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Growth at all costs: climate change, fossil fuel subsidies &Treasury

2015-05-24 17:21:00| Climate Ark Climate Change & Global Warming Newsfeed

Guardian: There are no oil rigs visible from Aberdeen itself, but evidence of the foundations of Europes oil capital is easy to see: plaques for the head offices of major fossil fuel companies, helicopters ferrying workers to and from offshore platforms, designer shops for a city that has more millionaires than any other in the UK. It is not far from the centre of the granite city to the poorer wards, though, where like so many places, people struggling to pay ever-increasing energy bills are still forced...

Tags: change costs growth fuel

 

United Kingdom: 'Greatest university' curbs fossil fuel investment in endowment

2015-05-19 18:36:00| Climate Ark Climate Change & Global Warming Newsfeed

Bloomberg: Oxford University said it would curb some of the most polluting fossil fuel-related investments in its 1.7 billion-pound ($3.3 billion) endowment, making it the most prominent institution to join the growing campaign for divestment from the industry. The university's governing board said it will avoid direct investments in coal and oil sands companies, of which it currently has none, and that it will also steer clear of sectors with high social and environmental risks, according to a statement released...

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Fossil Fuel Subsidies to Hit $5.3T in 2015, Says IMF Study

2015-05-19 14:46:00| Climate Ark Climate Change & Global Warming Newsfeed

RTCC: Subsidies for fossil fuels that cause climate change have soared since 2013, a new study from the International Monetary Fund has revealed. Oil, gas and coal costs will be subsidised to the tune of US$5.3 trillion a year in 2015. The last time the IMF ran the data it calculated they were worth $1.9 trillion. Economists say the latest figures are more accurate as they represent the true cost of energy, which includes the environmental, health and climate impacts of burning fossil fuels. Over...

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UN climate chief slams fossil fuel investments, outlines steps Paris deal

2015-05-15 16:00:00| Climate Ark Climate Change & Global Warming Newsfeed

ClimateWire: On the heels of President Obama's controversial decision to greenlight renewed oil drilling in the Arctic, the United Nations' top climate change official yesterday declared that fossil fuels have become an unwise investment. Christiana Figueres, who leads the U.N. Framework Convention on Climate Change, avoided commenting directly on the White House move allowing Royal Dutch Shell to begin exploratory drilling in the Chukchi Sea. But she noted that oil and gas reserves must stay underground and...

Tags: paris deal chief steps

 

European Commission Drops Demand to Slash Fossil Fuel Subsidies

2015-05-14 14:39:00| Climate Ark Climate Change & Global Warming Newsfeed

Inside Climate: The European Commission removed calls to end subsides for fossil fuels in its yearly audit of 26 economies on Wednesday, raising questions over its commitment to addressing climate change. Last year, the EUs executive arm told Italy to remove environmentally harmful subsidies and ordered France and Belgium to phase out grants in their extracting of coal, oil and gas. Eight countries were urged to start taxing pollution, and 17 to boost renewables, electric grids and energy efficiency. But...

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