Monday, May 10, 2021

We can’t stop rising sea levels, but we still have a chance to slow them down

Tamsin Edwards

Despite pandemic-enforced isolation, scientists from around the world have produced a vital climate change forecast


An iceberg cleaves from Antarctica’s Pine Island glacier in February 2020. Photograph: Esa Handout/EPA

Thu 6 May 2021

Sea levels are going to rise, no matter what. This is certain. But new
research I helped produce shows how much we could limit the damage: sea level rise from the melting of ice could be halved this century if we meet the Paris agreement target of keeping global warming to 1.5C.

The aim of our research was to provide a coherent picture of the future of the world’s land ice using hundreds of simulations. But now, as I look back on the two years it took us to put the study together, what stands out is the theme of connection running through it all – despite the world being more disconnected than ever.

Connecting digitally: our study brought together 84 people working at 62 institutes in 15 countries (nine in Europe, the US, Canada, Australia, New Zealand, Japan and China). I led the study but haven’t met many of my co-authors. Even if we had planned to meet, over half the 120 days I spent on the study have been since the first UK lockdown.

Connecting parts of the world: the world’s land ice is made up of global glaciers in 19 regions, and the Greenland and Antarctic ice sheets at each pole. Our methods allow us to use exactly the same predictions of global warming for each. This may sound obvious, but is actually unusual, perhaps unique at this scale. Each part of the world is simulated separately, by different groups of people, using different climate models to provide the warming levels. We realigned all these predictions to make them consistent.

Connecting the data: at its heart, this study is a join-the-dots picture. Our 38 groups of modellers created nearly 900 simulations of glaciers and ice sheets. Each one is a data point about its contribution to future sea level rise. Here, we connected the points with lines, using a statistical method called “emulation”. Imagine clusters of stars in the sky: drawing the constellations allow us to visualise the full picture more easily – not just a few points of light, but each detail of Orion’s torso, limbs, belt and bow.

Our process of joining the dots meant we could make a more complete prediction of the full range of possible futures – mapping out our uncertainties in the levels of the rising seas. For instance, if we reduce emissions from current pledges to meet the Paris agreement targets, which would reduce warming from more than 3C to 1.5C, the median predictions for sea level rise from melting ice reduce by half, from 25cm to 13cm, by 2100. For the upper end, there is a 95% chance the level would be less than 28cm if we limit warming to 1.5C, compared with 40cm under current pledges.

Connecting to each other: some of the initial conversations for the study were in person. Most memorable and important among them were visiting the ice sheet project lead, Sophie Nowicki, at Nasa to analyse their data in June 2019, and long walks discussing the statistical methods with my mentor and friend Jonty Rougier in Hastings. But even when we went digital, many of us kept a personal, sometimes emotional, connection under the pressures of work and family life amid the pandemic, and with a number of people involved in the research living in California close to the huge wildfires last summer.

Connecting to the planet: we are nearly all modellers on this study, translating the world into computer code and digital numbers. But I was lucky enough to do much of this work close to the ocean, watching waves lap the shores whose future we aimed to predict. And many of my co-authors work in the cold, often punishing environments of glaciers and ice sheets. We always had in mind the real-world implications – the irreversible loss of these unique landscapes, and the impacts on those who live at the coasts.

So, for those most at risk, we made a second set of predictions in a pessimistic storyline where Antarctica is particularly sensitive to climate change. We found the losses from the ice sheet could be five times larger than the main predictions, which would imply a 5% chance of the land ice contribution to sea level exceeding 56cm in 2100 – even if we limit warming to 1.5C. Such a storyline would mean far more severe increases in flooding.

Connecting the dots: predictions like these are not just abstract sets of numbers. Not just ones and zeroes or lines on a page. They link our actions with consequences. In the runup to Cop26 this November, we wait to see whether nations will revise their pledges – their “nationally determined contributions”. Limiting future greenhouse emissions with more ambitious pledges – and, crucially, detailed plans to fulfil them – would help to limit the damage done by flooding to people around the world, and the costs to try to protect them.

