2 top UK green energy investment trusts yielding over 5%

Cash-generating physical assets lend themselves well to investment trust inclusion. They offer long-term operating lifecycles, generally come with high barriers to entry or some sort of government support, and provide consistent, highly visible periodic cash payments. And for investors who either want to support renewable energy products, or simply see them as means to profit, the 5.4% yield offered by Greencoat UK Wind (LSE: UKW) and the 5.68% yield of NextEnergy Solar Fund (LSE: NESF) may be mightily attractive.
Wind in spades
Greencoat owns a portfolio of domestic wind farms that stretch from Caithness in the north to Kent all the way down south. As…

Cash-generating physical assets lend themselves well to investment trust inclusion. They offer long-term operating lifecycles, generally come with high barriers to entry or some sort of government support, and provide consistent, highly visible periodic cash payments. And for investors who either want to support renewable energy products, or simply see them as means to profit, the 5.4% yield offered by Greencoat UK Wind  (LSE: UKW) and the 5.68% yield of NextEnergy Solar Fund  (LSE: NESF) may be mightily attractive.

Wind in spades

Greencoat owns a portfolio of domestic wind farms that stretch from Caithness in the north to Kent all the way down south. As of this morning’s full-year results announcement, the group has been public and operating for five years, delivering a total shareholder return of 58.3% in that timescale. While this return is less than that of the FTSE 250 index its a member of, conservative shareholders after a hearty dividend and less volatility are unlikely to be complaining.

Looking forward, the trust does trade at a 10% premium to its net asset value (NAV), which is already falling and may shrink further in the short term as bond yields rise and income investors flock to these safer assets. However, it’s likely that the group will continue to trade at some sort of premium as the fund’s manager has proven very willing to not only deliver hefty dividends but also grow the portfolio through acquisitions.

Last year, the group raised £340m in a right issue and used this cash, plus £165m drawn down on its debt facilities, to buy £507m worth of wind farms. That added 273.3 net megawatts (MW) of energy generation, bringing the group’s year-end total to 694MW. During the year these assets generated net cash of £80m that more than covered £52.3m paid out in dividends. And as the costs of wind power continue to fall while nearing a time when they no longer require government subsidies, the outlook for Greencoat UK Wind looks quite bright to me.

Basking shareholders

Although the idea of solar power in the UK is an easy target for cheap jokes, NextEnergy Solar Fund is showing that it’s farms receive more than enough sun to power big dividends for shareholders. At the end of December the group had 63 plants with an installed capacity of 569MW, including eight recently-purchased farms in Italy.

And just as is happening with UK wind power prices, solar farms are becoming cheaper and cheaper over time, bringing down the acquisition costs for NESF, which only purchases operational farms. And the group’s manager is proving adept at wringing efficiencies out of its plants as they produced 2% more energy than budgeted in the half-year to September.

This helped generate enough cash to cover the company’s generous dividend 1.14 times over. The fund continues to grow through acquisition, so with cash flow rising over time dividend payouts should quite safely continue to grow in line with inflation. Furthermore, with its shares trading at only a 6.5% premium to their NAV, NESF isn’t ridiculously overpriced for a high-income option in a low-income world.


Island council first in Scotland to help residents and businesses cut their annual bills

Island council helping cut annual bills.

An island council has become the first in Scotland to team up with an electricity supplier to help its local residents and businesses cut their annual bills.

The Western Isles suffer from the highest rates of fuel poverty in Scotland, with over 70% of all households deemed to be spending too much of their income simply on keeping warm.

The situation in the islands, where they experience long winters and many reside in ageing croft houses, is further exacerbated by a lack of competition, with many having to rely on Scottish and Southern Energy, one of the much-criticised “Big Six” that dominate the marketplace.

But help could be at hand, with the launch of “Hebrides Energy” on March 6. It is a partnership between Comhairle nan Eilean Siar (Western Isles Council) and Our Power, a not-for-profit energy supplier based in Edinburgh.

It is estimated that the lower tariff could result in an annual saving of over £400 to the average island household.

Economic development officer Anne Murray said: “While a small number of local authorities in England have either launched their own energy supply company or entered into partnerships with licensed suppliers, the comhairle is the first local authority in Scotland to have progressed to this stage either in a partnership or as a stand-alone initiative.”

