EXTRACTED: Daily News Clips 11/8/21
PIPELINE NEWS
Mlive.com: Michigan’s Indigenous tribes ask Biden to shut down Line 5
Monroe News: Walberg leads letter to Biden regarding consequences of Shutting Down Line 5
Hellenic Shipping News: Enbridge next focused on adding crude capacity, connections to Texas Gulf Coast
Press release: TC Energy reports strong results while progressing numerous growth initiatives
Press release: Delaware Riverkeeper Network and HALT File Opposition to Motion to Hold PennEast Case in Abeyance
Pen City Current: Greenway pipeline could run 50 miles in Lee County
WASHINGTON UPDATES
Politico: OIL AND GAS BEGONE
Canadian Association of Petroleum Producers: CAPP and energy associations from around the world call on COP 26 delegates to recognize the necessary role of the natural gas and oil industry in meeting the goals of the Paris Agreement
Politico: WHATCHA UP TO IN THERE?
Politico: Biden Fight On Methane Sidesteps Agriculture
Common Dreams: At COP26, It's People Power vs. Fossil Fuel Dinosaurs
STATE UPDATES
Politico: ‘Wrenching.’ Gas Site Of Worst U.S. Methane Leak Gets Boost
Salt Lake Tribune: Forest Service OKs right of way for Utah’s oil railway
Wisconsin State Journal: Regulators approve $370M natural gas storage project despite concerns of fossil fuel investment
EXTRACTION
Reuters: Push to end oil and gas expansion takes off at COP26 but harder on the ground
Houston Chronicle: Oil has staying power for years to come. Why does it matter and where does it come from?
CNBC: Bill Gates predicts oil companies ‘will be worth very little’ in 30 years — here’s why
Globe and Mail: Alberta losing PR fight to anti-oil-sands groups, says head of inquiry
Canadian Press: Alberta government unveils road map with goal of becoming hydrogen export superpower
NPR: Guyana is a poor country that was a green champion. Then Exxon discovered oil
CLIMATE FINANCE
New York Times: With Climate Pledges, Some Wall Street Titans Warn of Rising Prices
Guardian: Banks are still financing fossil fuels – while signing up to net zero pledges
Reuters: AXA fund arm to ditch oil and gas climate laggards in three years
TODAY IN GREENWASHING
Cornwall Seaway News: Support from Enbridge Gas helps Habitat Cornwall Home Build
OPINION
Traverse City Record Eagle: Opinion: Our way of life is on the line
CBC: We need to end subsidies to the fossil fuel industry now: David Suzuki
Los Angeles Times: Editorial: Regulators let oil refineries avoid cutting smog. They must force them to clean up
PIPELINE NEWS
Mlive.com: Michigan’s Indigenous tribes ask Biden to shut down Line 5
By Sheri McWhirter, 11/7/21
“Leaders of Michigan’s federally recognized Indigenous tribes recently united to seek the White House’s help in their collective fight to shut down the Line 5 pipeline – particularly the four-mile underwater section in the Great Lakes’ Straits of Mackinac,” Mlive.com reports. “President Joe Biden received a collaborative request from Michigan’s 12 federally recognized tribes that make up the Three Fires Confederacy of the Ojibwe, Odawa and Potawatomi to intervene in their ongoing struggle to shut down Line 5 and preserve their treaty rights. Meanwhile, the president received a second letter from a contingent of Republican U.S. Representatives who wished to sway the president to instead keep the petrochemical pipeline flowing.”
Monroe News: Walberg leads letter to Biden regarding consequences of Shutting Down Line 5
11/8/21
“U.S. Rep. Tim Walberg, R-Tipton, along with Ohio Congressmen Bob Latta, Jack Bergman and 10 other House members, sent a letter to President Biden regarding reports of the Biden Administration exploring the possibility of taking action to terminate the Enbridge’s Line 5 Pipeline, which links Superior, Wisconsin, with Sarnia, Ontario, and lies on the bottom of Lake Huron parallel to the Mackinac Bridge,” the Monroe News reports. “Every family in Michigan and throughout the Midwest should be deeply troubled by this new report that the Biden Administration is actively exploring shutting down Line 5,” Walberg said. “Halting operations of this energy pipeline would hurt our economy and cause home heating costs to rise even higher right as we enter the winter months. This irresponsible action will hurt farmers, businesses, and families. President Biden has already done enough to weaken America’s energy security and international alliances, and the consequences of terminating Line 5 would only heighten these growing challenges.” Last year, Walberg led a letter to the Pipeline and Hazardous Materials Safety Administration (PHMSA) asking them to confirm that Line 5 is structurally sound and does not manifest an unsafe condition or constitute an imminent hazard that would warrant its closure for safety reasons. PHMSA replied in January of this year confirming that “there are presently no integrity concerns” with the pipeline based on inspection data.”
