Climate & Energy

Notable quotable

“Anybody can talk and beat up coal: They don’t like it; it’s dirty; it does this and this. But I can assure you, they’re not going to turn their lights or their demand for energy off.” – Gov. Joe Manchin of West Virginia

A new marketplace for trading GHG permits

A chat with Philip V. Adams of the World Green Exchange auction system

Last week, World Energy Exchange, an online energy trading platform, officially launched a new marketplace for renewable-energy certificates and greenhouse-gas permits. The World Green Exchange employs an auction system -- think eBay -- to bring buyers and sellers together. In theory, auctions create a more transparent marketplace and drive out cost inefficiencies by directly connecting the buyer and seller and removing the middleman. Philip V. Adams. We caught up with World Energy President and COO Philip V. Adams last week to find out how the launch went and why he thinks WGE will stand out in an increasingly crowded field dominated by the Chicago Climate Exchange in the U.S. and European Climate Exchange and European Energy Exchange overseas. Grist: Congratulations on launching the World Green Exchange. I know it's only been up and running for a couple of days, but is it attracting users and working as you had hoped so far? How will you measure success longer term? Adams: Thank you. The World Green Exchange was formally launched last week, but in fact we have been conducting transactions on the platform for the past several months. We're a bit of a conservative firm, and took the view that we would have real client success in the marketplace before making an announcement of our capabilities. As we suspected, the auction approach is performing very well. In several transactions conducted to date, we have significantly bettered benchmark prices that were derived to our clients who were using brokers or bid-ask exchanges.

Hackus interruptus

EPA staffers warned Johnson he might have to resign if he denied Cali’s waiver

Stephen Johnson. Lordy. Not only did Stephen Johnson’s staff at the EPA oppose his decision to deny California’s waiver, but they warned him that if he denied the waiver he might have to resign in shame. Boxer’s EPW committee has gotten ahold of some internal memos and briefings from the EPA. To pick just one example, check out this extraordinary list of talking points from staff at the Office of Transportation and Air Quality: • I know you are under extraordinary pressure to make the California waiver decision, and I don’t mean to add to it • But this likely …

Exxon will try to convince Supreme Court it’s paid enough for oil spill

On Wednesday, Exxon Mobil Corp. will try to convince the U.S. Supreme Court that it should not have to pay $2.5 billion in punitive damages to Alaskan folk affected by the 1989 Exxon Valdez oil spill. Exxon, which earlier this month posted an annual profit of $40.6 billion, will argue that the $3.4 billion or so that it’s paid in cleanup costs and other fines should totally suffice. The company also says that Prince William Sound, where the tanker ran aground, is back to its pre-spill pristine state, an opinion disputed by research and people who actually live there.

Another one bites the dust

Climate change myth debunked: scientists did not predict new ice age

Over on his blog, John Fleck dispatches one of the most ridiculous urban legends of climate change: that scientists in the 1970s were predicting that an ice age was impending. John and his colleagues, Thomas Peterson and William Connolly, point out that, even in the 1970s, most scientists thought that global warming was the dominant problem. It should also be pointed out that those worried about global cooling did not necessarily dispute the fact that carbon dioxide causes warming. Rather, the global cooling theory was based on the idea the dust and other stuff people were putting into the atmosphere would reduce sunlight by more than enough to overwhelm the heating from carbon dioxide. The net result would be cooling. There is in fact no credible dissent to the argument that carbon dioxide warms the climate. Even the Dean of Skeptics, Dick Lindzen, admits that (although he predicts less warming than the IPCC). So, two things to remember: The consensus that an ice age was coming in the 1970s didn't actually exist. The theory that an ice age was coming does not contradict the theory that carbon dioxide warms the climate.

‘Doomsday’ seed vault opens in Arctic, awaits doom

A so-called “doomsday” seed vault opened in the Arctic today that’s designed to store up to 4.5 million seeds as a backup for the world’s food crops (and other seed banks) just in case something ultra-tragic happens. The $9.1 million Svalbard Global Seed Vault was built into the side of a mountain some 620 miles from the North Pole on one of the Svalbard Islands; designers say it can withstand large earthquakes and a direct nuclear strike. Its remote location is an additional safeguard from wars and similar events that have destroyed seed vaults in other parts of the world. …