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19 февраля, 16:31

Iberdrola condemns EU energy rules as ‘Kafkaesque’

Group says government incentives encourage the retention of polluting coal plants

19 января, 16:01

Message from Davos: Carbon pricing is back

On the eve of the World Economic Forum's Annual Meeting in Davos, CDP announced the Carbon Pricing Corridor initiative, the world's first industry-led initiative aimed at defining the investment-grade carbon prices needed for the power and industrial sectors to meet the Paris Agreement. The initiative seeks to address the emerging questions on how companies can manage climate change risk through the use of carbon price scenarios. The announcement was a part of the Carbon Pricing Leadership Coalition's "Doubling The Wave" event, where Heads of state and business leaders convened to discuss progress and uncover the challenges of achieving its goal of doubling the coverage of emissions subject to carbon pricing by 2020, and doubling it again within the next decade. In a further emphasis of the need for scenario analysis, the Task Force on Climate Related Financial Disclosures (TCFD) has called for the potential impact of different scenarios, including a 2C scenario, on an organisation's business, strategy and financial planning. The considerations associated with these scenarios is a key step to better understanding the potential financial implications of climate change. As Stuart Gulliver, CEO of HSBC said in Davos, "Carbon disclosure and pricing are two sides of the same coin, together they enable an assessment of risk and where required a reallocation of capital." Introducing the Carbon Pricing Corridor By bringing together CEOs and chief investment officers on an expert panel, we will create the reference scenario of carbon-related price signals that deliver the ambitions of the Paris Agreement, in the short-to-medium term. The three critical audiences for this work are: investors, as they undertake stress-testing of their portfolio's against a Paris-compliant economy; corporations, when running Cap-ex and Op-ex decisions against an internal carbon price; and policy makers, giving them a clear picture of price signals needed to drive private sector investment. In a session in Davos on the TCFD there was general consensus that consideration should be given to evolve the scenario analysis recommendation to agree reference scenario, for example those of the IEA or the reference scenario emerging as part of the corridors initiative. Why is this different to anything that has been done before? Economists internationally have done similar things within the IPCC and the IEA, offering a range of numbers for a direct carbon price. But that hasn't been updated for a long time, it has always been done by macro-economists and scientists, and it has always projected into the very long term. Our Carbon Pricing Corridor instead involves the investors and CEOs directly, from the finance and utility sectors right out to industry. This is industry talking about the factors that they take into account - the barriers to and drivers of to high or low carbon investments. Then, and only then, can you talk to governments to say 'here are the carbon pricing corridors needed if you want to make a clear investment signal for the private sector'. From economic theory to real world application Currently, most price signals for carbon are weak and inconsistent - they limit the effectiveness of existing schemes and the ability for the private sector to prepare for future pricing, particularly at the scale and speed needed to deliver on Paris. Furthermore, apart from a few good practice examples, there is little information on how prices will develop - improve and strengthen - in the coming years. Without stronger prices and more reliable information, carbon pricing policies will remain limited in their effectiveness, which impacts not only government efforts to decarbonize, but those by the private sector too. Investors are asking for clear signals which will help them to place a monetary value against the risks they may face in their portfolios as we transition to a low-carbon economy. At this point, there are a plethora of economic signals which either increase or decrease the costs associated with high carbon activities. It is sometimes said that investors are good at pricing risk, whilst not so good at pricing uncertainty, this work aims to translate the uncertainty of future carbon prices into scenarios of risk so this can be integrated into investment analysis. The Carbon Pricing Corridor offers a Paris-compliant reference scenario; which can serve as a guide for investors to help them monetise transition risk, updated twice a year, by a panel of business CEOs and investment insiders. There will be two publications a year, the first of which will be coming out this Spring, to tie-in with the G20 finance ministers meeting in Baden Baden, Germany and the IMF Spring Meeting in Washington DC. At the outset, the publication will present future carbon price signals as a global adapted average for the G20. Over time, we expect to develop corridors specific to key markets and regions. We want to hear from you The Carbon Pricing Corridor, facilitated by We Mean Business and CDP, will also feed directly into the Carbon Pricing Leadership Coalition (CPLC) facilitated by the World Bank Group. It will complement the work of leading economists such as Joseph Stiglitz and Nick Stern who will also be reporting on needed carbon price levels in the Spring of 2017, focusing on the social costs of carbon, among other topics. The make-up of the panel will be 70% business and investors, 30% related experts. Our initial panel of 15 includes Else Bos, CEO, PGGM, Gérard Mestrallet, Chairman, Engie, Jose Ignacio Sanchez Galan, CEO, Iberdrola, Rana Kapoor, CEO of YesBank, Abyd Karmali, Managing Director of Climate Finance, Bank of America Merrill Lynchand Saker Nusseibeh, CEO of Hermes Investment Management. The ultimate target is a panel of 30-50 experts. With the momentum now building following our successful launch at Davos, we are keen to hear from other senior leaders and investors who want to be involved. Together we can make carbon pricing the mechanism that ultimately delivers a well below-2 degree world. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

