[MCN] Financial Times: renewable energy revolution, getting real about coal to China, more

Fri May 19 18:07:15 EDT 2017

Opec tantalised
	By Ed Crooks  <http://click.newsletters.ft.com/f/a/SuzFZkR2sdDNZjMJrejR7g~~/AAAAAQA~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>
May 19, 2017
In Homer’s Odyssey, Tantalus is tortured in the Underworld by being made to stand in a pool of water, parched with thirst. When he tries to drink, “time and again the water vanished”. Opec ministers will know how he felt.

A rebalancing of the oil market, with demand clearly exceeding supply and swollen inventories subsiding, has seemed within reach <http://click.newsletters.ft.com/f/a/CnxZOx0qj1ptOVakggzVdg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9mZGI3Zjk0Yy0xZjk3LTExZTctYTQ1NC1hYjA0NDI4OTc3Zjk_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~> for months, but has never quite arrived <http://click.newsletters.ft.com/f/a/1-lGXdre0YHEeV8c-j1g9Q~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC85ZjBkM2YyOC0zNjQ1LTExZTctYmNlNC05MDIzZjhjMGZkMmU_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~>. The International Energy Agency warned <http://click.newsletters.ft.com/f/a/TFZNQZsFhndTaDVrvBFXRg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC81ZDlhM2NiZS0zYTNhLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~> this week that “much work remains” to get there. Opec members and their allies among other leading producers have already accepted that the pact to curb output that they agreed last December will need to be extended from its original six months, and the energy ministers of Saudi Arabia and Russia said this week they wanted it to last until March 2018 <http://click.newsletters.ft.com/f/a/i54CJumDZjyR2HsW3gl6RA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iZmVmZjIwMC0zOTIyLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~>.

Meetings of ministers from Opec and its allied producers next Thursday are supposed to confirm the plan, which some sources have suggested could include deeper cuts <http://click.newsletters.ft.com/f/a/USiyGq2Hql1JBraC2NsY_w~~/AAAAAQA~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~>, but Platts reported there were clear signs of divisions within the coalition <http://click.newsletters.ft.com/f/a/XWkcU_0jn-GOBP1nrcnYnA~~/AAAAAQA~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~~>. David Sheppard argued in the FT that the prime objective of next week’s meetings would simply be to prevent another collapse in the oil price; a sign of Opec’s shrunken ambitions <http://click.newsletters.ft.com/f/a/5eWKDflySsr025lLMy2Aug~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9mYjA2ODIwNC0zYWZlLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~>. The US Energy Information Administration highlighted the cartel’s difficulties, estimating that Opec member countries’ net oil export revenues were last year at their lowest since 2004 <http://click.newsletters.ft.com/f/a/Qwq08VjkkJJnl73uqHtJ9w~~/AAAAAQA~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~>.

One reason why a rebalanced oil market seems to be slipping out of reach is the resurgence in the US shale industry. Many in Opec hoped that US E&P companies, which have relied on a steady inflow of capital to finance their drilling, would run out of funds and collapse. As it has turned out, the lenient US bankruptcy code and the unflagging enthusiasm of investors have meant that even the companies that have fallen into bankruptcy have got right back up again <http://click.newsletters.ft.com/f/a/5vuyRlqvEZH0LXyZjQSvsQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC81MTEzZjViZS0zOTZmLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~>. One potential threat to shale producers is resurgent cost inflation, and Bloomberg reported that companies seeking to increase production were struggling to find fracking crews <http://click.newsletters.ft.com/f/a/BU7sGwnSsUQyUyYIgQzSoA~~/AAAAAQA~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~>. Jeff Miller, the newly announced chief executive of Halliburton, the world’s second-largest listed oilfield services group, told Ernest Scheyder of Reuters that he expected to raise prices <http://click.newsletters.ft.com/f/a/o5Tiida919-tUEJVY5-qMQ~~/AAAAAQA~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~> by 10-20+ per cent this year, but the current incumbent Dave Lesar conceded: “We and our customers have to co-exist in this environment.” Jeff Meyer of IHS Markit argued that costs in the industry as a whole were likely to be “relatively flat” <http://click.newsletters.ft.com/f/a/HiTSegtXHLXZvn8anHfNVg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARJJodHRwOi8vYmxvZy5paHMuY29tL21ha2luZy1lbmRzLW1lZXQtaG93LXRoZS1vaWwtaW5kdXN0cnktaXMtY3V0dGluZy1jb3N0cy10by1tYWtlLXVwLWZvci1sb3dlci1wcmljZXM_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~> this year.