Hellenic Shipping News: Enbridge next focused on adding crude capacity, connections to Texas Gulf Coast
11/8/21
“Now that Enbridge is ramping up heavy Canadian crude volumes on its expanded Line 3 and Southern Access pipelines, the company said Nov. 5 it next aims to increase capacity on its systems that connect to the Texas Gulf Coast, including potentially building a pipeline linking the Houston area to its newly acquired crude-export hub at the Port of Corpus Christi,” Hellenic Shipping News reports. “Enbridge is awaiting a major, regulatory contracting decision in late November on its Mainline crude pipeline system into the US, and plans to provide more details on future projects at its December investors event, including potential capacity expansions to its Southern Access Extension, Flanagan South and Seaway pipelines, the company said on its third quarter earnings call… “Enbridge is looking at a series of optimization projects to increase crude capacity — using more drag-reducing agents and pump stations — such as adding another 200,000 b/d to the Mainline network; 100,000 b/d to the Southern Access Extension; 250,000 b/d to Flanagan South; and 200,000 b/d to Seaway, which stretches to Freeport, Texas and the Houston markets.”
Press release: TC Energy reports strong results while progressing numerous growth initiatives
11/5/21
“...NOTABLE RECENT DEVELOPMENTS INCLUDE: Canadian Natural Gas Pipelines; Coastal GasLink: As a result of scope changes, previous permit delays compared to the original construction schedule and the impacts from COVID-19, including a British Columbia provincial health order, we continue to expect project costs to increase significantly along with a delay to project completion compared to the original project cost and schedule. Coastal GasLink has sought and will continue to mitigate cost increases and schedule delays. Coastal GasLink expects incremental costs will be included in the final pipeline tolls, subject to certain conditions.Coastal GasLink is in dispute with LNG Canada with respect to the recognition of certain costs and the impacts on schedule. Construction activities continue and, at this time, we do not expect any suspension of these activities while the parties work toward a resolution. During this time, construction is being funded in part by a subordinated demand revolving facility with TC Energy which provides the project with additional short-term funding and financial flexibility and, on which, $840 million was drawn at September 30, 2021. In October 2021, this amount was fully repaid and further draws were made which resulted in an outstanding balance of $175 million at October 29, 2021. As a further interim measure, TC Energy has committed to providing additional temporary financing to the project, if necessary, of up to $3.3 billion as a bridge to a required increase in project-level financing to fund incremental costs.”
Press release: Delaware Riverkeeper Network and HALT File Opposition to Motion to Hold PennEast Case in Abeyance
11/5/21
“On November 4, 2021, the Delaware Riverkeeper Network, joined by Homeowners Against Land Taking–PennEast, Inc., filed a response in opposition to an October 29, 2021 motion to hold in abeyance lawsuits challenging FERC’s order issuing Certificates of Public Convenience and Necessity -- i.e. FERC approvals -- for the PennEast Pipeline. According to the Delaware Riverkeeper Network and HALT legal filing, conflicting statements made by PennEast to the press and in other court proceedings leave open the possibility that PennEast will continue to pursue construction of the Pennsylvania portion of the Project... “PennEast has not withdrawn its project applications before any of the agencies and FERC has not withdrawn its Certification of the PennEast pipeline. Putting this case in abeyance means that PennEast would be free to continue to try to move this project forward through the multiple permitting agencies that still need to provide permits and approvals; and during this time we would be stripped of our ability to challenge the foundational FERC approval that allows this project to remain alive and viable. PennEast isn’t saying the project is dead, FERC isn’t saying this project is dead, why on earth would we voluntarily give away our biggest opportunity to drive a stake into the heart of this devastating fossil fuel, fracked gas pipeline? That would be just plain stupid,” said Maya van Rossum, the Dleaware Riverkeeper and leader of the Delaware Riverkeeper Network.