We must connect – with each other, and with reality – to deal with uncertainty about the future. Covid-19 has urgently highlighted the need for good communication, collaboration and coordination. We can find resilience to uncertainty in groups and networks. But at the same time, we must acknowledge inevitable certainty: sea levels are going to go up. How much, though, is still up to us.


Dr Tamsin Edwards is a senior lecturer in physical geography at King’s College London

 

Leaked EU Report Reveals Ambitious Renewables Agenda

The European Commission intends to ask EU Member States to make an additional effort to increase their share of renewable energy in the power mix, according to a leaked draft of an official document revealed by Euractiv on May 4th. Brussels wants to upgrade its current 32% renewable energy target for 2030 to at least 38%, the document says.  By the same deadline, the Commission aims to have 55% less greenhouse gas emissions compared to 1990 levels, and a 32.5% improvement in energy efficiency. Hence, increasing the renewable energy target is logical as energy is one of the main contributors to GHG emissions on the continent. But Europe is already on the right path, as its energy-related CO2 emissions decreased by 8% during the first quarter of 2020 (compared to 2019 levels).

This revision comes as the European Commission is examining its Sustainable Investment Taxonomy, and is expected to come up with an updated version of the Renewable Energy Directive (RED II) by July 2021.

As renewable sources currently meet 20% of European energy needs, achieving the new target set by the Commission would mean doubling this proportion in only ten years. It currently has an installed solar capacity of 137 GW, of which 19 GW were added in 2020

However, this goal appears ambitious while some countries struggle with their current renewable energy targets. France, for example, has not succeeded in achieving its goal of 23% renewable electricity which it set in 2009. Instead, it displayed a modest 19%, mainly driven by hydroelectricity generation, and failing at making its offshore wind industry take off. 

Related: Texas Lawmakers Brace For A War On The Oil & Gas Sector
In January 2021, a report by the International Energy Agency and the French utility RTE, titled “Conditions and requirements for the technical feasibility of a power system with a high share of renewables in France towards 2050”, shook the French nuclear industry. It envisioned the possibility of a 100% renewable energy mix by 2050, throwing nuclear out of the game. 

Next to this, it is worth noting that EU countries present high discrepancies in terms of renewables potential. Denmark is leading the race with a massive wind industry, providing over 47% of its electricity in 2019. On the other hand, countries like Poland and Hungary are still very reliant on coal, and are rather planning to replace it by switching to natural gas, and nuclear energy. The latter displays higher capacity factors than renewables, and solves their intermittency issue. Following that intent, several Ministers of Eastern European countries wrote a letter in February 2021 calling for the European Commission not to discriminate against nuclear over renewables. 

An emphasis on transportation and heating sectors

Among the concrete options brought by the Commission for the achievement of the new target, there is an increase of clean energy use in the heating and cooling sectors: the policy options suggest that the share of renewables in those sectors should increase by 1,1 percentage point every year. An emphasis is also put on decarbonized transportation, based on the forecast of growing EV sales and the proliferation of biofuels. A system of certifications will be implemented to guarantee those fuels’ low carbon intensity, and more stringent rules will be imposed on the aviation sector. This last measure is only a continuation of a trend that has been going on for the past year, with companies such as Total actively investing into bio aviation fuels.  

Related: Oil And Gas Rig Count Climbs Amid Price Rally

Another bone of contention is the status of biomass in the Taxonomy, which currently draws a lot of criticism. In fact, wood biomass is a strategic energy resource for Nordic countries such as Sweden and Finland, which have been actively lobbying for looser criteria on its sustainability. Addressing that issue, the leaked document says it will consider implementing national caps on the use of stem wood. 

Finally, to facilitate the process of investment into renewables, the European Commission is also reconsidering the rules for corporate renewable PPA’s, according to Montel News reports

Cost-effectiveness and networks adaptation

This increase in targets was however deemed insufficient by renewable industry players. SolarPower Europe and Wind Europe told Euractiv that more could be done to enhance the European renewable competitiveness. 

