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BP’s surprising pivot

Dan Farber, LEGAL PLANET

An oil giant decides to face the future instead of fighting it.

With all that’s going on, it’s easy to miss what would in normal times be major news. On Tuesday, BP announced it was beginning to turn away from the oil business. The most significant thing may be this: BP stock rose after the announcement.

BP has already sold its petrochemical business. It also announced that it will not begin oil and gas explorations in any new countries. By 2030, it plans to cut oil production 40% and increase annual low-carbon investments tenfold year by 2030. It also plans on a ten-fold increase in EV charging stations. operations in any new country. Other parts of the plan are vaguer, like a plan to partner with ten to fifteen other cities on their climate plans, as it has already started to do with Houston.

This is a bold move, and it remains to be seen whether any of the other major oil companies will make similar decisions. BP is not optimistic about the future of the oil industry, although it does expect oil and gas production to remain an important part of the energy mix. By BP’s estimate, if the world holds global warming to 2 °C, that would leave oil and gas production down by 50%. Presumably, less stringent climate policy would leave production higher, but it’s hard to see how oil remains a growth industry.

The stock market also lacks optimism about the oil. From 2008-2018, the S&P 500 increased more than 223%, while Exxon Mobil slumped 4.56%. The oil business faces several problems. Prices were highly volatile even before the coronavirus hit. Oil production is highly exposed to disruption by Middle East politics and other international crises. Unexpected market falls, like the one we are seeing today, can imperil companies that are financially overstretched and turn expensive projects into white elephants.

The future of the industry is clouded due to the rapid growth of renewable energy and energy storage. Part of the threat is from climate policy, but part of is simply from innovations that make renewable energy increasingly price-competitive. Moreover, in countries like China, public pressure to reduce air pollution also drives a move toward electric vehicles. The intense interest of the auto industry in electric vehicles is not a good sign for the oil industry.

Given these facts, BP’s move may be bold but it has a solid business rationale. That’s why the market responded favorably to BP’s decision. This provides some reason for confidence that it will carry through on its plans. It should also make some of the other major oil companies start to rethink their own strategies.

There can also be a kind of political feedback cycle that can hurt an industry. As an industry becomes less competitive, it has fewer employees and less wealth to use for political leverage. Meanwhile, competing industries increase their political clout. That can result in an adverse shift in the regulatory climate, which the industry might have been able to fight off in its heyday. That in turn weakens the industry economically, and the cycle repeats. The coal industry was strong enough to kill climate legislation in 2010, but it probably wouldn’t be today. Oil may find itself in a similar position down the road.

Source: https://legal-planet.org/2020/08/06/bps-surprising-pivot/

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Historic moment for climate! Menlo Park is going for zero carbon by 2030!

Diane Bailey, INMENLO

On Tuesday, July 14, Menlo Park became the first city in the U.S. to commit to becoming zero carbon by 2030! The newly adopted climate action plan (CAP) includes groundbreaking measures phasing out fossil fuel use throughout the city – and prioritizing racial justice.

Background: Last year, the City declared a climate emergency and committed to addressing climate change by adopting a new CAP that aspires to carbon neutrality. In a recent Black Lives Matter resolution (No. 6563), the City also prioritized climate action and empowered the City’s environmental leadership, recognizing that the most vulnerable residents are the most affected by this global issue.

Menlo Park has adopted one of the strongest climate targets of any city, the closest being Palo Alto’s 80% GHG reduction target by 2030. We know of no other city in the U.S. going for zero carbon by 2030. Menlo Park plans to accomplish this through 90% greenhouse gas reductions and 10% carbon removal.

Although we are in the midst of a global pandemic and resulting economic turmoil, the impacts of climate change have not slowed. The climate crisis continues, and Menlo Park is uniquely vulnerable with residents in Belle Haven disproportionately impacted by significant flooding from sea level rise expected to worsen in the next few decades. There is scientific consensus that if we want to avoid the very worst and irreversible impacts of climate change, we must dramatically reduce Greenhouse Gas (GHG) emissions by 2030 through rapid, far-reaching, and un-precedented measures.

The City of Menlo Park has truly stepped up as a climate leader. The Climate Action Plan adopted yesterday includes four core strategies to dramatically reduce carbon pollution:
– Phase out Fossil Gas use in homes & buildings (through clean, zero emission heaters, water heaters and appliances as they are replaced), with a target of a 95% transition by 2030;
– Support and advance a transition to electric vehicles (EVs) with reduced gasoline sales, expanded EV charging, and City Fleet leadership;
– Reduce traffic through measures making the City easier to navigate without a car, and increasing housing downtown; and
– Eliminate the use of fossil fuels from municipal operations.

