Clinton Tours Arctic, Vies for Oil & Gas
Secretary of State Hillary Clinton boards a research ship to tour the Arctic today, reiterating US interests in the vast deposits of oil, gas and minerals becoming available as the polar ice recedes due to climate change.
"From a strategic standpoint, the Arctic has an increasing geopolitical importance as countries vie to protect their rights and extend their influence," Clinton told reporters in Oslo before making the nearly two-hour flight north to Tromso.
"We want to work with Norway and the Arctic Council to help manage these changes and to agree on what would be, in effect, the rules of the road in the Arctic, so new developments are economically sustainable and environmentally responsible," she added.
The Arctic holds around 13 percent of the world's undiscovered conventional oil and 30 percent of its undiscovered natural gas, according to estimates from the U.S. Geological Survey. On the other hand, energy development costs in the area could be twice as high as conventional onshore resources.
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Trade routes between Europe and Asia will shorten as the ice melts, cutting off thousands of miles worth of travel.
Environmentalists fear the pursuit of areas the oil and gas industry has little experience in creates a risk of uncontrolled development. An eight-nation Arctic Council is being established in Tromso to manage the new opportunities in a responsible way.
Clinton told reporters that it is important for nations to “begin working together to make plans for what will most certainly become greater ocean travel, greater exploration, therefore greater pollution, greater impact on human beings.”
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.