Tag Archives: saudi-arabia

‘Historic breakthrough’: Norway’s giant oil fund dives into renewables

Subscribe to The Beacon

This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration.

Norway’s $1 trillion oil fund, the world’s largest sovereign wealth fund, is to plunge billions of dollars into wind and solar power projects. The decision follows Saudi Arabia’s oil fund selling off its last oil and gas assets.

Other national funds built up from oil profits are also thought to be ramping up their investments in renewables. The moves show that countries that got rich on fossil fuels are diversifying their investments and seeking future profits in the clean energy needed to combat climate change. Analysts say the investments are likely to power faster growth of green energy.

Norway’s government gave the go-ahead on Friday for its fund to invest in renewable energy projects that are not listed on stock markets. Unlisted projects make up more than two-thirds of the whole renewable infrastructure market, which is worth trillions of dollars.

Previously, it had warned that such investments could be at risk from political interference. But now the sum the fund can invest in green projects has been doubled to $14 billion. “Even a fund built on oil is seeing that the future is green,” said Jan Erik Saugestad, CEO of Storebrand Asset Management.

In March, Norway’s sovereign wealth fund said it would dispose of its investments in 134 companies that explore for oil and gas, worth almost $8 billion. But it is retaining stakes in oil firms such as Shell and BP that have renewable energy divisions.

Norway also announced on Friday that the fund would sell off its stakes in more coal companies, having set a new limit for them of 20 million tons of reserves. This may see its investments in giants Glencore and RWE dumped. The fund divested $6.5 billion of coal-related investments in 2015.

Across the world, almost 1,000 institutional investors, managing more than $6 trillion, have now committed to fossil fuel divestment, driven by concerns about global warming and financial losses if climate action cuts the value of coal, oil, and gas investments.

“Unlisted renewable energy is a growth industry,” said Tom Sanzillo at IEEFA. “Investments by Norway’s fund now allow it to take advantage of this growth and to use its resources to develop the market for decades. This is a strong step for the health of the fund and the planet.”

Sverre Thornes, CEO of Norwegian pension fund KLP, said: “This move will most likely expand the market further and faster. Our overall renewables infrastructure rate of return was around 11 percent last year. Clean energy is what will move us away from the dangerous and devastating pathway we are currently on.”

Per Kristian Sbertoli, at the Norwegian climate think tank Zero, said the decision on unlisted renewable infrastructure was a “historic breakthrough” and welcomed the further divestment from coal: “These actions by the world’s largest sovereign wealth fund are noticed and contribute to reducing the cost for renewables, whilst accelerating the global shift away from coal.”

Charlie Kronick, at Greenpeace U.K., said such moves were “genuinely good news” but that all investors would have to follow suit to beat climate change.

Saudi Arabia’s Public Investment Fund sold its last investment linked to oil and gas last week, with the sale of its $69 billion stake in Saudi Basic Industries Corporation to the nation’s oil company, Aramco.

Other Middle East oil funds are moving to diversify into renewable energy, according to Reuters, but are stopping short of following Norway in shedding oil and gas investments.

Individual sovereign wealth funds make little information public about their investments, but data on total private equity investments involving such funds suggests a strong shift from fossil fuels to renewables.

In 2018, $6.4 billion went into hydrocarbons, compared with $5.8 billion in renewable energy, according to the data firm PitchBook. In 2017, $18.8 billion went into fossil fuel investments, compared with just $0.4 billion into renewables.

Mark Lewis, at BNP Paribas Asset Management, said: “Renewables are the new rust for the oil-and-gas industry, and if the industry does not adapt to this new reality they will corrode its future profits just like rust corrodes oil rigs.”

Original article:  

‘Historic breakthrough’: Norway’s giant oil fund dives into renewables

Posted in Accent, alo, Anchor, FF, G & F, GE, green energy, LG, ONA, Radius, solar, solar power, Uncategorized | Tagged , , , , , , , , , , | Comments Off on ‘Historic breakthrough’: Norway’s giant oil fund dives into renewables

Trump: Overseas Trip Has Saved “Millions of Jobs”

Mother Jones

Donald Trump claims that his world trip this week has saved millions of jobs. Millions!

A White House official said Trump was not talking just about the Saudi deals but “benefits to trade from the entire trip from Saudi Arabia to the G7.” He noted that “any improvement on trade would save many jobs. Stopping even one bad trade deal can save millions. Changing the infrastructure of global trade to tilt it back toward the U.S. would save and create millions.”

