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Triple Crunch Log                                                                                                            

outs. We believe fiscal consolidation processes are being driven at least in part by the consequent likely need for further public sector support to the financial system. The economy continues to pay a very heavy price for the failures of the financial system. These matters affect every individual in the UK. At the end of the report we outline a range of reforms that we believe will be necessary to make the banking sector a useful servant of the productive economy and of the new economic, social, and environmental challenges we face. We also call for an open and inclusive public debate and inquiry on the reforms that should, at the very least, be required of the banks in return for current and future support.”901

5.10.10. Obama administration to install solar panels on the White House. Guardian: “Solar panels will be installed on the White House roof a quarter of a century after they were removed by Ronald Reagan, the Obama administration said today. A mix of solar thermal and photovoltaic panels will be fitted in spring 2011 to generate hot water and renewable electricity, said Nancy Sutley, chair of the Council on Environmental Quality, and energy secretary Steven Chu at a conference on how federal government can green up.  … This Sunday, as part of a 10/10/10 day of mass participation climate events around the world, the president of the Maldives will also be fitting solar. Mohamed Nasheed, whose low-lying island state is at risk from rising sea levels caused by a warming world, will install the panels donated by solar company Sungevity on his home.902

UK government energy usage goes online in real time as cuts pledge goes transparent. Guardian: It was one of the proudest moments yet for the 10:10 climate campaign to cut carbon emissions by 10% in 2010. Within days of coming to office, David Cameron committed the entire central government estate to a 10% reduction in emissions within a year. As part of that pledge, Cameron said that all departments would be installing live energy meters, enabling staff and the public alike to easily track their progress. Five months later, these meters are now in place (not bad going for a public-sector technology project) and the government's data website has started publishing a league table of the various departments' progress, allowing everyone to see which are doing best and worst in their quest to save energy.903

Human waste turned into renewable gas to power UK homes for the first time. Next time you flush the toilet, you could be doing your bit for green energy. After being stored for 18 days, human waste will from today be returning to homes in the form of renewable gas. Centrica is opening a plant at Didcot sewage works which will be the first in the UK to produce renewable gas for households to use. National Grid believes that at least 15% of all gas consumed could be made from sewage slurry, old sandwiches and other food thrown away by supermarkets, as well as organic waste created by businesses such as breweries. 904

Enel lines up green energy arm for IPO. FT: “Enel Green Power, potentially the biggest bourse listing in Europe this year, has entered its marketing phase with an indicative price range of €1.9-€2.2 per share, according to financial sources close to the steering committee.” Italy’s state-controlled utility, is expected to list 25 percent to 33 percent of its renewables business in an effort to raise €3bn to cut its debt, the highest of any utility in Europe. Enel is seeking to reduce its debt by a total of €6bn to around €45bn through the initial public offering and further divestments to maintain its credit rating. S&P has an A- rating on the company. EGP, which has some 5,700 megawatts of installed capacity of which 57 per cent is mini-hydro and geothermal, will be dual listed in Milan and Madrid.”905

Some IPOs ought to be “too hot to handle”: Mark Campanale on Coal India’s 18 October listing. “On the 18th of this month, state-owned Coal India – which claims to be the world’s largest producer of coal, with the largest reserves – is intending to list on the Bombay and National stock exchanges. This will be the largest ever initial public offering (IPO) in India, estimated at more than $3 billion, and follows New World Resources (NWR), the largest IPO in London in 2008 and, of course, Xstrata in 2002. It appears the appetite of global investors for carbon-intensive companies is undiminished. In 2010, it simply beggars belief that the 510-page offer document for Coal India makes not even a passing reference to climate change, the UN climate negotiations or carbon regulations. It is more remarkable that the company counts among its advisers Deutsche Bank, Morgan Stanley, Citigroup and Bank of America Merrill Lynch – all of whom trumpet their climate change research and corporate responsibility. The prospectus does identify that “adverse weather and natural disasters” can affect its business; although ironically it doesn’t make the link that the frequency of these events is likely to increase as a result of the combustion of its products. Coal India, NWR, China Shenhua Energy (which listed in Hong Kong in 2005), Xstrata and many like them bring significant coal reserves to the market. Coal India’s IPO is offering a 10% share of its 52.5 billion tonnes of proven geological reserves and 21.7 billion tonnes of extractable reserves. Each tonne burnt for power generation in India can be expected to produce at least the equivalent of 2 tonnes of carbon dioxide (CO2), meaning Coal India’s proven reserves could pump more than 105 billion tonnes of CO2 into the atmosphere. The Indian capital market is effectively financing 180 years worth of UK emissions in one go. As capital shifts to Asia’s emerging economies, Western investors are racing to find the next asset-rich, high-value fossil fuel opportunity.”906

6.10.10. In the US foreclosure controversy, problems run much deeper than flawed paperwork. Washington Post: “Now, as many of these loans have fallen into default and banks have sought to seize homes, judges around the country have increasingly ruled that lenders had no right to foreclose, because they lacked clear title. These fundamental concerns over ownership extend beyond those that surfaced over the past two weeks amid reports of fraudulent loan documents and corporate "robo-signers." The court decisions, should they continue to spread, could call into doubt the ownership of mortgages throughout the country, raising urgent challenges for both the real estate market and the wider financial system.907

China and US clash at climate talks. Guardian: “The world's two biggest carbon emitters clashed at UN climate talks in China today as the United States' top climate envoy accused his counterparts of trying to renegotiate last year's global climate agreement, and threatened to pursue alternatives to the United Nations negotiation track. China retaliated by calling the US's overall negotiating stance "totally unacceptable." …. European officials described the tactics as inexplicable. "We are losing a tremendously important issue," said Jürgen Lefevere, climate strategy adviser to the European commission. "The Cancún target should be to anchor the targets pledged so far, to get them on a paper with a UN heading." …. The need for greater action was highlighted in a new report published today by WWF, which showed that even if every country lived up to its Copenhagen pledges by 2020, global emissions would be at least 20% higher than the 40 gigatonne budget needed to avoid dangerous climate change.”908

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