S&P Exec: Global Shift to Renewables Will Persist, All Politics Aside

first_img FacebookTwitterLinkedInEmailPrint分享Sydney Morning Herald:The global shift from fossil fuels to renewable energy will continue regardless of political action such as President Donald Trump’s decision to withdraw the US from the Paris climate agreement or outbursts from ex-Australian prime ministers, a senior ratings analyst says.“The tide has turned,” said Michael Wilkins, the head of climate and environmental risks at Standard & Poor’s Global Ratings, adding the transition meant the economic viability of assets such as coal mines and coal-fired power stations would be “vastly impaired”.Mr Wilkins’ comments come as new S&P research points to deep falls in the costs of renewable energy as other groups report important shifts by corporations at home and abroad on climate risks.Mr Wilkins said investors, including in Australia, were increasingly demanding to know how companies were monitoring financial exposure to climate change – and what they were doing about the threats.The risks include challenges their businesses will face in a carbon-constrained world but also the physical damage posed by more extreme weather events as the planet heats up.Pressure for disclosure is only likely to increase as groups, such as the Task Force on Climate-related Financial Disclosure, win the backing of the central banks of G20 nations. Mr Wilkins said it was understandable if commodity-based economies such as Australia moved slower than other nations but even here investors were starting to act. “Despite various U-turns in Australia politics on climate change topics, there is still a very progressive trend in Australia for sustainable finance and renewable energy,” Mr Wilkins told Fairfax Media during a visit to Sydney.Research out this month by S&P found the cost of new offshore wind farms had plunged 50 per cent since 2015 in the UK as developers rapidly learn how to overcome the challenges of the emerging sector.New wind farms were being developed at about £55 ($93) per megawatt-hour, far below the £92 /MW-hour locked in for 35 years for the UK’s controversial Hinkley Point nuclear power plant, he said.Solar photovoltaic costs, which have halved in the last few years, will fall another 35 per cent by 2020, Mr Wilkins predicted.“You could argue we’ve reached a tipping point,” he said, adding that with falling storage prices, intermittent energy sources could soon compete with traditional fossil-fuels on dispatchability grounds alone even without including their environmental advantages.More: ‘Tide has turned’: Global rating agency says climate economics trump politics S&P Exec: Global Shift to Renewables Will Persist, All Politics Asidelast_img read more

Understand ALM’s purpose and capabilities

first_imgOne obligation credit unions will never escape—especially in this era of heightened regulation—is asset/liability management (ALM). It’s important for credit unions to not only understand ALM from the regulators’ viewpoint, but also to know ALM’s purpose, capabilities, and limitations.“Credit unions should view ALM in two lights: interest rate risk and liquidity risk,” says Mark DeBree, director of ALM services at Catalyst Corp. in Plano, Texas.Most credit unions are in good shape on both fronts, according to DeBree, who cites strong balance sheets, earnings, and capital levels, as well as sufficient liquidity and ample additional liquidity sources. But from a risk management view, two factors could stress liquidity in coming years.“Retiring baby boomers are expected to transfer $30 trillion in wealth to their heirs over a 19-year span,” DeBree says. “Many credit unions have some of those funds on their balance sheets. Should you expect a deposit outflow as these funds change hands, or see a possible uptick in balances? continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Statue of Liberty’s message now invalid

first_imgCategories: Letters to the Editor, OpinionIt’s time to get rid of the Statue of Liberty. The poem by Emma Lazarus inscribed on the statue, “Give me your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, the tempest-tossed to me. I lift my lamp beside the Golden Door” clearly no longer represents the view of America, and the statue should go.Perhaps we don’t have to get rid of the Statue of Liberty. Maybe we could just change the inscription to something like “Stop letting in people from s—hole countries like Haiti, send us more white people from countries like Norway.” Get something that more accurately reflects the current view.Or maybe we could just put it in storage until a kinder, more caring administration comes into power. In any event that which the statue stands for no longer applies. Unfortunately.Peter SparanoGuilderlandMore from The Daily Gazette:Foss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Find a way to get family members into nursing homesAlbany County warns of COVID increaseEDITORIAL: Beware of voter intimidationlast_img read more