A leading energy body is calling for a $45 trillion (£23 trillion) green revolution to tackle global warming.
The International Energy Agency (IEA) said nations must spend 1% of annual economic output on new technology to halve carbon dioxide emissions by 2050.
It warned that without action, CO2 emissions would rise by 130% and oil demand would jump by 70% by the middle of the century.
But the IEA added that meeting the new target would be a formidable challenge.
full article
Friday 6 June 2008
Drivers pay price of great diesel 'rip-off '
Millions of drivers are being 'ripped-off' by oil firms which have not passed on a 10% drop in diesel prices.
The AA said the savings should be worth around 7p a litre at the pumps. And it warned that it will call on the Government to investigate if diesel prices continue to climb.
Energy experts Platts said the wholesale price has significantly fallen in the past fortnight.
On May 23 - the day after oil hit a record $135 a barrel - diesel was selling at $1,342 a ton, but yesterday the price had dropped to $1,203. On May 23 the average cost of a litre of diesel was 126.7p per litre. Yesterday it stood at 129.9p.
Andrew Bonnington, a spokesman for Platts, said: 'The wholesale cost of diesel cargo delivered into the UK has fallen by 10% in two weeks.' The union Unite accused Shell of 'profiteering' after the company announced record profits of nearly £ 14billion in January.
Shell denied the claim. The AA said disquiet over rising prices would prompt anger from millions of diesel car drivers if the drop in price was not passed on.
full article
The AA said the savings should be worth around 7p a litre at the pumps. And it warned that it will call on the Government to investigate if diesel prices continue to climb.
Energy experts Platts said the wholesale price has significantly fallen in the past fortnight.
On May 23 - the day after oil hit a record $135 a barrel - diesel was selling at $1,342 a ton, but yesterday the price had dropped to $1,203. On May 23 the average cost of a litre of diesel was 126.7p per litre. Yesterday it stood at 129.9p.
Andrew Bonnington, a spokesman for Platts, said: 'The wholesale cost of diesel cargo delivered into the UK has fallen by 10% in two weeks.' The union Unite accused Shell of 'profiteering' after the company announced record profits of nearly £ 14billion in January.
Shell denied the claim. The AA said disquiet over rising prices would prompt anger from millions of diesel car drivers if the drop in price was not passed on.
full article
Wednesday 4 June 2008
You can blame the European power giants for sky-high bills
Foreign power firms are buying cheap North Sea gas from Britain in the summer and putting it into vast storage facilities on the Continent.
They then refuse to pipe it back to the UK when it is needed in the winter, effectively rationing supplies and pushing up prices.
The UK is vulnerable to these strong-arm tactics because we have such tiny gas holding facilities that we cannot store cheap North Sea gas in the summer for use in the winter.
There is enough storage to supply the country with gas for only 13 days, compared with 99 days in Germany and 122 in France.
Yesterday large-scale gas users warned the Commons Business and Enterprise Select Committee, which is investigating the reasons behind the price rises, that Britain's energy needs were at the mercy of foreign suppliers.
Jeremy Nicholson of the Energy Intensive Users Group told the MPs that foreign energy companies are failing to sell gas to the UK when we need it.
full article
They then refuse to pipe it back to the UK when it is needed in the winter, effectively rationing supplies and pushing up prices.
The UK is vulnerable to these strong-arm tactics because we have such tiny gas holding facilities that we cannot store cheap North Sea gas in the summer for use in the winter.
There is enough storage to supply the country with gas for only 13 days, compared with 99 days in Germany and 122 in France.
Yesterday large-scale gas users warned the Commons Business and Enterprise Select Committee, which is investigating the reasons behind the price rises, that Britain's energy needs were at the mercy of foreign suppliers.
Jeremy Nicholson of the Energy Intensive Users Group told the MPs that foreign energy companies are failing to sell gas to the UK when we need it.
full article
Plans for huge rise in wind farms
Plans for a massive increase in offshore wind power are set to be announced by the government.
The new turbines could more than treble the amount of power already generated by wind power.
The British Wind Energy Association (BWEA) told the BBC it hoped about 7,000 new turbines would be built around Britain's coastline by 2020.
Offshore wind farms have come under fire for spoiling the landscape and over the rising cost of making them.
British Gas parent firm Centrica, one of the UK's biggest energy generators, has warned that the opportunities of making money from them look slim and that the rising costs of making the turbines could end up ruining the government's renewable energy targets.
Royal Dutch Shell recently withdrew from a project that was set to become the world's largest wind farm in favour of investing in renewable energy in the US.
The BWEA said the planned expansion of UK wind farms would generate enough electricity to supply all UK households.
full article
The new turbines could more than treble the amount of power already generated by wind power.
The British Wind Energy Association (BWEA) told the BBC it hoped about 7,000 new turbines would be built around Britain's coastline by 2020.
Offshore wind farms have come under fire for spoiling the landscape and over the rising cost of making them.
British Gas parent firm Centrica, one of the UK's biggest energy generators, has warned that the opportunities of making money from them look slim and that the rising costs of making the turbines could end up ruining the government's renewable energy targets.
Royal Dutch Shell recently withdrew from a project that was set to become the world's largest wind farm in favour of investing in renewable energy in the US.
The BWEA said the planned expansion of UK wind farms would generate enough electricity to supply all UK households.
full article
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