Just prior to Pope Francis’ encyclical on Climate Change, I produced this summary of his perspective.
Month: June 2015
Coal de Sack
Above – Michael Liebrich of Bloomberg New Energy Finance discusses how energy efficiency & distributed renewable energy will kill energy suppliers.
Two Appalachian mining companies filed for bankruptcy earlier this year, while Murray Energy Corporation, the largest underground coal miner in the country, said on Friday it is set to lay off around 1,800 workers, more than a fifth of its workforce. Another 439 miners from Alpha Natural Resources are also facing layoffs, the Associated Press reported.
Murray Energy founder and CEO Robert Murray warned of the layoffs and other industry shake-ups last week during a coal conference in Pittsburgh, Pennsylvania.
“Every major coal company in this country is either going to be broken up or sold or in bankruptcy except two,” he said. “And I hope I am one of them.”
US coal production is expected to fall 7 percent in 2015, according to the US Energy Information Administration.
The political noose is tightening on the global fossil fuel industry. It is a fair bet that world leaders will agree this year to impose a draconian “tax” on carbon emissions that entirely changes the financial calculus for coal, oil, and gas, and may ultimately devalue much of their asset base to zero.
The International Monetary Fund has let off the first thunder-clap. An astonishing report – blandly titled “How Large Are Global Energy Subsidies” – alleges that the fossil nexus enjoys hidden support worth 6.5pc of world GDP.
This will amount to $5.7 trillion in 2015, mostly due to environmental costs and damage to health, and mostly stemming from coal. The World Health Organisation – also on cue – has sharply revised up its estimates of early deaths from fine particulates and sulphur dioxide from coal plants.
The killer point is that this architecture of subsidy is a “drag on economic growth” as well as being a transfer from poor to rich. It pushes up tax rates and crowds out more productive investment. The world would be richer – and more dynamic – if the burning of fossils was priced properly.
Ilulissat
The conference I am attending will begin later today.
The inland ice and sea ice in Greenland continues to melt. The development creates both challenges and opportunities for the Greenlandic society and the rest of the Arctic. Scientist from more than 15 countries will gather in Ilulissat June 2-5 to take the pulse on the changes of the inland ice and sea ice in Greenland and discuss the consequences. The conference begins with an open event in Ilulissat Hall with both Greenlandic and international talks (interpretation to Greenlandic is being planned).
The melting of the inland ice and the withdrawal of sea ice in Greenland continue. This is shown by satellite and flight measurements through several years. Even though Greenland has had cold winters the past years, the summer periods have given a record-breaking melting of several icebergs.
Special focus on the consequences for the Greenlandic population
More than 180 participants from most of the world will meet in Ilulissat June 2-5 to exchange the latest knowledge about the changes of the Greenlandic ice masses.”Ilulissat Climate Days was originally planned as a smaller workshop related to collaborations with Nordic partners and the European Space Agency regarding Greenland. The expansion of the workshop to an international conference once again confirms the large international political and research interest in understanding changes in the Arctic sea and land ice,” says René Forsberg, professor at DTU Space and main organizer of the conference.
Locally in Greenland the melting is reflected by increased risk of flooding and longer periods of unstable foundation which some places have devastating consequences for constructed roads and buildings. Also globally the impact of the melting is being felt through the increasing of the sea water level.
On the other hand the smaller amount of sea ice creates opportunities for the Greenlandic population in the form of increasing accessibility and new business opportunities within extraction of raw materials, fishing and tourism.
”Ilulissat Climate Days is a follow-up on the similar event Nuuk Climate Days 2009, which attracted over 150 scientists and political stakeholders. Once again we wish to address the future changes of the ice in and around Greenland with a special focus on the consequences for the Greenlandic people,” says René Forsberg.
Below – you may not have heard of Ilullisat, but if you’ve seen pictures of Greenland glaciers and icebergs, quite likely they were taken near here. A gigantic calving event of the nearby Ilulissat glacier was the centerpiece of the “Chasing Ice” movie :