10 января, 16:00

Smaller Businesses Want Renewable Energy Developers To Spread The Green

A wind turbine stands on property used by the Iberdrola Renewables Holdings Inc. New Harvest Wind Power Project in Schleswig, Iowa, U.S., on Friday, Sept. 16, 2016. Wind energy, the fastest-growing source of electricity in the U.S., is transforming low-income rural areas in ways not seen since the federal government [...]

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26 октября 2016, 12:21

The Senate's next millionaire class?

Democrats are fielding a cadre of candidates richer than their GOP opponents.

22 сентября 2016, 16:05

Business can rock the world

Progress not fast enough - not fair enough The "Future of Spaceship Earth" report, launched on 19th September at the UN Headquarter in New York, pitches a forecast against an ambition. In one corner is the forecast, which says that the Sustainable Development Goals (SDGs) are not being progressed fast enough, or equitably enough. In the ambition corner are 17 leading global companies - one per global goal - demonstrating what business can do to chart a more hopeful path for the Goals and for our Spaceship Earth. What is our most likely future? In our quest to assess the likelihood of the SDGs being achieved by 2030 we took, as a starting point, the long-term forecast created by one of the original members of the Club of Rome, Jørgen Randers. We then surveyed over a dozen forecasting models. Of these, we found the two most suitable supplementary models were the system dynamics-based "T21" model of Millennium Institute, and the Regional Integrated model of Climate and the Economy ('RICE') led by Professor William Nordhaus of Yale University. Our team performed structural sensitivity analyses using these two supplemental models, and drew on the T21 model in particular to assess SDG issues and targets not covered by the Randers model. Will the Sustainable Development Goals be achieved? We found that none of the Sustainable Development Goals will be achieved in any of the world's major regions. Furthermore, the 'scorecard' reveals that, even in the world's most developed regions, 'USA/OECD' only 6 out of 17 goals will be reached. There is a glimmer of good news: the world will continue to make progress in lifting millions of people out of poverty. Also, there will be progress on areas like education, health and innovation - goals that are not heavily linked to the use of natural resources. But jobs and growth are carbon-footprint dependent and will come with an unacceptably heavy environmental price. The 'Life on Land' and 'Life below Water' goals glow amber and red. Most worryingly, the Climate Action goal is, universally, an angry red colour on the scorecard. In discussing this serious finding, we once again found some good news: the world's demand for energy will start to level off after 2030. Energy efficiency gains will be made at a faster rate than the energy needs of a growing world economy. But the transition to renewables will not be made fast enough, and thus the world will exhaust its 'carbon budget' by 2037. Burn any more fossil fuels after some two decades hence, and Spaceship Earth has no chance of keeping global temperature less than 2 degrees above pre-industrial levels, and will enter dangerous climate change territory. Climate Action is a time-lagged show-stopper for all other goals: gains made almost everywhere will be inhibited or reversed by weather and climate extremes that may resemble the aftermath of a comet smashing into our planet. Poverty and climate change are ineluctably linked. Also glowing red in all regions is the score relating to inequality. We see no significant improvement in the Palma ratio in the next 15 years, and, indeed, a worsening of the ratio in the USA. Ironically, some of the technological advances - for example in connectivity - that are helping to lift whole populations out of poverty are also being deployed by elite institutions in the rich world to consolidate their status. Will private sector step up? The forecast concludes that without extraordinary action, the SDGs will not be met, or indeed satisfactorily advanced in the poorer regions of the world. Although such action needs to be taken by governments, institutions and business, it is to the private sector that we in DNV GL turned for a glimpse into the art of the possible on the SDG frontiers. For each of the 17 SDGs, the company paired a leading global enterprise with operations, markets or products and service of relevance to that individual goal. The 17 stories are worth reading in depth; that is beyond the scope this this article. What can be said here is that the red thread connecting all these companies is their ability to see opportunities where others see problems. These are companies for whom the terms 'circular economy', 'zero deforestation', and 'democratizing sunshine' are not buzzwords, but are central to their strategies. These firms are also uncommonly adept at developing their businesses through cooperation and partnerships. This is why they often appear to be able to combine the best elements from seemingly competing concepts - what author Philip Binkley calls the magic of 'and' (for example, the ability to deliver both growth and sustainability). Partnerships are blueprints for success in solving the world's greatest challenges. The notion that we should work together is hardly novel; it has been integral to our evolution as a species. The concept of a "Spaceship Earth" - our shared vessel of existence and a foundry of collaborative opportunity - was introduced in the 1800s and popularized last century. Staying together is progress, and working together is success. The private sector must lead the charge. The world needs to be rocked! See report homepage here | Download report here | Read the report online here 17 companies, representing different sectors but with a global footprint have been working together with DNV GL on this project, they are as follows: No poverty | Tata Zero hunger | Danone Good health and well-being | HiTechnologies Quality education | ARM Gender equality | Symantec Clean water and sanitation | Grundfos Affordable and clean energy | SolarWorld Decent work and economic growth | NYK Industry, innovation, and infrastructure | Hydro Reduced inequalities | Safaricom Sustainable cities and communities | Siemens Responsible consumption & production | Marks & Spencer Climate action | Iberdrola Life below water | Cermaq Life on land | APP Peace and justice | Calvert Investments Partnerships for the goals | Unilever -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

