On November 12th, the US and China reached a historic climate agreement. The United States promised to cut its greenhouse gas emissions to 26 to 28% below 2005 levels by 2025. China pledged to cap its emissions by 2030 or earlier if possible.
President Obama has already started Climate Action Plan with his Executive authority. He decided to use the existing Clean Air Act and, with the authority provided under the Act, directed the EPA (the US Environmental Protection Agency) to regulate emissions of greenhouse gases from the nation's power plants.
The Chinese State Council, China's cabinet, announced that they would place a limit on the nation's coal use. The State Council decided to cap coal consumption at 4.2 billion tons in 2020 and limit the use of coal to no more than 62 percent of the energy mix by that year.
It is true that the US-China climate agreement may take a some time to actually reduce greenhouse gasses. But, its effect on the money market would be quick. Investors would start hesitating to invest their money to coal and other fossil fuel industries.
Actually, last year, some of the largest pension funds in the US and the world had already expressed their concern over the future profitability of major fossil fuel companies because of regulations to limit climate change.
Institutional investors such as insurance companies, pension funds, and investment funds who make a long term investment would find renewable energies as attractive, promising, alternative investment assets especially in developing countries.
Vattenfall, a Swedish power company who is operating in multiple European countries, has decided to put its lignite power plants and mines in Germany up for sale.
The CEO of BHP Billiton, the world's largest mining company, indicated that they would need to gradually move away from mining coal if carbon capture and storage technologies do not prove successful.
Thank you.
References:
(1) EPA Administrator Gina McCarthy's testimony on Regulating Greenhouse Gas Emissions at the US Senate Environment and Public Works Committee on July 23rd 2014, C-SPAN
(2) "In Step to Lower Carbon Emissions, China Will Place a Limit on Coal Use in 2020" by Edward Wong, The New York Times, November 20th 2014
(3) "US, world pension funds say coal, oil and gas firms must consider risks from climate change" by Kevin Begos, October 24th 2013, Canadian Business
(4) "The U.S.-China Climate Deal Strengthens the Case for Fossil Fuel Divestment" by Jamie Henn, The Huffington Post, November 12th 2014
(5) "Vattenfall hires Citi to help sell German lignite assets" Reuters, November 24th 2014
(6) "Green horizon may force BHP to quit coal, says Andrew Mackenzie" by Peter Ker, Sydney Morning Herald, November 25th 2014
【気候変動に関する米中合意】
11月12日、アメリカと中国は、気候変動に関する歴史的な合意に達しました。アメリカは、2025年までに、2005年比で26から28%の温室効果ガス排出削減を行なうことを約束、中国は、2030年までに温室効果ガスの排出を減少に転じさせることを約束しました。
オバマ大統領は、すでに大統領権限に基づき、「Climate Action Plan」を開始しています。彼は、現行の「Clean Air Act (大気浄化法)」に基づき、米国環境庁に対し、火力発電所から排出される温室効果ガスを規制するよう指示しました。
中国の国務院(中国の内閣)は、石炭の使用に制限を設けることを発表しました。国務院は、石炭の使用を2020年までに42億トンに制限し、エネルギー構成に占める石炭の割合を62パーセント以下に引き下げるとしました。
今回のアメリカと中国の合意が、実際に温室効果ガス排出削減の効果を生じるまでには、まだ時間がかかるかも知れません。しかしながら、今回の合意が資本市場に与える効果は、迅速です。投資家が、石炭産業を始めとする化石燃料産業に対し、投資することを躊躇し始めるからです。
実際、すでに昨年、アメリカを始めとする各国の年金基金は、気候変動に関する規制強化が化石燃料産業の今後の収益性に及ぼす影響について、懸念を表明していました。
長期的な投資を行なう、保険会社、年金基金、投資ファンドなどの機関投資家は、再生可能エネルギーへの投資、とくに発展途上国における再生可能エネルギー・プロジェクトを、魅力的で、確実な投資先として、見直す可能性があります。
ちなみに、スウェーデンの多国籍電力会社・バッテンフォールは、ドイツに保有する褐炭田と褐炭火力発電所を売却することを決定しました。
世界最大の炭鉱会社・BHPビリトンのCEOは、二酸化炭素の回収・貯蔵技術が確立しない場合、石炭採掘業から撤退することを表明しました。
参照資料:
(1) EPA Administrator Gina McCarthy's testimony on Regulating Greenhouse Gas Emissions at the US Senate Environment and Public Works Committee on July 23rd 2014, C-SPAN
(2) "In Step to Lower Carbon Emissions, China Will Place a Limit on Coal Use in 2020" by Edward Wong, The New York Times, November 20th 2014
(3) "US, world pension funds say coal, oil and gas firms must consider risks from climate change" by Kevin Begos, October 24th 2013, Canadian Business
(4) "The U.S.-China Climate Deal Strengthens the Case for Fossil Fuel Divestment" by Jamie Henn, The Huffington Post, November 12th 2014
(5) "Vattenfall hires Citi to help sell German lignite assets" Reuters, November 24th 2014
(6) "Green horizon may force BHP to quit coal, says Andrew Mackenzie" by Peter Ker, Sydney Morning Herald, November 25th 2014
President Obama has already started Climate Action Plan with his Executive authority. He decided to use the existing Clean Air Act and, with the authority provided under the Act, directed the EPA (the US Environmental Protection Agency) to regulate emissions of greenhouse gases from the nation's power plants.