The cost-effectiveness of this new ambition also remains questionable. In fact, a substantial adaptation of electricity networks will be required to provide an adequate response to the variability of renewable energy sources, and the EU has not yet provided detailed sources of funding. Europe will also have to develop a regional supply chain for battery manufacturing, of which components are mostly imported from carbon-intensive China. 

By Tatiana Serova for Oilprice.com

More Top Reads From Oilprice.com:

 

Big Oil Eyes Wave Of Buybacks After Blowout Earnings

Crude oil futures have rallied to their highest finish in months, with WTI price climbing above $65 for the first time in two months after OPEC+ stuck with plans to gradually ease production curbs, signaling confidence in the demand outlook. The optimism has coincided with a breakout season for the S&P 500, with the Energy Sector (XLE) being particularly impressive.

Indeed, the fossil fuel sector is enjoying a rare blowout season.

The majority of companies in the energy sector have beat Wall Street earnings estimates, while more than 80% have managed to surpass revenue expectations.

With impressive bottom-line growth, many top energy names are returning more capital to shareholders in the form of share buybacks and dividends. Companies usually repurchase shares when they believe they are undervalued, a big positive for oil and gas bulls.

Here's a rundown of Big Oil's share buyback and dividend trends after the latest earnings season.

Share Buybacks:

#1. ConocoPhillips Last year, Houston, Texas-based shale producer ConocoPhillips (NYSE:COP) earned itself accolades after announcing some of the deepest production cuts at a time when many shale companies were reluctant to lower production and relinquish market share. The company lowered its North America output by nearly 500,000 bpd, marking one of the biggest cuts by an American producer. This year, ConocoPhillips has kept drilling activity subdued and also kept a tight lid on capital expenditures.

Related: Texas Lawmakers Brace For A War On The Oil & Gas Sector

And those austerity measures are now paying off.

Conoco has become the first large U.S. independent oil producer to resume its share buyback program after suspending it during last year's oil crisis.

Conoco says it has resumed stock buybacks at an annualized rate of $1.5B, and also plans to sell off its Cenovus Energy stake in the current quarter and complete the sales by year-end 2022. Proceeds from the sale--valued at ~$2 billion--will be used to fund share buybacks.

COP stock is rallying again after Bank of America upgraded the shares to Buy from Neutral with a $67 price target, calling the company a "cash machine" with the potential for accelerated returns.

According to BofA analyst Doug Leggate, Conoco looks "poised to accelerate cash returns at an earlier and more significant pace than any 'pure-play' E&P or oil major." 

Leggate COP shares have pulled back to more attractive levels "but with a different macro outlook from when [Brent] oil peaked close to $70."

But best of all, the BofA analyst believes COP is highly exposed to a longer-term oil recovery.

But BofA is not the only Wall Street punter that's gushing about COP.

In a note to clients on Friday, Raymond James says the company's stock price is undervaluing the flood of cash the oil and gas company is poised to generate.

That's quite remarkable considering COP shares are up 39.3% in the year-to-date.

The bullish notes appear well-deserved. With WTI price in the mid-60s, ConocoPhillips would have little trouble generating copious amounts of free cash flows given the company's cash flow breakeven level of under $30/bbl.

Strong earnings

Like many companies in the U.S. shale patch, ConocoPhillips printed a strong Q1 2021 scorecard with stronger than expected earnings.

The company swung to Q1 GAAP earnings of $1B, or $0.75/share, from a year-ago loss of $1.7B, or $1.60/share. Revenues more than doubled to $10.56B from $4.81B a year earlier.

Q1 production, excluding Libya, climbed 16.4% Y/Y to 1.49M boe/day, a good 30% above the 1.14M boe/day output in Q4 2020. Total average realized price clocked in at $45.36/boe, much higher than the $33.21/boe realized in Q4 2020, thanks to the ongoing oil price recovery.

COP issued upbeat guidance, saying it expects Q2 production, excluding Libya, of 1.5M-1.54M boe/day due to seasonal turnarounds planned in Europe and Asia Pacific.

