"From Riches to Rags?" looks into the subject of stranded assets in the fossil fuel sector. Stranded assets are assets that lose value, or generate new liabilities, before they reach the end of their (planned) economic life. In this paper, assets primarily refer to fossil fuel resources (oil, gas and coal) that need to stay in the ground because otherwise the 2-degree target specified in the Paris Agreement would be jeopardised.
Representatives from around the world are meeting in Bonn this week to discuss progress towards the goals of the Paris climate agreement. A large part of this challenge involves rapidly scaling up the deployment of renewable energy, while curbing fossil fuel use – but little attention has been paid to the minerals that will be needed to build these technologies.
News that the Trump administration will move to repeal and replace the clean power plan (CPP) – a major initiative to cut emissions from the US electricity sector – has been met with concern overseas.
At the Paris Climate Conference held in December 2015, 195 countries adopted the Paris Agreement – the first universal, legally binding global climate deal. The signatory parties committed themselves to a global action plan that aims to keep global warming to well below 2°C and to limit the global temperature increase to 1.5°C.
The exhibition “Environment, Conflict, Cooperation” (ECC), co-organised by The University of Queensland and adelphi, supported by the German Federal Foreign Office, is shown in Brisbane during 18th July and 4th August. The exhibition is accompanied by a public talk as well as a closing panel discussion:
India is all set to embark on exploration and other developmental activities pertaining to polymetallic sulphides in the Indian Ocean after a cabinet meeting chaired by Prime Minister Modi approved the signing of a contract between the Minister of Earth Sciences and the International Seabed Authority (ISA), that formalises India’s exclusive rights for exploration in the Central Indian Ridge, and South West Indian Ridge in the Indian Ocean for 15 years. India is not the only country that is actively tapping into the resources of the region, or is attempting to do so. China, South Korea and Germany have also been granted permission to prospect for polymetallic nodules and sulphides, increasing the potential for competition in the region.
The growing number and impact of extreme weather events has led to increasing awareness in the extractives industries of the potential negative impacts of climate change. The industry has started thinking about its own vulnerabilities and the risks climate change could pose. However, there has been little research and debate that takes a more comprehensive look at the links between climate change and mining. With the report Climate Change and Mining.
In 2010-11 Australia’s coal-rich Queensland region was hit hard by flooding events of historic proportions.
The Spanish version of the Exhibition Environment, Conflict and Cooperation (ECC) that includes a specific module on South America is currently shown in Chile in cooperation with the NGO Fundación Terram. During 9-20 May, the Exhibition was hosted by the Ministry of Foreign Affairs (MFA) of Chile. The launch event on 10 May was attended by over a hundred participants: foreign policy, defence and environmental decision makers from Chile, representatives of several Latin American countries, Germany and USA, as well as members of Chilean and international civil society.
Continued use of fossil fuels triggers increasingly permanent damage with regards to climate change. Yet, there is growing acknowledgment that fossil fuels remain hard to displace. What, then, can – or should – be done to address this ‘confronting paradox’? This question was at the heart of the talk by Professor Robert H Socolow of Princeton University, US visited the University of Queensland, Australia in February this year. The talk was attended by people with diverse interests – energy and mining industries, management consulting, academia and others.
The exhibition “Environment, Conflict and Cooperation” (ECC), supported by the German Federal Foreign Office, is shown at the Manipal University during 8-17 April 2016. The exhibition is accompanied by lectures and panel discussions.
As climate variability increases over the next decades, we have to dramatically rethink how we govern extractive industry, water resources, and environmental permitting, or else face increased conflict in many resource rich countries, argues Joshua Fisher.