{"id":78740,"date":"2023-08-01T01:00:38","date_gmt":"2023-08-01T01:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/08\/01\/a-major-eu-shipping-lane-is-at-risk-as-rhine-river-levels-dip-dangerously-spains-capital-energy-is-selling-of-its-usd-1-bn-renewables-portfolio-uk-greenlights-more-oil-and-gas-projects\/"},"modified":"2023-08-01T01:00:38","modified_gmt":"2023-08-01T01:00:38","slug":"a-major-eu-shipping-lane-is-at-risk-as-rhine-river-levels-dip-dangerously-spains-capital-energy-is-selling-of-its-usd-1-bn-renewables-portfolio-uk-greenlights-more-oil-and-gas-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/08\/01\/a-major-eu-shipping-lane-is-at-risk-as-rhine-river-levels-dip-dangerously-spains-capital-energy-is-selling-of-its-usd-1-bn-renewables-portfolio-uk-greenlights-more-oil-and-gas-projects\/","title":{"rendered":"A major EU shipping lane is at risk as Rhine River levels dip dangerously + Spain\u2019s Capital Energy is selling of its USD 1 bn renewables portfolio + UK greenlights more oil and gas projects"},"content":{"rendered":"

<\/a> Low Rhine River levels are ringing alarm bells:<\/strong> Companies in Europe are scrambling to adapt to receding waters at the Rhine River, putting the future of the major western European shipping lane at risk, Bloomberg<\/a> reports. Some companies like German chemicals giant BASF are re-routing logistics to train and trucks, while others like German plastics manufacturer Covestro could be shifting some of their production to Belgium. The shallow water at the Rhine has forced freight operators to start revamping fleets with barges to allow them to navigate. The scorching heatwave in southern Europe pushed the river at Kaub to levels that would only allow in some cargo vessels carrying half of normal capacity. Despite recent rains raising water levels at the Rhine, it was still insufficient for vessels to sail fully loaded. An overhaul of the Rhine\u2019s fleet of 8.9k ships to keep the commerce flowing is also coming in at a hefty price of EUR 90 bn.<\/p>\n

Capital Energy to sell USD 1 bn worth of wind + solar power plants: <\/strong>Spanish renewable energy investor Capital Energy has hired financial advisor and asset manager Lazard to sell its USD 1 bn portfolio of 4.3 GW of onshore wind and solar plants in Spain, Reuters<\/a> reports, citing people with knowledge of the matter. The sale includes 48 projects due to begin construction within 15 months. According to the sources, bidders could either grab projects near completion, less developed projects, or a combination of both.<\/p>\n

Britain greenlights new oil and gas projects in the North Sea:<\/strong> UK Prime Minister Rishi Sunak approved around 100 new oil and gas extraction licenses in the North Sea and announced support for two carbon capture and storage clusters in northeast Scotland and the Humber in northern England, the Financial Times<\/a> writes. The fossil fuel exploration plan is integral to the UK\u2019s carbon-neutrality target for 2050 because it will minimize imports of natural gas, according to Sunak. \u201cWhen we reach net zero in 2050, a quarter of our energy needs will still come from oil and gas, and domestic gas production has about a quarter or a third of the carbon footprint of imported gas,\u201d Sunak said, according to The Guardian<\/a>. While Sunak says the move is consistent with the UK\u2019s environmental commitments, the International Energy Agency has said that no new oil and gas projects<\/a> should go forward if the Paris-agreed 1.5\u00b0C warming limit is to be met. The move is drawing criticism from climate advocates who say the plan would \u201csend a wrecking ball\u201d through the country\u2019s climate targets.<\/p>\n

REMEMBER- Greenpeace is taking the British government to court:<\/strong> London\u2019s High Court approved Greenpeace\u2019s request<\/a> to challenge the British government over granting new licenses for fossil fuels extraction in the North Sea last April. Last year, the UK held its first oil and gas exploration licensing round since 2019 in a bid to shore up local energy supply after energy prices skyrocketed.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n