Pen City Current: Greenway pipeline could run 50 miles in Lee County
CHUCK VANDENBERG, 11/7/21
“The proposed carbon recapture pipeline that is being proposed through Iowa could put 50 more miles of additional pipeline through the county,” the Pen City Current reports. “Lee County already has the Dakota Access Pipeline running from the northwest corner diagonally through the county. It also has anhydrous pipelines running north and south with additional piping expected around Fort Madison in the next few years. Now a company called Navigator CO2 Ventures, LLC is looking to build another lengthy pipeline for the capture and sequestration of liquid carbon dioxide through about 885 miles of Iowa land… “Company officials are working with the Army Corps of Engineers to determine the point in Lee County where the pipeline would cross the Mississippi River… “According to the spokesperson from Navigator, the pipeline would traverse about 50 miles in Lee County with offshoots that appear from the map above to have connections at IFC, and Big River in Des Moines County. However, officials have yet to confirm those proprietary connection points… “The project carries an initial total price tag of approximately $3 billion, but officials didn’t specify what that investment would look like in Lee County. Economic impact statements are currently being compiled by Navigator officials. The company must first hold the public hearing through the Iowa Utilities Board before it can speak to any private landowners about easement acquisitions.”
WASHINGTON UPDATES
Politico: OIL AND GAS BEGONE
Matthew Choi, 11/5/21
“The U.S. signed onto a U.K.-led pact not to use public money to finance overseas oil and gas operations,” Politico reports. “But the Biden administration wasn’t exactly leaping at its first chance to sign on, and there are a lot of asterisks and room for exceptions. The pact is only focused on “unabated” oil and gas operations, meaning those with carbon capture technology can still get public funds. And some of the biggest financiers of overseas fossil fuel projects opted against signing on. China, which funds tens of billions of dollars worth of oil and gas investments via its Belt and Road Initiative, sat this one out. The Biden administration hasn’t settled the details on how its finance aid organizations would implement the pact and it said some exemptions will be necessary for national security reasons or in the case of a serious energy crisis. Those concerns led the U.S. to drag its feet to signing on, with U.S. climate envoy John Kerry saying he was unsure about the pact earlier this week. Still, the agreement includes some of the world’s heaviest hitters, including Canada and the European Investment Bank, and would redirect $8 billion annually for clean energy spending through public and private finance.”
Canadian Association of Petroleum Producers: CAPP and energy associations from around the world call on COP 26 delegates to recognize the necessary role of the natural gas and oil industry in meeting the goals of the Paris Agreement
11/5/21
“The Canadian Association of Petroleum Producers (CAPP) has joined energy associations from around the world in calling for policy makers at COP26 to recognize the necessary role for natural gas and oil to meet growing global energy demand and the ambitions of the Paris Agreement… “The continued evolution of the world energy system must maintain access to reliable and affordable energy for the world's over 7 billion people. Today, both developed and developing nations face rising energy insecurity in a context of poorly designed energy and climate policies. Developed nations that once benefited from stable energy supplies are facing energy shortages, price volatility and a lack of infrastructure capable of bringing additional base energy online. This is happening as many other countries still experience serious energy poverty without the ability or resources to supply affordable and reliable energy to their populations to meet the most basic of human needs. These countries are being forced to turn to higher emission sources, as evidenced by the rapid rise of coal demand, to try and meet their energy needs. The group of natural gas and oil associations is calling for an inclusive approach in achieving the goals of the Paris Agreement which requires increasing, not restricting, energy access, including access to responsibly produced and lower emission natural gas and oil.”
Politico: WHATCHA UP TO IN THERE?
Mathew Choi, 11/5/21
“Several Senate Republicans are pushing for more transparency on how the Biden White House is calculating the social cost of greenhouse gases. The lawmakers, who all serve as ranking members of committees that oversee agencies involved in crafting the new figures, wrote to the White House SC-GHG working group Thursday requesting recommendations the group is required to deliver Biden under a Jan. 20 executive order. The recommendations go into the “areas of decision-making, budgeting, and procurement by the Federal Government” where the social cost of greenhouse gases may be used. They were due to Biden at the beginning of September and the GOP legislators say that deadline has lapsed with no word to Congress or the American public about the status of the recommendations. “Given the potential wide-reaching application of the SC-GHG in decision-making, budgeting, and procurement, it is critically important for the Working Group to be transparent and accountable in its actions,” the lawmakers write. The White House didn’t respond to ME’s email for comment. The Biden administration restored an Obama-era social cost of carbon at $51 per ton back in February and is slated to unveil updated figures at the start of next year.”
