http://bit.ly/7XwAG
Geothermal mining or tapping volcanic reserves for energy has one of the highest sulfur and carbon based emissions. Right ? How is it then entitled to Climate Change funding !!!
Climate Change Skeptics have a long standing grouse, that proponents of environmental clean-up have very often expensive and fanciful solutions that are in no way conducive to the common citizens pocket. A Green environment has its costs,but they must be legitimate and should give some definitive returns in the long run.
The Kyoto accord which is now in shambles was all about energy producers profiteering through Carbon trading and had no mechanism to ensure that they will put up renewable energy plants .
In all fairness it must be admitted that climate skeptics were partially right. The Kyoto Protocol and 10 years of Carbon Trading thereafter showed that the carbon emission levels in the two dozen nations who signed the accord had gone up instead of coming down. The fault lay with the structure of EU ETS giving free Carbon credits to polluters without basic bench marking and allowing these polluters to make money on the excess carbon credits available with them. It was like giving the polluters a free hand to trade in Carbon Credits without restricting the permits issued as per a stringent global benchmark.
Now the energy companies ( read oil majors,mining giants and utilities) are again up to new tricks to negate the flow of investment into renewable energy. The new toy for diverting and wasting public funds earmarked to stop climate change is called Geo- engineering. The projects include geo-thermal mining which is extracting energy from volcanic formations, an extremely theoretical concept with limited returns capability that could take decades to mature but will lock up funds worth millions of dollars earmarked for genuine renewable energy projects.
The International Bank for Reconstruction and Development of the World Bank's sanctioned a $125 million concessional loan at very low interest rates from the Clean Technology Fund to PT Supreme Energy International Power and Marubeni Corporation have entered into a joint venture agreement for the development of the Rantau Dedap geothermal project located in South Sumatra Province.following the appointment of Supreme Energy as winner of the concession tender and the award of the geothermal mining licence. Indonesia's plans for geothermal power also received a further boostThis as the World Bank offered loans of USD300 to Pertamina Geothermal Energy. The money will be used to to expand power generation by up to 150MW in geothermal fields at Ulubelu, South Sumatra and Lahendong, North Sulawesi.
This was followed by assistance from Japanese government that agreed to provide about 62.3 billion yen (USD809 million) in new climate aid to Indonesia, one of the biggest emitters in the developing world, in the form of low interest loans, mainly to build five geothermal power plants. The cash would have to be repaid over 40 years at 0.3 percent annual interest and is from the allocation of the Japanese Government aid pool to poorer nations, for the project in which Japanese major Marubeni will be the lead contractor.
In short this is a project financed by Climate Change and development funds of WB and Japanese Govt to Research and Development in Geo-mining which has no proven benefit track record to reduce Carbons globally, The beneficiary is undoubtedly Marubeni Corporation. The looser Climate Change and Renewable Energy.
Geothermal mining or tapping volcanic reserves for energy has one of the highest sulfur and carbon based emissions. Right ? How is it then entitled to Climate Change funding !!!
Climate Change Skeptics have a long standing grouse, that proponents of environmental clean-up have very often expensive and fanciful solutions that are in no way conducive to the common citizens pocket. A Green environment has its costs,but they must be legitimate and should give some definitive returns in the long run.
The Kyoto accord which is now in shambles was all about energy producers profiteering through Carbon trading and had no mechanism to ensure that they will put up renewable energy plants .
In all fairness it must be admitted that climate skeptics were partially right. The Kyoto Protocol and 10 years of Carbon Trading thereafter showed that the carbon emission levels in the two dozen nations who signed the accord had gone up instead of coming down. The fault lay with the structure of EU ETS giving free Carbon credits to polluters without basic bench marking and allowing these polluters to make money on the excess carbon credits available with them. It was like giving the polluters a free hand to trade in Carbon Credits without restricting the permits issued as per a stringent global benchmark.
Now the energy companies ( read oil majors,mining giants and utilities) are again up to new tricks to negate the flow of investment into renewable energy. The new toy for diverting and wasting public funds earmarked to stop climate change is called Geo- engineering. The projects include geo-thermal mining which is extracting energy from volcanic formations, an extremely theoretical concept with limited returns capability that could take decades to mature but will lock up funds worth millions of dollars earmarked for genuine renewable energy projects.
The International Bank for Reconstruction and Development of the World Bank's sanctioned a $125 million concessional loan at very low interest rates from the Clean Technology Fund to PT Supreme Energy International Power and Marubeni Corporation have entered into a joint venture agreement for the development of the Rantau Dedap geothermal project located in South Sumatra Province.following the appointment of Supreme Energy as winner of the concession tender and the award of the geothermal mining licence. Indonesia's plans for geothermal power also received a further boostThis as the World Bank offered loans of USD300 to Pertamina Geothermal Energy. The money will be used to to expand power generation by up to 150MW in geothermal fields at Ulubelu, South Sumatra and Lahendong, North Sulawesi.
This was followed by assistance from Japanese government that agreed to provide about 62.3 billion yen (USD809 million) in new climate aid to Indonesia, one of the biggest emitters in the developing world, in the form of low interest loans, mainly to build five geothermal power plants. The cash would have to be repaid over 40 years at 0.3 percent annual interest and is from the allocation of the Japanese Government aid pool to poorer nations, for the project in which Japanese major Marubeni will be the lead contractor.
In short this is a project financed by Climate Change and development funds of WB and Japanese Govt to Research and Development in Geo-mining which has no proven benefit track record to reduce Carbons globally, The beneficiary is undoubtedly Marubeni Corporation. The looser Climate Change and Renewable Energy.
The new toy for diverting and wasting public funds earmarked to stop climate change is called Geo- engineering. Sports Good
ReplyDelete