Source: https://inmenlo.com/2020/07/15/historic-moment-for-climate-menlo-park-is-going-for-zero-carbon-by-2030/

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Environmentalists protest new gas stations in Sonoma County

Tyler Silvy, THE PRESS DEMOCRAT

A group of Sonoma County residents on Thursday continued their campaign against new gas stations, gathering at Highway 12 and Llano Road to protest a proposed development at the busy intersection. The group has pointed to a variety of problems with the proposal to build a gas station, RV storage park and car wash, including zoning issues. But the Coalition Opposing New Gas Stations, led by Woody Hastings, a longtime Sonoma County environmentalist, centers its objections on opposition to any new fossil fuel infrastructure.

“Building new fossil fuel infrastructure during a climate crisis is inappropriate and contrary to the county’s policies on climate change, including the climate emergency resolution approved in September 2019,” Hastings said in a news release this week.

The CONGAS group previously protested the expansion of an existing 7-Eleven at Highway 12 and Middle Rincon Road.

Source: https://www.pressdemocrat.com/news/11039816-181/environmentalists-protest-new-gas-stations?sba=AAS

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California issues first new fracking permits since July

CBS SACRAMENTO

California issued 24 hydraulic fracturing permits on Friday, authorizing the first new oil wells in the state since July of last year and angering environmental groups who have been pressuring the state to ban the procedure known as fracking.

California halted all fracking permits last year after Gov. Gavin Newsom fired the state’s top oil and gas regulator after a report showed new wells increased 35% since Newsom took office.

In November, the California Geologic Energy Management Division asked for an independent, scientific review of its permitting process to make sure the state was meeting standards for public health, safety and environmental protection.

The Lawrence Livermore National Laboratory completed that review, and Friday the state issued 24 permits to Aera Energy for wells in the North Belridge and South Belridge oil fields in Kern County near Bakersfield.

California still has 282 fracking permits awaiting review. State Oil and Gas Supervisor Uduak-Joe Ntuk said the state now has a “more technically robust process” to review those applications, “including requiring additional technical disclosures to improve transparency.”

Read more at https://sacramento.cbslocal.com/2020/04/03/california-issues-first-new-fracking-permits-since-july/

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Globe afloat in excess oil

Stanley Reed, THE NEW YORK TIMES

A chaotic mismatch between the supply and demand for oil is saturating the world’s ability to store it all.

The world is awash in crude oil, and is slowly running out of places to put it.

Massive, round storage tanks in places like Trieste, Italy, and the United Arab Emirates are filling up. Over 80 huge tankers, each holding up to 80 million gallons, are anchored off Texas, Scotland and elsewhere, with no particular place to go.

The world doesn’t need all this oil. The coronavirus pandemic has strangled the world’s economies, silenced factories and grounded airlines, cutting the need for fuel. But Saudi Arabia, the world’s largest producer, is locked in a price war with rival Russia and is determined to keep raising production.

Prices have plummeted.

“For the first time in history we are seeing the likelihood that the market will test storage capacity limits within the near future,” said Antoine Halff, a founding partner of Kayrros, a market research firm. As storage space becomes harder to find, the prices, which have already fallen more than half this year, could drop even further. And companies could be forced to shut off their wells.

This chaotic mismatch in supply and demand has benefited consumers, who have watched gasoline prices slide lower.

And it has been a field day for anyone eager to snap up cheap oil, put it someplace and wait for a day when it’ll be worth more.

Read more at https://www.nytimes.com/2020/03/26/business/energy-environment/oil-storage.html?searchResultPosition=1

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Dakota access pipeline: court strikes down permits in victory for Standing Rock Sioux

Nina Lakhani, THE GUARDIAN

Army corps of engineers ordered to conduct full environmental review, which could take years.

The future of the controversial Dakota Access pipeline has been thrown into question after a federal court on Wednesday struck down its permits and ordered a comprehensive environmental review.

The US Army Corps of Engineers was ordered to conduct a full environmental impact statement (EIS), after the Washington DC court ruled hat existing permits violated the National Environmental Policy Act (NEPA).

The ruling is a huge victory for the Standing Rock Sioux tribe of North Dakota, which rallied support from across the world and sued the US government in a campaign to stop the environmentally risky pipeline being built on tribal lands.

