Norway’s $1tn oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets. Other national funds built up from oil profits are also thought to be ramping up their investments in renewables. The moves show that countries that got rich on fossil fuels are diversifying their investments and seeking future profits in the clean energy needed to combat climate change. Analysts say the investments are likely to power faster growth of green energy. Norway’s government gave the go-ahead on Friday for its fund to invest in renewable energy projects that are not listed on stock markets. Unlisted projects make up more than two-thirds of the whole renewable infrastructure market, which is worth trillions of dollars.
Guardian 5th April 2019 read more »
Seven environmental and human rights organisations are launching legal action against Shell for what they see as the company’s inadequate efforts to tackle climate change. Friends of the Earth have been joined by Greenpeace and ActionAid, as well as 17,000 people who have signed up as co-plaintiffs in the lawsuit. The groups are calling for the oil giant to align its business with the goals of the Paris climate agreement, which seeks to limit global warming to 1.5C above pre-industrial levels. Their court summons will be submitted to the company’s headquarters in The Hague, demanding that the company sets out plans to achieve net zero emissions by 2050.
Independent 5th April 2019 read more »
The German government plans to approve after Easter an aid package for the mining regions affected by its plans to phase out coal by 2038, the RND group of newspapers reported on Friday, citing an economy ministry blueprint. The plan envisages 14 billion euros ($15.72 billion) of aid for the four states affected by the coal exit and 26 billion euros in direct federal investments in the mining regions. The Bundestag lower house of parliament will be asked to approve the assistance package this year once the cabinet has given it the green light after Easter, RND said.
Reuters 5th April 2019 read more »
Green campaigners are urging the Government to turn down plans for the UK’s largest gas power plant to replace coal units at Drax in North Yorkshire. The company is seeking planning permission to modify two of its coal-fired units to burn gas, as the Government seeks to phase out all polluting coal generation by 2025. But the plans for up to 3.6 gigawatts of gas-fired generating capacity – more than the new nuclear power plant at Hinkley Point, Somerset – have come under fire from campaigners who warn burning gas will add to climate change.
Energy Voice 4th April 2019 read more »