Politico: Biden Fight On Methane Sidesteps Agriculture
11/4/21
“President Biden’s pledge to reduce methane emissions overlooks one of the biggest sources of that potent greenhouse gas — cows and other livestock — an environmental group said,” Politico reports. “President Biden’s methane plan fails to tackle the number one source of methane emissions in the United States: animal agriculture,’ Friends of the Earth, which supports limits on methane emissions through the Clean Air Act, told Politico. ‘If President Biden is serious about tackling methane, he needs to be serious about regulating industrial animal agriculture,’ the group said in a statement from senior program manager Chloë Waterman. In its methane emissions reduction plan, the White House Office of Domestic Climate Policy points to agriculture as a significant source of methane, specifically from manure and the natural digestion of feed. The administration noted programs at the Department of Agriculture to encourage farmers to reduce emissions through manure digesters, covers for manure lagoons and adjustments to cattle feed that can cut down on emissions from burping cows — a source of about a third of a dairy farm’s greenhouse gases, according to the National Milk Producers Federation.”
Common Dreams: At COP26, It's People Power vs. Fossil Fuel Dinosaurs
AMY GOODMAN, DENIS MOYNIHAN, 11/5/21
“The United Nations climate summit known as COP26 has convened in Glasgow, Scotland after being delayed a year by the COVID-19 pandemic. The COP is a proceeding of the UNFCCC–the United Nations Framework Convention on Climate Change. But the United Kingdom, hosting COP this year, has thrown up entry barriers that are proving insurmountable for many activists and observers from the Global South,” Amy Goodman and Denis Moynihan write for Common Dreams. “...Dipti Bhatnagar, climate justice and energy coordinator at Friends of the Earth International, is one of those activists for whom entering the UK for the summit proved nearly impossible. She spoke to Democracy Now! from Maputo, Mozambique: "The organization of this COP has been very deliberately done by the U.K. government to be this really exclusionary space. They know that if the progressive civil society from the Global South is not there to hold people accountable in the halls of power, it's going to be a lot easier for them to get away with carbon markets, not putting the finance or emissions reductions on the table." "Net zero," according to a recent report from Friends of the Earth and others, is "a big con," nothing more than "schemes…to mask inaction, foist the burden of emissions cuts and pollution avoidance on historically exploited communities."
STATE UPDATES
Politico: ‘Wrenching.’ Gas Site Of Worst U.S. Methane Leak Gets Boost
11/5/21
“The California Public Utilities Commission yesterday approved an interim capacity increase at the Aliso Canyon natural gas storage field, the site of the worst methane leak in U.S. history,” Politico reports. “The decision runs counter to Democratic Gov. Gavin Newsom’s request that the CPUC expedite the facility’s closure, a sentiment shared by California lawmakers and affected residents. The agency defended its vote by saying Aliso is needed to meet this winter’s energy demand but acknowledged that the state needs to reduce its fossil fuel reliance. Aliso Canyon is an old oil field outside Los Angeles that was converted to store natural gas. One of the wellheads suffered a blowout in October 2015 and continued spewing record amounts of methane and other petroleum byproducts until it was capped in February 2016 (Energywire, Feb. 10, 2017). The CPUC voted 4-0 to boost Aliso’s storage level to 41.16 billion cubic feet, up from 34 bcf set last fall. “This is obviously a very complex, difficult, wrenching and important decision,’ said Commissioner Cliff Rechtschaffen. ‘The accident and the shadow of additional leaks looms large over the lives of many, many people and the community.’”
Salt Lake Tribune: Forest Service OKs right of way for Utah’s oil railway
Brian Maffly, 11/3/21
“The U.S. Forest Service has decided to grant a right-of-way to seven Utah counties that would allow the construction of a controversial railroad to connect the Uinta Basin oil patch with the national rail network,” the Salt Lake Tribune reports. “Subject to a 45-day objection period before becoming final, the decision approves a request by the Seven County Infrastructure Coalition to build and operate the crude-hauling railroad on 12 miles of Ashley National Forest through Indian Canyon. The 88-mile Uinta Basin Railway, estimated to cost $3 billion, would run west from two oil-loading terminals at Myton and Leland Bench, joining the Union Pacific tracks at Kyune at the head of Price Canyon. Uintah and Duchesne counties hope the project will enable a four-fold increase in the basin’s output, up to 350,000 barrels a day. The decision, signed by Forest Supervisor Susan Eickhoff and to be posted Wednesday, upset environmentalists who see it as a betrayal of the Biden administration’s pledge to reduce the nation’s reliance on the fossil fuels implicated in climate change. The decision makes no reference to greenhouse-gas emissions associated with the increased oil production the railroad would facilitate.”
