Japan this month began a trial trading of carbon credits at the Tokyo Stock Exchange (TSE) as the world's fifth-largest carbon emitter aims to create a nationwide market mechanism to meet its goal of becoming carbon neutral by 2050, reported Reuters.
Australia’s new Labor government will accelerate efforts to tackle climate change, but climate policy will remain highly politicised, warns Verisk Maplecroft, a strategic risk intelligence company.
Australians voted in a new government that has vowed to end decades of inaction by one of the world’s highest per capita emitters. Now the fight is about just how quickly to make up for lost time.
Following a shareholder vote yesterday, Australian liquefied natural gas (LNG) developer Woodside Petroleum (ASX:WPL) will change its name to Woodside Energy Group as it prepares to embrace the energy transition.
Santos (ASX:STO) today released its 2022 Climate Change Report which sets out the Australian company’s latest climate transition strategy and action plan to become a net-zero emissions energy and fuels business by 2040.
A $12 billion liquefied natural gas (LNG) investment approved in Australia leads a wave of projects betting demand will rise as the world shuns more polluting alternatives like coal.
Leaders of the Group of 20 countries agreed on a climate deal that fell well short of what some nations were pushing for, leaving it to negotiators at the COP26 summit in Glasgow this week to try to achieve a breakthrough.
China said it’s sticking to existing climate change targets to zero out emissions, reducing the chances for more ambitious global action at the COP26 summit in Glasgow.
India plans to take more ambitious climate action by 2030, even as the nation pushes back against pressure to set a target for net-zero greenhouse gas emissions.
President Joe Biden has pledged to wean the US off of fossil fuels, and never has that call been more urgent than now, with United Nations-backed scientists warning of a point of no return.
Inpex will delay a final investment decision (FID) for its proposed Abadi liquefied natural gas (LNG) development in the Masela Block offshore Indonesia as survey work has been disrupted by the Covid-19 pandemic and design adjustments may be needed due to climate change.
Carbon capture and storage (CCS) is seen as an essential requirement by the oil and gas industry for it to meet the targets of the Paris Agreement, however the only way it will become commercially viable is if companies collaborate to create shared-CCS hubs, according to Wood Mackenzie.
ExxonMobil’s chief executive Darren Woods says the company is “deeply apologetic” over comments caught on camera in a secret filming by Greenpeace that show one of the oil giant’s lobbyists saying a carbon tax the company has promoted for years is unlikely to happen.
The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries (OPEC) to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won't require it to sell less oil.
The Indonesian Ministry of Finance has announced plans to introduce carbon pricing in an effort to help finance clean energy projects and boost tax revenues, as well as cut emissions, in Southeast Asia’s largest economy.
The former boss of Malaysian national oil company (NOC) Petronas, Tan Sri Wan Zulkiflee, will be removed from ExxonMobil’s board just four months after being appointed, after investors rejected him in a historic vote.
ExxonMobil activist investor Engine No. 1 expanded its presence on the oil giant’s board to three seats, according to preliminary vote tallies, cementing a victory that has reverberated across the energy industry.
ExxonMobil CEO Darren Woods was dealt a stunning defeat by shareholders when a tiny activist investment firm snagged at least two board seats and promised to push the crude driller to diversify beyond oil and fight climate change.
An unprecedented fight over who should sit on the board of ExxonMobil is turning into a referendum on chief executive Darren Woods as a decades-long struggle by climate campaigners comes to a head.
Natural gas is falling out of favor with emissions-wary investors and utilities at a quicker pace than coal did, catching some power generators unaware and potentially leaving them stuck with billions of dollars of assets they can’t sell.
The US and China are committed to cooperating to tackle climate change, they said in a joint statement after meetings between senior envoys last week that were held amid rising geopolitical tensions between the two countries.
The U.S. oil and gas industry should embrace “huge opportunities” in producing and transporting hydrogen, with the potential for that cutting-edge energy source to fuel long-haul trucks and supply power globally, presidential climate envoy John Kerry said Tuesday.
Chevron has announced the launch of its $300 million Future Energy Fund II focused on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy for all, it said.
