Glencore has bowed to investor pressure on climate change and agreed to cap its production of polluting coal. The world’s biggest exporter of “thermal” coal – the type burnt in power stations that is a big contributor to global warming – said that it would cap its total coal production, which also includes small amounts of “coking” coal used in steel production, at its present level of about 150 million tonnes per year. It added that it would prioritise investment in commodities that supported the shift to greener energy, such as copper and cobalt, which are used in electric vehicles. It made the commitment after discussions with the Church of England and other investors in the Climate Action 100+ group, which have $32 trillion of assets under management.
Times 21st Feb 2019 read more »
Guardian 20th Feb 2019 read more »
FT 20th Feb 2019 read more »
Business Green 20th Feb 2019 read more »
Green groups say Australia’s biggest coal producer Glencore should commit to withdrawing from new coalmining projects if it is serious about aligning its business with the goals of the Paris agreement. The company has moved to cap its output of thermal and coking coal at current production levels of 145m tonnes a year after pressure from investors who want companies to take stronger action and factor in the financial risks of climate change. Glencore says the decision to cap coal production and focus investment on commodities including nickel, copper and cobalt used in the renewables industry does not mean it intends to drop greenfield coal projects in Australia, such as its Wandoan coal project in Queensland’s Surat Basin.
Guardian 21st Feb 2019 read more »
For opponents of fracking in the UK, last week should have been a moment of celebration. James Brokenshire, secretary for housing, communities and local government, rejected an application by shale gas explorer Cuadrilla to carry out work at a second site in Lancashire. But anti-fracking groups have joined supporters of fracking in accusing the government of sending “mixed signals” as the future of the fledgling industry hangs in the balance. The refusal to allow fracking at Roseacre Wood, not far from another site in Lancashire where Cuadrilla has already drilled for shale gas, came less than a week after what appeared to be another blow to the industry, when the government refused to change rules that force companies to stop work if they trigger an earthqua ke of magnitude 0.5 or more. Both Cuadrilla and Ineos, the energy and petrochemicals company, had appealed for a review of the rules – known as the traffic light system – claiming they are unworkable. Cuadrilla has been unable to complete tests of a shale gas well at Preston New Road in Lancashire after it was forced to stop work on several occasions when it triggered earth tremors exceeding the 0.5 limit. The government insisted the rules were set “in consultation with industry and we have no plans to review them”. But environment campaigners are not yet claiming victory. They are uneasy about a statement delivered to parliament by Claire Perry, energy minister, on the day Mr Brokenshire rejected Cuadrilla’s planning application, in which she appeared to keep a door open to a review of seismicity levels by the industry regulator, the Oil and Gas Authority (OGA).
FT 21st Feb 2019 read more »