Wisconsin State Journal: Regulators approve $370M natural gas storage project despite concerns of fossil fuel investment
Chris Hubbuch, 11/4/21
“Rejecting concerns about continued investment in fossil fuel infrastructure, Wisconsin utility regulators have approved plans for a $370 million natural gas storage project in southeastern Wisconsin designed to provide fuel when demand spikes,” the Wisconsin State Journal reports. “We Energies and Wisconsin Gas say the dual facilities in Jefferson and Walworth counties are needed to improve reliability and resilience in light of anticipated growth in demand. They estimate the cost will be at least $224 million less than the alternatives. The Public Service Commission approved the projects despite opposition from some local residents and the Sierra Club, which argued the utilities’ growth projections are overblown and “irreconcilable” with state and national carbon reduction commitments. The group argued it would be more cost-effective to reduce demand. Compliance with the Paris climate agreement — an effort to stave off the most catastrophic impacts of climate change — will require a reduction in gas use, and the groups note that Gov. Tony Evers’ climate task force recommended against building any new fossil fuel infrastructure. Commissioners largely rejected those arguments, taking a narrower view of their mandate of ensuring safe, reliable and affordable energy service. “I don’t see natural gas going away,” Valcq said. “Our obligation is to the residents of this state to ensure they have reliable power. It is not appropriate for us to sit back and wait and see if something materializes.”
EXTRACTION
Reuters: Push to end oil and gas expansion takes off at COP26 but harder on the ground
Laurie Goering and Sebastian Rodriguez, 11/4/21
“A growing club of countries are moving to end overseas expansion of oil and gas - as well as coal - but making it work on the ground is likely to come up against political and other barriers,” Reuters reports. “In late July, Costa Rica's legislature was scheduled to vote on a bill to permanently ban any extraction or exploration of fossil fuels in the Central American nation, noted for its international green leadership and reliance on clean hydropower. The same day, the Costa Rican Chamber of Industries sent an eight-page letter to all 57 lawmakers, defending possible future exploration for natural gas and asking them to reject the ban. "Countries like Norway or Finland have financed their fiscal deficit and their pension systems with oil and gas exploitation. Why would a country like Costa Rica not take advantage of those resources?" it asked. Lawmakers ultimately did not vote on the proposed ban - a frustration for climate change activists - though a tweaked version is now waiting for executive approval to move back onto the legislative agenda.”
Houston Chronicle: Oil has staying power for years to come. Why does it matter and where does it come from?
Paul Takahashi, 11/8/21
“Even as more countries and companies pledge to get to net-zero carbon emissions, the world will continue to require fossil fuels for years to come, analysts say, because oil and natural gas are so intertwined with modern life,” the Houston Chronicle reports. “But for all the talk about getting to a low-carbon future, there’s been little granular analysis on which fossil fuels produced from which oil fields emit the least amount of harmful greenhouse gases. Sure, there’s a general industry consensus that coal is dirtier than natural gas and that offshore oil is cleaner than shale — but by how much? That’s the question global energy research firm S&P Global Platts set out to answer with its recently revealed carbon intensity report, a monthly metric that calculates how much carbon is emitted from 14 major crude fields around the world. Platts analysts said they saw growing demand for low-carbon crude from investors, consumers and producers looking to reduce their carbon footprint. They realized that calculating the carbon intensity of different fuels can help determine which oil and gas fields to focus production on while the world transitions toward cleaner fuels. “Oil and gas will remain part of the energy mix for decades to come,” Deb Ryan, Platts’ head of low-carbon market analytics, told the Chronicle. “In order for the world to meet ambitious emissions reduction targets, a premium value needs to be associated with the lowest carbon intensity oil and gas assets as these fossil fuels continue to play a role in the overall energy mix. By launching carbon intensity values and price premiums, Platts is bringing much needed transparency into the market.”
