Billionaire industrialist David Koch, dies at 79

  • HC Insider
  • Billionaire industrialist David Koch, dies at 79
27 August 2019

Billionaire industrialist David Koch, dies at 79; Copenhagen aims to become the world’s first carbon neutral capital by 2025; British Airways joins partnership with Velocys for sustainable jet fuel project; Asia digs up and burns three-quarters of the world’s coal; a political crisis arises in Paraguay due to a secret hydropower deal with Brazil; and Shell enters Australia power market with $418M deal.

Billionaire industrialist David Koch, dies at 79: David H. Koch, a billionaire industrialist who influenced conservative politics has passed away at the age of 79. Back in 2018, he announced he would be stepping down from his position at Koch Industries after suffering a long spell of prostate cancer.

Koch Industries became the second largest privately held company in the USA, with the brothers totaling a net worth of $60 billion each. Both David and his brother, Charles, had a major impact in the political world, which would become their most distinctive career move. One of their most notable strategies was the financing of right-wing primary candidates for House and Senate seats. Alexander Hertel-Fernandez, a Columbia University political scientist who studied the Koch brothers, claimed: “They understood that American politics wasn’t just about what happens in Washington, D.C”.  Click here to read more

Copenhagen aims to become the world’s first carbon neutral capital by 2025: Copenhagen aims to stimulate a green economy with the intention of improving quality of life in the city. Infrastructure projects are being put in place to achieve this goal by transitioning its energy supply to sustainable sources, retrofitting buildings and making improvements to waste management. One of the main downfalls is that 2.7 billion Danish kroner will be needed to fund the project. Click here to read more

Frank Jensen, Lord Mayor of Copenhagen, said in the introduction that the plan is ambitious but achievable: “We are already well underway. In 2011, Copenhagen had reduced CO2 emissions by 21% compared to 2005,” he said.

British Airways partners with Velcocys for sustainable jet fuel project: British Airways is another step closer to powering its future fleet with sustainable jet fuel, by collaborating with Velococys. Plans are in place to develop Europe’s first household and commercial sustainable fuels plant at a site in Immingham, Northeast Lincolnshire. This move could result in a 50% reduction of the airline’s carbon emissions since 2005 by 2050 and improve air quality up to 90%. Click here to read more

Asia digs up and burns three-quarters of the world’s coal: The city of San Carlos in Asia has been deemed as “a renewable energy hub for Asia”, however, there have been talks by locals to build a coal-fired power plant in the next few years. Asia accounts for 75% of the world’s coal, which makes the move for a power plant a reasonable one. Yet, there are genuine fears for both farmers and fishermen if the project was given the go-ahead, while investors are looking to steer clear of the project as a result of a 90% decline in private lending last year.  Click here to read more

A secret hydropower deal with Brazil causes a political crisis in Paraguay: Last month, it was reported that the current president of Paraguay, Mario Abdo Benítez, had made a deal with Brazil, reducing Paraguay’s access to cheap fuel. The current agreement, signed in 1973, allows each country to have half of the dam’s productivity. However, Paraguay only uses 25% of the share to fulfill 90% of the country’s needs.  In 2009, a new agreement was put into action, but Pedro Ferreira refused to sign and accused Abdo Benítez of “high treason”. The current argument is that Paraguay should use their excess power for industry while new energy sources are considered in the meantime. Until then, most of Paraguay’s energy will be sold to Brazil. Click here to read more

Shell enters Australia power market with $418M deal: Shell has now entered the Australian power market with a $418 million deal. Their ambition is to push the business more towards gas share, as a result of global pressure to produce cleaner fuels. The company has aims to become the world’s largest energy provider, but now sees huge opportunity for gas. Shell’s chair said the move “aligns with Shell’s global ambition to expand our integrated power business and builds on Shell Energy Australia’s existing gas marketing and trading capability”. Click here to read more