Europe’s largest oil super-major is not really an oil company, according to the boss of Royal Dutch Shell. This is just as well for the energy giant, which plans to halve its carbon emissions within the coming decades as it bids to bring its offering in line with the global war on climate change. “If anything we are more a gas and oil company, and on top of it, of course, we are a much broader energy company, as well,” Ben van Beurden insists. The Anglo-Dutch behemoth now owns a US solar company, and one of the largest challenger brands within the UK household energy supply market, First Utility. These are part of its plan “to keep pace, and catch up with, society’s progress” towards goals of the Paris climate agreement, which requires a global step-change from industries responsible for greenhouse gas emissions. “If society needs to tackle the dual challenge of climate [concerns] but also accommodating higher demand for energy, we have to reduce the carbon intensity of the energy system as a society to a net zero level. That means by 2050 we need to halve our carbon footprint,” he said. In the wake of the oil market’s deepest and longest rout in decades, the rallying cry to face up to the carbon challenge is reverberating around the industry.
Telegraph 21st April 2018 read more »
The NEMO link to Belgium, growth in renewables and small plant additions contracted under the capacity market are set to force out the UK’s least efficient coal-fired power stations between Winter 2018 and Winter 2019, S&P Global Platts Analytics said Friday. Generally worsening market economics for coal plant over the period should see closures at Eggborough ahead of Winter 2018, with remaining units at SSE’s Fiddler’s Ferry (1.5 GW) and EDF’s Cottam (2 GW) assumed closed by the end of Summer 2019 when capacity market contracts end.
Platts 20th April 2018 read more »
Bishops, Catholic banks worth €7.5bn, humanitarian group Caritas Internationalis and others in the Catholic hierarchy announce plans to drop investments in high carbon energy. The global divestment movement gained a religious following today with the announcement that 35 Catholic institutions have pledged to remove fossil fuels from their investment holdings.
Business Green 22nd April 2018 read more »