The Scottish government has launched a public consultation over whether to allow unconventional oil and gas extraction – including fracking – to take place in Scotland. The four-month consultation runs until the end of May and the Scottish government then plans to make a recommendation that will go before MSPs for a vote towards the end of the year. Studies have shown Scotland’s geology, in particular a stretch of land through Scotland’s central belt referred to as the Midland Valley, could contain significant quantities of shale gas and oil, and coal bed methane. However, the central belt is also one of Scotland’s most populated regions, supporting important industries and businesses, prompting the consultation to note that the future of fracking in the area had proved “both complex and controversial”. “This has led to a widespread debate on potential environmental, health and economic impacts, and on compatibility with Scotland’s ambitious climate change targets,” the consultation website states. A temporary moratorium on unconventional oil and gas development in Scotland has been in place since January 2015 which prevents hydraulic fracking for shale oil and gas, as well as coal bed methane extraction.
Guardian 1st Feb 2017 read more »
Business Green 1st Feb 2017 read more »
Common Space 1st Feb 2017 read more »
Demand for coal and oil will peak in 2020 as the renewable energy revolution gathers pace and undercuts fossil fuels on price, according to a new report. It found that significant declines in the cost of solar panels and electric vehicles would reduce demand for fossil fuels, warning investors that relying on current industry projections might be a mistake that would leave their money “stranded” in worthless projects. Cheaper electric vehicles, for example, could cut the market for oil by two million barrels a day by 2025 – “the same volume that cause the oil price collapse in 2014-15”, the report said. Its authors , from the Grantham Institute of Climate Change and the Environment at Imperial College London and the Carbon Tracker think tank, suggested their projections could actually underplay the speed of the switch to a low-carbon economy.
Independent 2nd Feb 2017 read more »
Ireland has taken a big step towards pulling its money out of fossil fuel investments, in what would be a world first. A bill instructing the sovereign wealth fund to divest from coal, oil and gas over the next five years has passed its second reading, meaning it could become law as soon as the summer. If it makes it that far, it would make Ireland the first country in the world to fully divest from fossil fuels. Norway has divested from coal, but much of its economy relies on the export of oil, making a broader ban impractical. And while Swedish pension funds, the city of Berlin and even the Church of England have shunned fossil fuels, a nation state is yet to make the leap.
The i Newspaper 30th Jan 2017 read more »
According to fossil fuel companies, the world will continue to rely on their products for decades. They even have sophisticated scenarios, outlooks and modelling to prove it. What if they are wrong? New analysis published today by the Carbon Tracker Initiative and Imperial College’s Grantham Institute suggests global demand for fossil fuels could peak by 2020. The power sector would see the most dramatic change, becoming virtually fossil-free by 2040.
Carbon Brief 2nd Feb 2017 read more »