The price of oil has hit $70 a barrel for the first time since December 2014. Brent crude climbed after members of Opec, the cartel of 14 oil-producing nations that accounts for 40% of the world’s output, said it would continue to limit supplies. The RAC, the motoring group, has warned that rising oil prices could lead to higher forecourt costs for motorists. However, the AA said that drivers would benefit if supermarkets resumed their petrol price war.
BBC 11th Jan 2018 read more »
New York City’s decision to sever ties with its fossil fuel investments is set to prove a catalyst to other cities in the face of the Trump administration’s staunch support for coal, oil and gas interests, according to several leading economists. On Wednesday, city officials announced that New York was to divest its pension funds of about $5bn in fossil fuel-linked money over the next five years. New York’s total pension fund for its teachers, firefighters and other city workers is worth about $189bn. Bill de Blasio, New York’s mayor, also revealed the city is suing the world’s largest oil and gas companies over their role in knowingly creating dangerous global warming in a two-pronged assault that he said is aimed at “standing up for future generations”. Economists said the status of New York as a financial and cultural giant would probably spur other cities in the US and worldwide to divest and, more significantly, build momentum in the global shift required to reduce emissions and stave off the worst consequences of climate change.
Guardian 11th Jan 2018 read more »
Donald Trump is not afraid of a touch of hyperbole, certainly when he talks about US coal. “We’ve ended the war on beautiful, clean coal”, he said recently. As most of the world knows, the idea of clean coal is a contradiction in terms; no matter how you dress it up, coal is dirty. It is also the fossil fuel that poses the greatest danger to the future of the planet, its burning responsible for vast amounts of climate-changing greenhouse gases. The idea of clean coal is based on capturing and storing emissions from power plants and other coal-burning facilities. The technology is still at an early stage of development and is at present installed at only a very few sites around the world.
Climate News Network 11th Jan 2018 read more »