Conoco has also announced plans to reduce debt by $5B over the next five years, which really is gilding the lily considering its under-levered balance sheet.

Despite its acquisition of Concho Resources Inc. that gave the company a prime drilling position in the Permian Basin, COP says it is restraining future capital spending and has pledged to reinvest just 70% of its cash flow while returning the rest to shareholders through dividends and the share buybacks.

#2. BP Plc.

At a time when many oil companies are blaming the Texas Freeze for hampering their production targets, UK's leading oil and gas multinational BP Plc (NYSE:BP) has emerged as a winner from February's frigid weather.

BP has posted robust Q1 2021 earnings, with first-quarter underlying replacement cost profit, used as a proxy for net profit, coming in at $2.6 billion, well above a profit of $115 million in the fourth quarter and $791 million for the first quarter of 202 as well as Wall Street's expectations for a first-quarter profit of $1.4 billion.

Interestingly, BP revealed it profited big from the Texas Freeze, with management saying that its gas trading unit enjoyed an "exceptional" Q1, taking advantage of prices that skyrocketed 300-fold in some areas and helping to drive profit well above pre-pandemic levels.

"We were well-positioned for colder-than-normal weather in the U.S." as well as in Asia, CEO Bernard Looney has told Bloomberg.

"We have a very, very strong and long history of knowing how to manage these disruptions and doing well. And of course we had disruptions in the first quarter in Asia and the United States," CFO Murray Auchincloss has said.

So, what does BP plan to do with its new jackpot?

After reaching its net debt target of $35 billion a year earlier than expected, BP has now committed to $500 million in share buybacks in the second quarter. Related: Oil Markets Optimistic As Brent Flirts With $70

BP has previously said that reaching its net debt target would trigger share buybacks and that it remains committed to returning at least 60% of surplus cash flow in 2021 to investors.

BP generated surplus cash flow of $1.7 billion in the quarter, meaning more buybacks could be coming.

Dividend Hikes:

#1. Marathon Oil Corp.

Marathon Oil Corp. (NYSE:MRO) is one of the leading E&P companies and the owner of the nation's largest refining system, with approximately 2.9 million barrels per day of crude oil processing capacity across 13 refineries.

Marathon Oil has yet to report Q1 earnings but has reported some encouraging preliminary information on Q1 financial and operational estimates and also announced a good dividend hike.

Marathon Oil says Q1 production clocked in at 345K net boe/day with sales of 341K net boe/day. Q1 cash flow from operations totaled $610M-$630M, representing $10M-$20M of negative changes in working capital. Meanwhile, first-quarter unhedged realizations came in at an estimated at ~$55/bbl for oil; $24/bbl for natural gas liquids and $6.30/mcf for natural gas.

The best part: Marathon Oil has declared $0.04/share quarterly dividend payable June 10 and good for a 33.3% increase from the previous dividend of $0.03 per share. MRO stock now sports a forward dividend yield of 1.42%, suggesting there's room for further hikes.

Marathon Oil's close peer, Valero Energy Corp. (NYSE:VLO), sports a much higher yield of 5.30%. Valero has declared $0.98/share quarterly dividend, in line with the previous distribution and payable June 8.

Valero reported GAAP EPS of -$1.73, beating the consensus estimate by $0.12, while revenue of $20.8B (-5.9% Y/Y) beat by $1.23B.

#2. Equinor ASA

Norway's national oil company, Equinor ASA (NYSE:EQNR), delivered an all-around impressive report and its best quarterly results since 2014.

Adjusted earnings clocked in at $5.47 billion in the first quarter, a 167% Y/Y improvement compared to the same period in 2020; Adjusted earnings after tax were $2.66 billion up from $560 million, while revenue of $16.13B (+7.0% Y/Y) beat by $340M. Related: Russia Boosted Oil Production In April

According to company President and CEO, Anders Opedal, Equinor largely benefitted from recovering oil and gas prices, helping to improve net cash flow above $5 billion and reduce adjusted net debt ratio to below 25%.