Greta Thunberg and the Extinction Rebellion (ER) have their critics, but the evidence is clearly on their side. The broadcast media collectively reported the ER protests as “middle-class people disrupt traffic shock” – a lazy cop-out from the real story. It’s a global tale of doing too little too late. Greta ducked school to protest outside the Swedish parliament at the lack of action on climate change. She has been copied by schoolchildren across the world. This makes her an ideal photo opp for politicians, and Westminster leaders were eager to be snapped next to her this week in London. The SNP’s Iain Blackford used the moment to brag: “The Scottish Government’s Climate Change Bill has been hailed as ‘a concrete application of the Paris Agreement’ by Laurent Fabius, the architect of the Paris Agreement. “The bill contains the most ambitious statutory targets of any country in the world for 2020, 2030 and 2040, with the aim of Scotland being carbon-neutral by 2050.” Another architect of the Paris agreement and chief executive of the European Climate Foundation, Laurence Tubiana, has praised the British Government. “This decision to review Britain’s long-term climate target sends a strong message to the EU and other big economies that London is committed to the Paris Agreement, and now it’s time they too considered what more they can do,” he said. Britain sounds like it’s doing the right thing. If only it were enough. The International Panel on Climate Change (IPCC) special report of 2018 is the benchmark for climate policy, and it reports the world has a decade to restrict global temperature rises. The Scottish Greens report this as “The IPCC… findings add up to one clear, over-riding message that confronts humanity with the most important decision it will ever make: act now, or face climate breakdown.” The IPCC is saying that the game got a lot bigger and we need to do a lot more. Carbon-neutral by 2050 does not cut it. The governments of Edinburgh and London are building a dinghy – what’s needed is an ark. The Greens say the “climate bill... going through the Scottish Parliament now... (is) not strong enough and it doesn’t respond to the latest science coming from the Intergovernmental Panel on Climate Change”. They propose a climate emergency bill which has a 10-point plan: 1. Lead a green energy transition. Scotland is on track to generate 100% of our electricity needs from renewables in the next five years. This is great progress but we need to see similar gains made in generating the energy we use for heating our homes from renewables rather than fossil fuels. 2. Divest all public investment from the fossil fuel industry, including public bodies’ pension funds. 3. Increase funding for walking and cycling, putting Scotland on par with the Netherlands. 4. Better buses and reliable rail that are publicly funded and cheap to use. 5. Develop a district heating funding stream to deliver renewable heat to homes across Scotland. 6. Deliver warm homes for all, ending the scourge of fuel poverty and ensuring all homes achieve at least an EPC Band C rating by 2030. 7. Support climate-friendly farming and land management, including a massive increase in investment in sustainable forestry and peat restoration. Introduce a nitrogen budget for the farming sector to reduce harmful nitrous oxide emissions. 8. Tax single-use plastics. For example, Scotland consumes between 200 million and 800 million single-use cups each year. A 25p levy or tax would result in an annual revenue of £50-200 million and a significant reduction in consumption. 9. Give councils the power to introduce workplace parking levies. 10. Redirect government business support towards environmentally responsible companies. All of the above is necessary, but it does not go far enough. Aviation produces 600 million tonnes of CO2, according to Friends of Earth, amounting to “about 3.5% of global warming from all human activities”. Yet no mention of restricting flights to a personal limit of, say, two a year. And no mention of tablets and mobile phones. In 2016, data centres which make the inherent possible consumed more electricity (over 400 terawatt hours) than the whole of the UK (about 300 terawatt hours) globally. A US study warns that 20% of all the world energy could be needed for data by 2025. To put this into context, the world’s largest data centre is in Virginia, USA, and according to The Guardian just 1% of its energy comes from renewable sources. A research paper published in Nature magazine in 2018 concluded “UK and US citizens need to cut beef by 90% and milk by 60% while increasing beans and pulses between four and six times”. We need an emergency climate bill, but one written with the conviction of a 16-year old girl. Greta Thunberg told Westminster: “You don’t listen to the science because you are only interested in solutions that will enable you to carry on like before.” It is equally applicable to Holyrood.
The U.S. is on track to meet about two-thirds of its carbon-emissions goals under the Paris climate accord -- even without the support of President Donald Trump.