U.K. Refuses Extractive Industries Transparency
Yesterday, the United States signed onto the Extractive Industries Transparency Initiative (EITI), making it the second G8 country, alongside Norway, to join. U.S. President Barack Obama says the initiative will ensure that "taxpayers receive every dollar they are due from the extraction of natural resources." Over 35 countries have signed on to the agreement, mainly from developing nations, in an attempt to thwart corruption in the sectors of mining and oil and gas extraction. However, the U.K. has a different outlook on the international agreement, and is refusing to sign.
The agreement’s general goals are to see government’s disclosing all payments received from oil, gas and mining companies. The companies themselves will also be required to disclose payments made to the government. It is essentially a system of accountability to ensure that money intended for the public sector actually ends up there.
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A UK spokesman has released a statement, saying, “The U.K. is already a strong international supporter of the EITI and transparency in the extractives sector. “We do not feel it is appropriate for the U.K. to implement the EITI. The U.K. is not defined as a ‘resource rich’ country by the International Monetary Fund."
Unfortunately for the U.K., the argument doesn’t hold water. Several signatories to the EITI, such as Madagascar, Niger and Tanzania, are also not considered resource rich countries, yet signed anyway. While the U.K. itself may not hold vast resources in its ground, its companies, like British Petroleum, operate worldwide. In fact, the U.K. is the European Union’s largest oil producer and second largest natural gas producer.
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.