Tag: fossil Fuel

Ransom Notes: pay us to keep our old power plants running or else, say fossil fuel majors – Michael West

gas, fracking, gas fired recovery

Prepare to subsidise fossil fuel plants indefinitely. That is the message this morning as, in the wake of Coalition dithering, the new government grooms Australian energy customers for more of the same energy policy. It’s the Richard Wilkins solution. Callum Foote and Michael West report.

Nine years of Coalition dithering on climate and energy have surely taken their toll. Way behind the eight-ball on transition to renewable energy, the new government is now grooming Australians to subsidise multinational fossil fuel corporations to keep their polluting coal and gas power stations running way into the future.

The public grooming comes via Murdoch and Nine media this morning to extend the life of fossil fuel plants and entrench the power of the very same corporations which have just extorted the energy market operator AEMO by threatening to pull supply out of the grid unless richly compensated. 

Source: Ransom Notes: pay us to keep our old power plants running or else, say fossil fuel majors – Michael West

Old Dog Thought- The natural evolution of Capitalism is being played out before our very eyes as the market place is being swallowed up

Two Faced Facebook: how the digital giant lets Exxon, US companies, talk out both sides of their mouths

Fighting Fake News with REAL 20/4/21; Fossil Fuel Use Facebooks’ algorithms to spread their news. Morrison’s false messaging; Sky Sport is under threat.

Legalized Bribery is not only an American concern. It is equally applicable in Australia and we see it in policy decisions of this government.

LAST Thursday, Sheldon Silver, the speaker of the New York Assembly for the past 20 years, was arrested and charged with mail and wire fraud, extortion and receiving bribes. According to Preet Bharara, the federal prosecutor who brought the charges, the once seemingly untouchable Mr. Silver took millions of dollars for legal work he did not do. In exchange, he used his official power to steer business to a law firm that specialized in getting tax breaks for real estate developers, and he directed state funds to a doctor who referred cases to another law firm that paid Mr. Silver fees.

Albany is reeling, but fighting the kind of corruption that plagues not only New York State but the whole nation isn’t just about getting cuffs on the right guy. As with the recent conviction of the former Virginia governor Bob McDonnell for receiving improper gifts and loans, a fixation on plain graft misses the more pernicious poison that has entered our system.

Corruption exists when institutions and officials charged with serving the public serve their own ends. Under current law, campaign contributions are illegal if there is an explicit quid pro quo, and legal if there isn’t. But legal campaign contributions can be as bad as bribes in creating obligations. The corruption that hides in plain sight is the real threat to our democracy.

Think of campaign contributions as the gateway drug to bribes. In our private financing system, candidates are trained to respond to campaign cash and serve donors’ interests. Politicians are expected to spend half their time talking to funders and to keep them happy. Given this context, it’s not hard to see how a bribery charge can feel like a technical argument instead of a moral one.

The former governor of New York David A. Paterson, for example, said that he had trouble understanding where the criminality lay in the allegation that Mr. Silver accepted payments from law firms for referrals, including referrals by a doctor to whom Mr. Silver funneled state health research funds. Mr. Paterson said, “in the legal profession, people refer business all the time. And theoretically, as a speaker, you could do that as well.”

The legal shades into the illegal. The real estate developers represented by the law firm that allegedly shuttled payments to Mr. Silver for fake legal services were also major campaign contributors. One developer mentioned in the charges gave more than $10 million to political campaigns in the past decade, including $200,000 to Mr. Silver and his political action committees.

The structure of private campaign finance has essentially pre-corrupted our politicians, so that they can’t even recognize explicit bribery because it feels the same as what they do every day. When you spend a lifetime serving campaign donors, it may seem easy to serve them when they come with an outright bribe, because it doesn’t seem that different.

Mr. Silver retained such tight control over budgets and lawmaking in Albany that his staffers were regarded as more powerful than most elected representatives. As a Democrat who cares about education, I can’t say that I loved seeing Mr. Silver, a great public school advocate, in handcuffs. For others, there’s glee in seeing the perp walk. But one high-profile indictment does not represent the dawn of a new democracy.

“Unburnable”: To avoid catastrophic climate change, most of the world’s fossil fuels must remain in the ground

"Unburnable": To avoid catastrophic climate change, most of the world's fossil fuels must remain in the ground

The world must abandon most of its coal reserves, half of its gas and a third of its oil if we’re to have any hope of preventing catastrophic climate change, a major new study finds.

