Saudi Arabia’s Plan to Extend the Age of Oil
Peter Waldman, Bloomberg.com
Last Novemeber, Ali al-Naimi, Saudi Arabia’s petroleum minister and the world’s de facto energy czar, told his OPEC counterparts they should maintain output to protect market share from rising supplies of U.S. shale oil, which costs more to get out of the ground and thus becomes less viable as prices fall. Supply was only half the calculus, though. While the new Saudi stance was being trumpeted as a war on shale, Naimi’s not-so-invisible hand pushing prices lower also addressed an even deeper Saudi fear: flagging long-term demand.
OPEC Says US Oil Boom Will End This Year
OPEC says the demand for oil – its oil – will rise during 2015 because the cartel is winning its price war against US shale producers by driving them out of business. OPEC forecasts demand at an average of 29.27 million barrels per day in the first quarter 2015, a rise of 80,000 bpd from its previous prediction made in its March report. At the same time, it said, the cartel’s own total output will increase by only 680,000 barrels per day, less than the previous expectation of 850,000 barrels per day, due to lower US and other non-OPEC production.
Guardian Media Group to divest its £800m fund from fossil fuels
The Guardian – UK
The Guardian Media Group (GMG) is to sell all the fossil fuel assets in its investment fund of over £800m, making it the largest yet known to pull out of coal, oil and gas companies. The decision was justified on both financial and ethical grounds, said Neil Berkett, GMG chair. Berkett said fossil fuel assets had performed relatively poorly in recent years and were threatened by future climate change action, while an ethical fund already held by GMG had been a “stellar” performer and renewable energy was growing strongly. (Also read: Harvard Students Expand Blockade Calling for School to Divest from Fossil Fuels)
Narendra Modi’s war on the environment
Rohini Mohan, Al Jazeera America
In under a year, the BJP government has begun to undo policies of fair land acquisition, undermine environmental protection and reverse the fight for tribal rights. The finance, environment and rural-development ministers, and Modi himself, have called these safeguards to protect people’s property, the environment and tribal rights “roadblocks” to economic growth. Rules that ensure business responsibility to people and the environment, in other words, are now largely being written off.
India may submit climate change plans in September; Javadekar assures pledges will be submitted “in time”
The Economic Times
India is likely to submit its plans to tackle climate change, including steps to curb the amount of carbon pollution, in September. Tuesday was the first informal deadline for “countries that are able to do so” to file their pledges to combat climate change. All countries have agreed to put forward their plans ahead of the crucial Paris meet in December.
PM Narendra Modi launches National Air Quality Index
The Economic Times
Prime Minister Narendra Modi today launched the National Air Quality Index (AQI) for monitoring the quality of air in major urban centres across the country on a real-time basis and enhancing public awareness for taking mitigative action. As part of the endeavour, the Union Environment Ministry proposes to extend the measurement of air quality to 22 state capitals and 44 other cities with a population exceeding one million.
‘Not In a Hurry to Change Green Laws,’ Says Environment Minister Praskash Javadekar
The Centre, which was keen on amending key green laws as early as second half of the budget session, will now reportedly adopt a slower and a more studied approach. This shift in pace, comes after opposition from various state governments at a two day conference of states’ environment and forest ministers. On agenda was to seek views from the state governments on various environment related issues, including the Subramaniam committee report.
Climate Crisis And Banking
Climate crisis is pushing financial institutions to take steps. Financial institutions with over US$ 2,100 billion in assets publish principles to guide future investments in clean energy and India’s fourth largest private bank fixes goal for investment in 5GW of renewable energy by 2019.
Making Another World Possible Will Require Radical Alternatives – Impressions from the World Social Forum
Ashish Kothari, Degrowth.de
At the Tunis WSF there was some attempt made to host ‘convergence assemblies’ to bring people together, and a final session of open mingling and some common messages, which may be a step towards making it a more transformative process while retaining openness. There was considerable synergy between the movements demanding an end to corporate dominance and impunity, those fighting for climate justice, and women’s movement groups. The language of alternatives from various parts of the world also seemed to get significant traction in the convergence assemblies.