The Chinese State Council, China's cabinet, announced that they would place a limit on the nation's coal use. The State Council decided to cap coal consumption at 4.2 billion tons in 2020 and limit the use of coal to no more than 62 percent of the energy mix by that year.
It is true that the US-China climate agreement may take a some time to actually reduce greenhouse gasses. But, its effect on the money market would be quick. Investors would start hesitating to invest their money to coal and other fossil fuel industries.
Actually, last year, some of the largest pension funds in the US and the world had already expressed their concern over the future profitability of major fossil fuel companies because of regulations to limit climate change.
Institutional investors such as insurance companies, pension funds, and investment funds who make a long term investment would find renewable energies as attractive, promising, alternative investment assets especially in developing countries.
Vattenfall, a Swedish power company who is operating in multiple European countries, has decided to put its lignite power plants and mines in Germany up for sale.
The CEO of BHP Billiton, the world's largest mining company, indicated that they would need to gradually move away from mining coal if carbon capture and storage technologies do not prove successful.
Thank you.
References:
(1) EPA Administrator Gina McCarthy's testimony on Regulating Greenhouse Gas Emissions at the US Senate Environment and Public Works Committee on July 23rd 2014, C-SPAN
(2) "In Step to Lower Carbon Emissions, China Will Place a Limit on Coal Use in 2020" by Edward Wong, The New York Times, November 20th 2014
(3) "US, world pension funds say coal, oil and gas firms must consider risks from climate change" by Kevin Begos, October 24th 2013, Canadian Business
(4) "The U.S.-China Climate Deal Strengthens the Case for Fossil Fuel Divestment" by Jamie Henn, The Huffington Post, November 12th 2014
(5) "Vattenfall hires Citi to help sell German lignite assets" Reuters, November 24th 2014
(6) "Green horizon may force BHP to quit coal, says Andrew Mackenzie" by Peter Ker, Sydney Morning Herald, November 25th 2014
【気候変動に関する米中合意】
11月12日、アメリカと中国は、気候変動に関する歴史的な合意に達しました。アメリカは、2025年までに、2005年比で26から28%の温室効果ガス排出削減を行なうことを約束、中国は、2030年までに温室効果ガスの排出を減少に転じさせることを約束しました。
オバマ大統領は、すでに大統領権限に基づき、「Climate Action Plan」を開始しています。彼は、現行の「Clean Air Act (大気浄化法)」に基づき、米国環境庁に対し、火力発電所から排出される温室効果ガスを規制するよう指示しました。
中国の国務院(中国の内閣)は、石炭の使用に制限を設けることを発表しました。国務院は、石炭の使用を2020年までに42億トンに制限し、エネルギー構成に占める石炭の割合を62パーセント以下に引き下げるとしました。
今回のアメリカと中国の合意が、実際に温室効果ガス排出削減の効果を生じるまでには、まだ時間がかかるかも知れません。しかしながら、今回の合意が資本市場に与える効果は、迅速です。投資家が、石炭産業を始めとする化石燃料産業に対し、投資することを躊躇し始めるからです。
実際、すでに昨年、アメリカを始めとする各国の年金基金は、気候変動に関する規制強化が化石燃料産業の今後の収益性に及ぼす影響について、懸念を表明していました。
長期的な投資を行なう、保険会社、年金基金、投資ファンドなどの機関投資家は、再生可能エネルギーへの投資、とくに発展途上国における再生可能エネルギー・プロジェクトを、魅力的で、確実な投資先として、見直す可能性があります。
ちなみに、スウェーデンの多国籍電力会社・バッテンフォールは、ドイツに保有する褐炭田と褐炭火力発電所を売却することを決定しました。
世界最大の炭鉱会社・BHPビリトンのCEOは、二酸化炭素の回収・貯蔵技術が確立しない場合、石炭採掘業から撤退することを表明しました。
参照資料:
(1) EPA Administrator Gina McCarthy's testimony on Regulating Greenhouse Gas Emissions at the US Senate Environment and Public Works Committee on July 23rd 2014, C-SPAN
(2) "In Step to Lower Carbon Emissions, China Will Place a Limit on Coal Use in 2020" by Edward Wong, The New York Times, November 20th 2014
(3) "US, world pension funds say coal, oil and gas firms must consider risks from climate change" by Kevin Begos, October 24th 2013, Canadian Business
(4) "The U.S.-China Climate Deal Strengthens the Case for Fossil Fuel Divestment" by Jamie Henn, The Huffington Post, November 12th 2014
(5) "Vattenfall hires Citi to help sell German lignite assets" Reuters, November 24th 2014
(6) "Green horizon may force BHP to quit coal, says Andrew Mackenzie" by Peter Ker, Sydney Morning Herald, November 25th 2014