Bank of America joins the five other major US banks in ruling out financing for oil projects in the Arctic. With all six US major banks refusing to provide funding, Arctic oil exploration becomes even riskier.
Each week we summarize three pieces of news that give us hope for a greener, brighter future. Follow Emeraldology on social media or sign up for our weekly newsletter to have Hopeful Headlines sent directly to your inbox!
By Lananh Nguyen, Bloomberg Green, November 30, 2020
- Bank of America rules out financing for Arctic oil exploration in a statement by spokesman Larry Di Rita. Bank of America is the last of the six major US banks to rule out such financing.
- The statement comes on the back of president Trump’s “advancing plans to auction drilling rights in the Arctic National Wildlife Refuge.”
- The Money Quote: “Now that every major American bank has stated unequivocally that they will not finance this destructive activity, it should be clearer than ever that any oil company considering participating in Trump’s ill-advised lease sale should stay away,” (Ben Cushing, a senior campaign representative for the Sierra Club) said in a statement.
Why it matters: Drilling for oil kind of defeats the purpose of a “refuge,” doesn’t it? Animal species like caribou, polar bears, wolves, lynx, wolverine and migratory birds — not to mention indigenous people — rely on this untouched land for their survival. And climate-wise, the world can’t afford to have this oil come to the surface.
By John Parnell, Green Tech Media, November 30, 2020
- Both the United Kingdom and the European Union unveiled plans to accelerate offshore wind infrastructure to achieve their net-zero carbon goals. The UK’s plan calls for 40-gigawatts of offshore wind by 2030 as its anchor. The EU plan calls for 60 GW by 2030 and 300 GW by 2050. (Yes, 300 GW).
- The EU plan provides substantially for hybrid projects — combinations of renewable and conventional energy production and storage — to create a more robust and versatile energy grid.
- The Money Quote: “I certainly believe that [the EU] is going to at least hit that mark, but probably also exceed the 60 GW,” said (Søren Lassen, head of global offshore wind research at Wood Mackenzie,). In fact, the current pipeline of projects in the EU is close to double the European Commission’s target of 60 GW by 2030. “It’s a very strong testament to how far the offshore wind industry has come and also how far it can go in the future.”
Why it matters: Renewable energy investments have allowed the technology to advance by leaps and bounds. Now, both the UK and EU are doubling down on this technology. Doesn’t the United States have a fair bit of shoreline???
By Seattle Times staff, Seattle Times, November 30, 2020
- A 300-acre, 75-megawatt solar project near Richland, Washington will generate enough electricity for 11,000+ homes. Energy Northwest and Tucci Energy Services are developing the project.
- Energy Northwest and Tucci previously collaborated on a 4-megawatt solar and battery storage project adjacent to the new one.
- The Money Quote: This solar project is part of what is expected to be a surge of renewable energy projects in the Northwest as Washington — under a 2019 law — calls for zero greenhouse gas emissions from fossil fuels to be emitted from the power sector by 2045.
Why it matters: Well, I just love seeing my home state build renewable energy infrastructure! But this shows how renewable projects can piggy-back off of each other, as the new project can hook up to previously constructed battery storage.
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