Blow for climate worriers as banks consider renewable energy to be a riskier investment than fossil fuels

The article here takes the climate alarm view, as usual with this source, and concludes that ‘risk assessments used by lenders are a boon for the oil and gas industry’. Oh dear! Maybe the fact that oil and gas are still in huge demand and tend to generate large profits, while renewables are expensive and require large subsidies, has something to do with it?
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The financial sector is among the world’s most heavily regulated industries – and for good reason, says The Conversation.

Financial rules, which force banks to hold capital in reserve when making riskier investments, are designed to prevent financial crises. Other financial regulations, such as accounting rules, aim to provide investors with a credible valuation of their financial assets.

However, new research I conducted with my colleagues shows that some of these rules may have unintended consequences for the low-carbon transition.

UK wind power constraint payments cost £920 million in 2023 – and rising

Analysts from an energy storage specialist say £920 million annual cost of ‘curtailment’ could be cut 80% by using existing technologies like battery storage more effectively. But that would obviously require a lot of expensive batteries, and gas power stations could easily do the job on a much more extensive scale. Such is the state of the UK electricity grid thanks to net zero climate obsessions and intermittent wind power dotted all over the place, especially in areas remote from population centres – i.e. the opposite of where that power is most needed.
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Grid capacity constraints added nearly £1 billion of ‘curtailment’ costs to electricity bills for homes and businesses in 2023 as abundant energy from wind farms was unable to be transmitted to areas of demand, says Field Energy.

The majority of this cost was down to a single pinch point in the UK’s electricity grid on the Scottish/English border called the B6 boundary.

Analysis by energy storage developer and operator Field estimates this boundary alone could cause up to £2.2 billion of curtailment costs by 2030 as the UK’s curtailment problem escalates. Overall UK curtailment costs could reach £3.5 billion by that date.

Power-hungry AI problem for climate policymakers

How AI Is Outsmarting Green Energy, Zero Carbon Fantasies

– – – Closing thermal power stations, and insisting on renewables instead in the name of climate obsessions, leads to reductions in reliable electricity supply. But the rise of data centres and AI increases the need for that reliable supply. Somebody has to lose out.

Is Net Zero a poisoned chalice for governments?

The American title of the article here is ‘Europeans Ditch Net Zero, While Biden Clings To It’. Maybe an exaggeration as nobody has tried to ditch it entirely, even if some policy targets have been watered down, re-scheduled or even dropped (possibly). But the unreality of it all is at least beginning to make itself felt, as governments try desperately to pretend it’s all a great idea that just needs a few tweaks here and there, while ever more of their citizens feel the pain of it all.
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You know you’ve stumbled through the looking glass when European politicians start sounding saner on climate policy than Americans do, says the Wall Street Journal (via Climate Change Dispatch.

Well here we are, Alice: Europeans are admitting the folly of net zero quicker than their American peers.

The latest example—perhaps “victim” is more apt—is Humza Yousaf, who resigned this week as Scotland’s first minister.

That region within the U.K. enjoys substantial devolved powers over its own affairs, including on climate policy.

New coal plants in China ‘soar’, dismaying climate worriers

Obsessing about Chinese coal power, and its imagined effect on air temperatures, doesn’t stop the same people doing the obsessing from buying Chinese products made using that power, such as wind turbines, batteries and solar panels.
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China ramped up coal power capacity last year, according to new analysis, despite a pledge to “strictly control” the dirtiest fossil fuel, says Sky News.

The country added 47.4 Gigawatts (GW) of new coal power in 2023, more than double the amount added by the rest of the world combined.

It raises concerns that gains in clean power, including by China, are being undermined by the persistent use of coal, the worst energy form for climate change and air pollution. [Talkshop comment – CO2 makes zero difference to air pollution].

Is it time to abandon the idea of phasing out oil and gas? – asks Saudi oil boss

Can oil bosses be blamed for pointing out real world facts and calling for a ‘transition strategy reset’? At present, wind and solar energy contribute just three percent of the global energy supply, and developing countries can’t afford, and/or don’t want, to have to rely on renewables for power as demanded by climate obsessives with big ‘carbon footprints’.
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Despite feigning interest, Big Oil still appears to oppose the global green transition and could well stand in its way, says OilPrice.com.

As Saudi’s state oil company leader condemns the green transition and calls for long-term oil production, other major industry players are voicing their scepticism around renewable energy and clean tech.

Despite large investments into green energy and carbon-cutting projects from several oil and gas majors, Big Oil still appears to be heavily favouring fossil fuel production.

Scientists unlock the secrets of sand for revolutionary energy storage

Sand batteries ahead? It’s no secret that sand holds heat quite well.
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Have you ever raced across a hot beach and noticed how warm the sand gets?