She said that while there would be significant savings from the outset for consumers the intention is for Hebrides Energy to source electricity from local generation as that is “ultimately where substantive savings could be derived from”.

“In order to begin looking at this, consultancy firm Ricardo have been appointed to undertake a short scoping study to explore shared ownership opportunities in the pipeline of island renewable energy schemes, within the context of how local energy can be used to impact on electricity prices for island customers,” she said.

Norman MacLeod, chair of the Hebridean Housing Partnerhsip, said they will be urging all the tenants in their 2,200 properties to sign up with Hebrides Energy after March 6th. “We will give them any assistance we can in order to help them reduce their electricity costs,” he said.

UK finance watchdog: 'Novel' RHI scheme has not delivered value for money

Government does not have reliable estimate of overpayments to RHI participants, warns National Audit Office

The UK's Renewable Heat Incentive (RHI) scheme has not delivered taxpayer value as the government does not have a reliable estimate of how much it may have overpaid to those participating in the scheme, according to Parliament's finance watchdog.

A National Audit Office (NAO) report assessing the success and value of the RHI said today the scheme was a "novel approach" to decarbonising heating in UK homes and businesses, but warned that improvements were needed to avoid the costs of the scheme potentially spiralling in future.

First launched in 2011 for business and industry before being expanded to include householders, the RHI was set up to encourage switching away from fossil fuel heating systems by offering a subsidy for each unit of heat produced from renewable or low carbon sources.

Technologies supported by the taxpayer-funded RHI include biomass boilers, heat pumps and anaerobic digestion plants, and almost 80,000 installations have been delivered by the RHI as of December 2017.

The RHI has also saved an estimated 4.5 million tonnes of CO2 equivalent, or approximately one per cent of total UK emissions, in 2017-18, figures show.

But as of August 2017, the government has paid out £1.4bn to participants in the RHI scheme, and the NAO estimates lifetime payments through to 2040-41 could amount to £23bn.

Meanwhile, the number of installations so far remains well below the Department for Business, Energy and Industrial Strategy's (BEIS) target of 513,000 by 2020, the report shows, and the NAO said the government needed to increase renewable heating rates in order to meet statutory carbon targets.

NAO praised BEIS for showing flexibility in rolling out the scheme and adjusting objectives in response to "over-optimistic initial planning assumptions", adding the department was "learning lessons for the future" that would help avoid the problems that saw the costs of a similar scheme in Northern Ireland rocket.

Nevertheless, it said estimated overpayments to participants as a result of non-compliance with the regulations in 2016-17 alone amounted to £3m. Ofgem estimated last May that overpayments as a share of total payment in both the non-domestic and domestic schemes during 2016-17 amounted to 4.4 per cent and 2.5 per cent respectively.

As such, NAO said the scheme had not delivered value for money, and warned BEIS still did not have a reliable estimate of how much it has overpaid for non-compliance, nor the emissions impact of those gaming the regulations "which could accumulate to reduce the scheme's value significantly".

Meg Hillier MP, chair of the Parliament's Public Accounts Committee, said it was "worrying", the government still did not know how much value taxpayers were getting from the RHI, especially given the scandal involving Northern Ireland's renewable heat scheme.

She also raised concerns over a lack of complementary policies to decarbonise heating in the UK. "The government faces a huge challenge in cutting harmful carbon emissions," said Hillier in a statement. "The NAO report shows how the government has massively cut back its ambitions for this scheme, and that as a result it will have to work even harder elsewhere. But right now the government doesn't know how it is going to cut carbon from heating systems in millions of homes and businesses around the country. There is a limited amount of time to work with, so it needs to start making real progress now."

BEIS was considering its response to the report at the time of going to press, but industry groups hit back at the NAO's criticism, insisting the RHI is an "essential policy tool".

"Britain's Renewable Heat Incentive is a successful scheme that has supported the production of enough heat to date to warm over 1.8 million homes for a year," James Court, head of policy and external affairs at the Renewable Energy Association, said. "The scheme has been critical to the construction of over seventy-eight thousand renewable heat sites reaching from Cardiff to Glasgow which in turn has unlocked jobs growth, with the UK's renewable heating industry employing 33,500 across the country."

European data centres: Supporting growth in Europe

Technology is changing the economy – not just in the bigger cities but also in regions across Europe.

