(BOE Report) – The annual U.N. climate summit began on Monday with some prominent leaders planning to skip the event ahead of tough talks on finance and trade, after a year of weather disasters that have emboldened developing countries’ demands for cash. Delegates gathering in Azerbaijan’s capital, Baku, hope to resolve the COP29 summit’s top agenda item – a deal
(Investing) – This month’s U.N. climate summit – COP29 in Baku, Azerbaijan – has been dubbed the “climate finance COP” for its central goal: to agree on how much money should go each year to helping developing countries cope with climate-related costs. That discussion could be tough following Tuesday’s re-election of former U.S. President Donald Trump, a climate denier whose
( Oil & Gas 360) – TotalEnergies CEO Patrick Pouyanne has cautioned that Europe is facing a new energy reality and “must find a way to restore its energy competitiveness.” The head of the French oil giant based his assessment of the continent’s energy squeeze on the loss of Russian gas from its war with Ukraine and steep production drops from
(Oil Price) – California authorities are about to make gasoline even more expensive for local drivers following a further tightening of emission rules, scheduled to be voted on this week. The vote would amend the state’s Low Carbon Fuel Standard, a program that began back in 2011 with the aim of incentivizing fuel producers to make lower-emission products by creating a carbon credit
(Investing) – A ballot initiative to ax Washington state’s carbon market would, if passed next week, send an ominous signal to other U.S. states and Canadian regions looking to build markets aimed at cutting emissions that scientists blame for climate change. The carbon market, formed by the state’s Climate Commitment Act (CCA), has raised more than $2 billion for programs
(World Oil) – Technology company Techouse has teamed up with several energy companies, including TotalEnergies and Equinor, plus SINTEF Energy Research, to develop and test a compact, lightweight once-through steam generator (OTSG) that can enable substantial reduction in fuel consumption and CO2 emissions from power and heat production at offshore installations. “Previous research and development has proved that implementing gas turbine
(World Oil) – Eni and KKR have signed an agreement under which KKR will take a 25% stake in Enilive’s share capital, for a total agreed consideration of €2.938 billion. The transaction will be funded through: 1) the subscription of a capital increase in Enilive reserved to KKR amounting to €500 million; 2) the purchase of Enilive’s shares from Eni
(Oil Price) – On October 16, 2024, the refiner Phillips 66 announced that it will cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. This announcement came a few days after California Governor Gavin Newsom signed a new law placing additional regulations on refineries. The closure will affect approximately 600 employees and 300 contractors that currently work at the
(Oil & Gas 360) – After two years of industry opposition to the $740 billion Inflation Reduction Act (IRA), touted by its proponents as the single largest effort by the U.S. government to promulgate a federal-level climate change investments and tax credit policy, several of the country’s largest oil companies are finding elements of the law so attractive that they are
(Oil Price) – UK power group Drax has found that wood burnt at its biomass power station in the UK is “highly likely” to have come from environmentally sensitive areas of old forests in Canada, the Financial Times reported on Wednesday, citing internal Drax emails it has seen. A Drax internal review has found that the wood from its suppliers from British Columbia
(World Oil) – Exxon Mobil Corp. has won the right to pump carbon dioxide beneath Texas state waters in the Gulf of Mexico, in what will be the largest concession of its kind in the U.S. The lease granted by the Texas General Land Office will cover 271,000 acres and allow Exxon to bury emissions in geologic rock formations under
(Oil & Gas 360) – The International Energy Administration (IEA) released its Government Energy Spending Tracker late last month detailing the nearly $3 trillion in global investment in decarbonization efforts. The United States accounts for roughly one-sixth of that number with nearly $ 600 billion allocated across six categories (outlined below). The figure equates to an approximate federal spend on
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