(Investing) – BAKU – Trade tensions are flaring at the COP29 climate summit, with China, Brazil and a host of developing countries complaining that perceived trade barriers, such as the European Union’s carbon border levy, will undermine climate efforts, according to U.N. documents and negotiators. Nearly 200 countries are wrangling at the climate talks over a deal to provide hundreds of
(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
Yahoo Finance Construction of U.S. solar-manufacturing plants by Chinese companies is surging, putting China in position to dominate the nascent industry, as other American factories struggle to compete despite federal subsidies. Chinese companies will have at least 20 gigawatts’ worth of annual solar panel production capacity on U.S. soil within the next year, enough to serve about half the U.S.
World Oil (Bloomberg) – Oil giant Occidental Petroleum Corp. clinched a record carbon removal deal with Microsoft Corp. amid the software titan’s push to reduce its expanding emissions. Occidental, which is building a carbon-capture portfolio through its subsidiary 1PointFive, plans to build a fleet of plants that suck carbon dioxide directly from the air. Microsoft on Tuesday agreed to buy
World Oil (Bloomberg) – The Biden administration’s hub to clean carbon from the air in northwest Louisiana is getting company. On Monday, Heirloom Carbon announced that it’s constructing a facility with machines that can remove 17,000 tons of carbon dioxide from the atmosphere annually. The startup counts JPMorgan Chase & Co., Autodesk Inc. and Klarna Bank AB among its customers.
Oil Price The second-largest oil-producing U.S. state, New Mexico, has seen record oil and gas output and revenues in recent years on the back of the booming activity in the Permian, the top U.S. shale field. New Mexico has driven the Permian’s oil production growth over the past two years. For example, two counties in the southeastern corner of the state, Lea
World Oil (Bloomberg) – The Exxon Mobil Corp. investor that the oil giant is suing for its climate-related shareholder proposal is promising not to file similar motions in the future in a bid to get the legal action dropped. While Arjuna Capital had already withdrawn the shareholder proposal to accelerate greenhouse-gas emissions cuts that was at issue in the lawsuit,
Oil Price U.S. Democratic lawmakers have referred the world’s largest international oil companies to the U.S. Department of Justice, urging an investigation into Big Oil’s ‘deceptive claims’ about its products that have misled the public about the effects on climate. The U.S. House Oversight Committee launched in 2021 an investigation over “the reported role of the fossil fuel industry in a long-running, industry-wide campaign
Oil Price Norway’s $1.66-trillion sovereign wealth fund, the world’s biggest, is encouraging UK-based supermajor Shell to shed more light on its eased climate targets. The fund, which is commonly referred to as ‘Norway’s oil fund’ because it was created with oil and gas revenues, is a shareholder in many large companies in the world, including Big Oil, and has the
World Oil (WO) – In October 2023, the American Petroleum Institute (API) urged the Biden administration to revise the proposed Subpart W greenhouse gas (GHG) reporting rule so that it reflects the progress the oil and gas industry has made to reduce emissions, increases reporting transparency and accuracy, and incentivizes empirical data innovations and cost-effective methane detection technologies. Today, API
Nasdaq WASHINGTON – The U.S. Energy Department on Monday announced $6 billion in federal funding to subsidize 33 industrial projects in 20 states to cut carbon emissions, saying the investment would support well-paying union jobs and boost U.S. competitiveness. Energy Secretary Jennifer Granholm will unveil the awards during a visit to a Cleveland-Cliffs Steel Corp CLF.N facility in Middletown, Ohio, which will
Nasdaq HOUSTON – Top oil executives and ministers descend on Houston this week for one of the world’s biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scale move to clean fuels. Global oil prices LCOc1 have remained in a range between $75 and $85 per barrel, a level fueling profits but not hurting economic
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