President Donald Trump will be visiting Saudi Arabia <http://click.newsletters.ft.com/f/a/f0zBeSTONc81nEED8rqWzA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARFRodHRwczovL3d3dy50aGVhdGxhbnRpYy5jb20vaW50ZXJuYXRpb25hbC9hcmNoaXZlLzIwMTcvMDUvdHJ1bXAtc2F1ZGktYXJhYmlhLzUyNzMzNC-HWgF7InByb2R1Y3QiOiJFbUUiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwidHJhbnNhY3Rpb25JZCI6Ijc0Y2Y1ZDNiLTUxYjUtNDdmYy04ZDc3LTZiZWU4NmQwOWMxNyIsInRlbXBsYXRlSWQiOiI1NjU1ZDE0Y2NiNTZlNjBmYzY0NDdlMjMiLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJsaXN0SWQiOiI1NjU1ZDA5OWU0YjAxMDc3ZTkxMWQ2MGYiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsImNhdGVnb3J5IjoibmV3c2xldHRlciJ9> this weekend, and he is being followed by a constellation of US business leaders <http://click.newsletters.ft.com/f/a/0AgkEiSWZOFLIcJMSOn7eA~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9kYThhYWNjZS0zYjMyLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~>, hoping to sign deals <http://click.newsletters.ft.com/f/a/v_bqZ1-Q3QwpvOKUY-3mRw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iMTBiNjA2Mi0zYzc0LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~> and build relationships in the kingdom. One big deal still up for grabs is the international listing <http://click.newsletters.ft.com/f/a/eLSo2JYYI2bSeIazLOvdog~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84OGNjMjNhYy0zYmQ0LTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~> for Saudi Aramco, which is scheduled to have its IPO next year. Javier Blas at Bloomberg told the sorry story <http://click.newsletters.ft.com/f/a/tvXsqYDs1A1umvnFCWToGw~~/AAAAAQA~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~~> of Aramco’s only previous attempt at an IPO: the sale of shares in Rabigh Refining and Petrochemical in 2008.

The best read of the week was Pilita Clark’s magisterial overview of the state of the renewable energy revolution: “The Big Green Bang <http://click.newsletters.ft.com/f/a/zjjDWCCt75EkNw3Om7mDIg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC80NGVkN2U5MC0zOTYwLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~>”. The piece is full of fascinating charts, but this one particularly struck me: the huge investment going into new battery factories.

 <http://click.newsletters.ft.com/f/a/HGviqN15ppDnxWkxk16LYQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC80NGVkN2U5MC0zOTYwLTExZTctYWM4OS1iMDFjYzY3Y2ZlZWM_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~>
In a sign of the ways that the renewables boom is changing corporate strategies, Daimler announced an alliance <http://click.newsletters.ft.com/f/a/yUOEfJ3kDBN6636vDcJM8Q~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC8xMjQ0ZGMwOC0zYmM4LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~> with Vivint Solar of the US, to offer a package of rooftop solar systems and Mercedez-Benz branded storage batteries for the home. The move sets Daimler up as a direct competitor to Elon Musk’s Tesla.

These shifts, often driven by markets and technological change more than by government policy, have profound implications for oil companies. Occidental Petroleum a week ago became the first US energy company where shareholders backed <http://click.newsletters.ft.com/f/a/Cty6ML0ljcnXnrg_9paYlQ~~/AAAAAQA~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~> a call to publish an annual assessment of how its operations could be affected by responses to the threat of climate change. A similar resolution for Chevron’s annual meeting has been withdrawn <http://click.newsletters.ft.com/f/a/stGEHQFV5AjhNPQ-y3YYzw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9iMzJmOWQxMC0zOTg0LTExZTctODIxYS02MDI3YjhhMjBmMjM_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~>, after the company published a report <http://click.newsletters.ft.com/f/a/KOi_aSAyUWqmHH5bpMOo5Q~~/AAAAAQA~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~~> on managing climate risks. Investors interested in this issue are now focused on ExxonMobil, where shareholders will be voting on a version of the same proposal at the annual meeting on May 31. A coalition of environmental groups published a detailed guide to the state of climate disclosure and engagement <http://click.newsletters.ft.com/f/a/rge_g6G7IwKy2jkKsVQxrA~~/AAAAAQA~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~~> at the world’s largest listed oil and gas groups.