Hmmm. Barack Obama made 52 overseas trips during his presidency, and employment climbed 12 million during the same period. That’s about 200,000 jobs per trip. Trump says he’s responsible for millions just in one trip. That’s pretty remarkable, no? But Trump is a remarkable man.

More:

Trump: Overseas Trip Has Saved “Millions of Jobs”

Posted in FF, GE, LAI, LG, ONA, Uncategorized, Venta | Tagged , , , , , , , , | Comments Off on Trump: Overseas Trip Has Saved “Millions of Jobs”

Commerce Secretary Amazed At How Friendly Saudi Arabia Is

Mother Jones

Commerce Secretary Wilbur Ross was in Saudi Arabia with President Trump this weekend, and today he appeared on CNBC to chat about it. This comes via TPM:

Ross: I think the other thing that was fascinating to me … there was not a single hint of a protestor anywhere there during the whole time we were there, not one guy with a bad placard, instead …

Host: But Secretary Ross, that may be but not necessarily because they don’t have those feelings there but because they control people and don’t allow them to to come and express their feelings quite the same as we do here.

Ross: In theory that could be true. But boy there was certainly no sign of it, there was not a single effort at any incursion. There wasn’t anything. The mood was a genuinely good mood. And at the end of the trip, as I was getting back on the plane the security guards from the Saudi side who’d been helping us over the weekend all wanted to pose for a big photo-op. And then they gave me two gigantic bushels of dates, as a present, as a thank you for the trip that we had had. That was a pretty from the heart, very genuine gesture. It really touched me.

Is everyone in the Trump administration a senile old man? The alternatives here are: (a) Ross is an idiot, (b) he’s just spinning but doing an epically bad job of it, or (c) he’s losing his mind. What the hell is it with this administration?

View this article: 

Commerce Secretary Amazed At How Friendly Saudi Arabia Is

Posted in Everyone, FF, GE, LG, ONA, solar, Uncategorized, Venta | Tagged , , , , , , , , | Comments Off on Commerce Secretary Amazed At How Friendly Saudi Arabia Is

Road to Riyadh, Day Two

Mother Jones

<!DOCTYPE html PUBLIC “-//W3C//DTD HTML 4.0 Transitional//EN” “http://www.w3.org/TR/REC-html40/loose.dtd”>

When I first saw this picture, I figured it was just a dumb Photoshop and skipped on by. But no. This is real:

King Salman seems genuinely fascinated by this modern miracle. El-Sisi obviously doesn’t give a shit and is just being polite. Trump looks like he’s trying to commune with Sauron. Naturally this turned into a huge Twitter meme instantly, and I imagine we’re going to be seeing this picture around for years.

And contrary to what I reported earlier, it turns out that Trump didn’t quite manage to recite today’s speech off the teleprompter correctly. He was apparently so nervous about the whole radical Islamic terrorism vs. violent extremism vs. Islamist extremism thing that he blew it:

Trump had been in Saudi Arabia for about 36 hours at that point. Only 150 hours to go!

Excerpt from: 

Road to Riyadh, Day Two

Posted in FF, GE, LG, ONA, Uncategorized, Venta | Tagged , , , , , , , , , , , | Comments Off on Road to Riyadh, Day Two

The world’s biggest petrostate just set its sights on wind and solar expansion.

In a meeting reportedly scheduled for Tuesday, President Donald Trump’s team will debate whether to abandon the historic climate pact.

It might seem surprising that this is even up for debate. During the presidential campaign, Trump repeatedly pledged to “cancel” the agreement, which many consider necessary to keep the planet from overheating. But before making a move, it appears he’ll let his advisers fight it out.

Two members of Trump’s inner circle, Jared Kushner and Secretary of State Rex Tillerson, want the administration to stick with the agreement. Reports say the meeting will pit those two against Steve Bannon, the climate-denying former chief of Breitbart News, and Scott Pruitt, the EPA administrator, who want out. Reports say Kushner and Tillerson argue that remaining in the Paris accord gives the administration diplomatic leverage in other matters.

If the opening skit on Saturday Night Live is any sign, the outlook for Kushner’s faction is good.

Of course, President Trump’s moves to trash the environment since taking office suggest that, whatever happens, the administration has no plans to meet the the carbon-cutting pledge the U.S. made under the Paris Agreement.

