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U.N. chief urges wealthy nations to phase out coal use by 2030

Tue, 02nd Mar 2021 17:50

* U.N. head says G7 nations should commit by June summit

* Ending coal-fired power key to meeting 1.5C warming limit

* Global effort needed to help coal industry workers

By Megan Rowling

BARCELONA, March 2 (Thomson Reuters Foundation) - U.N.
Secretary-General Antonio Guterres on Tuesday called on wealthy
nations to end coal use by 2030 so the world can meet its goals
to curb global warming, urging G7 nations to make that
commitment before or at a leaders' summit in June.

In a video message to a virtual gathering of the "Powering
Past Coal Alliance", Guterres said emissions-cutting pledges by
governments fell far short of what is needed to limit climate
heating to 1.5 degrees Celsius above preindustrial levels.

But if immediate action were taken to end use of what he
called the dirtiest, most polluting and increasingly costly
fossil fuel in power generation, "then we have a fighting chance
to succeed", he added.

"Phasing out coal from the electricity sector is the single
most important step to get in line with the 1.5-degree goal,"
the U.N. chief said.

Scientists estimate that coal use in electric power
generation must fall by 80% below 2010 levels by 2030 to meet
the 1.5C warming limit, which is the more ambitious goal set by
more than 190 nations in the 2015 Paris Agreement.

Guterres said all 37 countries in the Organisation for
Economic Co-operation and Development (OECD) - a group of mainly
high-income nations - should promise to stop using coal by 2030,
and the rest should do so by 2040.

"Science tells us this is essential to meet the Paris
Agreement goals and protect future generations," he added.

The Powering Past Coal Alliance was formed by Canada and
Britain in 2017 to bring together governments and business to
accelerate the phase-out of "unabated" coal power, where there
is no technology in place to remove carbon emissions.

It now has more than 120 members, with 10 new ones joining
on Tuesday, including Hungary, Uruguay, the Japanese city of
Kyoto, and utilities National Grid of Britain and Ontario Power
Generation of Canada, as well as pension providers.

The alliance said in a statement that progress on phasing
out coal had sped up across OECD and European Union member
states, with over 55% of operating coal plant capacity retired
since 2010 or scheduled to retire by 2030.

CHEAPER RENEWABLES

The British government, however - host of both the June G7
summit and this year's U.N. climate talks - has come under fire
for failing to block local plans for a new coal mine in northern
England, which backers say is needed for steel production.

Cumbria county council has now said it will reconsider the
mine application after the independent UK Climate Change
Committee and green groups said going ahead with it could
undermine Britain's push for net-zero emissions by mid-century.

The UK government is considering bringing forward a planned
ban on coal-fired power generation by a year, to October 2024,
with the country's reliance on coal for electricity already
having dropped from 70% in 1990 to under 2% today.

Canada, meanwhile, said in 2018 it would eliminate
traditional coal-fired electricity by 2030, but would continue
to use coal for processes like steel-making. It is the world's
fourth largest exporter of coal for that purpose.

Guterres noted that, as the cost of solar and wind power has
fallen, building new renewable energy capacity has become
cheaper than installing coal-fired plants in virtually all
markets.

He said governments, companies and local authorities should
cancel all coal projects in the pipeline, end international
financing for coal plants and shift investment to renewables.

He also pointed to the need for a global effort to organise
a "just transition" for workers in the coal industry. That would
identify the needs of coal communities where jobs will be lost
and provide concrete solutions at the local level.

The Powering Past Coal Alliance said setting an "early date"
for a fair and complete transition away from coal, that would
protect workers, was a critical first step to reach the
long-term net-zero commitments recently adopted by many
countries.

The alliance and Bloomberg Philanthropies also launched the
"Bloomberg Global Coal Countdown", an online data dashboard that
tracks the retirement of coal plants around the world.

Svenja Schulze, Germany's environment minister, said that in
a world aiming to become climate neutral by the second half of
the century, "coal-based power is an outdated model".