From opening data centres, to teaching people digital skills, we had EU Commissioner for Regional Policy Corina Crețu and a panel of regional development experts, investors and policymakers discussing how regions can benefit from technological change.

In addition, Copenhagen Economics launched a new report into how investment in data centres, renewable energy and fibre is impacting Europe’s regions. https://www.copenhageneconomics.com/publications/publication/european-data-centres

World’s first sea-going hydrogen ferry could serve Western Isles

Project manager Calum MacDonald, development director for Point and Sandwick Trust

Plans for the world’s first sea-going hydrogen ferry are taking shape in the Western Isles – fuelled by community owned wind power.

Funding of £70,000 has been awarded by the Scottish Government to carry out a feasibility study into developing a hydrogen-powered ferry service to some of Scotland’s remotest island communities.

And now, the race is on to beat other communities around the world from getting there first.

Leading the project is Point and Sandwick Community Trust based on Lewis, the UK’s largest community energy company behind the award-winning Beinn Ghrideag community wind farm.

The other main players include CMAL, public owner of CalMac ferries; Ferguson Marine shipyard in Glasgow and Siemens-Gamesa Renewable Energy, the leading supplier of wind turbines to the UK.

Also involved are ITM Power, one of the world’s leading specialists in hydrogen manufacture; ENGIE, specialist in the transport and storage of gas; Wood, a global leader in the delivery of projects, engineering and technical services to energy and industrial markets and Johnston Carmichael, Scotland’s largest independent firm of chartered accountants.

The feasibility study, to be completed by June, will look at the technical and commercial requirements for a west coast hydrogen ferry.

It will consider the manufacture of hydrogen using local wind power, the challenges of how to handle, transport and store the hydrogen on local piers, and how the design of the ship and its engines needs to be adapted to run on hydrogen fuel.

Although hydrogen has been used for small vessels on rivers or coastal routes, it has never been used on sea-going routes. A small ferry on Orkney is powered by hydrogen while it is docked, providing the power aboard for lights etc.

Project manager Calum MacDonald, development director for Point and Sandwick Trust and the former MP for the Western Isles, said: “We have a simple yet bold vision which is to harness the huge potential of community-owned wind power on the Scottish islands to power the lifeline ferry services by utilising the very latest in hydrogen energy technology.

“Turning that vision into reality will be a world-first and requires the very best expertise in both energy and shipping technology.

“We hope to produce this first report by the summer and if it indicates that vision is feasible and practical, we can then move onto the development phase with a view to having a ferry operational in the early 2020s.”

IKEA Partners With Big Clean Switch To Save UK Customers Money On Renewable Energy

Clean Power

Published on February 20th, 2018 | by Steve Hanley

February 20th, 2018 by

IKEA is committed to ideas and strategies that promote a sustainable environment. It has teamed up with LG Chem to offer customers in the UK lower prices on rooftop solar and residential storage battery systems. It now sells a prefabricated grow house that can produce enough sustainably grown food to feed an entire community. And it has recently purchased 25,000 acres of forest in Alabama to provide sustainably grown lumber for its furniture products.


Now, the Swedish furniture chain is promoting a joint venture with Big Clean Switch to offer UK customers access to renewable energy at the lowest available prices. IKEA and Big Clean Switch claim they can save a typical British household as much as £300 (about $420) a year compared to what they are paying now. The program works like this.

Let’s say you want a new car. You pop into your local dealer and walk out with a shiny new Belchfire 5000 and go to work the next day to tell all your friends what a great deal you got on the car. Later, 5 of your friends go to the same dealer and offer to buy 5 new cars. Are they likely to get a better price on their cars than you did? Oh, yeah. You betcha.


Now assume a thousand people troop into a dealership demanding to buy new cars immediately. Will they get a deal that is better still? Count on it. Aggregating customers can do wonders when it comes to negotiating prices. According to The Guardian, Big Clean Switch describes itself as a company committed to “profit with a purpose” and guarantees its customers 100% of their electricity will be sourced from renewables such as wind, solar, or hydro.

Hege Sæbjørnsen, Ikea’s sustainability manager, says “we hope to make switching to renewable electricity simple, accessible and affordable to everyone.” And what does IKEA get out of doing this? A commission for each person who signs up, money the company says will be used to support local community initiatives within each store’s area. That is a version of capitalism totally at odds with the “greed is good” mentality of most American business corporations. In fact, IKEA could change its motto to “Green is good.”