CNBC: Bill Gates predicts oil companies ‘will be worth very little’ in 30 years — here’s why
Tom Huddleston Jr., 11/6/21
“If you’re looking for an extremely long-term stock pick from billionaire Bill Gates, here it is: Avoid Big Oil,” CNBC reports. “As the world moves away from fossil fuels and adopts more clean and renewable energy sources, oil giants that have dominated markets for more than a century could be in trouble, the Microsoft co-founder said in a briefing at the COP26 climate summit in Glasgow, Scotland, on Thursday. “Some of these giants will fall. You know, 30 years from now, some of those oil companies will be worth very little,” Gates, an outspoken advocate for investing in renewable energy and green technologies, said at the briefing, according to Axios… “With the oil companies, we still just don’t think they represent good long-term businesses,” David Moss, head of European equities at BMO Global Asset Management, told CNBC’s “Street Signs Europe” in August… “In Glasgow, Gates said he believes oil companies could transition their businesses relatively easily from fossil fuels to cleaner energy sources. He cited low-carbon hydrogen — which, when burned, emits less carbon into the air than today’s greenhouse gases — as one possible example. “We have a pipeline infrastructure in the United States that probably can be retrofitted to transmit hydrogen,” Gates said.
Globe and Mail: Alberta losing PR fight to anti-oil-sands groups, says head of inquiry
JAMES KELLER, 11/8/21
“The commissioner of a widely criticized Alberta public inquiry into the funding of environmentalists says his report should be a wake-up call for the province’s government and oil sector that they are losing the public-relations fight over resource development,” the Globe and Mail reports. “In 2019, the Alberta government appointed Steve Allan, a forensic accountant, to investigate the role of foreign money in opposing the oil sector. His final report was released in October. The inquiry was a key election promise from United Conservative Premier Jason Kenney, who has contended that the province has been the victim of a foreign-funded campaign to block fossil fuel projects. Mr. Allan told the Mail that the oil industry should take lessons from the environmental movement, which he noted has been effective at opposing development in Alberta’s oil sands. “I think the industry and government have really failed,” Mr. Allan said. “It was a brilliant campaign,” he continued, referring to activism opposing Alberta’s oil industry. “It was a brilliant strategy. It was well-executed and everybody can learn from it.” He argued that the real issue is not necessarily environmental groups and their activism, but rather the fact that foreign money is being used to influence Canadian policy debates, with what he described as inadequate disclosure.”
Canadian Press: Alberta government unveils road map with goal of becoming hydrogen export superpower
Dean Bennett, 11/5/21
“The Alberta government has released its road map to reach a goal of becoming a world leader in hydrogen exports by the end of the decade,” the Canadian Press reports. “Premier Jason Kenney says Alberta is well-positioned with its existing energy infrastructure to become a global supplier of choice for hydrogen. And he calls it a “game changer” in the climate change fight, given that hydrogen emits no greenhouse gases when burned. He says the global hydrogen market is expected to become worth up to $2.5 trillion within the next 30 years. The plan calls for catching up on clean hydrogen technologies in the short term before moving to growth and commercialization in the long term… “Dale Nally, the associate minister for natural gas and electricity, compares the hydrogen revolution to the breakthrough energy boom brought on by the oilsands. “Hydrogen can absolutely be a game changer for our province on many levels,” Nally told a news conference Friday. “We have the natural advantages to make hydrogen that is both clean and affordable.”
NPR: Guyana is a poor country that was a green champion. Then Exxon discovered oil
Camila Domonoske, 11/7/21
“For more than a century, a wide, low seawall has protected the country of Guyana from the depravations of the Atlantic Ocean,” NPR reports. “...But for climate expert Seon Hamer, standing beneath a wild almond tree next to the wall, the view is not as peaceful as it seems. "All of this," he tells NPR, "could be gone." Hamer has seen the climate models. In the worst-case scenario, they predict that rising sea levels would eventually reach far inland and this capital city would be completely submerged… “Nonetheless, the country is hitching its future to the same fossil fuels that are accelerating climate change. A few years ago, ExxonMobil struck oil off Guyana's coast, and it keeps finding more crude. Drillships continue to work just over the horizon, in the direction of Hamer's unsettled gaze. By the latest estimates, there could be more than 10 billion barrels beneath Guyana's waters, providing a potential windfall to its citizens. That's bigger than Mexico's proven reserves — for a country with a tiny fraction of Mexico's population. So Guyana is emerging as the world's newest oil producer at a time when world leaders are under pressure to reduce their countries' reliance on oil, coal and natural gas, one of the main objectives at the COP26 talks in Glasgow, Scotland.”
