Just four years ago, shale gas king Aubrey K. McClendon told shareholders of Chesapeake Energy that “finally, we made some new friends this year.”
The chief executive sketched a vision of working hand in hand with “leading environmental organizations” on issues “where our interests might be aligned.” He said, “We believe this collaboration is unique in the industry and will benefit both Chesapeake and these environmental organizations for years to come.”
New friendships grew old, then cold. Environmental groups that once took money from McClendon — or considered doing so — to make a common cause against coal power, have stepped back as they weigh the environmental perils of extracting natural gas from shale, a business in which McClendon’s Chesapeake Energy is a leader.
The United States and five other nations are embarking on a new program to limit pollutants connected to global warming. But they're not targeting carbon dioxide with this effort — instead, they're looking at methane gas, and soot.
NPR's Richard Harris filed this report for our Newscast desk:
"Secretary of State Hillary Clinton says the U.S. is teaming up with Canada, Mexico, Sweden, Ghana and Bangladesh to get countries thinking about some potent contributors to climate change."
"For example, soot from diesel engines and wood-burning stoves contribute significantly to global warming. But if you can cut back on it, you can make a difference quickly. Methane is another gas in that category. So are refrigerants called HFCs."
"Most global warming is caused by carbon dioxide, so dealing with these other gases alone won't solve the problem. But a United Nations study last year identified inexpensive ways to cut these other gases. Now the State Department is pledging $12 million of seed money to get an international conversation started."
The new plan follows a strategy recommended by an increasing number of climate scientists, who are tired to banging their collective head against the wall of carbon dioxide.
For example, in a report last month by Christopher Joyce, he spoke to Durwood Zaelke, founder of the Institute for Governance and Sustainable Development, who said that particularly in a weak global economy, placing limits on carbon dioxide — seen as a byproduct of economic activity — is too problematic.
Read more: Methane, Soot Are Targets Of New U.S. Climate Initiative
A global financial institution similar to the U.S.’s Overseas Private Investment Corp. may help create a new type of bond, boosting funds for climate protection as it cuts costs and risks for investors, said a Citigroup Inc. (C) executive.
A global, climate-focused version of the U.S. government- owned development finance organization would evaluate risks such as the theft of solar equipment or a lack of wind to power turbines, Michael Eckhart, global head of environment finance and sustainability at the bank, said today at an Environmental Finance conference in London. “We have to put a global team on doing that job.”
OPIC in Washington helps mobilize private capital and insure against political risk in developing nations, according to its website. The “global OPIC” would serve developed and developing nations, excluding no one, Eckhart said.
Read more: New Global Bond Body Would Boost Climate Funds, Citigroup Says
Just outside of West Virginia's capital city, Charleston, on the banks of the Kanawha River, sits the Institute Industrial Park. Chemical plants have operated here continuously since World War II, when the local factories cranked out synthetic rubber. Today there are industrial pipes, tanks and buildings stretching in just about every direction.
Soon, there could be more.
U.S. chemical companies are the latest beneficiaries of the nation's natural gas drilling boom. Long focused on cheap gas sources elsewhere in the world, companies are now looking to expand here. A surplus of natural gas has pushed down prices, making it more attractive for chemical companies that use lots of gas to reopen shuttered plants and build new ones.
Sleepy rural communities across the country are turning into industrial zones — and that worries people who live nearby. But the boom is good news for manufacturers that need cheap, plentiful supplies of natural gas.
Read more: Natural Gas Boom Energizing The Chemical Industry
Just as the U.S. is preparing to crank up sales of its vast natural-gas supplies abroad, the global market is being reshaped by Japan—which is suddenly retreating from nuclear power after last year's earthquake.
The island nation produces less than 4% of the gas it consumes and must import the rest by ship, a complex and costly process.
North America is seeing the first stirrings of projects aiming to sell newly uncovered natural gas supplies to Japan and elsewhere in Asia. In Australia, Japan's Inpex Corp. and France's Total SA in mid-January gave the green light for a $34 billion plan to develop one of the world's biggest offshore fields. As far away as Mozambique, Japanese companies are buying rights to natural gas with the home market in mind.
"The environment surrounding energy has dramatically changed since March 11," said Tsuyoshi Okamoto, president of Tokyo Gas Co., Japan's largest gas utility.
Read more: Crisis in Japan Transforms Global Natural-Gas Market
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