IPCC report ‘must sound a death knell’ for oil and gas, says UN head
An “alarming” new report setting out the impact of climate change on the planet should spell the end for oil and gas, according to a senior international figure.
fossil fuels
Supply chain coming to terms with export finance support withdrawal
Pinpointing which stage of grief the UK oil and gas supply chain currently sits at it is complicated.
BHP considers exit from oil and gas business
BHP Group is considering getting out of oil and gas in a multibillion-dollar exit that would accelerate its retreat from fossil fuels, according to people familiar with the matter.
Australia to appeal climate ruling that threatens fossil fuels
Australia will challenge a court ruling that orders the government to consider climate change impacts from a planned coal mine expansion, a decision seen as clouding the prospects for any new fossil fuels projects.
Fossil fuels giant Reliance will invest $10bn in Indian renewable energy
India’s richest man, Mukesh Ambani, who has run one of the world’s largest petroleum businesses for over two decades, yesterday announced that his company Reliance Industries, will invest 750 billion rupees ($10 billion) towards clean energy solutions over the next three years.
Asian Development Bank to end coal, oil and gas financing
The Asian Development Bank (ADB) will no longer finance new coal-fired power capacity, as well as oil and gas exploration and production, it announced in a draft policy statement on Friday.
Gas is the new coal with risk of $100 billion in stranded assets
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.
China’s new green target still means pumping too much pollution
China’s first road map to achieving net zero emissions by 2060 may be too slow to stop the world’s biggest polluter from hastening global warming.
Australia, Japan and Vietnam lead renewable energy shift in Asia Pacific
Australia, Japan and Vietnam are leading the shift to renewable energy in Asia Pacific, according to the latest research from IHS Markit. Significantly, coal and gas power plants are also being built at a brisk pace as part of the energy mix across the region.
IEA sees $1.4 trillion clean energy opportunity in India
India is set for the largest increase in energy demand of any country over the next 20 years. This underscores the potential for policies and investment to accelerate the clean energy transition, the International Energy Agency (IEA) said in a new report.
Australia’s $26bn renewable power opportunity
Australia could offer a $26 billion renewable power generation investment opportunity this decade if the government can implement an ambitious long-term Renewable Energy Target (RET) to reverse a slowdown in wind and solar spending.
Generation 2050 manifesto serves as ‘fresh wake up call’ for energy bosses
Energy bosses have been served a “fresh wake up call” that the sector needs to accelerate progress to tackle climate change in order to attract top talent.
Energy transition progressing too slowly to meet Paris Agreement, according to new forecast
Governments are on course to miss the Paris Agreement with deep decarbonisation of the world’s energy system still 15 years away, according to a new forecast.
Green tech, climate policies could slash fossil fuel profits by two-thirds
The rise of clean tech such as renewables, electric cars and climate policies could cut global fossil fuel profits by two thirds, a report warns.
UK fossil fuel subsidies exist – by the back door
Several months ago I joined many others in petitioning the UK Government to “convert fossil fuel subsidies into subsidies for renewable energy”.
North Sea chaplain expects Church of Scotland to make ‘wrong decision’ to divest from fossil fuels
The North Sea’s oil and gas chaplain believes the Church of Scotland will make the “wrong decision” in coming years to divest from fossil fuels.
Nearly half of fossil fuel bosses ‘believe gas and renewables are competing’ – DNV GL report
Almost half of senior bosses in the fossil fuels industry “believe gas and renewables are competing against each other”, according to a major new survey.
Campaigners say Scotland’s new public bank must not invest in ‘damaging’ fossil fuels
Scotland’s new public bank must be an “ethical lender”, according to environmental campaigners.
Carney warns firms’ assets could become worthless if climate crisis not realised
The outgoing governor of the Bank of England has warned firms that their assets could become "worthless" if they do not wake up to the climate crisis.
In Europe’s richest petro-state, the top oil lobbyist is worried
Some of the most powerful people in Norway’s vast oil industry are increasingly worried about what they see as a lack of nuance in the criticism of fossil fuels.
Exxon blasts New York’s climate lawsuit as trial opens
Exxon Mobil Corp.’s lawyer slammed New York’s securities-fraud case as the trial opened, saying the state “twisted” reality by conflating two internal metrics the company uses to account for the financial impact of climate change on its business.
UK politicians push for divestment of BP and Shell shares
A group of 300 British politicians are pushing the trustees of the Parliamentary Pension Fund to sell shares of BP Plc and Royal Dutch Shell Plc to ward off the risks of climate change.
Lots of talk but ‘very little real action’ on UK decarbonisation
A company in the US called ZeroAvia has just installed a hydrogen fuel cell powered electric powertrain in a six-seater aircraft.
Fossil fuels offer ‘increasingly poor’ returns on investment, study finds
Investing in fossil fuels is providing “increasingly poor” returns on investment according to a new study.
Zero-carbon electricity to outstrip fossil fuels for first time, National Grid says
More British electricity is set to come from zero-carbon sources than fossil fuels this year for the first time since the Industrial Revolution, National Grid has said.