CLIMATE FINANCE
New York Times: With Climate Pledges, Some Wall Street Titans Warn of Rising Prices
By David Gelles, 11/5/21
“Big business finally seems to be taking the climate crisis seriously. After years spent lurking on the sidelines, the chief executives of the world’s largest banks, companies and investment firms this week took a spot at the center of the debate at COP26,” the New York Times reports. “...Yet some leaders of the world’s biggest financial firms — including some who were part of pledges made at the climate summit in Glasgow — are warning that the rush to rapidly transition away from a carbon-intensive energy system could unleash unintended consequences that would jeopardize the world’s economic recovery in the near term. Jamie Dimon, the chief executive of JPMorgan Chase, told the Times in an interview that the world should be transitioning to a decarbonized economy “right now.” But he cautioned that while less money was being invested in fossil fuels, therefore tightening the supply, it was important for banks to keep funding conventional energy production. “You’re not going to get rid of oil and gas consumption tomorrow,” he said. And Laurence D. Fink, the chief executive of BlackRock, told the Times that if fossil fuel production was reduced too quickly — before clean energy was abundant — it could cause energy prices to spike, disproportionately harming developing economies. “That’s going to create a more polarized, divergent world, and the emerging world can’t afford it,” he said in an interview. “Divestitures are not getting us to a net-zero world,” Mr. Fink added. “It’s just making it worse.” Despite the chieftains’ concerns, there is still ample money available to fossil fuel companies. In the six years since the Paris Agreement, banks have facilitated almost $4 trillion of financing for fossil fuel companies, including $459 billion worth of bonds and loans for oil, gas and coal companies this year alone, according to Bloomberg.”
Guardian: Banks are still financing fossil fuels – while signing up to net zero pledges
Mariana Mazzucato, 11/4/21
“Despite the stark warnings of climate breakdown from the IPCC and the UN, it’s business as usual for fossil fuel capitalism. An astonishing 56% of the G20 nations’ Covid-19 recovery funds for energy have gone to fossil fuel companies,” the Guardian reports. “In April, the Glasgow Financial Alliance for Net Zero (GFANZ) chaired by Mark Carney was launched to bring together leading financial corporations to redirect finance towards achieving net zero by 2050. Yet many of its signatories remain among the world’s top backers of fossil fuels. Some have even issued new financing to companies expanding fossil fuel infrastructure since signing up with the GFANZ… “International agencies and national governments need to impose stringent conditions on how financial corporations operate, switching investments out of fossil fuels and into zero-carbon activities. Through carbon tariffs, renewable energy subsidies and state investments, fossil capitalism can – and should – be rendered unprofitable.
Reuters: AXA fund arm to ditch oil and gas climate laggards in three years
By Simon Jessop, Tommy Wilkes, 11/8/21
“The fund arm of French insurer AXA said on Monday it would take a tougher line with oil and gas companies over their environmental impact, selling out of laggards after three years if their emissions-reduction plans were not good enough,” Reuters reports. “...If we don’t see progress and strong commitments from companies, we need to be ...ready to divest,” said Marco Morelli, Executive Chairman of AXA IM, in a statement. “The road to net zero is all about transition. We must give companies the time to adjust but we must also adopt a no-compromise approach with investee companies that don’t take climate change seriously.” Beginning in early 2022, AXA IM said it would exclude any company for which oil sands represent more than 5% of total production, down from a previous 20% threshold. It would also divest from companies which get more than 10% of their production from the Arctic Monitoring and Assessment Programme (AMAP) region, and from firms reliant on shale or fracking for more than 30% of output. AXA IM said it would engage with oil and gas companies not captured by the tougher exclusions - including oil majors such as Exxon Mobil and BP - over their climate objectives. It would divest from them after three years “if sufficient progress has not been achieved”, based on whether companies had set timely science-based targets in line with a sector framework from the non-profit Science Based Targets initiative (SBTi), due this year.”
TODAY IN GREENWASHING
Cornwall Seaway News: Support from Enbridge Gas helps Habitat Cornwall Home Build
11/7/21
“Habitat for Humanity Cornwall & The Counties wishes to recognize the impactful donation and generosity of Enbridge,” Cornwall Seaway News reports. “Enbridge has contributed $50,000 to Habitat Cornwall’s latest Home Build project for the Leaf-Saucier Family. This support is an element of the Indigenous Housing Program as organized by Habitat for Humanity Canada. The Enbridge Indigenous Home Program combined with the Indigenous Housing Partnership is an equitable partnership rooted in respect for Indigenous culture, helping deliver housing solutions by and for Indigenous communities. “For a family, an affordable home offers safety, comfort and security. Construction of this house symbolises strong community spirit, and we are proud to support Habitat for Humanity and know that it can be life-changing for the partner families they support,” said Melanie Book, Strategist, Community & Indigenous Engagement, who attended the Ground-Breaking Ceremony.