09 августа 2016, 11:55

Понятие риска более не существует ни в каком виде.

Цитата: Действия крупнейших центральных банков мира окончательно уничтожают финансовую систему. Программа количественного смягчения от Европейского центрального банка делает свое дело. Свеженапечатанные деньги направляются на долговой рынок, где мы видим перманентное снижение доходностей, причем для инвесторов уже давно не имеет никакого значения, насколько надежный заемщик эмитирует эти облигации.  Яркий пример — Испания. Долговая нагрузка этой страны с 2008 г. неуклонно растет, но это никого не смущает, точнее смущало, но до определенного времени: пока глава ЕЦБ Марио Драги не расчехлил свою базуку. На графике видно, что отношение долга к ВВП неуклонно растет, и на это рынок реагировал ростом доходности. Но затем, когда ЕЦБ объявил о запуске стимулирующих мер, доходности резко пошли вниз.  Участникам рынка дали бесплатных денег, и они хлынули на долговой рынок. Конечно, сначала инвесторы выбирали наиболее надежные бумаги, например Германию, но там относительно быстро доходность ушла в отрицательную территорию, и дальше уже началась банальная охота за доходностями, то есть покупалось то, что может принести деньги. На самом деле никакой особой пользы для экономики действия монетарных властей не несут. Они лишь развязывают руки властям, позволяя увеличивать долг за счет минимальных ставок.  Однако демонстративное использование мер денежно-кредитного стимулирования экономики ключевыми центробанками говорит о том, что даже незначительный рост процентных ставок может привести к серьезным проблемам для экономик, отметил главный специалист по инвестициям испанской компании Tressis Gestion Даниэль Лакаль. А пока создаются зомби-экономики — экономики отдельных стран, которые могут существовать только при постоянной подпитке ликвидностью и нулевых процентных ставках. Напомним, в апреле МВФ сократил свой глобальный прогноз экономического роста до 3,2% на 2016 г. и 3,5% на 2017 г. А ряд экспертов считают, что в ближайшее время глобальная экономика начнет сокращаться на фоне ввода все большего числа протекционистских мер, сокращения объемов мировой торговли, валютных войн. Пылесос ЕЦБ С 8 июня ЕЦБ приобрел порядка 35% от общего объема бондов, которые регулятор может приобрести. ЕЦБ купил облигации 158 различных компаний. Чаще всего регулятор приобретал долговые бумаги следующих эмитентов: Deutsche Bahn (куплено 12 бондов), Telefonica (11), BMW (10), Daimler (9), ENI (9), Orange (9), Air Liquide (8), Engie (8), Iberdrola (8), Total (7) и Enel (7). 55% бондов, которые приобрел ЕЦБ, находились в рейтинговой категории «BBB». В частности, речь идет о RWE, Metro, EdP, Renault, A2A, Pernod и REN.  До сих пор ЕЦБ купил только 115 облигаций французских компаний, тогда как бумаг германских компаний в портфеле ЕЦБ больше — 122. Регулятор до сих пор чаще приобретал долговые обязательства швейцарских эмитентов, чем компаний из США. Бундесбанк и Банк Франции пока в среднем скупали облигации меньшими темпами, чем ЦБ Италии и Испании. ЕЦБ пока уделяет основное внимание большим выпускам облигаций. Регулятор уже приобрел 86% подходящих облигаций с объемом выпуска более €2 млрд.  Это свидетельствует о том, что, во-первых, ЕЦБ предпочитает наиболее ликвидные активы и, во-вторых, регулятор стремится не исказить рынки активов. Стоит отметить, что в портфеле ЕЦБ пока преобладают бонды с низкой или отрицательной доходностью. Так, регулятор уже купил 162 облигации с отрицательной доходностью на сумму €130 млрд. Это значит, что 35% всех купленных бондов имеют доходность ниже нуля. отсюда         

