UK: Cameron urged to reconsider solar subsidy cuts
The prime minister has been warned that government plans to dramatically cut subsidies for new solar energy projects in the UK threaten to scupper commitments made in the Paris climate deal.
The Conservatives are being urged to reconsider plans put forward by the Department of Energy and Climate Change to cut subsidies given to solar projects by nearly 90%; as it is feared that the policy could undermine the UK’s ability to meeting renewable energy targets, now agreed to as part of the Paris deal.
Back in October, the company told Energydesk: “We are extremely disappointed that the draconian policy proposals made by the government in August will essentially eliminate the solar PV market in the UK and have made our plans unviable.”
COP21: Mining giants urged to disclose climate risks
Investors in some of the world’s biggest mining corporations are urging firms to come clean over the risks posed by climate change, after global leaders reached an agreement to tackle global warming in Paris last week.
Anglo American, Glencore and Rio Tinto could face shareholder votes ordering the companies to disclose how they would expect to perform in a low carbon world –according to the FT.
The news comes as mining giants across the world have been hit by the global slump in commodities prices.
The Paris deal is expected to lead to fossil fuel companies being forced to adapt their businesses to deal with climate change.
Both Glencore and Anglo have suggested they would support a resolutions to show climate risk, while Rio have said the decision about whether to disclose the information is “under constant review”.
Oil: Price of crude rallies to boost US and European markets
US and European stock markets closed on a high last night as the price of oil rose slightly after months of stagnation.
The price of a barrel went up to a high of $39.41 before plateauing to 1.4% higher at $38.45.
This comes as oil companies like Shell have been forced into significant job cuts as demand continues to remain low due to over-production.
This morning Reuters have a video which examines what impact the low price of crude will have on the implementation of the Paris deal.
Their analysis suggests that the low price of oil could lead to sudden rapid increase in demand, as seen in the price slump of the 1990s.
In other news