Trump Promises $100B Savings by Climate Inaction: Donald Trump said cutting “wasteful” federal climate change spending would save $100 billion over eight years. According to Bloomberg, the Trump campaign derived the figure by combining the Obama administration’s expenses on climate-related programs, climate finance contributions and Trump’s estimates of future savings if climate policies were reversed. A White House report in 2014 warned that climate inaction could cost the US $150 billion a year if global warming passes the 3°C threshold. (News: Bloomberg BNA. Commentary: Fusion, Ari Phillips column)
Govt. Exploring DAPL Reroute: President Obama said the Army Corps of Engineers is considering alternative routes for the controversial Dakota Access Pipeline. This move was welcomed by the Standing Rock Sioux Tribe, which has been protesting the project for several months. Anti-fossil fuel groups continued to call on the government to reject the pipeline’s construction entirely. Drawing further national attention to pipeline safety concerns, the fire sparked by an explosion on Monday at the Colonial Pipeline in Alabama continues to burn, leading to a major spike in gas prices. (The Hill, ThinkProgress, Mashable, Politico Pro $, Mother Jones, TIME, Reuters, NPR, Huffington Post, Independent, Wall Street Journal $, Fox News, PBS Newshour, CNN, Guardian, EnergyWire $)
Energy Giant Says Oil Peak Imminent: Royal Dutch Shell, the world’s second-biggest energy company by market value, said demand for oil could peak in the next five to 15 years, driven by efficiency and change in fuel use. This is at odds with other oil majors, which claim demand for oil will increase for decades. Fitch Ratings recently warned that growing electric vehicle demand could cause an “investor death spiral” for Big Oil. Tomorrow, top oil companies including Shell will reportedly announce a new investment fund for renewable energy technology development. (Bloomberg, New York Times $, The Times $, OilPrice) |