U.S. oil and gas companies, and their investors, are at risk of significant stranded assets because they are not adequately reflecting the impacts of the climate crisis and the clean energy transition in their financial reporting
Results from the 2017 Strategic Directions: Natural Gas Industry Report survey signal that in order to realize natural gas storage potential, industry organizations will first need to manage the array of associated federal and state regulations.
Capitalizing on sustained low natural gas prices, the United States has seen a fair amount of build-out of new pipeline infrastructure to reach new markets since last year’s Strategic Directions: Natural Gas Industry Report. Additionally, the changeover in administrations at the federal level is widely seen as favorable for continued industry growth. However, despite announced intentions to immediately accelerate energy infrastructure development, several bumps have been encountered right out of the gate.
As the legislature gears up for the 2018 session, over 50 New Hampshire businesses united in calling for the Legislature to support economic growth and business development through advancing clean energy policies. Dartmouth Hitchcock, Hannaford Supermarkets, Hypertherm, Velcro Companies, Timberland and Worthen Industries are among the businesses that signed on to a series of “Clean Energy Principles.”
2017 was a record year in many respects, and climate change played a big part in it. We witnessed devastating natural disasters, groundbreaking policy changes and shocking political decisions, which set some of the progress backwards. However, many companies, states, even individuals, continue the fight with determination.
Survey responses from the 2017 Strategic Directions: Natural Gas Industry Report suggest that a root cause of inadequate preparedness for risks may be insufficient funding for physical and cybersecurity initiatives. In fact, results reveal that approximately 65 percent of respondents either don’t know how much money is being earmarked or are allocating less than $1 million annually to fund security programs.
Nearly all climate scientists and every government on earth (except for one) agree that society faces profound risks from human-induced climate change. Does your mutual fund company, investment manager, or 401(k) manager agree that the risks are serious and extend to companies in their portfolios?
For an overview of risks to businesses from climate change and what they should disclose, see reports and recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosure (TCFD), Chaired by Michael Bloomberg, former Mayor of New York City. Examples of these risks already translating into impacts include the record-breaking string of Atlantic hurricanes and wildfires in North America.
If your K-12 school district or community college could reduce energy costs and steer those savings to educational improvements, wouldn’t you jump at the chance? California’s Grossmont Union, Poway Unified, Mountain View Los Altos and Visalia Unified are just a few of the districts that have tapped into energy storage to shrink their electrical bills. They are now serving as beacons to others.
Looking to take advantage of the LNG oversupply and low pricing, many developing regions are now establishing gas-to-power markets that can accommodate imported supply. Converting to gas power, particularly in regions that have historically run on diesel fuel oil, can carry additional economic benefits. In some areas, conversions can cut electric costs in half.
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