The analysis, published in the journal Nature, breaks down just how “unburnable” the world’s remaining fossil fuels are in terms of keeping warming below the agreed-upon limit of 2 degrees Celsius (3.6 degrees Fahrenheit). And the implications, as many are pointing out, are profound. The Middle East would have to walk away from 260 thousand million barrels of oil. The U.S., Russia and China would collectively turn their backs on coal. The fossil fuel industry would have to face huge parts of their reserves becoming absolutely worthless — and investors might reconsider investing in those companies.

According to the study, which examines our reserves down by region, the U.S. would actually be able to burn most of its remaining gas and oil. But forget Keystone XL — if you weren’t convinced already, the study contributes to the argument that the proposed pipeline would definitely have a harmful impact on climate change.

Canada’s Globe and Mail broke down what its findings mean for Alberta’s tar sands, which the pipeline would tap, and the numbers are harsh


Domestic estimates of Alberta’s oil reserves tend to come in around 168 billion barrels, with hundreds of billions more available for extraction if future oil prices make the resource more attractive. The study uses a more conservative estimate of 48 billion barrels as the current reserve and then finds that only 7.5 billion barrels of that, or about 15 per cent, can be produced by 2050. The figures assume that new technologies will make possible a reduction in the carbon intensity of oil sands production. If this does not happen, the authors say, then even less of the oil sand reserve should be extracted.

Oil sands productions levels are currently running at 722 million barrels per year and climbing, which suggests that the amount produced in the next 10 years will easily exceed Alberta’s share of the two-degree limit. Once that happens, only more drastic reductions in fossil fuel extraction elsewhere in the world would keep international climate goals on track.

Advocates of Keystone XL point out that the oil sands are not as large a contributor to climate change as other fuel reserves, particularly coal. The study does not disagree with this assessment but makes clear that a concerted global effort that includes Canada will be needed to achieve the two degree goal. Development of the oil sands at the pace currently projected by producers and the federal government would contradict this aim.

Of course, tar sands oil is only a small portion of the fossil fuel reserves the study calls for us to abandon, including 100 percent of the oil and gas in the Arctic. And the study doesn’t account for fossil fuel sources that have yet to be discovered. “Companies spent over $670 billion last year searching for and developing new fossil fuel resources,” noted Professor Paul Ekins, Director of the UCL Institute for Sustainable Resources and a study co-author, pointed out. “They will need to rethink such substantial budgets if policies are implemented to support the 2 degree C limit, especially as new discoveries cannot lead to increased aggregate production.”

But that’s a big if — and the main question now will be whether the world steps up to that challenge.

 

Lindsay Abrams Lindsay Abrams is a staff writer at Salon, reporting on all things sustainable. Follow her on Twitter @readingirl, email labrams@salon.com.

Santos and Illuka ” not ethical investments is a bizarre decision,” Suggests he is unaware and needs information. Slippery as an eel.

Christopher Pyne

Education Minister Christopher Pyne describes ANU decision to ditch mining company investments as ‘bizarre’

“For one of [our] leading research institutions to come out and publicly attack them, with no opportunity to respond, does seem not just bizarre, but is quite outrageous behaviour and of course the Government is watching this.”

Minister not just one but the best of our universities. It’s so far in advance of where you came from, Adelaide. It has made a 5% portfolio change and your throwing fuel on what was a damp match. Do you deserve your position Minister? Your Party obviously doesn’t operate as a team or you would have shut the wannabe heard,Jamie BriggsMP down, oops!!

Reputational problems only exist when things are fueled and sure enough between you and Briggs that is now burning. But what a coincidence this is going to be put down to Joe. It is Joe’s fault. Shit his autobiography did create a stir didn’t it so much so he seems as popular as Peter Slipper now. Tony really does want Joe Hockey politically dead.

“A university like ANU invests its funds for the betterment of its stakeholders, our staff, our students, our alumni,” Professor Young said

“Just a like a super fund needs to respond to what its investors want, a university like ours needs to respond to those stakeholders.”

“We actually developed a socially responsible investment policy, modelled on the policy of Stamford University, one of the leaders in this area,” he said.

This is one of the universities you modeled  the current changes on. Andrew Bolt seriously hates these subsidized institutions filled and run by the Socialist Left he wants to be on the board as he never made it past first year.

Professor Young said the university had been overwhelmed by the positive response from the community on its new investment policy.

“It’s been very eye opening for me to see the volume of support that the university as received from people right across the country,” he said.

Student group Fossil Free ANU were supportive of the policy, but urged the vice-chancellor to go further by committing to full fossil fuel divestment.