The best part: Equinor increased its quarterly dividend by 25% to $01.5 per share to bring the forward yield to 2.86%.

#3. Royal Dutch Shell

Anglo-Dutch oil and gas supermajor Royal Dutch Shell Plc. (NYSE:RDS.A) returned disappointing results, missing on both top-and bottom-line expectations.

Q1 2021 earnings of $3.2 billion represented a 10.3% improvement over the same period a year earlier; however, GAAP EPS of $0.72 fell short of Wall Street's expectations by  $01.9. Shell's topline was equally disappointing, with revenue of $55.67B (-7.3% Y/Y) missing by $6.51B.

Nevertheless, Shell managed to raise its dividend by 4.2% to $0.347/ADS quarterly dividend, marking the second time in six months it has hiked the payout.

Shell also announced that it had managed to reduce net debt by more than $4 billion last quarter, progressing towards the $65 billion milestone to increase shareholder distributions.

#4. Chevron Corp.

At a time when the vast majority of oil and gas companies have been reporting blowout earnings, America's second-largest E&P company, Chevron Corp. (NYSE:CVX), was a notable laggard, missing on both top-and bottom-line expectations despite managing to swing to a profit.

Chevron reported Q1 2021 Q1 GAAP earnings dropped to $1.38B, or $0.72/share, from $3.6B, or $1.93/share, in the year-ago period. GAAP EPS of $0.72 was 0.16 below the consensus while revenue of $31.07B (+4.6% Y/Y) missed by $1.48B.

A big offender was Chevron's refining and chemical units, which reported a Q1 profit of just $5M vs. a $1.1B a year ago, which the company attributed to the February winter storm in Texas as well as the continuing impact of the pandemic.

Meanwhile, Q1 production of 3,121 was below the consensus of 3139 Mboe/d. 

Still, Chevron declared $1.34/share quarterly dividend, good for a 3.9% increase from the prior dividend of $1.29. The shares now sport an impressive 5.20% forward yield.

By Alex Kimani for Oilprice.com

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U.S. watchdog to evaluate Pentagon’s response to UFO reports

By Josh K. Elliott Global News
Posted May 6, 2021

News: Pentagon confirms leaked footage of ‘pyramid-shaped’ UFOs is real
WATCH: Recently leaked video of flashing, triangle-shaped objects that flew over a U.S. warship is real, the Pentagon said, after UFO investigators released the clip and several other puzzling photos online. – Apr 14, 2021

The watchdog for the U.S. Department of Defense is evaluating the Pentagon’s response to reports of Unidentified Aerial Phenomena (UAPs), the government term for UFOs.

Randolph R. Stone, the assistant inspector general for evaluations, announced the UFO-related probe in a memo published on the Pentagon’s website Monday, less than a month after leaked U.S. navy footage showed “pyramid-shaped” UFOs buzzing a warship. The Pentagon confirmed that the footage is authentic, but did not provide an explanation for what it shows.

READ MORE: Leaked footage of ‘pyramid-shaped’ UFOs is real, Pentagon says

The new watchdog probe will “determine the extent to which the DoD has taken actions regarding Unidentified Aerial Phenomena,” Stone wrote in the memo. “We may revise the objective as the evaluation proceeds, and we will consider suggestions from management for additional or revised objectives.”

Stone added that the investigation will begin sometime this month, and will touch on many different offices within the DoD, including the Office of the Secretary of Defense. It’s unclear when the probe will conclude or when the results will be made public.

The DoD office of the inspector general is an independent, objective watchdog that seeks to ensure ethical conduct and effectiveness in the department. It also monitors the DoD for fraud, waste and abuse, according to its mission statement.

0:21Pilot claims UFO spotted while flying over ArizonaPilot claims UFO spotted while flying over Arizona – Mar 29, 2018

Although scant on details, the announcement is the latest in a steady drip of UAP-related material from the U.S. military in recent years. Leaked videos and declassified documents have been spilling out into public view on a regular basis since approximately 2017, when a bombshell New York Times report revealed that the U.S. government had secretly been investigating UFO reports for years.

