In today’s EGEB:
- Oil and gas companies could lose 95% of value by 2050 if Paris Agreement is followed.
- New York announces $30 million to modernize grid as state advances green energy transition.
- 200 community leaders have now expressed support for the Voices for 100% Renewable Energy project.
- JDR Cable Systems and Tufts University are collaborating to help students who want to pursue an offshore wind career.
New analysis from investment consultancy Mercer concludes that if governments act to limit global warming in accordance with the Paris Agreement, oil and gas companies could lose 95% of their value, Financial News reports.
Mercer’s analysis is “one of the first comprehensive attempts to model sector-by-sector effects of climate change, and potential regulatory action to combat it, on investors’ portfolios.” While climate efforts could cost stock investors around 0.2% a year, investments in property, bonds, and infrastructure could increase by 0.1-0.3% a year.
Unchecked climate change would have a negative overall effect, which should grab some attention.
In a world where climate action is “aggressive,” oil and gas stocks will lose 42% of their value by 2030, and 95% by 2050. Renewable energy stocks would increase an estimated 178%.
The analysis also concludes electric cars will make up half of new vehicle sales by 2050. A past analysis thinks that will occur ten years prior, in 2040. We think it could happen earlier than that.
New York Gov. Andrew Cuomo (D) announced up to $30 million this week for projects that can improve the state’s electric grid. New York looks to improve resiliency, flexibility, and the ability to integrate renewable energy resources as the state moves forward with its own Green New Deal.
The proposals will be evaluated “based on how they improve overall grid performance, reduce energy costs and support the state’s nation-leading clean energy goals to combat climate change.”
New York seeks 70 percent renewable electricity by 2030, and a carbon-free power grid by 2040. Proposals will be accepted through November 18, 2020, or “until funds are exhausted,” in one of five categories: technology feasibility studies, research studies, engineering studies, product development, or demonstration projects.
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— Auto Mate Systems Ltd. (@automatesystems) April 10, 2019
Environment America’s Voices for 100% Renewable Energy project now includes 200 community leaders after some recent additions. Among the new members is Wisconsin Lt. Governor Mandela Barnes.
Wisconsin announced a proposal in March for carbon-free electricity by 2050. Barnes said,
“We want to adopt policies that will reduce greenhouse gas emissions and reduce the impact fossil fuels have on our beautiful state. Our policies will encourage businesses and communities to make smart energy choices. Wisconsin will lead the way when it comes to sustaining our Earth for future generations.”
Unlike some alliances, Environment America’s project counts not just elected officials, but non-profit directors, academics, business owners, and religious leaders amongst its supporters as the group pushes for renewable energy.
JDR Cable Systems and Tufts University have announced a collaboration, establishing an engineering co-op student office for junior and senior students who want to pursue a career in offshore wind. Tufts has also created a program around offshore power system design at its School of Engineering. This is also being done in conjunction with JDR.
JDR designs, engineers, and manufactures subsea power cables and related equipment. This will be the UK-based company’s first collaboration with a major U.S. university.
It seems like a fitting time for such a collaboration, as the U.S. market looks to take on more offshore wind projects. Massachusetts, where Tufts is located, is an early leader. Jianmin Qu, Dean of the School of Engineering at Tufts University, said:
“One of our school’s top priorities is preparing our students to help lead industry in the harvesting of energy from offshore wind and supporting the US strategic initiative to produce more energy using renewable, environmentally friendly resources.”
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