Alberta to Follow U.S. and China on Carbon Regulations
Alberta, home to Canada’s oil sands, is prepared to follow the U.S. and China on making stricter carbon emission regulations, says Premier Jim Prentice. As per the agreement, the United States will reduce greenhouse gas emissions to 26 to 28 percent below 2005 levels by 2025, while China will start reducing their carbon emissions by 2030. Alberta’s oil sands are the fastest-growing source of greenhouse gas emissions in Canada and Prentice pledges to update the region’s carbon levy of $13.25 per metric ton on big time emitters by the end of the year.
China’s Push For Green Energy to Leave No Rooftop Behind
China, the world’s biggest solar market for the last two years, is pushing to install more panels at roofs as it seeks to meet its goals under a historic climate agreement with the U.S. China expects to install as much as 8 GW of small solar systems this year, more than 10 times than last year. The push to promote wider use of rooftop solar comes amid growing health concerns related to smog within its own population and from foreign companies.
IEA Pushes Nuclear as CO2 Foreseen to Reach Limit
According to the International Energy Agency, nuclear power is needed to help curb global fossil-fuel emissions that are set to reach limits by 2040. Nuclear power has helped eliminating the equivalent to two years of emissions at current levels since 1971, said the Paris-based agency. A volume limit of 1 trillion tons of CO2 equivalent after this year recommended by the Intergovernmental Panel of Climate Change, a group of researchers formed under the United Nations, will probably be filled by 200 without more-pressing energy-policy reforms, added the IEA.
U.S. Pullback On Asian Oil Investment Opens Door for Rivals
A cop-out by U.S. energy firms from Asia is paving the way for competitors looking to take advantage of unwanted oil and gas assets in the region. U.S. producers are facing pressure to reduce spending and focus on its domestic market, where oil production is seen to reach its highest in 45 years this coming 2015. Apache Corp. and Murphy Oil Corp. are among companies that are in vending mode from the Asia-Pacific region.
