Keystone XL Minimal Impact in Climate Change, Says U.S. Review
In its final environment review, the U.S. State Department says that the Canada-U.S. pipeline will only have minimal impact in regards to climate change. The review shows that the pipeline will not greatly increase carbon output because the oil sands in Alberta, Canada will be developed anyway. Though not the final word, the study is vital because Obama has said he will not give his nod if it would exacerbate carbon pollution. Now, the pipeline’s fate comes down to whether the project is in the U’S.’ national interest, considering matters such as energy needs and diplomatic relations.
Foundations with $1.8 Billion Promises Fossil-Fuel Divestment
A group of 17 philanthropic organizations, including the John Merck Fund and the Wallace Global Fund, with a combined asset base of about $1.8 billion promises to divert funding from fossil-fuel companies and invest in renewable energy technology. The groups are moving away from carbon-based fuels amid growing awareness of climate change. The Wallace Global Fund, which began divesting from fossil-fuel companies four years ago, are urging other foundations to follow its lead.
Tokyo Electron Will No Longer Make Solar Panel Production Equipments
Tokyo Electron Ltd., a chip-making equipment producer, will stop making and selling equipments used in the production of solar panels at the end of March. The company’s decision comes amid a bleak business environment due to the oversupply of production equipments. The Tokyo-based firm plans to reassign employees in its solar business to other positions. The company will also consider cutting jobs at its Swiss subsidiary TEL Solar AG.
Poland Appeals to Shale Explorers in Final Push to Get Financing
Poland implored to foreign energy exporters in a last-ditch effort to get investments in Europe’s largest shale-gas deposits after Exxon Mobil, Talisman Energy and Marathon Oil gave up on the country. Environment Minister Maciej Grabowski, met with investors and told them that he will remove regulatory obstacles in an effort to stop investors from leaving as well as to entice others to come-in. Poland, ranked as Europe’s biggest holder of shale gas, is seeking to revive explorations despite suffering from a 50 percent fall for wells drilled last year.