- Norway’s government has been told its state-run fund should drop its investments in oil and gas stocks, worth £28 billion ($37 billion). Norges Bank, the fund’s manager, said the step would make the country “less vulnerable to a permanent drop in oil and gas prices.” Its advice was not based on a price forecast or the sector’s sustainability. [BBC News]
- Siemens is to release 2% of its global workforce, mainly in Germany, as its power and gas division continues to suffer from the onslaught of clean energy expansion. “The market is burning to the ground,” Siemens board member Janina Kugel, who is in charge of group human resources, told journalists in a call. [Power Engineering International]
- A major New England transmission line planned by Eversource Energy and Hydro-Quebec has won a Presidential Permit from the US DOE. The federal permit marks a significant milestone for the $1.6 billion, 192-mile Northern Pass, first proposed in 2010. The line would carry electricity from Canada to the New England power grid. [MassLive.com]
- “If we act on climate change now, the economic prize will be immense” • Climate negotiators are meeting in Bonn. Beyond the intricacies of the climate negotiations, here is one key thing to remember: about $1 trillion is already being invested in climate solutions, ranging from renewables and energy efficiency to public transport. [The Guardian]
- Investors are now better able to gauge the climate risks likely to impact their investments thanks to a new risk management tool developed by Deutsche Asset Management and Four Twenty Seven and published for COP23, which maps more than a million physical corporate locations alongside climate models to assess their climate risk. [CleanTechnica]
For more news, please visit geoharvey – Daily News about Energy and Climate Change.