“After years of commitment to defending our water and earth, we welcome this news of a significant legal win,” said the tribal chairman, Mike Faith. “It’s humbling to see how actions we took to defend our ancestral homeland continue to inspire national conversations about how our choices ultimately affect this planet.”

In December 2016, the Obama administration denied permits for the pipeline to cross the Missouri river and ordered a full EIS to analyze alternative routes and the impact on the tribe’s treaty rights.

In his first week in office, Donald Trump signed an executive order to expedite construction. Construction of the 1,200-mile pipeline was completed in June 2017.

The tribe challenged the permits – and won. As a result, the corps was ordered to redo its environmental analysis, which it did without taking into consideration tribal concerns or expert analysis.

Read more at https://www.theguardian.com/us-news/2020/mar/25/dakota-access-pipeline-permits-court-standing-rock

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Activists protest plans for gas pumps at new Rincon Valley 7-Eleven

Will Schmitt, THE PRESS DEMOCRAT

The Santa Rosa Planning Commission will need to approve the company’s plans before any work on the project can occur and has not put 7-Eleven’s proposal on an agenda, said city planner Adam Ross.

7-Eleven’s plan to demolish one of its east Santa Rosa stores and several surrounding buildings to build a sleek new convenience store and add gas pumps has sparked opposition from activists who oppose new fossil fuel outlets in Sonoma County.

Texas-based 7-Eleven aims to replace the existing shop at Highway 12 and Middle Rincon Road with a new 24-hour convenience store and at least six gas pumps, according to an application filed with Santa Rosa planning officials.

Designs call for demolishing the store, a martial arts studio and at least one adjacent home, forcing longtime tenants to find another place to live.

To local climate activist Woody Hastings it doesn’t make sense to displace a family to make way for fuel pumps, noting that the Santa Rosa City Council weeks ago formally declared a climate crisis.

“If we’re going to extricate ourselves from the fossil world, we’ve got to start now,” said Hastings, who was leading about two dozen protesters outside the 7-Eleven on Monday. They held signs and chanted their opposition to the proposal.

7-Eleven in 2017 bought a chunk of land surrounding its store including an adjacent house occupied by a family. Company officials did not respond to multiple requests for comment about the redevelopment plans. 7-Eleven has more than 70,000 stores worldwide and 11 in the Santa Rosa area.

The company plans to hold another neighborhood meeting to “address concerns,” said Kim Barnett, director of national programs for Tait & Associates, a Rancho Cordova-based firm working with 7-Eleven on the development of the new store and gas station, in an email. She did not provide a date for the meeting.

Barnett described the Rincon Valley project as “a state of the art 7-Eleven” with “fresh foods,” featuring charging stations for electric vehicles and solar power. Though plans call for a car wash, Barnett said “there will be not be a car wash.”

Read more at https://www.pressdemocrat.com/news/10693433-181/plans-for-new-east-santa

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Experts fear Trump’s weakening of environmental policy could expose North Coast to drilling

Mary Callahan, THE PRESS DEMOCRAT

A move by the Trump administration to roll back landmark environmental policy intended to ensure vigorous scrutiny of federal infrastructure projects has struck alarm in the hearts of California conservationists, particularly those striving to safeguard North Coast waters from offshore energy exploration and production.

Proposed changes to the 50-year-old National Environmental Policy Act would have sweeping effects nationwide, wherever there is federally built, funded or permitted construction or activity. Examples include mining on federal lands, construction of federally funded highways, or work on interstate gas pipelines or federal dams. But on the North Coast, where residents enjoy some of the most scenic and productive ocean waters on Earth, a coastline already subject to renewed drilling pressures and proposed wind generation facilities may be at greater risk if the NEPA revisions go through, experts say.

“Obviously, it’s going to have dramatic impacts on the whole offshore drilling equation,” said Richard Charter, senior fellow with the Ocean Foundation and a Sonoma Coast resident.

That’s especially true given increased instability in the Middle East due to tension between the United States and Iran, which could move the White House to try to fast-track plans to reopen the North Coast to oil drilling, he said.

“It’s quite frightening,” said Cea Higgins, executive director of Coastwalk California, headquartered in Sonoma County.

Read more at https://www.pressdemocrat.com/news/10571585-181/experts-fear-trumps-weakening-of

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Induction cooktops becoming popular as eco-friendly option

Meg McConahey, THE PRESS DEMOCRAT

For technology that has been available since the 1950s, induction cooking sure looks futuristic.