UPDATE, 18 Apr 2017: The meeting has been postponed. No word yet on rescheduling, but the White House is expected to announce its decision on whether to stay in the agreement in late May.

Originally posted here: 

The world’s biggest petrostate just set its sights on wind and solar expansion.

Posted in alo, Anchor, FF, G & F, GE, Knopf, LAI, LG, ONA, Ringer, solar, Uncategorized, wind energy | Tagged , , , , , , , , , , , | Comments Off on The world’s biggest petrostate just set its sights on wind and solar expansion.

Our government is now getting its science news from science-denying Breitbart.

For the first time in eight years, OPEC — you know, that cartel of 14 oil-rich countries like Saudi Arabia, Iran, and Venezuela — made a deal to curb production starting in January.

It’s partially a response to the worldwide glut of oil that has battered crude prices over recent years. OPEC’s profits from oil exports have plunged from a record $920 billion in 2012 to $341 billion this year. This puts countries that depend on oil exports (looking at you, Venezuela) between a shale rock and a hard place.

To push prices back up, OPEC members agreed to slash production, leading to an 8 percent spike in crude prices on Wednesday. Investors raced to buy shares of U.S. shale oil companies. Continental Resources  — founded by Harold Hamm, Trump’s energy advisor — jumped 25 percent after the announcement. Whiting Petroleum soared 32 percent, its biggest one-day jump in 13 years.

This celebration is sure to lead to a hangover. For one, OPEC countries have a hard time sticking to their agreements. And experts predict a long century of decline for oil as demand peaks in the next decade. Of course, those estimates assume countries will keep their pledges to combat climate change.

Jump to original:  

Our government is now getting its science news from science-denying Breitbart.

Posted in alo, Anchor, Everyone, FF, GE, LAI, LG, ONA, Oster, PUR, Radius, Ringer, Uncategorized | Tagged , , , , , , , , , , | Comments Off on Our government is now getting its science news from science-denying Breitbart.

The Great Barrier Reef is still dying, still refuses to die.

For the first time in eight years, OPEC — you know, that cartel of 14 oil-rich countries like Saudi Arabia, Iran, and Venezuela — made a deal to curb production starting in January.

It’s partially a response to the worldwide glut of oil that has battered crude prices over recent years. OPEC’s profits from oil exports have plunged from a record $920 billion in 2012 to $341 billion this year. This puts countries that depend on oil exports (looking at you, Venezuela) between a shale rock and a hard place.

To push prices back up, OPEC members agreed to slash production, leading to an 8 percent spike in crude prices on Wednesday. Investors raced to buy shares of U.S. shale oil companies. Continental Resources  — founded by Harold Hamm, Trump’s energy advisor — jumped 25 percent after the announcement. Whiting Petroleum soared 32 percent, its biggest one-day jump in 13 years.

This celebration is sure to lead to a hangover. For one, OPEC countries have a hard time sticking to their agreements. And experts predict a long century of decline for oil as demand peaks in the next decade. Of course, those estimates assume countries will keep their pledges to combat climate change.

View original:

The Great Barrier Reef is still dying, still refuses to die.

Posted in alo, Anchor, Everyone, FF, GE, LAI, LG, ONA, Oster, PUR, Radius, Ringer, Uncategorized | Tagged , , , , , , , , | Comments Off on The Great Barrier Reef is still dying, still refuses to die.

US Arms Sales to Saudi Arabia Will Continue, Despite Allegations of War Crimes

Mother Jones

“The United States is at war in Yemen today,” said Sen. Chris Murphy (D-Conn.) during a Senate debate this morning over a bipartisan resolution seeking to block a $1.15 billion arms deal that would supply Saudi Arabia with Abrams tanks and an assortment other weaponry.

While the resolution was voted down, 71 to 21, it marked the first time that members of Congress have publicly debated the wisdom of the United States’ role in a conflict that’s left thousands of civilians dead and millions on the verge of starvation. “There is a US imprint on every civilian death inside Yemen, which is radicalizing the people of Yemen against the United States,” Murphy said in support of the resolution. “There really is no way this bombing campaign could happen without United States participation…And this Congress has not debated this engagement.”

