Power Decarbonization Cost Climbs 22% to $44 Trillion, Says IEA
The cost of reducing carbon emissions from power generation enough to restrict global warming to safe levels is rising because growing coal usage outweighs the progress in sustainable energy, says the International Energy Agency. A $44 trillion investment through 2050 is needed to decarbonize the energy sector, up 22 percent from the figure the IEA gave two years ago. The spending will ensure the average temperature rise since the industrial revolution has been limited to the 2-degrees Celsius target world leaders have endorsed.
Drilling Pioneer Sees Fracking Sweet Spot in the Rocky Mountains
Where others see as only mountains, Kent Bowker sees buried treasure. The 58-year-old geologist was part of the team that first used hydraulic fracturing to extract gas supplies from shale. Now, he is saying that he has identified a sweet spot in the Rocky Mountains where thousands of wells can be drilled to help boost oil and gas production output. Bowker has proved cynics before when he calculated that Texas’ Barnett Shale had more natural gas than was previously estimated. Bowker shrugged off the doubts of colleagues convinced that dense underground rocks could never be drilled.
Worker Fatalities Rise in North Dakota Oil Boom, Says Study
Oil workers in North Dakota are six times more likely to die on the job than peers in other regions s inexperienced workers join the state’s gas and oil boom, according to a report from AFL-CIO labor federation. North Dakota holds the highest fatality rate at 17.7 per 100,000 workers across all sectors inexperienced workers have entered the industry, in some cases without proper training, adds AFL-CIO. Concerned groups are now calling for stricter standards to reduce casualties.
Dropping Fuel Sales Adds to Evidence of China Slowdown
Declining demand for ship fuel in Singapore, the merchant fleet’s largest refueling hub, beckons weakening prospects for a rebound in Chinese growth. Sales of bunker in Singapore, which supplied fuel valued at $26 billion last year, slid to the lowest level since February in March, according to data from the Maritime and Port Authority data. Bunker volumes are very slow as trade slows not only in China, but also in India, says Simon Neo, Executive Director of Singapore-based broker Piroj International LLP.