READ MORE: The CIA released thousands of UFO documents online. Here’s how to read them

UFOs have been a taboo subject for decades, but U.S. military officials have taken a more open attitude toward the unexplained incidents in recent years. They’ve confirmed some UFO videos, declassified others and generally encouraged military members to report any encounter due to the potential risk it poses.

“This is all about frequent incursions into our training ranges by UAPs,” Joe Gradisher, spokesperson for the deputy chief of naval operations for information warfare, told CNN in 2019. “Those incursions present a safety hazard to the safe flight of our aviators and security of our operations.”

The Canadian military has also been logging UFO sightings by airline pilots, according to a report in Vice News. Many of those sightings have also been logged in Transport Canada’s Civil Aviation Daily Occurrence Report System (CADORS), though Canadian officials have not been as open about the topic as their American counterparts.


The Pentagon officially started paying more attention to UFOs last August, when it announced a UAP Task Force to “detect, analyze and catalogue UAPs that could potentially pose a threat to U.S. national security.”

These developments have added fuel to speculation that the UFOs might be alien visitors. However, these phenomena remain unidentified, and it’s possible that a terrestrial actor — such as China or Russia — could be responsible for such sightings.
OR THE USA

The Office of the Director of National Intelligence is scheduled to deliver a trove of unclassified reports about UAPs to Congress next month, as part of a mandate included in the U.S. government’s COVID-19 relief bill.

A real-life 'Unicorn' was saved in Australia

Tuesday, April 16th 2019, 11:37 am -Real-life unicorns are actually a thing.

 

Image: Susan Cipriano, Creative Commons

You might think that unicorns are just mythical creatures that exist solely in books, movies and, Starbucks beverages but that’s not the case.

A lucky family in Australia has what might be the closest thing to a real-life unicorn in their backyard.

An Australian sheep managed to evade slaughter because of the unicorn-styled horn in the middle of his head.

Michael Foster, a stock agent from Southern Australia, said he was checking out a stock of sheep near his home town in Burra when he discovered the unique animal.

The sheep, dubbed Joey, stood out because of the sole horn across its head, that gives it the appearance of a unicorn.

"I thought it might have been a joke to start with, but I thought, 'yeah it looks like a unicorn,'" Foster told 7News Adelaide.

Reports say the sheep’s appearance is due to one of his horns not fully developing.

When he found out that the one-horned fellow was going to be sold, Foster decided to trade it for a two-pack of beer.

Foster told 7News that he’s going to make Joey famous.

“We’ll break him in, take him to shows and pageants, and who knows where we can go, maybe Hollywood,” he told 7News.

Joey isn’t the first time a ‘unicorn sheep’ was discovered.

In 2017, farmers in Iceland found that a sheep from their livestock resembled the mythical creature. The sheep, which was named ‘einhyrningur’ which is "unicorn" in Icelandic, had its two horns fused together, giving it the appearance of one big horn.

The unusual animal "always looks slightly surprised or sad in expression," the farmers told the BBC.

The farmers credit their unicorn to a “weird sort of geological mutation that causes the horns to grow in such an unusual way.”

While it’s a rare occurrence for animals in the wild to have one horn naturally, there are cases where humans have played a hand in ‘making’ unicorns.

In 2016, a 16-year-old sheep from Bristol, England was dubbed a unicorn after a schoolyard accident left her with one horn.

Children had been playing with the animal named Peanut on a school field trip to a farm when they snapped off her horn by accident.

Fortunately for Peanut, she wasn’t in any pain, and she ended becoming a star attraction at the Hartcliffe Community Farm in Bristol.


ALSO SEE CAW CHURCH OF ALL WORLDS UNICORN CIRCA 1980'S

When Unicorns Walked The Earth - CamTrader

https://camtrader.ca/when-unicorns-walked-the-earth

The next time someone equates a near-impossible feat to the work of “magic and unicorns” hit them with this little party fact—in the 1980s, unicorns actually walked the earth. Well, sort of… Oberon Zell—