Hill Heat

Today, Secretary of State Hillary Clinton announced that Todd Stern will be the special envoy for climate change:

With the appointment today of a special envoy, we are sending an unequivocal message that the United States will be energetic, focused, strategic and serious about addressing global climate change and the corollary issue of clean energy.

Stern was a senior fellow at the Center for American Progress, the liberal think tank run by John Podesta, the chair of the Obama transition. Stern was a partner at Wilmer Cutler Pickering Hale and Dorr, as Vice Chair of the firm’s Public Policy and Strategy practice. Stern wrote on international climate change policy for CAP, promoting the creation of the E-8, a coalition of nations “focused on global ecological and resource problems” – (United States, China, India, Russia, South Africa, Brazil, Japan, and the European Union).

Stern was Assistant to the President and Staff Secretary in the White House from 1993 to 1998. He also coordinated the Administration’s Initiative on Global Climate Change from 1997 to 1999, acting as the senior White House negotiator at the Kyoto and Buenos Aires negotiations.

Carbon Control News reports that Georgetown Law professor Lisa Heinzerling will be joining the Environmental Protection Agency “to advise incoming Administrator Lisa Jackson on how to address climate change.” As Bradford Plumer notes at The New Republic, Heinzerling “was the lead author of the plaintiff’s brief in Massachusetts v. EPA back in 2007, in which the Supreme Court agreed with the plaintiffs that the EPA did, in fact, have the authority to regulate carbon-dioxide.”

Although the administration has not confirmed the appointment, Gristmill’s Kate Sheppard reports that Heinzerling’s voicemail recording at Georgetown says she is on a two-year leave from the school because she has “taken a position in the new administration.”

This webcasted panel discussion will examine opportunities for U.S. businesses and others to invest in energy efficient and renewable energy projects in Ukraine using the mechanisms of the Kyoto Protocol. The panelists will review opportunities for reducing energy waste in Ukraine’s major end-use energy sectors as well as the status and near-term potential for developing Ukraine’s solar, wind, biomass/biofuels, small hydro, geothermal, and coal-mine methane resources.

Panelists

• Brian Castelli – Executive Vice President and Chief Operating Officer, Alliance to Save Energy
• John Palmisano – Chairman, IE3
• Rich Rosenzweig – Chief Operating Officer, Natsource
• Ken Bossong – Co-Director, Ukrainian-American Environmental Association

(biographical information on each of the four panelists follows below)

This event, being co-sponsored by the U.S.-Ukraine Foundation and The Washington Group, will be broadcast live on-line in English.

Persons planning to attend in person should arrive by 11:50 am

• (Ukrainian Time: 6:00 pm – 8:00 pm)

U.S.-Ukraine Foundation 1701 “K” Street NW Suite #903 Washington, DC 20006

TO SUBMIT QUESTIONS ON-LINE: Questions for the panelists can be e-mailed either in advance or during the discussion to [email protected]. Please type “Kyoto/Energy Panel” in the “subject” line.

TO REGISTER AND FOR MORE INFORMATION: For On-Site Attendance, RSVPs Required. Lunch will be served. Space is Limited.

RSVP by email to: [email protected].

The presentation will be broadcast live online. To register to watch online, please visit this link and follow the instructions.

19/03/2008 at 12:00PM

ExxonMobil, the world’s largest company by both revenue and market capitalization, has a place on the world stage comparable to a major nation-state (only 23 nations in 2006 had a GDP greater than Exxon’s revenues of $347 billion, which rose 7% in 2007). Only 31 nations exceeded its annual greenhouse gas emissions in 2004 [UN MDG indicators, ExxonMobil CDP response]. If end-use emissions of ExxonMobil’s products are included, its carbon footprint of 1 billion metric tons of CO2 equivalent is exceeded only by five nations.

David Sassoon at Solve Climate asked Mario Lopez-Alcala, a senior analyst with Innovest Strategic Value Advisors, to estimate how the Kyoto Protocol impacts the company. Lopez-Alcala made some counter-intuitive discoveries.

Turns out that under Kyoto, Exxon is responsible for abating only 9 million out of the 138 million tons of its carbon footprint—about 6.9% of its absolute exposure. Mario arrived at this figure by compiling a weighted average of the emissions targets affecting all Exxon operations around the world. His estimate for what it costs Exxon to abate those emissions, assuming it had to purchase carbon credits? About $1 billion a year. (He calculated net present value for the 2008-2012 Kyoto compliance period and applied a standard oil industry discount rate to arrive at the figure, based on an expected price of $28 per ton of carbon. He also had to add in to the calculation, abatement costs for reducing emissions to a baseline year.)

$1 billion annually is not a terribly large liability for a $400 billion company.

Furthermore:

There’s also another aspect to Exxon’s carbon footprint: the 129 million tons of emissions that it is not required to reduce. It is an enormous carbon asset in a world in which carbon has a price, and it presents a tangible opportunity for enhancing profitability – even beyond $40.6 billion. By reducing those emissions – most simply through reduced flaring, co-generation, heat recuperation, and carbon capture and sequestration – Exxon could reap profits from selling carbon credits it generates. Mario reports that BP is the leader in the sector in taking advantage of these opportunities, which are tangible and positive already.

Sassoon concludes that from an investor (as well as moral) standpoint, ExxonMobil’s storied resistance to the science of climate change is a poor corporate position.

On the first day of the United Nations Climate Change Conference in Bali, Kevin Rudd, the new prime minister of Australia ratified the Kyoto Protocol, leaving the United States and Kazakhstan the only signatories who have failed to ratify.

Rudd’s statement begins:

Today I have signed the instrument of ratification of the Kyoto Protocol. This is the first official act of the new Australian Government, demonstrating my Government’s commitment to tackling climate change.

Ratification of the Kyoto Protocol was considered and approved by the first Executive Council meeting of the Government this morning. The Governor-General has granted his approval for Australia to ratify the Kyoto Protocol at my request.

Under United Nations guidelines, ratification of the Kyoto Protocol enters into force 90 days after the Instrument of Ratification is received by the United Nations. Australia will become a full member of the Kyoto Protocol before the end of March 2008.

Panel I

• Harlan Watson – special representative and senior climate negotiator, Bureau of Oceans and International Environment and Scientific Affairs, State Department Panel II
• Elliot Diringer – director of international strategies, Pew Center on Global Climate Change
• Margo Thorning – managing director, International Council for Capital Formation

11/07/2007 at 02:00PM