"Investments in renewable energies, however, clearly offer a
competitive edge," she added. "Today, they are already more
cost-effective and create new jobs."
(Reporting by Megan Rowling @meganrowling; editing by Laurie
Goering. Please credit the Thomson Reuters Foundation, the
charitable arm of Thomson Reuters, that covers the lives of
people around the world who struggle to live freely or fairly.
Visit http://news.trust.org/climate)

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2 Aug 2023 15:47

UK dividends calendar - next 7 days

Thursday 3 August 
Aberforth Smaller Companies Trust PLCex-dividend payment date
Aptitude Software Group PLCex-dividend payment date
Atrato Onsite Energy PLCex-dividend payment date
Axiom European Financial Debt Fund Ltdex-dividend payment date
Brunner Investment Trust PLCex-dividend payment date
BT Group PLCex-dividend payment date
Caledonia Investments PLCdividend payment date
CML Microsystems PLCex-dividend payment date
Dunedin Income Growth Investment Trust PLCex-dividend payment date
Foxtons Group PLCex-dividend payment date
Games Workshop Group PLCex-dividend payment date
GB Group PLCdividend payment date
Inchcape PLCex-dividend payment date
Invesco Perpetual UK Smaller Companies Investment Trust PLCex-dividend payment date
JPMorgan Global Core Real Assets Ltdex-dividend payment date
Jupiter Fund Management PLCex-dividend payment date
Jupiter Fund Management PLCspecial ex-dividend payment date
Lloyds Banking Group PLCex-dividend payment date
M&G Credit Income Investment Trust PLCex-dividend payment date
Mobico Group PLCex-dividend payment date
Moneysupermarket.com Group PLCex-dividend payment date
Nichols PLCex-dividend payment date
Oxford Instruments PLCex-dividend payment date
Picton Property Income Ltdex-dividend payment date
Polar Capital Global Financials Trust PLCex-dividend payment date
Polar Capital Global Healthcare Trust PLCex-dividend payment date
Reckitt Benckiser Group PLCex-dividend payment date
Rentokil Initial PLCex-dividend payment date
Schroder Real Estate Investment Trust Ltdex-dividend payment date
Starwood European Real Estate Finance Ltdex-dividend payment date
Tyman PLCex-dividend payment date
Unilever PLCex-dividend payment date
Vesuvius PLCex-dividend payment date
WH Smith PLCdividend payment date
Friday 4 August 
Burberry Group PLCdividend payment date
Bytes Technology Group PLCdividend payment date
Bytes Technology Group PLCspecial dividend payment date
CC Japan Income & Growth Trust PLCdividend payment date
CT UK High Income Trust PLCdividend payment date
Ferguson PLCdividend payment date
Global Smaller Cos Trust PLCdividend payment date
Intermediate Capital Group PLCdividend payment date
JD Sports Fashion PLCdividend payment date
JPMorgan European Discovery Trust PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Liontrust Asset Management PLCdividend payment date
Mitie Group PLCdividend payment date
NewRiver REIT PLCdividend payment date
Norcros PLCdividend payment date
North American Income Trust PLCdividend payment date
Palace Capital PLCdividend payment date
Premier Miton Group PLCdividend payment date
Regional REIT Ltddividend payment date
Schroder UK Mid Cap Fund PLCdividend payment date
Supermarket Income REIT PLCdividend payment date
Twentyfour Income Fund Ltddividend payment date
Value & Indexed Property Income Trust PLCdividend payment date
Vodafone Group PLCdividend payment date
Vp PLCdividend payment date
Workspace Group PLCdividend payment date
Monday 7 August 
no events scheduled 
Tuesday 8 August 
no events scheduled 
Wednesday 9 August 
National Grid PLCdividend payment date
Record PLCdividend payment date
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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2 Aug 2023 05:44

UK's Grant Shapps convenes summit with energy giants in Downing Street

(Alliance News) - The UK's energy industry leaders will gather in Downing Street on Wednesday to discuss economic growth and energy security with Grant Shapps.

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31 Jul 2023 17:27

UK's FTSE 100 ends marginally higher, notches monthly gains

Beverages down on Heineken's outlook

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28 Jul 2023 17:44

UK's FTSE 100 ends flat as BOJ sparks rate worries, higher on the week

AstraZeneca boosts pharma index to one-month high

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27 Jul 2023 17:30

UK stocks rise on media stocks boost, global rate pause hopes

Energy shares fall on drop on Shell Q2 profits

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19 Jul 2023 08:13

TOP NEWS: National Grid to sell further 20% stake in National Gas

(Alliance News) - National Grid PLC on Wednesday said it agreed to sell a further 20% equity interest in its UK gas transmission and metering business, otherwise known as National Gas, to existing majority owners.

