First it was the credit crunch, now it looks like an oil crunch. The International Energy Agency is warning that, due to the economic downturn and reduced investment in oil, when demand picks up next year there may not be enough oil to go round. Nobuo Tanaka, the IEA’s executive director, said that he expected … Read More
Renewables
Britain “Makes a Mockery” of Tackling Climate Change
Give a politician a minute and they will wriggle out of a supposedly steadfast commitment. Britain is seeking to change the rules governing renewable energy targets to make it easier for the UK to fulfil its commitment to promote clean energy. At present, only 3% of the UK’s power comes from renewable energy, but government … Read More
BP Keeps Renewables Business as “Calling Card”
Tony Hayward, BP’s chief executive, yesterday gave the market a strong signal that he wants to realise value from the company’s loss-making investments in renewables. BP has invested billions of dollars in solar energy over the past decade but the business still does not deliver a profit. The Alternative Energy unit, which comprises BP’s solar … Read More
GOP Should Stop “Coddling Big Oil”
Interesting op-ed from a Silicon Valley newspaper by the CEO of Akeena Solar, which calls itself America’s leading solar installer. The CEO, Barry Cinnamon, argues “This week the House of Representatives will vote on the Renewable Energy and Energy Conservation Tax Act of 2008. This act would eliminate $18 billion in tax breaks for oil … Read More
British “U” Turn On Renewable Targets
The British Government is planning a U-turn on its pledges to combat climate change that “effectively abolishes” its targets to rapidly expand the use of renewable energy sources such as wind and solar power. Leaked documents seen by the Guardian newspaper show that Prime Minister, Gordon Brown will be advised today that the target Tony … Read More
UK Fails Renewables Targets
A cynic would argue that this story is predictable, but it is incredibly depressing. British government officials have secretly briefed ministers that the country has no hope of getting remotely near the new European Union renewable energy target that Tony Blair only signed up to in the spring – and have suggested that they find … Read More
McCain Warns of Vulnerability of Foreign Oil
In the third of three major policy addresses, Republican presidential candidate, John McCain has talked about the “great and urgent challenge – breaking our nation’s critical dependence on foreign sources of oil”. In a speech to the Center for Strategic and International Studies (CSIS) McCain warned that America’s “dependency on foreign oil and the way … Read More
Development Banks’ Inconvenient Truth
Multilateral development banks concluded a two day conference in London yesterday on “Financing Clean Energy”. Non-governmental organizations were generally shut out of the meeting, restricted to a handful of participants, but a long list of oil and energy companies were in attendance and they were ready to discuss just about anything other than phasing out … Read More
Blair Backs EU Renewable Targets
UK Prime Minister, Tony Blair will complete a U-turn over green energy next week when he supports an ambitious 20 per cent mandatory target for renewables at an EU Summit. Blair is said to have overruled Alistair Darling, the Trade and Industry Minister, who wanted a voluntary agreement. France has also indicated it will drop … Read More