For the past year and a half, a Saudi-led coalition of Gulf States has been bombing Yemen, supposedly targeting the Houthi rebels who ousted Yemen’s president in March 2015. But more than a third of the airstrikes have hit civilian targets, including hospitals, schools, and places of worship. The United States has been providing the Saudis with bombs, intelligence, and aerial refueling for its jets.

Senators who opposed the resolution focused more on Iran than Saudi Arabia or Yemen. Senate Majority Leader Mitch McConnell (R-Ky.) argued that the recent US-Iranian nuclear deal enhanced Iran’s status as regional power, and that the resolution would “further damage our alliance and our partnership with the Kingdom of Saudi Arabia.” Sen. Lindsay Graham (R-S.C.) played up the relationship between the Yemeni rebels and Iran and glossed over Saudi Arabia’s actions in Yemen (which include allegations of war crimes) as “imperfect.” “If we say no to the Saudis, not only will that be seen as a slight by the Saudis, they’ll buy the arms somewhere else,” he warned.

Some observers don’t find those arguments very compelling. “It’s discouraging that the arguments are more about Iran than Saudi Arabia,” says Cole Bockenfeld, the deputy director for policy at the Project on Middle East Democracy. “A lot of this is tied to reassuring the Gulf countries after the Iran deal.” Scott Paul, Oxfam’s senior humanitarian policy advisor, says it’s not accurate to see Yemen’s Houthi rebels as proxies for Iran. “They’re unique to Yemen and have uniquely Yemeni ambitions and grievances,” he says. “They’re doing so in an incredibly problematic way, but they are not under the command or control of Tehran by any stretch of the imagination.”

Sources: Congressional Research Service, Department of Defense Fiscal Year Series, Stockholm International Peace Research Institute (SIPRI), Defense Security Cooperation Agency

McConnell also said that shutting off the Saudis from American arms would send them looking elsewhere for weaponry. “They don’t have to buy this equipment from us; they can buy it from somebody else,” he said. He added that there’s no evidence that the Saudis have used tanks on the ground in Yemen. However, the Saudis have hinted that they’re prepared to launch a ground attack on the Yemeni capital, Sanaa. Plus, the Saudis can’t easily turn to the Russians, Chinese, or European countries to buy these types of weapons systems. “Almost all of their equipment is US-manufactured,” says Bockenfeld. “For them to transition over to an entirely different kind of weapon from a different country would take several years and billions of dollars—a massive undertaking. Beyond the costs, frankly the US equipment is sought after not just to please and maintain the alliance, but also because it’s the best.”

Graham insisted that such arms transfers—Washington and Riyadh have inked weapons deals worth more than $100 billion since the beginning of the Obama administration—help Saudi Arabia attack Al Qaeda and ISIS. Yet, as Murphy observed, “None of the Saudi bombs are dropping on AQAP Al Qaeda in the Arabian Peninsula; they are all dropping on Houthi targets and civilian targets.”

Despite the resolution’s failure, lawmakers and observers maintain that the vote sent a strong message: that the longstanding US-Saudi relationship is under more scrutiny than ever before. But for now, the flow of arms will not be interrupted.

Continue reading: 

US Arms Sales to Saudi Arabia Will Continue, Despite Allegations of War Crimes

Posted in Abrams, alo, FF, G & F, GE, LG, ONA, Radius, Uncategorized, Venta | Tagged , , , , , , , , | Comments Off on US Arms Sales to Saudi Arabia Will Continue, Despite Allegations of War Crimes

Oil industry supporters are getting ever more creative with their memes

Bad Internet

Oil industry supporters are getting ever more creative with their memes

By on Jul 27, 2016 6:06 amShare

A Canadian advocate for oil sands recently learned just how fickle the internet can be.

Robbie Picard, a former Alberta oil sands worker, posted a homemade meme to the Canada Oil Sands Community Facebook page this week. It showed two women kissing, and read:

In Canada lesbians are considered hot! In Saudi Arabia if you’re a lesbian you die! Why are we getting our oil from countries that don’t think lesbians are hot?! Choose equality! Choose Canadian oil!

The backlash was swift. People from within the group and beyond did not hold back their anger, although the source of that anger varied. Some objected to the treatment of women as sex objects, others to lesbianism itself, and still others to the idea that Canadian tar sands oil is any better for the planet than importing oil from Saudi Arabia. (For the record, they’re both bad.)

Then, naturally, the backlash to the backlash started: “People who legitimately complained about it being offensive should be banned from Universities,” Charles Garand weighed in on the Facebook page. “I urge you to reupload the picture back to your page because I really do love it.”