That simple experience hints at a powerful idea that could change how we store energy, says Knowridge.

Researchers are now looking at heated sand as a promising solution to store energy for the future.

Unlike the batteries we usually think of for storing energy, this method offers a new and potentially game-changing approach.

In the new world of EVs and AI, renewable green energy means more gas or coal capacity, not less

Technology demands are outrunning misguided climate/energy policies. ‘Officials admit – more hogs means a bigger trough’ (Telegraph) but laws of physics can’t be overridden by government demands, however much they insist on barking up the wrong tree with puny renewables and rejecting available fuel sources.
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It is no secret that the expanding suite of AI technologies are becoming powerful drivers of additional demand for electricity, says The Telegraph.

They are, simply put, enormous energy hogs.

This technological revolution seems destined to soon overwhelm and dominate almost every aspect of modern society, but there’s a catch: It is taking place simultaneously with coordinated efforts by national and international governments to prematurely do away with some of the cheapest and most abundant forms of 24/7 power generation.

The energy hogs, in other words, are lined up at the electricity trough, but that trough is being forced to run dry by ill-considered public policies.

Labour’s net zero target faces £116bn ‘investment challenge’

Challenge is putting it mildly. Cloud cuckoo land beckons once again in the form of impossible but supposedly climate-related targets. Some timescales are hard to shorten just by uttering demands.
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A report by Policy Exchange, supported by analysis from Aurora Energy Research, outlines challenges facing Labour’s aim to achieve a decarbonised power grid by 2030, says Energy Live News.

The report highlights a £116 billion additional investment requirement.

This finding, based on modelling, emphasises obstacles such as planning reforms, supply chain limitations and workforce shortages.

The analysis underscores difficulties in accelerating renewable energy deployment and scaling up infrastructure.

How China captured the sun – and cast a shadow over Europe

UK plans mean ‘we will be covering an area of countryside the size of Middlesex with Chinese solar panels’ by 2035, while China’s market share in the EU has reached 97%. Can energy/climate policymakers explain what is supposed to happen to all these millions of panels at replacement time?
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Europe’s ambitious plans to expand green energy generation with “Made in EU” solar panels face a distinctly cloudy future as the continent faces a massive glut of the devices, says The Telegraph (via Yahoo News).

Millions of solar panels are piling up in warehouses across the Continent because of a manufacturing battle in China, where cut-throat competition has driven the world’s biggest panel-makers to expand production far faster than they can be installed.

The supply glut has caused solar panel prices to halve.

UN warns against thirsty tech to solve water crisis – ‘carbon’ capture, AI and lithium in the frame

Drought conditions in Northern China

Is lithium more of a problem than a solution? Climate worriers wouldn’t like that as it goes against their visions of a battery-filled future.
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The world needs to better manage its freshwater resources, says AFP (via Phys.org), but thirsty new technologies touted as solutions could lead to “serious problems” if left unchecked, a UN report warned Friday.

Roughly half of the planet’s population is facing grave water shortages, with climate change-linked droughts affecting more than 1.4 billion people between 2002 and 2021, the report for the UN cultural agency UNESCO said.

As of 2022, more than 2 billion people were without access to safely managed drinking water, while 3.5 billion people lacked access to decent toilets, it added.
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The report, titled “Water for prosperity and peace”, called for more water education, data collection and investment to address the crisis.
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It also highlighted the limits of new computer-led solutions.

UK carbon capture strategy ‘outdated and unrealistic’ as costs doubled

The policy was unrealistic even before it became outdated. The costs have already put most climate-obsessed countries off, and the UK can’t avoid that barrier either.
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The UK Government’s energy policy centred around carbon capture, usage and storage (CCUS) is outdated and unrealistic, a new report has warned.

Think tank Carbon Tracker has today said that cost estimates for deploying CCUS have more than doubled from the £20bn in taxpayer funding initially scoped in December last year, reports City AM.

This strategy was based on the recommendations of the Climate Change Committee, published in the sixth carbon budget in December 2020.

France’s Economy Minister slams EU’s ‘no longer wanted’ renewable targets

So-called climate targets are once more proving to be a recipe for trouble wherever they appear. With a large nuclear fleet for its electricity generation, France is calling EU demands “the Europe we no longer want” and ignoring its directives, incurring the wagging finger of warning from Brussels.
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The EU’s renewable energy targets adopted in March last year are too restrictive and unsatisfactory as climate goals, French Economy Minister Bruno Le Maire, who took over the Energy portfolio in a recent government reshuffle, said on Monday (4 March).

Despite repeated requests from the European Commission, France remains opposed to the calculation method used by Brussels to set targets for the use of renewable energy, says Euractiv.

“The targets can no longer be to have so many windmills here, so many photovoltaic panels here,” Le Maire said on Monday, criticising “the Europe we no longer want”.