Place a pot on a smooth, glass surface, touch a pad to turn on and watch liquid boil in under a minute. Like an electric glass-top stove, there is no obvious burner. With induction, if you touch the surface, it will feel warm but it won’t burn your fingers. Place paper on it and it won’t catch on fire, or even get hot. Walk away and it will turn itself off.

It all looks like a magic trick. But this form of electrical heat conduction is for real, and finally, after more than 60 years, it’s gaining traction among consumers and builders interested in clean energy and energy-efficient appliances.

“It’s fantastic,” said convert Clio Tarazi of Santa Rosa, who was an early adopter nine years ago. Her husband is from Germany and was familiar with induction. Europe has used it for years.

“I was really tired of those gas cooktops. They’re so hard to clean. And they clog and flare up. When my husband suggested looking at induction, at first I was resistant. But then when I saw how responsive it is, oh, my god. Problem solved. It’s so easy to clean and maintain.”

Like a high-performance engine, induction has a rapid response. It will boil water in a fraction of the time regular electricity or gas requires. Similarly, when you turn it down from boil to simmer, you don’t suffer the messy boilovers while you wait for the liquid to cool down.

While still not the cheapest option, the price of induction ranges and cooktops, once beyond the imagination of most homeowners, has dropped dramatically in the last few years. And with the availability of portable induction burners for under $100 at common retailers, more and more, people are able to test and ultimately turn on to the ease and safety of cooking with a method that doesn’t heat the burner but the pot itself.

Instead of an open flame, an induction cooktop uses an electric current passed though a coil of copper under a glass surface. This creates a magnetic field that wirelessly induces an electrical current in the pot only.

Richard Landen, a salesman for Asien’s Appliance in Santa Rosa, said he used to sell perhaps two induction cooktops a year. Now more customers are asking for them, he said, particularly with all the rebuilds in Sonoma County providing an opportunity for creating greener homes.

Old tech made new

The first patent for an induction cooker was introduced in 1909. It wasn’t until 1933, however, that Frigidaire introduced it to the public at the Chicago World’s Fair. But the timing was off. It was the depths of The Depression, a time when not everyone had even shifted from coal and wood to electric stoves.

Westinghouse tried to market induction in the 1970s with the Cool Top 2 (CT2) Induction range, priced at $1,500 (more than $8,000 in today’s dollars). It included a set of high-quality cookware made of Quadraply, a new laminate of stainless steel, carbon steel, aluminum and another layer of stainless steel. But production was halted after two years when the company merged with White.

The technology continued to simmer on the back burner of the market for several decades. But in recent years, rising interest in clean energy over natural gas has brought new attention to an old technology. And with solar power becoming more commonplace, consumers are finding the price savings of gas over electricity is not so significant anymore.

Read more at https://www.pressdemocrat.com/lifestyle/10539572-181/induction-cooktops-becoming-popular-as

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Study finds 26,000 lives were saved by shift from coal to natural gas

Oliver Milman, HIGH COUNTRY NEWS

The human toll from coal-fired pollution in America has been laid bare by a study that has found more than 26,000 lives were saved in the U.S. in just a decade due to the shift from coal to gas for electricity generation.

The shutdown of scores of coal power facilities across the U.S. has reduced the toxic brew of pollutants suffered by nearby communities, cutting deaths from associated health problems such as heart disease and respiratory issues, the research found.

An estimated 26,610 lives were saved in the U.S. by the shift away from coal between 2005 and 2016, according to the University of California study published in Nature Sustainability.

The coal sector has struggled in recent years, with 334 generating units taken offline during the period analyzed in the study. A cheap glut of natural gas has displaced coal, with 612 gas-fired units coming online during this time.

As a result, more than 300m tons of planet-heating carbon dioxide has been saved, while levels of nitrogen dioxide and sulfur dioxide, emitted by coal plants and linked to irritations of the nose and throat, dropped by 60% and 80%, respectively.

“When you turn coal units off you see deaths go down. It’s something we can see in a tangible way,” said Jennifer Burney, a University of California academic who authored the study. “There is a cost to coal beyond the economics. We have to think carefully about where plants are sited, as well as how to reduce their pollutants.”

Read more at https://www.hcn.org/articles/climate-desk-study-finds-26-000-lives-were-saved-by-shift-from-coal-to-natural-gas?utm_source=wcn1&utm_medium=email