Climate Obstacles Emerge Soon After Paris Summit Concludes

TN Note: For all the hype and hoopla put out by the United Nations itself, just about everyone else has something bad to say about the “agreement.” The environmentalists say it doesn’t go far enough in saving the planet. Oil and gas executives are shrugging it off as a farce that will have little to do with the real world.

The obstacles facing this weekend’s historic global climate change accord were thrown into relief on Sunday night when businesses and government officials downplayed the impact of the deal and US Republicans underlined their opposition.

The Paris agreement, which requires all countries to regularly publish plans to deal with global warming, has been hailed by international leaders as a turning point after more than 20 years of effort to make this century the last to be powered by fossil fuels.

German chancellor Angela Merkel said the deal was “the first time that the entire world community has obligated itself to act — to act in the battle against global climate change”, while Pope Francis also praised the “concerted effort and generous dedication” of those involved. It was adopted by nearly 200 nations.

But coal and oil industry executives shrugged off any suggestion the new agreement sealed in Paris on Saturday night would have any immediate impact on their businesses.

The agreement’s goals include driving down carbon-dioxide emissions from burning fossil fuels as soon as possible in order to limit global warming to “well below” 2C from pre-industrial times and perhaps as little as 1.5C, a target requiring much deeper emissions cuts than most countries are currently planning.

Amber Rudd, the UK energy and climate change secretary, described the 1.5C goal as merely “aspirational” while defending the UK government’s decision last month to scrap £1bn in funding for carbon capture systems that could hold emissions down. “I don’t think it was a mistake,” she said. “They are still expensive.”

Benjamin Sporton, head of the World Coal Association, said he did not see the new agreement spurring a “massive change at the moment” for companies that produce coal, one of the dirtiest fossil fuels, because so many developing countries still plan to keep burning it.

He said the pact was likely to force governments to focus a lot more on the carbon capture and storage systems the UK had just de-funded because they would be vital for meeting its goals.

The American Petroleum Institute said it was still reviewing the Paris accord, but Amjad Bseisu, chief executive of EnQest, an oil explorer in the UK North Sea, said the oil industry had more immediate concerns beyond the Paris Agreement.

Read full article here…

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