Other aggregators are presently signing up customers in the UK. Will the IKEA/Big Clean Switch collaboration be able to save people more money than those other companies? We will know on March 6 when IKEA formally announces its renewable energy prices. If it has more customers clamoring for clean energy, it should have more negotiating power than any of the other players in the market, power that will make it possible to offer the lowest prices available.

The appeal for customers is simple — lower utility bills with no muss and no fuss. No solar panel installers tromping across the roof, no electricians fiddling with wires in the basement, no financing documents to fill out, and no higher property taxes to pay. It may be that rooftop solar will save families more money in the long run, but if you can get most of the benefits with none of the hassles just by clicking a few boxes on a website, why wouldn’t you?

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About the Author

Steve writes about the interface between technology and sustainability from his home in Rhode Island. You can follow him on Google + and on Twitter.

Ameresco completes $3.7M Scotland energy project

Framingham renewable energy company Ameresco has completed a $3.7-million energy savings project at four Scotland colleges, the company announced Tuesday.

The project is the first large, multi-site energy performance contract delivered through the Scotland government Non-Domestic Energy Efficiency Framework. It's also the first higher education contract in Scotland for Ameresco's UK operation.

Installations and improvements included LED lighting and controls, a combined heat and power system, controls optimization, variable speed drives and CO2 sensing, natural gas conversion, smart occupancy controls, low flow-taps and showers, building envelope improvements, and transformer tap downs.

The projects, located at Edinburgh College, Borders College, Newbattle Abbey College and West Lothian College are expected to save a total of nearly $370,000 each year.

Each college is expected to reduce its carbon emissions by an average of 24 percent.

The project was funded by Scotland's capital stimulus program last year, and installation contracts were signed in May 2017. The entire installation was completed within six months during summer break.

UK biomass CHP plant begins commissioning

A biomass combined-heat-and-power (CHP) project in southwest England is beginning the final phase of commissioning and is on track to begin commercial operations in August. Once operational, the plant will generate heat and power for nearby homes and Discovery Park, a center for science and innovation in Kent, England.

On Feb. 15, U.K.-based Kent Renewable Energy Ltd. released an update of commissioning activities at the facility, known as the Kent Renewable Energy CHP plant. The company said steam blowing activities will begin in February and take place over a month, with each blow happening at a specific time for a short test period of 60 to 90 seconds. There are scheduled to be approximately 30 to 40 steam blows during the test period, with three to five happening in a day.

For each steam blow, the boiler is started, building up steam pressure and temperature in the pipe system. Once the right level has been achieved to clear out the pipes, the pressure will be released via a temporary steam blow pipe and there will be a hissing sound and a visible plume of steam produced. The company warned that the test blows will be louder than normal operating noise from the plant when it begins generating heat and power. The final pressure test will take place before the process of filling the boiler with water starts.

“This month’s steam blows are part of the commissioning process, where the power plant will be tested far beyond its normal operating parameters,” said Colin Dobson, general manager at the plant. “This ensures it’s completely safe and reliable before it begins producing clean, green heat and power this summer. The steam blows are carried out to ensure all the debris, dust and any other small contaminants created during the construction of the boiler and all its pipe work have been cleaned out. Last month all the internal tubes were cleaned by flushing them through with warm acid, ready for the steam blowing to start.”

The facility will take in locally sourced wood as fuel. According to Kent Renewable Energy, the facility has created a significant and reliable local market for low grade wood. This market is expected to make woodland management in the region more economic, help local work producers diversify, and help bring more woodland back into active management, while also support supporting the production of higher-quality wood and coppice.

Once the facility opens in August, it will generate more than 27 MW of electricity, enough to supply 50,000 homes while saving more than 100,000 metric tons of carbon dioxide annually. Approximately 15 to 20 percent of the green energy generated at the Kent Renewable Energy facility will be supplied directly to the tenants of Discovery Park, who will also benefit from the heat generated by steam from the plant.

The project represents an inward investment of approximately £150 million ($210.03 million). It is expected to support up to 27 new direct jobs, as well as numerous jobs in the supply chain. During construction, up to 400 jobs are expected to be created.

Wind industry breaks records in Europe but faces uncertain outlook

Wind industry breaks records in Europe but faces uncertain outlook

Europe added a record 15.7 GW of new wind energy capacity in 2017, according to WindEurope’s annual onshore and offshore wind statistics released today.