OPINION
Traverse City Record Eagle: Opinion: Our way of life is on the line
Beryl Skrocki of Sleeping Bear Surf & Kayak in Empire is a founding member of the Great Lakes Business Network, 11/7/21
“Last month, oil spilled off the coast of Huntington Beach, California. During the first three hours the operator failed to shut down the line, spewing 132,000 gallons of crude oil into the Pacific Ocean,” Beryl Skrocki writes for the Traverse City Record Eagle. “...California’s off-shore event harkens back to 2010 and the 17-hour delayed shutdown response by Enbridge during the Line 6b rupture. The company dumped over a million gallons of oil into the Kalamazoo River, poisoning residents and destroying wildlife habitat. Today, because of mismanagement, Enbridge holds the title for one of the worst inland oil spills in U.S. history… “News should result in alarms to immediately shut down Pipeline 5 in Michigan’s Straits of Mackinac. But we continue allowing this Canadian energy company and other polluters to regulate themselves and put profit over people and planet. Enbridge has been trespassing and pumping crude oil and natural gas liquids through the the Great Lakes since May 12, 2021… “As business leaders whose existence depends on clean freshwater lakes, we see that threat extend to our local and regional economy. According to the Outdoor Industry Association, Michigan’s recreation economy “annually generates $26.6 billion in consumer spending and $7.5 billion in wages and salaries, and contributes to 232,000 direct jobs.” Those jobs and communities depending upon them would disappear overnight should a spill like in California unfold here. The stakes are too high. It’s not just our livelihoods, but our entire freshwater way of life on the line.”
CBC: We need to end subsidies to the fossil fuel industry now: David Suzuki
David Suzuki, 11/4/21
“The Earth's atmosphere is a global commons that everyone depends on and no one owns; it is a gift from nature and shared by all life on the planet. It provides air to breathe and creates weather, climate and the seasons. But humanity has become so powerful that we are altering its chemistry. And this impacts every region and all species,” David Suzuki writes for the CBC. “...We are far beyond preventing climate change, and reducing emissions has to be the highest priority above other economic and political priorities. For the sake of our children and grandchildren's futures, the public has to show its support so the current government can take strong steps toward reducing greenhouse gas emissions… “Canada pledged Thursday morning to eliminate certain subsidies that help oil and natural gas companies operate internationally by the end of 2022. Trudeau has also announced that Canada will cap oil and gas sector emissions, which in 2019 accounted for 26 per cent of the country's total emissions. But if Canada can't commit to taking all the needed steps right away, starting with a cessation of all subsidies to the fossil fuel industry, then we clearly are not dealing with climate change as the existential crisis that it is.”
Los Angeles Times: Editorial: Regulators let oil refineries avoid cutting smog. They must force them to clean up
BY THE TIMES EDITORIAL BOARD, 11/4/21
“While the world focuses on the U.N. climate summit in Glasgow, Scotland, here in Southern California air quality officials will be meeting to decide how tough to get on the oil industry and its health-damaging pollution,” the Los Angeles Times writes. “The South Coast Air Quality Management District’s governing board is set to vote Friday on new emissions standards for oil refineries, in its biggest proposal to cut smog-forming pollution in years. The board should adopt the rules and reject any further industry efforts to weaken or delay them. Southern California must quickly slash pollution to help reverse a troubling trend of worsening smog that is harming the health of millions, especially in communities of color that are hit hardest. Refinery emissions dirty the air from the harbor area to the Inland Empire and regulators have taken too long to get serious about curbing them. These rules would be the biggest step yet to unwind a regional pollution-trading program that regulators held onto long after it proved ineffectual. They would force the region’s five major oil refineries to upgrade their pollution controls and mark a welcome return to conventional “command and control” regulation, the direct mandates that are behind California’s biggest successes in cleaning its air… “For the sake of the planet and the health of local communities, we need much more stringent and direct regulation of oil industry pollution until we phase out fossil fuels entirely.”