Some of the world’s biggest financial institutions are working on a plan to speed the closure of coal-fired power plants in Asia, the BBC has been told. The initiative was developed by UK insurer Prudential, is being driven by the Asian Development Bank (ADB), and includes major banks HSBC and Citi. The ADB hopes the plan will be ready for the COP26 climate conference which is being held in Scotland in November. The plan aims to tackle the biggest human-made source of carbon emissions. Under the proposal, which was first reported by the Reuters news agency, public-private partnerships will buy coal-fired plants and shut them far sooner than their usual operating lifespan.
BBC 2nd Aug 2021 read more »
Letter Deidre Michie: Far from threatening the UK’s net zero goals, all companies operating in the North Sea, including private equity and state-backed overseas oil and gas companies, help to provide this country’s energy security while working to reduce their carbon emissions, as set out in the recent North Sea transition deal that our industry agreed with the government.
Guardian 2nd Aug 2021 read more »
A new oilfield proposed for the North Sea would produce so much oil that the whole of England would need to be reforested to offset its impact on the climate, according to an analysis by Oxfam. If it goes ahead, the Cambro field would be located 80 miles north-west of the Shetland Islands and produce up to 255m barrels of crude over its lifetime, releasing an estimated 132m tonnes of carbon dioxide (CO2) if it was burned. Removing these emissions from the atmosphere by planting trees would require an area of land more than 1.5 times the size of Scotland – or the same size as England – according to Oxfam.
iNews 3rd Aug 2021 read more »
Meeting global net zero carbon commitments could require tree planting on land equivalent to five times the size of India, a new report has said. More than 120 countries and hundreds more corporations have made commitments to be net zero by the middle of this century, which entails offsetting unavoidable emissions with new technologies or nature-based methods that suck up carbon. However, relying on tree planting to meet those goals was “mathematically impossible” because there was not enough land, a new report from Oxfam said. Achieving all global carbon removal targets through tree planting alone, rather than cutting emissions, would require an area of land five times the size of India, or the equivalent of all the farmland on the planet. Oxfam warned that extensive tree planting to meet net zero targets could cause global food prices to rise by 80 per cent by 2050.
Telegraph 3rd Aug 2021 read more »
Scottish ministers have been urged to denounce plans to develop a new oilfield off Shetland with the potential to yield 255 million barrels. Campaigners at Oxfam Scotland estimate that the 132 million tonnes of carbon dioxide emissions that could come from the proposed Cambo site would need an area of land 1.5 times the size of Scotland to counteract them. Jamie Livingstone, the head of Oxfam Scotland, said in the run-up to the Cop26 climate summit in November that Westminster must “intervene in the Cambo case and stop its climate credibility going up in smoke”.
Times 3rd Aug 2021 read more »
Scotsman 3rd Aug 2021 read more »
Herald 3rd Aug 2021 read more »