Read more
19 Jul 2023 07:03

National Grid sells further 20% of National Gas unit to Macquarie-led consortium

(Sharecast News) - National Grid has sold a further 20% of its UK National Gas transmission and metering business to the existing majority owners, a consortium of investors led by Macquarie Asset Management, for around £700m.

Read more
17 Jul 2023 09:20

LONDON BROKER RATINGS: JPMorgan cuts Spectris; Berenberg likes Victrex

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

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17 Jul 2023 07:43

LONDON BRIEFING: Entain buys Angstrom Sports; offer for Gresham House

(Alliance News) - Stocks in London are called lower on Monday, after the latest data from China pointed to a slowing economic recovery.

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6 Jul 2023 10:41

IN BRIEF: Gore Street Milton Keynes asset scheduled for energisation

Gore Street Energy Storage Fund PLC - London-based international investment fund - Says 80 megawatt Stony asset in Milton Keynes, England is scheduled for energisation with the National Grid on July 31. Says process is expected to take up to two weeks to complete. Once operational, the asset will bring Gore Street's total operational portfolio to 372MW. Adds its assets in the UK generated an average revenue of GBP7.62 per megawatt per hour in the first half of 2023.

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4 Jul 2023 17:28

UK's National Grid and SSEN in JV for 2 GW electricity transmission project

LONDON, July 4 (Reuters) - Scottish and Southern Energy Networks (SSEN) said on Tuesday it had signed a joint venture agreement with Britain's National Grid Electricity Transmission (NGET) to build a 2 gigawatt (GW) subsea cable linking northern Scotland to England.

Read more
4 Jul 2023 17:18

UK's FTSE 100 inches lower as industrials dip; healthcare stocks rebound

Airlines rise after strong numbers from giant Ryanair

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3 Jul 2023 15:49

UK shareholder meetings calendar - next 7 days

Tuesday 4 July 
Airtel Africa PLCAGM
JPMorgan Multi-Asset Growth & Income PLCAGM
Marks & Spencer Group PLCAGM
Strix Group PLCAGM
Versarien PLCGM re capital raise
Wednesday 5 July 
AdvancedAdvT LtdAGM
Bonhill Group PLCAGM
Burford Capital LtdAGM
Capital Gearing Trust PLCAGM
Clarify Pharma PLCAGM
Eneraqua Technologies PLCAGM
i(x) Net Zero PLCAGM
Thursday 6 July 
3i Group PLCAGM
3i Infrastructure PLCAGM
Great Portland Estates PLCAGM
J Sainsbury PLCAGM
Katoro Gold PLCAGM
Land Securities Group PLCAGM
Mining, Minerals & Metals PLCAGM
Peel Hunt LtdAGM
Severn Trent PLCAGM
Workspace Group PLCAGM
Young & Co's Brewery PLCAGM
Friday 7 July 
Griffin Mining LtdAGM
GRIT Investment Trust PLCAGM
Liontrust Asset Management PLCGM re takeover by GAM Holding AG and share cancellation
Nanoco Group PLCGM re cancellation of Share Premium Account
Monday 10 July 
Altona Rare Earths PLCGM re admission to LSE
Financials Acquisition CorpGM re extension of business combination deadline
More Acquisitions PLCAGM
N Brown Group PLCAGM
National Grid PLCAGM
Sirius Real Estate LtdAGM
TruFin PLCGM re open offer shares
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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28 Jun 2023 12:30

British coal plants to be unavailable for back up power this winter - National Grid

LONDON, June 28 (Reuters) - Two British coal plant operators, whose plants were available last winter, have confirmed they will be unable to provide back-up power for winter 2023/24, National Grid said on Wednesday.

Read more
27 Jun 2023 16:55

London stocks rise on China recovery hopes; energy shares fall

China's Premier Li says will take steps to boost demand

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