A new insurance report says that unconventional fossil fuel production risks blowing global economic recovery off course. [Guardian]
Soaring risks around new fossil fuel frontiers – shale gas, deepwater exploration and the Arctic – have the potential to blow the global economic recovery off course, according to a report.
Energy companies need to adopt more sophisticated risk management strategies to take account of relatively low-likelihood but potentially “catastrophic” disasters, says the paper from the global insurance broker Marsh.
The warning comes amid a heated debate around environmental and other dangers associated with shale and other unconventional reserves. The industry says they are needed to meet a near-40% increase in energy demand forecast by 2030….
“The global energy sector is driving struggling countries out of the economic mire, while sating surging demand for power in China, the Middle East and North Africa,” said Andrew George, chairman of Marsh’s global energy business.
“However, myriad financial, physical and political risks are converging to create a risk landscape that is perhaps the most complex and challenging in the sector’s history.”
The House holds a hearing this morning on natural gas fracking regulations and safety risks. [The Hill]
A Senate committee released a white paper that suggested a carbon tax in place of nearly all other energy tax incentives. [The Hill]
China said it will have a national climate legislation within the next two years. [Climate Group]
Seattle and San Francisco have divested from fossil fuel companies. [Guardian]
China also agreed to accelerate the phase out of a common class of ozone-eating refrigerants that double as powerful greenhouse gases. [Nature]
Researchers have developed a system of allowing electric cars to charge and discharge onto the grid at the same time, earning vehicle owners money. [New York Times]
More on the Organizing for Action effort against climate deniers in Congress. [Guardian]
Also, @BarackObama tweeted it. [DeSmogBlog]
Somali piracy is threatening science with a large “data hole” in the Indian Ocean. [National Geographic]
Will wireless electric car charging ever be feasible? [Gas2]
Neil Young on climate change: “It’s just not a fast moving subject. It’s a slow moving big story. But it’s not going to be going away unless we do something.” [Domestic Fuels]