Plus: Norwegian sovereign fund divests some oil & gas; shrouded micro-turbines; Chinese advance calcium ion batteries
Hi Everyone,
This past week, youth in 120 countries participated in over 2000 events to call for more action on climate. As well, Telsa unveiled its Model Y cross-over SUV.
I participated in my first Energy Futures Lab event as a newbie ‘Fellow‘ where I learned about the many exciting initiatives underway and upcoming events. For those in Alberta, I encourage you to sign up to their newsletter to find out more and look for opportunities where you too can contribute to this great work.
Feel free to send me stories you think worth profiling, especially if they help us all better occupy the ‘radical middle’.
Thanks,
Peter
Have we hit ‘Peak Car’? Plus a stunning drop in car sales in China
Thanks to Nic, one of my readers for passing along this set of stories from Bloomberg – one on peak cars and another on the rather stunning drop in car sales in China. Among the drivers: rising urbanization of the global population, a values shift in millennials away from car ownership, ride hailing apps and other first/last mile options like e-bikes and scooters.
- This is what peak car looks like – Bloomberg
- Carmakers get no relief in China as auto sales keep plunging – Bloomberg
Source: Bloomberg
Bullard: Ask your central banker if climate change is hurting you | Bloomberg NEF
Comment: So it is clear central banks are looking at how they oversee market participants in terms of climate risks, but for the time being it is about what you’d expect: a bank operating in Florida needs to demonstrate how it manages for things like hurricanes – the more obvious type of climate change impacts. Watch for evolution towards a much more fulsome view of the impact to economies.
CERAWeek headlines: Climate and energy transition topics show shift in tone at premier oil conference
- Top Oil Executives Call for Change as Climate, Technology Concerns | Fidelity
- Shell (RDSA) Aims to Be World’s Top Power Producer and Make Money | Bloomberg
- BP CEO: The world is not on a sustainable path | Houston Chronicle
- Oil sector’s climate pledges fall short of science | Houston Chronicle
- Champions of Big Oil Extend Olive Branch to Green New Dealers | Bloomberg
Norway Deals a Blow to an Oil Industry That’s Quickly Losing Friends | Bloomberg
Comment: This article reinforces a couple themes I’ve been drawing your attention to lately. The first is that it talks about a dearth of capital available to oil and gas companies. Oxford Energy Institute showed that investors are already placing an expectation for a higher rate of return on long cycle projects, simply because of the uncertainty as to how the energy transition will play out. This includes oil and gas and even LNG projects that help Asia transition off coal. The second is similar: that oil and gas is facing a perception crisis. Even as rapidly as renewables might grow, oil and gas will be needed for at least a couple decades – at least half a career for bright young millennials, if not more. There is an incredible amount of work to be done to continue to supply the world with the energy it needs.
New Illinois Bill Targets 100% Renewable — Not Just Clean — Electricity by 2050 | Greentech Media
Comment: Want to know all the details of the proposal and related policy context, this lengthy piece takes you through most of it. If someone knows a good resource for understanding how FERC enables storage in particular, I’d be grateful for you pointing it out to me. As an oil and gas guy, I feel like I’m still in elementary school when it comes to electricity policy.
Nissan Leaf cumulative sales pass 400,000 | The Driven
The field has gotten a lot more crowded since 2010 when Nissan first started making the Leaf.
Excerpt: Nissan Leaf is the first EV to notch up cumulative sales of 400,000. But who will hit 500,000 first?
Halo Energy Begins Manufacturing Shrouded Micro Wind Turbines | Markets Insider
Measuring 12 feet in diameter, it generates twice as much power as a similarly sized conventional open-blade design.
Excerpt: Derived from jet engine technology, Halo Energy’s proprietary design utilizes two closely-coupled, convex shrouds that encircle the turbine blades. The turbine acts as a passive pump, pulling air over the blades.
Chinese researchers bring stable performance to promising next-generation batteries – Xinhua
Comment: This comes from the official Chinese news agency. You’ve heard of lithium ion batteries. Well now a Chinese research team has developed a new calcium ion based battery with high capacity and long cycling life – at room temperature, that is. I put the same caveat on all similar new technologies: manage your expectations until commerciality can be demonstrated at scale.
Dutch to introduce corporate CO2 tax as climate plans fall short | Reuters
Excerpt: The Dutch government announced on Wednesday a carbon tax for companies after a top advisory body said current plans to cut emissions will fall short of targets.
Four more US states aim to set decarbonizing targets
Four US states are making moves toward decarbonizing their economies: Wisconsin, Minnesota, New Mexico and Illinois, aiming to set various targets. They join more than a dozen other states who have made or are considering similar moves. A common question is whether consumers/voters are ready to pay for any incremental costs. It is interesting to note that when utilities are in regulatory contexts that allows them to pass on the costs to consumers, they can be supportive.