American majors opt out of European corporation-led request to UN for help on climate change
For twelve days beginning on Nov. 30 of this year, the worlds’ nations will meet in Paris to discuss how to slow down global warming, and possibly arrive at an agreement. Six major European energy companies, including Royal Dutch Shell and Britain’s BP Plc, have reached out together to the United Nations in preparation for Paris, increasing the chance of its success. ExxonMobil and Chevron, America’s two largest oil producers did not join the European contingent.
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The Financial Times broke the story on Sunday, when it reported that the companies requested direct talks with the United Nations and governments on designing a global carbon pricing system ahead of U.N. climate talks in Paris.
The FT reported that in a letter to the same newspaper explaining their plan, the companies’ chief executives said, “We owe it to the future generations to seek realistic, workable solutions to the challenge of providing more energy while tackling climate change.”
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The remaining four companies are France’s Total SA, Norway’s Statoil, Italy’s Eni and Britain’s GB Group. Together, the group argues that stopping the use of coal to generate electricity would help reduce carbon emissions, according to the FT.
The companies’ chief executives wrote on Friday to the U.N.’s top climate official, Christiana Figueres, asking for direct meetings with the U.N. and willing governments to discuss an international carbon scheme, reported the FT.
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“We have important areas of interest in and contributions to make to creating and implementing a workable approach to carbon pricing,” said the chief executives, according to the newspaper.
In a recent report, Reuters communicated that around 200 governments are prepared to sign a global deal at the U.N. meeting in Paris in six months.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.