Talking Green

Iceland's Big Test..

CNN has this post up about Iceland's geothermal economy. (and yesterday I had this Iceland post up). Iceland is in the middle of 'near melting' economy -  with housing related investments the kind of investments, which brought big bank like Citibank to its knees.. but in a much smaller scale; uhm, nationalized 3 of its largest banks! - this kind of conditions challenges the sustainability for much of its green economy like never before.

To understand how they got into this problem in the first place, watch this v-clip. (It tells how they got into this highly leverage game).

The severity of their financial crisis...via AFP.

The IMF recently forecast that the country's gross domestic product (GDP) was expected to contract by 10 percent next year.

The government has meanwhile forecast that the public debt would increase from 29 percent of GDP at the end of 2007 to just over 100 percent of GDP at the end of 2009.

The cost of the banking crisis could be as high as 85 percent of GDP, or 1.1 trillion kronur (7.2 billion euros, 9.4 billion dollars). - emphasis added

Although, the country have secured lifeline from the international community including the IMF, looking at the cost to service debt alone at over 100% of GDP by 2009? That sounds like a pretty high debt to income ratio..

So now, what the government has to do - first thing first - is to restore confidence. A tall order for small country like Iceland..

On the other hand, the country is rich with nature-based economy and renewable energy which could help sustain their economy.

At the Climate Institute's Washington, D.C., conference, Iceland President Ólafur Ragnar Grímsson described how his country moved from a coal-based economy to one that uses renewable energy for all electricity and nearly all heating. Only transportation still depends on fossil fuels. In total, 70% of Iceland's energy comes from hydroelectric and geothermal sources, Grímsson said. (Chemical & Engineering News)

And if they pass "this" big test, we'll soon learn that Iceland will be a case study for the world's first green economy that survives a major financial blow...

Waxman!

What a change! Rep. Henry Waxman win the fight for Chairman of the Energy and Commerce committee from Rep. John Dingell.

Waxman is good for the position. Because Obama needs climate friendly leader in Congress to get this going..via Bloomberg.

Obama has promised to spend $15 billion a year to help private industry develop clean energy technology and to institute a cap-and-trade system to reduce emissions 80 percent by 2050.           

Va. Panel Recommends Aggressive GHG Cuts?

The recent recommendation by Virginia panel on climate change asked for more greenhouse gas emissions aggressive cuts than what Gov. Kaine proposed, according to Bluefield Daily Telegraph.

...the Commission on Climate Change recommended that the state reduce greenhouse gas emissions 25 percent below 1990 levels by the year 2020, and by 80 percent by 2050 — well beyond the 30 percent reductions Kaine called for by 2025, according to the AP story.

The recommendation for the cuts however, needs more powwah. Because the language for "no-more-coal-plant until CCS technology has been perfected," has been removed. This two should be one package, if Virginia seriously wanted to reduce its greenhouse gas emissions.

The mindset that no-alternative-to-coal (one local politician says that..) has got to change! We just have to look at what the sources of emissions and the consequences if we do nothing...via Roanoke Times.

...greenhouse gas emissions from Virginia and the Carolinas are equivalent to industrialized South Korea's emissions.

Just to give you an idea of how bad So. Korea's GHG emission is...via IHT.

South Korea released 591 million tons of carbon dioxide and other greenhouse gases in 2005. That level is believed to be the world's 10th-largest in emissions, and it is almost double the country's 1990 output of 310 million tons.

There's got to be more than enough energy alternatives to coal for Virginia that's available out there. If Maryland can do it, why can't Virginia do it? Yes, we can. Provided that the political will is strong enough to overcome the coal industry lobbying. 

And that seems to be what's lacking over here...

World Bank Raises $300 Mil from Green Bonds

This is good. Despite global financial crisis the World Bank in partnership with SEB and several Scandinavian institutional investors, was still able to raise $300 million in Swedish krona-denominated six-years green bonds. Funds raised will be directly invested into climate change related products. Via Environmental Finance.

The money raised will be invested exclusively in technologies that reduce greenhouse gases, energy efficiency projects, reforestation or avoided deforestation projects, or to help developing countries adapt to the effects of climate change.

The pool of buyers for these kind of bonds: insurance companies (2/3), pension funds and socially responsible investment portfolio (SRI). The triple-A rated bonds will pay 0.25 percent above Swedish government bonds.

Marylanders Gets $16M for Carbon Auctions

Maryland gets $16M from RGGI share of its first carbon auction, which is by far the largest recipient among participants. The earned income goes directly to Maryland's Strategic Energy Investment fund for redistribution, via Hometown Annapolis.

Maryland funds will be divided among programs that range from residential electricity rate relief and energy assistance for low-income residents, to energy-efficiency and climate-change programs.

With auction money coming down the pipeline expect to see significant amount available to fund Maryland's energy efficiency programs.

US Airways Flying High on Lobbying

Interesting. Seems like US Airways have a high taste for lobbying. In the face of cap-and-trade and oil speculation, the airline has spent $450,000 lobbying Congress in Q3.

Obama vs. McCain on Energy

OK, we have only a week to go - to make a difference! I know I've posted something in this nature before, here. Just want to go over again. If you are a one issue person - which is kind of hard to imagine these days! or several issues - and energy is the deal breaker, NYT has this comparison side by-side for the two candidates, Barack Obama and John McCain.

More details read here..

