The Bullroarer - Monday 20th June 2009

Business Spectator - New energy can't wait

Many times in our history when we have faced a crisis a solution has suddenly appeared. When TRUenergy announced last weekend that it was ceasing long-term maintenance of its Latrobe Valley power station, Australia suddenly faced a potential long-term crisis affecting 25 per cent of its eastern states power generation.

But just prior to the TRUenergy announcement, Santos CEO David Knox on KGBTV explained that there was a solution.

The two broad technologies that are clearly available to reduce carbon emissions are renewables and gas. And the coal gas that has been found in Queensland has a much lower carbon dioxide emission rate that natural gas in the Cooper Basin or the North West Shelf. ...

If Australia combines major solar stations like the one planned near Mildura, with wind power and gas power we can really slash our emissions and contain the cost increases. But we have to start now because of the looming Latrobe valley crisis.

The Australian - Newcastle on the map as a port for LNG exports

NEWCASTLE Port could support a liquefied natural gas export plant to process the huge coal-seam gas resources Santos and partner Eastern Star Gas say they are sitting on in NSW's Gunnedah Basin, according to an early study.

Eastern Star managing director David Casey told The Australian a report his company commissioned into the possibility of an LNG plant at Newcastle, north of Sydney, had come back positive. "The report says it can be done and that it (an LNG plant) should be looked at further," Mr Casey said.

Business Spectator - Monumental progress

The world’s major governments may find themselves trapped by the politics of the day as they seek to forge an international agreement on climate change (A monumental failing, July 14), but at least some of the world’s leading companies are getting on with that vision thing in developing new energy sources.

Two major projects have been announced in recent days which could be ground-breaking for the energy and fuel industries, and seem to be more than just feel-good marketing exercises in a world hungry for good news on the green front.

The most striking, of course, is the Desertec project, a $700 billion proposal to build a massive network of solar energy plants across Northern Africa and the Middle East, transmitting energy back to Europe.

Green Left Weekly - Nationalise coal— to fund a just transition away from it

This is the second part of an interview about breaking Australia’s addiction to coal between Green Left Weekly’s Zane Alcorn and retired Hunter Valley coal miner and climate activist Graham Brown. They discuss how a “just transition” away from coal could be made – a transition that benefits the workers and communities now dependent on coalmining and coal-fired energy plants.

Beyond The Beyond - Renew Newcastle

*Australian favela chic. Step one, creepy, long-abandoned buildings; step two, free wifi:

“Renew Newcastle has partnered with local ISP Ipera to introduce a free wireless internet service in and around the Hunter Street Mall. This enables our temporary projects to access internet without having to establish broadband or telephone contracts and it enables visitors to the city the convenience of free internet access.”

http://www.renewnewcastle.org/faqs

Senator Christine Milne - A Different World - Speech to the National Press Club

Our wealth has not brought us happiness and governments are now analysing scientifically demonstrated ways to improve well-being in everyday life and the policy interventions that would enable them. They are exactly the interventions that need to be made to address climate change and peak oil. Last year, the New Economics Foundation conducted a study for the UK Government, identifying "five ways to well-being": connect, be active, take notice, keep learning and give.

By re-designing our cities around people instead of cars, with green spaces, cycleways and pedestrian paths, with rapid transit linking urban villages, we will reinvigorate communities, reconnect to each other and be more active in our daily lives.

Business Spectator - A Monumental Failing

The 10-year old international project to stop global warming has descended into a complete shambles; we can now only hope that it’s not true, and that the skeptics are right.

But no matter who is right, we can be sure of one thing – there is little hope that an agreement to replace the failed 1997 Kyoto Protocols can be forged in Copenhagen in December. That’s despite the fact that the two Kyoto holdouts – America and Australia – are now on board, at least in principle.

Essentially the world’s politicians have given up on doing something during their lifetimes. They gave up on doing something while they are in power long ago.

All meaningful action has been put off for between 10 and 20 years, by which time the 2009 class of politicians will be safely tucked up in their pensions, living on high ground. Furthermore, the final goal has been pushed out to 2050, by which time they will all be dead.

Peak Energy - Michael Klare, Peak Oil and the Remaking of Iraq

Peak Energy - Study Suggests Wind Power Potential Is Much Higher Than Current Estimates

Peak Energy - Biogas from Onions

Peak Energy - For Cheap Clean Energy, Go Geothermal, Study Says

Peak Energy - Google Data Centres: Following The Moon On The Way To Energy Efficiency

Peak Energy - Why the Microgrid Could Be the Answer to Our Energy Crisis

Peak Energy - Exxon to Invest Millions to Make Fuel From Algae

Peak Energy - Suntech to Develop Multi-GW Solar Projects in China

Peak Energy - Severn tidal power schemes: Prepare for a dust-up

Peak Energy - European Gas Dependence - Better Russia Or Iraq ?

Without control, carbon market will bubble
LEON GETTLER
July 23, 2009
The Age

CARBON is set to be the next bubble, one that could make the US housing market crash look like a picnic.

One reason the US market collapsed was that no one was minding the store when companies were trading exotic and little understood derivatives, such as the credit default swaps that almost destroyed American International Group. Carbon credits are designed to reduce greenhouse gas emissions by selling carbon as futures or forward contracts at a certain quantity and price. They are derivatives; bets on the future.

A report from environmental group Friends of The Earth says we don't yet know how to regulate this market. The report, Subprime Carbon (tinyurl), says: "Little attention is being paid to how and whether new financial regulations will be adequate to govern the carbon derivatives markets, which many experts believe will eventually be bigger than the credit derivatives market. Similarly, most federal climate change bills do not provide for adequate carbon market regulations, creating a potentially huge regulatory gap."

For example, we are yet to see measures minimising potential conflicts of interest with carbon trading, conflicts that echo those perpetrated by ratings agencies that left capital markets in smoking ruins.

Impossible with carbon? How about financial engineers creating "junk" carbon contracts with a relatively high risk of not being fulfilled, similar to subprime mortgages? Or consultants offering advice on developing carbon offset projects and then, like the ratings agencies, earning fees to verify emissions from those projects? Or investment banks taking equity stakes in carbon offset specialists and then selling their services as carbon brokers and analysts?

Given the talent that investment banks have for making money out of thin air, it is not too difficult to see them concocting "green" products that they can flog to retail investors.