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

Container freight rates holding up as blank sailings hit 435

first_imgAs an example on the Transpacific, the three alliances have each blanked some 17-24% in weeks 15-21. However, for weeks 22-27 2M and THE Alliance have blanked 19-21% whereas Ocean Alliance at this point has blanked only 6%, data from the consultancy shows. Ocean Alliance, on the other hand, announces blank sailings for a shorter period into the future and has not yet announced much for the later period in Q2. The blanking of sailings has already had a major effect on global ports, especially those on the U.S. West Coast. The drop in container volumes is estimated to have reached a 13 percent accumulated, further increasing from the gap greater by the China-Us trade war. Source: Pixabay Categories: The container carriers have blanked a total of 435 sailings on various deep-sea trades, equaling a demand decline of 7 million TEU in 2020 caused by the COVID-19 pandemic’s impact on global economies. Posted: 5 months ago Ports & Logistics The figures were revealed by Danish consultancy Sea-Intelligence, which said the push has served as a strong underpinning for the freight rates though. center_img The containment measures across the globe have had a colossal impact on the global economy and the International Monetary Fund (IMF) has sounded the recession alarm saying the Great Lockdown is likely to be worse than the Great Depression. The consultancy said that over the past 6 weeks, the CCFI contract rate index was 11% higher than at the same period last year – despite the drop in both demand and oil prices. The decline in the overall index since Chinese New Year can be shown to be in line with normal seasonality. Coronavirus slashes volumes at LA, Long Beach ports The approach to the blank sailings differs between alliances. The pattern is that 2M and THE Alliance announce blank sailings ranging quite far into the future – typically to the end of Q2 – and then supplement these with a few additional blank sailings tactically as the situation evolves. Some recovery is expected in 2021, however, the demand growth is likely to be modest. Posted: 5 months ago Given how the pandemic is impacting the economy, Sea Intelligence expects more blank sailings to emerge from Ocean Alliance in Q2.last_img read more