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Triple Crunch Log                                                                                                            

Hill on Wednesday when lawmakers pushed ahead with a plan that would bar the UK oil group from obtaining new offshore oil leases because of its poor safety record. The amendment, added to a broader oil rig safety bill that was expected to pass through the House natural resources committee this morning, underscored the threat to BP’s long-term future in the US. However, the proposal faces several hurdles before it becomes law.”572

Investment in clean energy holds steady in second quarter at $33.9bn globally, according to Bloomberg New Energy Finance. This is just 1.5 per cent from the first quarter of 2010, and 3 per cent down on same period last year: good going, given the Greek and Eurozone crises, the continuing tightness of credit, and the sluggish US economic recovery. Investments in European projects fell, while China continued its build-up. China installed 14 GW of new wind turbine capacity in 2009. Europe came nowhere near. China attracted $40.3bn of asset finance for clean energy in the past year, compared with $29.3bn in Europe. Project financing in Europe has fallen in each of the last four quarters. Three major IPOs also failed to materialise - Solyndra and First Wind in the US, and Enel Green Power in Europe. Tesla Motors managed a $202m IPO in June. 573

Analysts expect $200bn to be invested in clean energy this year: higher than the global revenues from luxury goods, and annual sales of mobile phones.574

Renewable energy contributed 10.3% of energy consumption in the EU27 in 2008, compared with 9.7% in 2007 and 8.8% in 2006. These figures are taken from a report issued by Eurostat, the statistical office of the European Union. Highest share of renewables in Sweden (44.4%), Finland (30.5%), Latvia (29.9%), Austria (28.5%) and Portugal (23.2%). The lowest is in Malta (0.2%), Luxembourg (2.1%), the United Kingdom (2.2%), the Netherlands (3.2%) and Belgium (3.3%). Between 2006 and 2008, nearly all Member States increased their share of renewable energy in total consumption. The largest increases were recorded in Austria (from 24.8% in 2006 to 28.5% in 2008), Estonia (from 16.1% to 19.1%), Romania (from 17.5% to 20.4%), Portugal (from 20.5% to 23.2%) and Slovakia (from 6.2% to 8.4%).575

Rich countries set to pay Indian and Chinese energy giants to build new coal-fired power plants. Gdn: “The UN's Clean Development Mechanism to use European carbon offset credits to subsidise 20 'efficient' coal plants in India and China on the basis that they are “efficient” because they will emit less carbon than older models.” If the applications from 12 Chinese and Indan power companies are approved, the UN’s body for cutting emissions will become one of the biggest funders of coal burning.576

Dallas actor Lerry Hagman stars in an ad advocating solar power for Solarworld US. “I’m still in the energy business,” he says, looking at his solar roof. He reportedly agreed the do the ad out of anger at the Gulf oil spill. “With all that oil gushing away in the Gulf I figured it was time to call for a new direction in where we're getting our energy," he told the New York Times. "Since Sarah Palin is saying 'Drill, baby, drill' I'm saying 'Shine, baby, shine'. It's a lot cheaper and cleaner.”577

15.7.10. Matt Simmons accuses BP of a huge lie about the Macondo spill: that only a nuclear blast can stop it, that the cameras are recording a condensate leak at the end of the riser, that the relief well can never work because the casing has been blown out of the hole, and that the major leak is miles away – unrecorded - at the well head. He does this during an interview on KPFK radio, the NPR station in Los Angeles, with radio host Ian Masters. “The dimensions of this lie are beyond belief,” says Simmons.  “In about a month or two people will realize that this actually was the biggest con job we've ever seen. "What the (NOAA) researchers now believe is that basically is that between 4000 and 4500 below the ocean floor lies an oil lake that's somewhere between 100 and 120 miles wide and it's about 4500 feet deep. It's this toxic waste and crude and it's releasing methane gases that are absolutely lethal which is why all the fish and dolphins and sharks and whales are dying. And workers too, which is why so many have gotten sick, or maybe really sick.” …. “The health problems are so serious," Simmons said. "When you inhale methane you just die.”578

Citigroup analysis of BP safety and alternative-energy record. “Our detailed examination of BP's health and safety performance over the past 10 years indicates that: Overall fatalities and injuries have fallen, employee fatalities are now rare; …Safety performance is a sector-wide, rather than a company-specific, concern. ….Beyond Petroleum - The 10-year campaign to rebrand BP as a cleaner energy company has still not delivered an alternative energy business of value to shareholders. We compare the growth of IBR and SolarWorld over the same period as an indication of what could have been achieved. Looking for sustainable alternatives - There is no clear proxy for BP in attempting to avoid the safety and environmental risks of the oil sector.”579 (L)

New renewable power capacity topped fossil fuels and nuclear again in US and Europe during 2009. Global investments in renewables also exceeded non-renewables for 2nd year. Clean energy investments are showing resilience in recession. So say twin reports launched today by UNEP and the Renewable Energy Policy Network for the 21st Century (REN21). “Renewables accounted for 60 per cent of newly installed capacity in Europe and more than 50 per cent in the USA in 2009. This year or next, experts predict, the world as a whole will add more capacity to the electricity supply from renewable than non-renewable sources. ….Investment in core clean energy (new renewables, biofuels and energy efficiency) decreased by 7% in 2009, to $162 billion. Many sub-sectors declined significantly in money invested, including large (utility) scale solar power and biofuels. However, there was record investment in wind power. If spending on solar water heaters, as well as total installation costs for rooftop solar PV, were included, total investment actually increased in 2009, bucking the economic trend. New private and public sector investments in core clean energy leapt 53 per cent in China in 2009. China added 37 gigawatts (GW) of renewable power capacity, more than any other country. Globally, nearly 80 GW of renewable power capacity was added in 2009, including 31 GW of hydro and 48 GW of non-hydro capacity. This combined renewables figure is now closing in on the 83GW of fossil-fuel, thermal capacity installed in the same year. If the trend continues, then 2010 or 2011 could be the first year that new capacity added in low carbon power exceeds that in fossil-fuel stations. Investment in renewable energy power capacity (excluding large hydro) in 2009 was comparable to that in fossil-fuel generation, at around $100 billion each. If the estimated $39 billion of investment in large hydro is included, then total investment in renewables exceeded that in fossil-fuel generation for the second successive year. China surpassed the US in 2009 as the country with the greatest investment in clean energy. China’s wind farm development was the strongest investment feature of the year by far, although there were other areas of strength worldwide in 2009, notably North Sea offshore wind investment and the financing of power storage and electric vehicle technology companies. Wind power and solar PV additions reached a record high of 38 GW and 7 GW, respectively.

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