Britain to harness power of Sahara solar farms using world’s biggest cable-laying ship

‘The project has already been declared one of “national significance” by Claire Coutinho, the Energy Secretary, who has also set a team of civil servants to work on it’, says the story. A claim of ‘near-constant’ electricity supply from one of the project team sounds a tad optimistic. Sandstorms are not unheard of in the Sahara region, for example. [Click on image to enlarge]
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A project to power Britain using solar farms thousands of miles away in the Sahara is moving a step closer to fruition as its backers prepare to commission the world’s biggest cable-laying ship, says The Telegraph.

The 700ft vessel will lay four parallel cables linking solar and wind farms spread across the desert in Morocco with a substation in Alverdiscott, a tiny village near the coast of north Devon.

Once completed, the scheme is expected to deliver about 3.6 gigawatts of electricity to the UK’s national grid – equating to about 8pc of total power demand.

‘Our old way of life will be gone forever’: The tenant farmers targeted by solar developers

Just 0.1% of farmland is currently taken by solar panels – similar to the area claimed by Christmas trees (says Sky). But if solar developers get their way, backed by climate-obsessed politicians, tenant farmers could be facing a fate like the notorious Highland clearances when crofters were forcibly evicted from their smallholdings to make way for sheep farming. Goodbye to the bother of rent collection, hello bigger profits.
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It’s a frosty morning on Kidsley Farm in Derbyshire, a rare thing in this unusually warm winter, says Sky News.

Andrew Dakin’s beef herd is housed in the old brick barns, their breath steaming in the chill air. Alongside scuttling chickens and tractors of varying vintages, this is the very image of a traditional farmyard.

But for how long? Andrew is a tenant farmer and his landlord, who owns the land, wants to turn his pasture into a solar farm.

Labour to ditch £28bn green prosperity plan – Sky News

Maybe the vast scale of anti-net zero protests around Europe has given them cold feet, plus the general lack of enthusiasm for such extravagant so-called climate policies among UK voters battling the fast-rising cost of living.
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Labour is ditching its policy of spending £28bn a year on its green investment plan, Sky News understands.

The policy will not be dropped altogether, but the party is ditching the financial target to spend £28bn a year on environmental schemes.

Labour will put this down to uncertain public finances and is also likely to say that this is the outcome of finalising ideas for their manifesto for the next general election, expected later this year.

Face It: The Energy Transition Ain’t Happening — Manhattan Contrarian

Wind power and EV sales stalling or in retreat, while coal, oil and gas advance. Things are not going according to the climate alarm script, despite assorted government interventions.
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If you are at all interested in matters of climate and energy, you have probably read hundreds of articles over the past few years about the inevitability of the coming energy transition, says the Manhattan Contrarian.

A piece of the claimed inevitability is that all good and decent people support this transition as a matter of moral urgency; but it’s not just that.

Nor is it just that government backs the transition with all its coercive powers, from subsidies to mandates to regulations. No, most importantly, the transition is said to have become inevitable due to unstoppable economic forces.

Ofgem to investigate claims of UK wind farms overcharging billpayers £millions

Scottish offshore wind project [image credit : urbanrealm.com]

We knew wind farms were also subsidy farms but this could be even worse. Why ‘regulators’ need to get informed by the media before noticing anything wrong, or potentially wrong, is another question.
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Energy regulator Ofgem is investigating the claim that wind farms may have incorrectly added close to £51m to taxpayer bills since 2018, says CityAM.

A Bloomberg report found that 40 out of 121 studied projects overstated their output by ten per cent on average and one-sixth (27) of wind farms were found to be overstating by at least 20 per cent.

Ofgem said it was investigating the alleged behaviour and has asked the Energy System Operator (ESO) to look into the matter.

Dose of engineering reality needed to counter climate obsessions

Using ‘Green Energy’ To Wreck Our Way Of Life

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Talkshop comment:
Playing the expensive renewable energy game isn’t an option for the majority of ‘non-wealthy’ countries anyway, regardless of promoters of climate alarm. China for example forges ahead with dozens of new coal mines every year to help keep its growing economy functioning, while countries like Britain attempt to survive without any. Somebody has it wrong and it’s not going to be China.

Trillions being wasted on climate emergency – reader’s letter to local paper

Commonsense from a citizen objecting to the vast sums being frittered away on futile and unachievable dogma-driven objectives in the name of somehow ‘correcting’ the global climate.
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With reference to your article Sit For Climate Protests At Station, I would like to point out an alternative view.

So begins a reader’s letter in the Newark Advertiser.
. . .
The reader concludes:
By focusing on C02 we are spending trillions on inefficient renewables and EV vehicles rather than using the money for real environmental issues and adapting to changing climatic conditions.

Source: Reader’s letter [pdf].