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Moody s urges coal companies not to ignore Paris climate agreement

U .s. coal companies would be ready to start assessing their future financial risks based on the climate agreement in…

U .s. coal companies would be ready to start assessing their future financial risks based on the climate agreement in Paris, said Moody’s credit rating agency Wednesday, despite the fact that Trump has withdrawn the agreement and reduced rules aimed at enforcing it.

Moody’s said that other factors, including state and local policies, “hold the US energy sector and regulated tools on track or even” in Paris’s demands for emission reductions – and that coal companies would therefore be wise to plan as if the United States still part of the deal.

The analysis was released during the first days of the UN climate summit in Poland, where even large fossil fuel-dependent countries like Saudi Arabia were seen to reinforce their commitments to the climate agreement from 201

5.

It will also be, as President Trump tried to portray France as opposed to Paris agreement with protests of gas taxes as evidence. On Thursday, Trump plans to announce new rules to stimulate new coal power plant constructions.

Moody said in its Wednesday report that it evaluated the voluntary climate assessments of four of the largest coal companies in the United States, but said that only two used the Paris agreement to assess the risk of future global warming rules.

The two companies analyzing the deal in Paris included one of the largest coal utility companies in the United States, North Carolina-based Duke Energy, along with Pennsylvania PPL.

Duke Energy has resisted most of the Trump administration’s speech on increased coal use in the United States and says it will remain on track for converting its entire carbon charcoal to natural gas and solar energy in the next few years.

The two other coal giants evaluated, Ohio-based American Electric Power and Southern Company, discussed only a basic climate scenario in their voluntary analyzes and did not specify the two-tier scenario envisaged in the Paris agreement.

Still, both companies are at a certain stage of transition to a cleaner generation fleet, which is more dependent on natural gas and renewable energy.

The main part of Moody’s report was to identify similarities and differences in how companies voluntarily evaluate the risks of climate change in their financial tasks. It gave no difficult conclusions, but suggested only that the use of the Paris target is an important benchmark that should be included in a company’s risk analysis.

All four companies followed some of the recommendations of the Climate-related Financial Advisory Working Group on how to proceed, Moody’s statement explained. No company provided completely with all recommended data.

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