December 4, 2019

WHY THE rIGHT HATES RENEWABLES?:

The Kremlin Dismisses Climate Change as the World Heats Up (Natasha Doff,  
December 4, 2019, Bloomberg)

The slow pace of Russia's shift away from carbon is increasingly risky as the European Union, the biggest buyer of the country's oil and gas, prepares a plan to reduce net emissions to zero by 2050. A key proposal is a carbon tax on energy imports into the EU, which the Center for Environmental Investments, a Russian research house, says could cut Russia's energy exports by a third in the coming decade.

With prices for renewable energy in some places below those for power from burning carbon, some forecasters predict oil demand will start falling within five years, about a decade earlier than Russia planned for. That could render obsolete a dozen multibillion-dollar oil and gas projects in Siberia and the Arctic. "Russia risks being caught out by the speed of change," says Kingsmill Bond, a strategist at Carbon Tracker, a London researcher that estimates major energy companies must reduce production by a third by 2040 to keep global warming below 2 degrees Celsius (3.6 degrees Fahrenheit), a goal of the Paris Agreement on limiting greenhouse gas emissions. "They're anticipating that everything is going to be fine for the foreseeable future."

Posted by at December 4, 2019 12:00 AM

  

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