New wind farm installations were up 20% on 2016 and beat the previous 2015 record of 12.8 GW. Onshore wind capacity grew by 12.5 GW and offshore wind by 3.1 GW. Seven EU Member States had a record year in new wind energy installations: Germany (6.6 GW), UK (4.3 GW), France (1.7 GW), Finland (577 MW), Belgium (476 MW), Ireland (426 MW) and Croatia (147 MW).

Wind was 55% of all power capacity installations in 2017. Renewable energy as a whole accounted for nearly all new EU power installations in 2017: 24.1 GW out of a total 28.5 GW.

2017 was also a record year for new investments in future wind farms. 11.5 GW worth of projects reached Final Investment Decision: 9GW in onshore wind and 2.5 GW in offshore. But the value of these investments at €22.3bn (€14.8bn onshore and €7.5bn offshore) was 19% down on 2016. Cost reductions in the wind industry supply chain and increased competition in auctions gave investors more capacity for less cash.

Wind energy in Europe now has a total installed capacity of 169 GW: 153 GW onshore and 16 GW offshore. Germany remains the country with the largest installed wind power capacity (56 GW). It’s followed by Spain (23 GW), the UK (19 GW) and France (14 GW). With a share of 18% wind remains the second largest form of power generation capacity in Europe, closing in on natural gas. Wind energy generated 336 TWh in 2017, enough to cover 12% of EU electricity demand. In Germany wind was 20% of power. It was 44% in Denmark, and 24% in Ireland and Portugal.

WindEurope CEO Giles Dickson said: “2017 was a strong year for wind energy with a high number of new installations and wind accounting for 12% of Europe’s electricity. It’s further evidence that wind is mainstream and delivers bang for your buck. It’s cheap, increasingly stable, and industrial consumers are now turning to it as an energy source of choice. Governments have nothing to fear from being ambitious on wind energy and renewables more broadly.

“That it was a record year reflects the fact that lot of the new projects were ‘pushed through the gates’ to benefit from feed-in-tariffs and other old support schemes while they still applied. This was especially the case in Germany with its 5 GW of new onshore, and was also true for the UK and France.

“And despite the strong figures the medium and longer term outlook for wind is uncertain. The transition to auctions has been messier than we hoped. And crucially we lack clarity from many Governments on their ambitions for renewables post-2020. Countries need to start clarifying how much wind energy they want to deploy in the future. This will give visibility to the industry, allowing us to plan ahead and reduce costs. And it will allow others such as Transmission System Operators to plan the necessary infrastructure build-out. The wind industry won’t invest in Europe’s economy if the market prospects are not there. Countries now have the chance to turn their National Energy & Climate Plans into investment brochures by committing to ambitious wind volumes.

“It’s now clear given the recent expansion of renewables and the rapidly falling costs that Europe can deliver on a 35% renewables target for 2030. A 35% target is not just affordable, it’s economically desirable. It’s what the European Parliament wants. The Commission seem to support a higher target. Member States now need to recognise the social and economic benefits of more ambition. The wind industry has shown it can deliver. Now we need policy-makers to deliver as well.”

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Europe’s shocking failure to act on climate

The European Union has agreed to emission reduction targets for 2030. But far from fulfilling its duties under the Paris Agreement, environmentalists say Europe has abdicated its role as a climate leader.The European Union has agreed a host of climate and energy targets this week: It’s set energy efficiency standards for new buildings, and agreed to climate targets for 2030.

Europe has a history of progressive environmental legislation, and it political leaders often position themselves as climate heroes. Recently, French President Emmanuel Macron appears to have moved in on German Chancellor Angela Merkel’s traditional territory as international climate champion, with public displays of support for climate science and attacks on US President Donald Trump’s regressive climate policies.

But behind the bravado, is Europe doing enough to cut emissions? The short answer, environmentalists say, is no.

“Europe is so divided on climate issues, it doesn’t play that leadership role any more,” Wendel Trio, director of Climate Action Network Europe, told DW.

On Thursday, the European Commission and European Parliament agreed to cut emissions from sectors not covered by the bloc’s emissions trading scheme by 30 percent compared to 2005. That impacts transport, buildings, waste and non-CO2 emissions from agriculture.

