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Britain must end financial help for fossil fuel projects abroad: lawmakers

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Britain must end financial help for fossil fuel projects abroad: lawmakers

By Susanna Twidale

 

2019-06-10T014928Z_1_LYNXNPEF5901J_RTROPTP_4_BRITAIN-CLIMATECHANGE.JPG

FILE PHOTO: The sun rises behind Fiddlers Ferry coal fired power station near Liverpool, northern England, December 15 2008. REUTERS/Phil Noble/File Photo

 

LONDON (Reuters) - Britain must stop financing fossil fuel projects abroad by 2021 as it undermines the nation's efforts to combat climate change, a report by lawmakers said on Monday.

 

The report, which targets financial support provided by the UK Export Finance (UKEF) agency, was published as Britain debates plans to set tougher climate goals and move towards a net zero emissions target by 2050.

 

"The government claims that the UK is a world leader on tackling climate change," said Mary Creagh, chair of the Environment Audit Committee, commenting on the report published by the committee.

 

"But behind the scenes the UK's export finance schemes are handing out billions of pounds of taxpayers money to develop fossil fuel projects in poorer countries," she said.

 

In five years from April 2013, UKEF allocated 96% of its energy sector support, or 2.5 billion pounds ($3.2 billion), to support fossil fuel projects, the report said.

 

The report said this was incompatible with Britain's efforts to reduce greenhouse gases and also carried risks for taxpayers.

 

Companies could be left with stranded assets as tougher emission reduction targets discourage fossil fuel use and as renewable energy becomes cheaper.

 

The Paris climate agreement, adopted by almost 200 nations in 2015, set a long-term goal to limit global warming to "well below" a rise of 2 degrees Celsius above pre-industrial times while striving towards a tougher goal of just 1.5 degrees.

 

(Reporting by Susanna Twidale; Editing by Emdund Blair)

 

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-- © Copyright Reuters 2019-06-10
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6 hours ago, webfact said:

Britain must end financial help for fossil fuel projects abroad: lawmakers

As they allow the groundwater to be destroyed via fracking in their own country.
Hypocrites. 

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Very true, UK and all modern countries should stop with this.

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ah yes the climate change cabal to the rescue!

 

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23 hours ago, stevenl said:

Very true, UK and all modern countries should stop with this.

ER Britain was fossil fuel free  a few weeks ago , No fossil fuel was use at all for at least a week and is on going.

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On ‎6‎/‎11‎/‎2019 at 10:10 PM, Thongkorn said:

ER Britain was fossil fuel free  a few weeks ago , No fossil fuel was use at all for at least a week and is on going.

:cheesy:

That was a scam, according to the news yesterday. They imported all the electricity to make up for not using coal powered stations from Holland. The Dutch use coal to generate electricity.

Virtue signalling much?

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1 hour ago, thaibeachlovers said:

:cheesy:

That was a scam, according to the news yesterday. They imported all the electricity to make up for not using coal powered stations from Holland. The Dutch use coal to generate electricity.

Virtue signalling much?

Link?

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16 minutes ago, Chomper Higgot said:

Link?

5555555555555

You are as capable of googling it as I was when I checked before posting.

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If per plan ( timing? ) everyone is forced to drive electric or hybrid cars where is all the electricity to recharge all those vehicles going to come from.

By the time of all electric vehicles will all the power come from wind farms or solar panels and all gas and coal plants will be shut down?

Will everyone have to go 'off grid' and have their own wind/solar power gen' system?

Is it possible to power heavy industry, say steel production, from solar/wind systems? I don't think so.

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5 minutes ago, overherebc said:

If per plan ( timing? ) everyone is forced to drive electric or hybrid cars where is all the electricity to recharge all those vehicles going to come from.

By the time of all electric vehicles will all the power come from wind farms or solar panels and all gas and coal plants will be shut down?

Will everyone have to go 'off grid' and have their own wind/solar power gen' system?

Is it possible to power heavy industry, say steel production, from solar/wind systems? I don't think so.

Don't stress it. What no one in authority is telling us is that there is ZERO way they can build enough batteries to power all the vehicles in a country, let alone the world.

Short of a completely different way of constructing batteries that doesn't use rare metals, the resources needed to build them is insufficient, and is probably controlled by a solitary or very few suppliers. Mobile phones may cease to be available, as apparently they need a lot of rare earth substances and China is the only supplier. Seems China will be using that for its own industries.

.

Perhaps the powers that will see the light and start investing in hydrogen power. Promising research is making hydrogen directly from water and using it straight away in the motor. No need for dangerous refuelling stations.

 

BTW, a hybrid provides its own power source, a fossil fuelled motor to charge the battery. Don't need to plug it in.

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21 minutes ago, overherebc said:

 

Is it possible to power heavy industry, say steel production, from solar/wind systems? I don't think so.

Think again:

Whyalla steelworks to be powered by $700m solar, battery and pumped hydro project

https://www.theguardian.com/australia-news/2017/oct/31/whyalla-steelworks-to-be-powered-by-700m-solar-battery-and-pumped-hydro-project

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23 minutes ago, overherebc said:

If per plan ( timing? ) everyone is forced to drive electric or hybrid cars where is all the electricity to recharge all those vehicles going to come from.

By the time of all electric vehicles will all the power come from wind farms or solar panels and all gas and coal plants will be shut down?

Will everyone have to go 'off grid' and have their own wind/solar power gen' system?

Is it possible to power heavy industry, say steel production, from solar/wind systems? I don't think so.

Solar and wind have already made coal uncompetitive. The levelized cost of a solar or wind power plant is actually less than just the operating cost for a coal plant. And now solar and wind are competing economically with gas peaker plants. The cost of solar and wind has declined precipitously over the past 10 years. Far faster than projected. And there are already batteries in existence for power storage that are economically competitive.  

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Posted (edited)
17 minutes ago, thaibeachlovers said:

Don't stress it. What no one in authority is telling us is that there is ZERO way they can build enough batteries to power all the vehicles in a country, let alone the world.

Short of a completely different way of constructing batteries that doesn't use rare metals, the resources needed to build them is insufficient, and is probably controlled by a solitary or very few suppliers. Mobile phones may cease to be available, as apparently they need a lot of rare earth substances and China is the only supplier. Seems China will be using that for its own industries.

.

Perhaps the powers that will see the light and start investing in hydrogen power. Promising research is making hydrogen directly from water and using it straight away in the motor. No need for dangerous refuelling stations.

 

BTW, a hybrid provides its own power source, a fossil fuelled motor to charge the battery. Don't need to plug it in.

Did see a report of lithium production from water from old mines in uk, can't remember if it was Wales or Devon/Cornwall.

Google is your friend.

Found it.

Just google  Cornish Lithium.

Edited by overherebc

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