The point of the meme, according to Picard, was to raise awareness about how imports from Saudi Arabia are hurting the local economy. This is not the first time Picard, who lost his home in the recent wildfires in Fort McMurray, has said something controversial about oil exaction.

In 2015, he claimed that “[t]he oil sands are the best thing that ever happened for aboriginal people.” The aboriginal people of Alberta, however, may disagree. In fact, Canada’s First Nations people have been on the front lines of working against tar sands oil extraction for years. But Picard certainly has a creative way of thinking.

“When I say lesbians are hot, I don’t think there is anything wrong about saying that,” he told the National Post. “I think all lesbians are hot and I’m not opposed to putting a picture of two guys up there. It was just to strike up a conversation. I find anybody is hot. I think two women kissing is hot. I think that something that is part of the fabric of our city — that we can do whatever we want in our country — that is hot.”

It certainly is, Mr. Picard.

ShareElection Guide ★ 2016Making America Green AgainOur experts weigh in on the real issues at stake in this electionGet Grist in your inbox

Original post:

Oil industry supporters are getting ever more creative with their memes

Posted in alo, Anchor, eco-friendly, Everyone, FF, GE, LAI, LG, ONA, solar, solar power, Uncategorized, wind power | Tagged , , , , , , , , , | Comments Off on Oil industry supporters are getting ever more creative with their memes

The Obama Administration Is Stopping Cluster Bomb Sales to Saudi Arabia

Mother Jones

<!DOCTYPE html PUBLIC “-//W3C//DTD HTML 4.0 Transitional//EN” “http://www.w3.org/TR/REC-html40/loose.dtd”>

In a rare display of wariness over civilian casualties in Yemen, the United States is halting the sale of cluster bombs to Saudi Arabia, according to Foreign Policy. Last week, an unnamed American official said that the move comes amid rising concerns that Riyadh’s US-backed air campaign in Yemen has been dropping cluster bombs “in areas in which civilians are alleged to have been present or in the vicinity.”

Saudi Arabia has been repeatedly accused of indiscriminately bombing civilian areas and civilian infrastructure in its conflict with Houthi rebels in Yemen, resulting in the death of hundreds of noncombatants, many of them children. Remnants of American-made cluster bombs have been found near civilian areas. Since the war in Yemen began in March 2015, the United States has sold weapons and provided intelligence, support, and aerial refueling to the Saudi-led coalition backing the government.

Cluster bombs contain submunitions, or “bomblets”, that spread over large areas before detonating. Bomblets that do not explode or self-destruct when they’re deployed become de facto land mines. They remain on the ground until, as Megan Burke, director of the Cluster Munition Coalition, told Mother Jones last year, “someone or something comes along and triggers that explosion.” In 2008, an international treaty banned the weapons. The United States and other major arms exporting countries refused to sign it.

A 2008 Pentagon policy directive states that the weapons can only be used against “clearly defined military targets.” But, Burke said, “Once you give a weapon to another country, you lose control over how they’re going to use it.”

The suspension of cluster munition transfers applies specifically to the CBU-105 Sensor Fuzed Weapon, manufactured by the Rhode Island-based Textron Systems. In 2013, Textron landed a $641 million contract to supply Saudi Arabia with 1,300 of the controversial weapons. In production tests, the CBU-105 cluster bombs met the Pentagon’s requirement that 99 percent of bomblets explode, but Human Rights Watch has documented unexploded CBU-105 submunitions, also called “skeets” in their case, in multiple areas in Yemen. “We have a photo with one of the canisters sitting on the ground with four skeets just sitting there. They never deployed,” Steve Goose, the director of the arms division at Human Rights Watch, told Mother Jones. “According to Textron, that could never happen.”

It is unclear whether the export hold will affect ongoing shipments from the 2013 arms deal or if it will only affect future requests from Saudi Arabia. Matthew Colpitts, a spokesman for Textron Systems, told Foreign Policy that the company “does not comment on delivery dates with our customers.” Neither does the United States government.

Visit site:

The Obama Administration Is Stopping Cluster Bomb Sales to Saudi Arabia

Posted in alo, FF, GE, LG, ONA, Radius, Uncategorized, Venta | Tagged , , , , , , , | Comments Off on The Obama Administration Is Stopping Cluster Bomb Sales to Saudi Arabia