BP this week held its annual general meeting, where investors supported the decision to cut chief executive Bob Dudley’s pay <http://click.newsletters.ft.com/f/a/eA3I3-SkR4p4vDiYvRzxEQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC9jMDkyNGE3MC0zYjBmLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~> by 40 per cent. Mr Dudley set out <http://click.newsletters.ft.com/f/a/b7VLgK5FlPosYVBSQeUoGw~~/AAAAAQA~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~> his strategy, leading on a shift towards producing more gas and “advantaged” low-cost oil. Carl-Henric Svanberg, the chairman, explained <http://click.newsletters.ft.com/f/a/Bl94NFrK0GiQXDiIHAWfEg~~/AAAAAQA~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~~> the company's outlook. “Consumption of oil will slow and eventually peak,” he said. “Oil prices will continue to be under pressure. Efficiency and low cost production will be rewarded.”

There was another great read from Andrew Ward, with the jaw-dropping saga <http://click.newsletters.ft.com/f/a/WY6_QJB86qblCfkhAIsCjw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC8zNmJlZTU2YS0zYTAxLTExZTctODIxYS02MDI3YjhhMjBmMjM_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~> of Finland’s Olkiluoto-3 new nuclear plant, almost a decade late and three times over budget. The piece includes an interview with a trainee operator, who by the time the plant comes on line will have been practising to run it for a third of his life.

The difficulties facing coal-fired power plants in the US are well known. Closures of plants with a total capacity of about 8.6 gigawatts have been announced <http://click.newsletters.ft.com/f/a/uJ1YtVRdZHw-cFSD4M2EmA~~/AAAAAQA~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~~> already this this year. Detroit –based DTE Energy, the seventh-largest power utility in the US, said this week that it planned to close all its coal plants by 2050 <http://click.newsletters.ft.com/f/a/oiQJSOzuyryaz65eHxyG1g~~/AAAAAQA~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~~>, and rely on gas, wind and nuclear power. Now even some gas-fired plants are facing difficulties. Panda Temple Tower, a plant that entered service only three years ago, has filed for Chapter 11 <http://click.newsletters.ft.com/f/a/Aus7prTASUXOHeVeLhu6SQ~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARHJodHRwOi8vd3d3LnV0aWxpdHlkaXZlLmNvbS9uZXdzL3BhbmRhLXRlbXBsZS1iYW5rcnVwdGN5LWNvdWxkLWNoaWxsLW5ldy1nYXMtcGxhbnQtYnVpbGRvdXQtaW4tZXJjb3QtbWFya2V0LzQ0MjU4Mi-HWgF7ImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJzb3VyY2UiOiJzaW1wbGUtZW1haWwtc2VydmljZSIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwicmVxdWVzdGVkU2VuZFRpbWUiOiIxNDk1MjE3NTA5IiwicHJvZHVjdCI6IkVtRSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwiY2F0ZWdvcnkiOiJuZXdzbGV0dGVyIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyJ9> bankruptcy protection. An industry adviser blamed “too much [tax credit] subsidised wind” in Texas.

The Center for American Progress has been studying coal power in China, and concluded <http://click.newsletters.ft.com/f/a/sQYE08hT5PgcHciHVNYx4w~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARG9odHRwczovL3d3dy5hbWVyaWNhbnByb2dyZXNzLm9yZy9pc3N1ZXMvZ3JlZW4vcmVwb3J0cy8yMDE3LzA1LzE1LzQzMjE0MS9ldmVyeXRoaW5nLXRoaW5rLWtub3ctY29hbC1jaGluYS13cm9uZy-HWgF7InByb2R1Y3QiOiJFbUUiLCJyZXF1ZXN0ZWRTZW5kVGltZSI6IjE0OTUyMTc1MDkiLCJzb3VyY2UiOiJzaW1wbGUtZW1haWwtc2VydmljZSIsImVtYWlsSWQiOiI1OTFmMmU2Njk0MThkZTAwMDQzMzk0YmEiLCJjYXRlZ29yeSI6Im5ld3NsZXR0ZXIiLCJ1c2VyVXVpZCI6IjcwMGViYjIzLTNkNWYtNGRhZC05MGZhLTgwZTcyNmY2YjM3MSIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwibGlzdElkIjoiNTY1NWQwOTllNGIwMTA3N2U5MTFkNjBmIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyJ9> that the industry was widely misperceived in the US. While China has built many more coal-fired power plants in the past couple of years, “many of those new plants are white elephants that China cannot fully utilise,” the report argues. Meanwhile, another large new coal-fired coal plant planned in India has been cancelled <http://click.newsletters.ft.com/f/a/R7C_1sJMecUgDqJXaO7x2Q~~/AAAAAQA~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~>.

Wang Yilin, chairman of CNPC, China’s largest energy group, told Bloomberg TV <http://click.newsletters.ft.com/f/a/T0Kfqirgq3HUn__Cf4NMrg~~/AAAAAQA~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~> he expected Chinese imports of US oil and gas to increase, and said the company would consider investing <http://click.newsletters.ft.com/f/a/53EiKeabrr-XgJfbMvoXSA~~/AAAAAQA~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~> in American LNG export facilities.

