $3 bln renewables fund for Africa