$11.5 trillion investors' group calls for European utilities to end coal use by 2030

A group of 95 investors organized as the “Institutional Investors Group on Climate Change” has issued an open letter to European power companies on December 19, 2018, asking firms to demonstrate they are implementing business strategies aligned with the goals of the Paris Agreement.

The investors participating in the Institutional Investors Group on Climate Change collectively have $11.5 trillion in assets under management or advise; 20 of the 95 signatories each have over $200 billion in assets under management, including Aberdeen Standard Investments, BNP Paribas Asset Management, DWS, Legal and General Investment Management, Nordea Group and M&G. Other signatories include the California Public Employees' Retirement System, California State Teachers' Retirement System, New York City Comptroller’s Office, and New York State Common Retirement Fund.

Citing the United Nations IPCC Special Report on Global Warming of 1.5 °C issued on October 8, 2018, the investors cite the risks to global markets and investments from 2 °C or higher temperature rises as “potentially catastrophic.” The IPCC report found that a number of climate change impacts could be avoided by limiting global warming to 1.5 °C compared to 2 °C or more. But the report also noted that limiting global warming to 1.5 °C would require “rapid and far-reaching” transitions in land, energy, industry, buildings, transport, and cities. In particular, the IPCC report concluded that to limit warming to 1.5 °C would require net global human-caused emissions of carbon dioxide to fall by about 45 percent from 2010 levels by 2030, reaching "net zero" around 2050. 

The group demands that power generators, grid operators and distributors “plan for their future in a net-zero carbon economy.” Specifically, they request companies to publish transition plans consistent with the goal of the Paris Agreement; develop explicit timelines and commitments for the rapid elimination of coal use by utilities in EU and OECD countries by no later than 2030; and support the development of “ambitious climate policy aligned with the Paris Agreement” directly and through their trade associations.

California grid prepares for solar eclipse

As a total solar eclipse approaches for North America, California electricity regulators have launched a voluntary demand response program designed to reduce power consumption during the eclipse while solar panel output is reduced.

The eclipse will occur on August 21, 2017, and is projected to reduce solar photovoltaic production in the California ISO region by 4,194 megawatts.  Taking gross load increases and estimated wind production into account, CAISO has been told to expect a net load increase of 6,008 MW during the eclipse.

According to the nation's electric reliability organization, NERC, the August 21 eclipse "is not expected to impact the reliability of the bulk power system."  But as NERC also noted, "As the number of photovoltaic generators on the power system increases, the risk created by solar eclipses to reliable system operations will increase as well."

Now, the California Public Utilities Commission has launched a "Do Your Thing for the Sun" or "Cal Eclipse" program.  On its website, the Commission asks, "While our utilities and grid operator have all the tools necessary to manage the grid during the eclipse, what if millions of Californians stepped in to allow our hard working sun to take a break, rather than relying on expensive and inefficient natural gas peaking power plants?"

The website asks consumers to "Take the Pledge", emphasizing the value of "joining a movement of Californians who are taking action during the eclipse to give the sun a break by saving energy and reducing GHG emissions." According to a two-page FAQ posted on the website, consumers can reduce electricity consumption by turning off electronics when leaving, and permanently decrease electricity consumption with energy efficiency measures.  Actions suggested on the pledge website include replacing light bulbs with LEDs, reducing lighting use and electronics charging, unplugging unused appliances, and increasing air conditioning temperature setpoints by 2-5 degrees.

According to the Commission's FAQ, "There is no reason to anticipate any eclipse-related electric service outages because of the reduced solar generation."