Your Morning Energy News
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MORNING ENERGY NEWS | 01/14/2021
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** It is right there in black and white - meeting the Copenhagen climate accord = a crippled economy...
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Reuters ([link removed]) (1/12/21) reports: "U.S. greenhouse gas emissions fell 10.3% in 2020, the largest drop in emissions in the post-World War II era, as the coronavirus crippled the economy, according to a report released Tuesday by the Rhodium Group. The economic fallout from the uncontrolled spread of COVID-19 - especially in big emitting sectors like transportation, power and industry - resulted in a sharper emissions drop than the 2009 recession, when emissions slid 6.3%. The drop means that the United States would outperform its pledge made under the Copenhagen climate accord to reduce greenhouse gas emissions 17% below 2005 levels by 2020. Emissions will actually drop by 21.5% compared with 2005. But the report’s authors warned that the dip should not be seen as a guarantee that the United States can easily meet its more ambitious
pledge under the Paris climate agreement to cut emissions 28% below 2005 levels by 2025."
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** ...meanwhile, Greta gets a nice colorful Swedish stamp.
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Daily News ([link removed]) (1/13/21) reports: "She’s already left her stamp on the world. The stamp shows Thunberg in her trademark yellow raincoat while standing on a cliff. Appearing alongside the teenage trailblazer is a flock of birds. Sweden’s postal service, PostNord, will sell the stamps for about $1.40, the Associated Press reported. They are part of series of environment-focused stamps illustrated by Swedish artist Henning Trollback. Thunberg’s Fridays for Future movement didn’t design the stamp, simply approving the illustration, according to Reuters. Thunberg rose to worldwide prominence in August 2018, when she began skipping school and staging one-person protests in front of Sweden’s parliament demanding the government take action to combat climate change."
** "There’s a long and sad history of efforts by industries and interest groups to reshape the discussion of climate science and undercut the overwhelming evidence that greenhouse gases produced by humans are leading us to global catastrophe."
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– John Schwartz, New York Times ([link removed])
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It is impossible to calculate the damage Andrew Cuomo is causing the State of New York.
** E&E News ([link removed])
(1/14/21) reports: "New York Gov. Andrew Cuomo (D) announced the largest-ever award of offshore wind contracts by a U.S. state yesterday as part of a broader plan to scale up renewable power over the next decade. The announcement came in the third installment of a multiday series of State of the State speeches from Cuomo, who called the energy transition a 'prime economic opportunity and a pressing moral imperative.' The state has a mandate of procuring 70% of its power from renewables by 2030 and 100% from carbon-free sources by 2040...But the renewable push has produced backlash among some officials and residents in New York's rural upstate, which is close to having a zero-carbon grid but will serve as the host for solar and wind generation for the fossil fuel-heavy New York City area. Another new initiative, announced by Cuomo in his speech, involves a request for proposals for transmission lines that would help transport power from upstate areas and Canada into the downstate region. One
state budget watchdog group, known as the Citizens Budget Commission, has also registered skepticism about New York's ability to reach its renewable power goals, calling them 'likely infeasible' in a 2019 report."
But of course, once Biden unilaterally de-energizes America, everyone else will fall in line...
** Bloomberg ([link removed])
(1/11/21) reports: "India expects to invest 4 trillion rupees ($54.5 billion) in clean coal projects over the next decade as it seeks to tap domestic energy sources and curb imports, federal home minister Amit Shah said. The investment will be made in clean coal facilities, including coal gasification and coal-bed methane, Shah said at a signing ceremony to develop few mines. He said coal power will be key to achieving India’s ambition of becoming a $5 trillion economy, a goal he said would be reached despite setbacks due to Covid-19. Emissions from burning coal can be made cleaner but not totally erased. India, the world’s third-biggest emitter of greenhouse gases, expects coal to remain its dominant energy source for decades, even as large parts of the world shun the dirtiest fossil fuel, which is blamed for contributing to global warming and air pollution. The South Asian nation has defended its use of the fuel while also embracing large-scale renewable energy projects to transition to
clean energy."
They just can't help themselves.
** Daily Mail ([link removed])
(1/8/21) reports: "Bill Gates has been accused of hypocrisy after entering a bid to buy the world's largest private jet operator, just one month before he releases a book preaching about climate change. The Microsoft boss's company Cascade Investment entered the bidding war for Signature Aviation Friday, teaming up with Blackstone Group to make a $4.3 billion play for the British private jet servicing company. Cascade and Blackstone are now going head-to-head with private equity firm Carlyle, which had already made an initial takeover approach. Gates' Cascade already owns a 19 percent stake in Signature making it the firm favorite to win the bid. But news of Gates' pursuit of the private jet firm has raised eyebrows given the company's actions are at direct odds with his very vocal stance on climate change. It comes just one month before Gates releases his hotly-anticipated book, 'How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need', where he sets out
his plans for how the world can reach zero greenhouse gas emissions in time to prevent a climate crisis. It also comes just months after he published a blog post lecturing the public that climate change 'could be worse' than the coronavirus pandemic. "
Energy Markets
WTI Crude Oil: ↓ $52.78
Natural Gas: ↑ $2.75
Gasoline: ↑ $2.36
Diesel: ↑ $3.61
Heating Oil: ↓ $159.71
Brent Crude Oil: ↓ $55.71
** US Rig Count ([link removed])
: ↑ 405
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