The stark warning from Bank of England governor Mark Carney of the serious risks posed by climate change to global financial stability marks the first time that such a high-profile figure in the financial community has lent credence to the concept of a carbon bubble.
A survey of participants in China’s carbon markets flagged that prices in a national emissions trading scheme (ETS) to be launched in 2017 are expected to steadily rise from about 40 yuan/t CO2 equivalent (€5.63/t CO2e; $6.27/t CO2e) emitted at the start, to about Yn70/t CO2e in 2025.
The G20 group of countries’ undertaking six years ago to phase out fossil fuel subsidies gave a significant boost to efforts to abolish artificial price support for one of the world’s most powerful and wealthy industries. Despite the undertaking, subsidies have stubbornly persisted, undermining global efforts to curb climate change. Continue reading
It seems that Saudi Arabia’s oil minister, 80-year-old Ali Naimi, is either wilfully talking himself out of a job or is implementing a long-term strategy to become Saudi Arabia’s first renewable energy minister.
Yesterday, he remarked “one of these days, we are not going to need fossil fuels” and proceeded to discuss the future of Saudi Arabia’s economy — solar power. He’s not the first Saudi oil minister to allude to the end of the “oil age”, but he’s certainly one of the most cheerful about it to date.