US: 17 state governors agree to accelerate green economy, Justice Scalia replacement, Californian drought
Governors from 17 US states has pledged to accelerate their efforts to create a green economy in the US by boosting renewables, building better electricity grids and cutting emissions from transport.
The news comes after last week’s Supreme Court decisions to stay Obama’s Clean Power Plan. And Eduardo Porter explains in the NYT how the appointment of a new Supreme Court Justice (to replace Justice Antonin Scalia) will be crucial for the climate.
In California, where climate change has been intensifying the drought, Laura Bliss from CityLab reports on a Pacific Institute study that finds the drought is also intensifying climate change. This is because of shifts away from hydropower and towards dirtier forms of energy as a result.
Markets: Oil gains on Saudi output freeze, gains reverse on Iran snub, shares follow oil, corporate woes, Europe’s gas bets
Yesterday Saudi Arabia agreed to freeze oil production, and Ben Chu on the Independent gives us a few of the reasons why (with lots of handy charts). This gave the markets a boost, which were soon reversed by signs that Iran wouldn’t follow suit.
Nonetheless oil producing companies are facing threats to their survival, with roughly third of oil producers at high risk of slipping into bankruptcy this year, according to a study by Deloitte.
Mining company Anglo American has sunk to a $5.5bn loss, and Hargreaves (the UK’s largest remaining producer and supplier of coal) has issued a profit warning.
Meanwhile the European Commission has outlined the continent’s dependence on gasin the decades to come, and Reuters has also found data from the same body suggesting that the EU is short of 118bn euros for nuclear decommissioning.
Wind is doing pretty well though, with BNEF finding record installations in Europe leading Vestas, Gamesa and Nordex to double their market value in 2015.
UK: EDF Hinkley funding, North Sea oil workers to become teachers
EDF has admitted that it’s yet to finalise funding for the Hinkley Point nuclear plant, as it announced it would extend the life of four of the UK’s ageing nuclear reactors by up to seven years.
Meanwhile the UK government is funding a scheme to encourage North Sea oil and gas workers facing redundancy to become teachers.
Remember UK Oil & Gas? They said they found oil at Gatwick last year, and now they say it’s flowing fast at its Horse Hill site.
And Bristol Energy, the company set up by the city council, has vowed to reinvest its profits back into the community. Some councillors question its profitability, however.
In other news