09 августа 2016, 09:00

Доходность облигаций Испании упала ниже 1%

Действия крупнейших центральных банков мира окончательно уничтожают финансовую систему. Понятие риска более не существует ни в каком виде.

09 августа 2016, 09:00

Доходность облигаций Испании упала ниже 1%

Действия крупнейших центральных банков мира окончательно уничтожают финансовую систему. Понятие риска более не существует ни в каком виде.

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20 июля 2016, 14:50

ЕЦБ раскрыл детали скупки активов

Различные центральные банки, которые входят в Евросистему, вчера впервые раскрыли информацию о том, какие бумаги ЕЦБ приобрел в рамках программы скупки корпоративных облигаций (Corporate Sector Purchase Programme, CSPP).

20 июля 2016, 14:50

ЕЦБ раскрыл детали скупки активов

Различные центральные банки, которые входят в Евросистему, вчера впервые раскрыли информацию о том, какие бумаги ЕЦБ приобрел в рамках программы скупки корпоративных облигаций (Corporate Sector Purchase Programme, CSPP).

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05 июля 2016, 13:03

Король Фелипе и королева Летиcия на вручении грантов фонда Iberdrola

Сегодня, 5 июля, в Мадриде король Испании Фелипе VI и королева Летисия приняли участие  в ежегодном вручении стипендий и грантов организации "Iberdrola" в области энергетики и окружающей среды.

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31 мая 2016, 20:05

Iberdrola files lawsuit against Bankia

Spanish utility is seeking €12.4m in compensation for losses it suffered on €70m investment

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31 мая 2016, 20:05

Iberdrola files lawsuit against Bankia

Spanish utility is seeking €12.4m in compensation for losses it suffered on €70m investment

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25 мая 2016, 12:36

BRIEF-Indra's unit to partner with Iberdrola in technological transformation project

* Says its unit Minsait will be Iberdrola's partner in digital transformation project of network asset management

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12 апреля 2016, 04:55

Старейшая АЭС Испании будет закрыта

Старейшая атомная электростанция Испании Санта-Мария-де-Гаронья будет окончательно закрыта по "экономическим причинам". Об этом объявил президент испанской энергетической компании Iberdrola Игнасио Санчес Галан, сообщает интернет-издание eldiario.es. АЭС, открытая в 1971 году, расположена на берегу реки Эбро возле городка Санта-Мария-де-Гаронья (провинции Бургос), в 58 километрах на юго-запад от города Витория. Ее вывод...

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11 апреля 2016, 15:55

Старейшая АЭС Испании будет закрыта

Старейшая атомная электростанция Испании Санта-Мария-де-Гаронья будет окончательно закрыта по экономическим причинам . Об этом объявил президент испанской энергетической компании Iberdrola Игнасио Санчес Галан, сообщает интернет-издание eldiario.es. Подробнее читайте на нашем сайте www.oilru.com