A possible long-term alternative to gas imports was back in the news this week: Chinese authorities said they had achieved a “major breakthrough” in producing gas <http://click.newsletters.ft.com/f/a/AKxMYQfjcthf5EsYRDNvvA~~/AAAAAQA~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~~> from methane hydrates <http://click.newsletters.ft.com/f/a/Pn2f-4s6FgPuQnw9JL-Ulw~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84OTI1Y2JiNC03MTU3LTExZTMtOGY5Mi0wMDE0NGZlYWJkYzA_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~>: a mix of gas and water frozen at the bottom of the sea. Praveen Linga from the National University of Singapore told the BBC that the Chinese project appeared to have extracted “much more gas” than a similar test <http://click.newsletters.ft.com/f/a/SjbDL5QKWFLbk9UD1zfOew~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARI9odHRwczovL3d3dy5mdC5jb20vY29udGVudC84NGFiZGM1Ni0zMGIwLTExZTctOTU1NS0yM2VmNTYzZWNmOWE_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~> by Japan’s Jogmec, which reported successful results earlier this month.

And finally… This is an old story, but it was new to me this week. Shell has been getting the sort of publicity that money just can’t buy, thanks to the owner of one of its petrol stations in Brazil, who adopted a stray dog and gave it a job <http://click.newsletters.ft.com/f/a/EH124aF1ZTClc4KmOPb9ng~~/AAAAAQA~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~>.

Quote of the week

"We are planning to be leaving totally the dependency [on oil] that we have been living for the last 40, 50 years. Hopefully by even 2030, I wouldn't care if the oil price is zero, although I would like it to be $100 and $150." – Mohammed Al-Jadaan, finance minister of Saudi Arabia, in an interview with CNN <http://click.newsletters.ft.com/f/a/RSNtWWkwsjemB8QAlYfUyg~~/AAAAAQA~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~~>, setting out an ambitious goal for the kingdom’s Vision 2030 economic reform programme.

Chart of the week

Venture capital investment <http://click.newsletters.ft.com/f/a/Zd_DLwSfwzi2gvZ44fLQXg~~/AAAAAQA~/RgRbAbpoP0EIAKyI5PyUkzxXCGZpbnRpbWVzWAQAAAAAQgoAAhc2H1miM2kyUhJsYW5jb2xzbkBnbWFpbC5jb20JUQQAAAAARHVodHRwczovL3d3dy5icm9va2luZ3MuZWR1L3Jlc2VhcmNoL2NsZWFudGVjaC12ZW50dXJlLWNhcGl0YWwtY29udGludWVkLWRlY2xpbmVzLWFuZC1uYXJyb3ctZ2VvZ3JhcGh5LWxpbWl0LXByb3NwZWN0cy-HWgF7InJlcXVlc3RlZFNlbmRUaW1lIjoiMTQ5NTIxNzUwOSIsInVzZXJVdWlkIjoiNzAwZWJiMjMtM2Q1Zi00ZGFkLTkwZmEtODBlNzI2ZjZiMzcxIiwidGVtcGxhdGVJZCI6IjU2NTVkMTRjY2I1NmU2MGZjNjQ0N2UyMyIsImxpc3RJZCI6IjU2NTVkMDk5ZTRiMDEwNzdlOTExZDYwZiIsImNhdGVnb3J5IjoibmV3c2xldHRlciIsInRyYW5zYWN0aW9uSWQiOiI3NGNmNWQzYi01MWI1LTQ3ZmMtOGQ3Ny02YmVlODZkMDljMTciLCJlbWFpbElkIjoiNTkxZjJlNjY5NDE4ZGUwMDA0MzM5NGJhIiwic291cmNlIjoic2ltcGxlLWVtYWlsLXNlcnZpY2UiLCJiaW5kaW5nIjoiZWRpdG9yaWFsIiwicHJvZHVjdCI6IkVtRSJ9> in US “cleantech” – pollution-cutting technologies including energy efficiency, renewables, EVs and batteries – has fallen sharply since 2011, according to a new report from the Brookings Institution. The authors argue that the US “faces a significant crisis in cleantech innovation”, with patenting slowing down and early-stage financing system failing to work effectively.

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“ Ecosystem management must avoid two traps: falsely assuming a tame solution and inaction from overwhelming complexity. “

Ruth DeFries, Harini Nagendra. Ecosystem management as a wicked problem. Science  21 Apr 2017 Special Issue: Ecosystem Earth

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Behind complexity, there is always simplicity to be revealed. Inside simplicity, there is always complexity to be discovered.”

Gang Yu

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