Underestimating cyclone costs, It’s broke and Volcanic industrial heat storage
In this issue:
Storms and cyclones carry a larger toll than we’re accounting for
Accounting for the long-term impacts of storms increases the social cost of carbon (SCC) by 20%, according to scientists from the Potsdam Institute for Climate Impact Research. Large events, such as Cyclone Gabrielle, have been shown to slow economic development for as long as ten years. The scientists looked at data covering 41 cyclone-prone countries over the period 1981-2015. The increase in SCC of including long-term impacts was 40% in these regions and 20% globally, compared with the figures used in policy setting. The social cost of carbon is a dollar estimate for future costs to societies resulting from the emission of one additional ton of carbon dioxide into the atmosphere.
Oil and gas industry not fixing it
The latest report from the IEA calls out oil and gas companies as mostly sitting on the sidelines when it comes to the energy transition. Industry investment into clean energy was only 2.5% of its total investment in 2022. The industry accounts for only 1% of total global investment into clean energy and 60% of this comes from only four companies. The message couldn’t be clearer: It’s broke, it needs fixing.
Better late
John D Rockefeller founded Standard Oil in 1870 and grew it to control 90% of US oil production, making him the richest person in modern history. Standard was broken up under antitrust laws in 1911, spawning companies like ExxonMobil and Chevron. In 1913 Rockefeller’s wealth was around 3% of US GDP. He set up the Rockefeller Foundation in 1913 with an endowment of US$100m, it is currently valued at US$6bn (NZ$10bn). Good then, to see the Rockefeller Foundation, will become net zero by 2050. If only the current crop of oil owners were as conscious.
SAF flying high
It’s been a big couple of weeks for sustainable aviation fuel with Gulfstream recording a claimed first transatlantic crossing using 100% SAF for one of its G600 executive jets and Virgin Atlantic running 100% SAF on a London to New York run with a Boeing 787. Interestingly, the flights ran with different engines, reinforcing the drop-in credentials of SAFs.
Heat cell storage for process heat
UK start up, Caldera, has developed a heat cell to store energy from renewables for use in process heat systems, particularly those needing steam. The cells are made from a combination of waste aluminium and volcanic rock. The cells are heated up to 500C and release the energy as steam on demand. The heat cells are sized for easy transport and systems are scalable. The cells have no moving parts and should last for decades according to Caldera. They come with a 10-year warranty.