Sure every election is important, however, I don't remember if last election cycle Google also pushing voting info. Because this year, they are via their 2008 US Voter Info where you can map out your polling place. Just to test how good the map is I put my address and find out that Google didn't have the info yet (as of today). Too bad.. Because Virginia holds keys to White House, according to CNN.

Google passing out info during DNC convention

You also can get info from these sources. Came out swinging from the left - green front on global warming, oil dependence, climate change: here, here, here, here, here - and from the leaning right.

By the way, if you are Virginia voters you might qualify to vote absentee.

So get ready to vote...

Soros Thumbs Up Green Economy..

George Soros on Bill Moyer's Journal (h/t GreenBiz), says that 'consumption' was the engine of the US and world economy. (couldn't agree more!) High consumption gets us to piling on debts. You just have to see the debt trap.. it's priceless.  Now that consumerism is dead (..well sort of), we need a new engine for the economy.

Yo Soros, you're spot on.

And the Soros' version for pulling us out of the rut is: The green economy!

Come to think of it.. uhm - maybe that's why the Senate bailout bill was padded up with tax breaks among others for the renewables energy. The train of thought behind this bailout bill..maybe this: IF we never ever see the $700 billion taxpayers money.. at least the green economy (and renewables) will balance it up.

Sort of hedging the investment...

Here is his MONEY QUOTE, via PBS.

Putting more money in, building infrastructure, converting to green technology. 

FULL version of the show after the jump...

Baltimore is 'Greener' than Washington DC

Yep, that's right. It's not a typo. What kind of green city is DC? According to 2008 U.S. City Sustainability rankings released by SustainLane, overall Baltimore ranks number 10 (an improvement from ranking 11 from 2006) and Washington DC ranks number 15 (a drop from ranking 12). The most green city in the nation is Portland. It takes Portland city planners 30 years to make the city green. Implementing urban density growth boundary, strict land-use policies, and density.

Why rank green cities, via SustainLane.

The rankings explain how people’s quality of life and city economic and management preparedness are likely to fare in the face of an uncertain future. 

These indicators gauge, for instance, which cities’ public transit, renewable energy, local food, and development approaches are most likely to either limit or intensify the negative economic and environmental impacts of fossil fuel dependence.

Rankings by category in competition with 49 other major cities:

City commuting - #1. Interesting stats: DC has the second-highest use of public transit, walk-to-work and bike-to-work ratings, and carpool.

Green building - #2. Washington DC has 184 registered and 23 certified LEED building as of end of 2007.

Metro street congestion - #45. DC is among the five most 'congested' cities in the U.S. We know that. Just check the news in the morning and afternoon for the intensity of traffic pattern and you'll get the idea. This has something to do with housing affordability (#40). More people lives in the burbs than in the city.

Air quality - #30 (right after Baltimore #29). Do we need more regs on 'air quality?' Since EPA HQ is here. This is pathetic.

Green economy - #20. The grass is greener in Portland - number 1 in ranking - with its highest rate of farmers markets, green buildings, and numerous local green biz.

City innovation - ranking number 12 - along with other cities of Dallas, TX; Tucson, Phoenix, AZ; Denver, CO; and Oakland, CA. Innovation from the perspective of its run on green money, i.e. green purchase, green buildings, residential green incentives, carpooling, and car-sharing whether it's public or private.

Energy and climate change - #23. Based on greenhouse gas emission, renewable energy use, alternative fuel use, and economic competitiveness the cities of Portland, Oregon, San Francisco, and Seattle score the highest points.

Housing affordability - #40. Housing prices over here is far affordable than in the cities of San Francisco, Los Angeles, Long Beach, and Oakland - all in California. Plus New York. Altogether.

Metro ridership - #7. New York still holds the lead as the city with the highest percentage of public transit use.

Waste management -#30. Baltimore score much better than DC -ranking #12. For diversion of solid waste, the cities of San Francisco, San Jose, Long Beach, Los Angeles and Fresno - all divert more than 60% of total waste from city landfills through recycling, green waste and composting.

Planning and Land-use - #24. Baltimore again beats DC - ranking #18. They look at data for park percentage per total city land, cities pedestrian and bicycle access and planning, transit oriented development (TOD), and regional planning. In this case, NYC came out strong for number 1.

Tap water quality - #40. Washington DC is on the 'endangered' list of cities with poor tap water quality. Tell me about it. If you live in Kansas City, you get the best water quality - according to Sustain Lane "..it has no recorded pollutants when tested."

Water supply - #21. Apparently, DC has a mixed results. Baltimore (#15) has more fresh, drinkable water supply than us here.

Read the full story here.

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Berkeley OKs 'Novel' Solar Loans

This is a novel idea for other cities to follow. Of course it's Berkeley..(snark). In a good sense and dollars, the City of Berkeley will upfront the money to home owners who are interested in participating in a city-backed solar loans in exchange for paying the cost spread over 20-year property tax assessments. What a concept!

Via Earth2Tech.

The program solves a number of problems that have been holding residential solar back. First and foremost, it removes the high upfront cost of going solar with a large, lump-sum loan, around $20,000. And it goes even further, by attaching the loan to the property title — which means that if a homeowner moves before paying off the loan, they can easily pass the payments along to the new owner. Residential solar installers, on the other hand, often require customers to pay an extra fee to break their contract should they move.

More about the program, here, here, and here.

What comes with the city initiatives - opportunities for green business and green collar jobs. The pilot starts with 50 homes. However, think about the upside potential over the long run.