European ministers met on Monday to agree a package of climate and energy targets that are to form the basis of EU legislation next year. This week, rather that increasing its ambition, European Commission rules would keep them as they are.

Failing to live up to Paris

But experts say they fall well short of the ambition needed to meet the Paris Agreement target of limiting global warming to maximum 2 degrees Celsius (3.6 degrees Fahrenheit).

“Governments know very well that with what’s currently on the table, they’re actually not going to implement the Paris Agreement,” Trio said.

Ahead of the negotiations in Paris two years ago, each country signed up the UN Framework Conference on Climate Change had to submit its own plans to cut emissions.

But there is a significant emissions gap between the combined action countries around the world pledged, and the overarching goal of keeping global warming below 2 degree Celsius.

This will only be met if parties significantly increase their ambition in the coming years — which is foreseen in the agreement with an “ambition mechanism,” where targets are reviewed every five years.

The European Union submitted its targets collectively — promising to cut greenhouse gas emissions by 40 percent by 2030 compared to 1990 levels. To achieve this, it planned to reduce its overall energy consumption by 30 percent, and cover 27 percent of the remainder with renewables.

Trio says that with the price of renewable energy falling, Europe should be able to increase its use of renewables far more, pointing out that the target was based on an impact assessment using prices from 2013 that is now very out of date. “The reality is moving much faster than the politicians seem to be willing to accept,” he said.

Calculations for effective policy

The Institute of Applied Ecology (Öko-Institut) in Germany has calculated what measures Europe should be taking, based on the carbon budget left before breaking the 2-degree limit becomes inevitable.

It says Europe must give up fossil fuels altogether by 2040, and proposes a continuous reduction of emissions until 2050, achieving a 55 percent cut by 2030 — by which time renewables should cover 40 percent of energy use.

In November, the European Parliament also recognized the need for more aggressive targets. It’s Industry, Research and Energy Committee (ITRE) narrowly voted in favor of raising the energy efficiency target to 40 percent by 2030, compared to 1990 levels, and the renewables target to 35 percent by 2030.

“Europe must do more, Europe must get more of its energy from renewables if it is to live up to its commitments made in Paris,” the committee’s José Blanco Lopez said.

Divisions with Europe

But Trio says the European Commission, headed by Jean-Claude Juncker, is reluctant to focus on upping climate protection, as this could become a divisive issue in Europe.

There’s strong resistance in particular from the leadership of the European Commission — so, from the cabinet of Juncker — for leaders to not address climate goals because they are afraid this will increase tensions within the European Union.

Engagement in climate issues varies across the continent. Some countries, like Germany, Luxembourg and Sweden — which has written its goal of cutting greenhouse gas emissions to zero by 2045 into law — have set for themselves higher emissions reduction targets that those of the European level.

But for others, including many of the eastern European countries, climate protection appears to be less of a priority. And even leaders like Merkel and Macron, who have made a show of climate diplomacy on an international level, have been heavily criticized for failing to implement real change at home.

“If you look at the action in the ground, emissions have more or less stalled in Europe over the last two years,” Trio said, adding that countries like China, Japan and even the United States are all seeing emissions fall faster than in Europe.

Missed opportunity

There was some good news this week, with new EU building regulations established requiring development of strategies to decarbonize building stocks by mid-century.

But groups criticize how the European Commission’s core plan for an Energy Union, which is aimed at greater cooperation between countries and ensuring energy security, hasn’t put nearly enough emphasis on climate protection.

For example, the Energy Union would allow capacity payments to coal-fired powered stations to ensure energy security until 2035 — by which time environmentalist agree we should have ditched coal altogether, if we’re to uphold the Paris goals.

“European Union legislation would allow countries to continue subsidizing coal power plants — which contradicts not only the Paris Agreement, but also previous commitments to phase fossil fuel subsidies,” Trio pointed out.

The new climate and energy targets are to be passed into law in 2018, following a series of debates and votes in the European Parliament.

But with the agreements on the table, Anton Lazarus of the European Environmental Bureau says Europe still ooks set to fall short of the action needed to live up to its supposed role as a climate pioneer.

“You have governments going to the One Planet Summit and talking the talk on climate action,” he told DW. “Now, it’s really a question of closing this gap between rhetoric and action.

“And this energy package was a golden opportunity to do that that, appears to be being missed before our eyes. And it’s just a very disappointing end to the year.”