Royal Dutch Shell has been threatened with legal action aimed at forcing the oil and gas group to shift away from fossil fuels in support of efforts to tackle climate change. Friends of the Earth, the environmental group, said it would file a lawsuit in the Netherlands if Shell failed to commit within eight weeks to bring its business into line with the Paris climate agreement. The case against Shell is being led by Roger Cox, the lawyer who won a landmark judgment in 2015 forcing the Dutch government to set more ambitious carbon reduction targets. “Shell’s current policy is on a collision course with the Paris agreement,” said Mr Cox, Shell has committed to invest at least $1bn-$2bn a year in renewable power and other forms of clean energy, but this remains a fraction of its total $25bn-$30bn capital expenditure budget, the vast majority of which still goes to fossil fuels. A new “scenario” published by Shell last week set out a “technologically, industrially, and economically possible” path to achieving the Paris goal but said it would require “re-wiring the whole global economy in just the next 50 years”.
FT 4th April 2018 read more »
Guardian 4th April 2018 read more »
A rare investment in new gas storage is edging forward in the wake of the Siberian cold snaps which hit Britain’s gas markets with price spikes in recent months. The calls to build a new gas storage facility to replace the UK’s aging energy infrastructure reached fever pitch after the “Beast from the East” brought freezing temperatures and unprecedented gas demand across the UK this year. But it would still be a bold investment after years of declining profit margins for gas storage operators following a string of milder than average winters.
Telegraph 4th April 2018 read more »