Overshadowed by the pandemic, an oil production and price war waged between the Saudi Arabian-led OPEC, Russia, the U.S. and other nations has landed a body blow upon the already weakened global economy. With billions worldwide now sheltering in place, oil usage has dropped by over 30%. But production hasn’t. The massive oversupply has crashed market prices lower than at any point in almost 20 years. To stop the bleeding, OPEC and other producers as well as the G20 have seemingly come to an historic deal that will slash global production across the boards. But the damage to the underlying fossil-fuel based economy means that Corona’s economic wreckage will ripple out just as we start to emerge into a brave new social-distance demanding world. L. Michael Buchsbaum examines the origins and implications of the Corona oil crash.
Year: 2020
Corona-crisis Hits Nuclear Sector
Covid-19 spread shows up vulnerability at heart of nuclear programmes, with resilience of UK critical national infrastructures undermined. The coronavirus’ effects act as threat multiplier, as David Lowry explains.
Merkel’s Smoke and Mirrors Coal Exit Plan
A year after Germany’s 28-member “Coal Commission” presented a fragile compromise brown coal phase-out, in mid-January Merkel’s Grand Coalition government formally released their own plan. Breaking with the Commission’s recommendations by slowing down the pace of the phase-out, immediately greenlighting the new Datteln 4 hard coal plant and showering RWE and other coal operators with billions of Euros, it also calls for more gas plants and additional wind turbine construction limitations. Neither ensuring Germany can adhere to the Paris Agreement nor its own clean energy targets, environmental groups are outraged as investors celebrate. L. Michael Buchsbaum takes us into the dirty deal.
COVID-19 in South Africa: test-run for facing climate’s ‘transition risks’
An economic shockwave is tearing through South Africa, as the country went into full lockdown by the end of March to contain the COVID-19 virus now sweeping the globe. The immediate and devastating impact on the tourism industry shows what will happen if we don’t plan for a world that is turning its back on fossil fuels. Leonie Joubert brings us the news.
Is it time to postpone the 2020 Climate Summit?
With the coronavirus pandemic sweeping the planet and the governments of both wealthy and poorer nations overwhelmed by the demands of managing a response, the scheduling of this year’s critical UN Climate Summit is suddenly in doubt. Felix Dodds and Michael Strauss first published on Inter Press Service.
Fridays for Future Shifts Gears
In the Corona crisis, the climate movement struggles to find its voice. Paul Hockenos gives us an update about the challenges the movement is facing under the current circumstances.
EU carbon market ‘the first victim’ as electricity demand collapses
Wind energy is starting to spill off the shore of Trump’s America
Although Trump keeps pushing lumps of coal and tankers full of freedom gas down the world’s collective throats, his industry-friendly administration hasn’t prevented America’s coal industry from dying or its fracking companies from losing piles of money. Nor has he stopped wind from gaining even more traction. After setting growth records last year, another breakthrough is forecast for 2020 as investors pour resources into new waters: offshore wind energy. But fearing its tremendous potential energy capacity, Trump’s minions are ramping up efforts to hold it back. As election fever grips the nation, L. Michael Buchsbaum looks at the state of offshore wind in Part 3 of his series on America’s energy transition.
NPP Belene: Bulgaria’s ticking time-bomb in the energy transition
In the coming months EU member states have to agree on major legislative proposals as part of the European Green Deal and how to support them through the EU’s budget for 2021 – 2027. At its core is the recently drafted European Climate Law, preparing the path for reaching carbon neutrality by 2050. But while the Council and the European Parliament deliberate on the specifics of the pioneering climate law, some countries in Central and Eastern Europe prepare for a nuclear renaissance as part of their climate mitigation strategies.
RWE: Embracing renewables worldwide, while clinging to coal in Germany
After swallowing up many assets of former rival E.ON and daughter company Innogy in a reconfiguration of both the European and global energy sectors, the new RWE has pledged to become carbon neutral by 2040. Long Europe’s worst polluter and a steadfast opponent of the clean energy transition, it’s working hard to rebrand itself as a green innovator. However, as it plans to annually invest 1.5 billion euros in new wind, solar photovoltaic and storage, RWE is mainly focusing outside of its German backyard where it continues to generate the filthiest energy in the world, cynically profiting off the rapidly slowing Energiewende. Michael Buchsbaum explains the new RWE.