Reuters WASHINGTON – President Joe Biden’s vast infrastructure plan includes $174 billion to boost the markets for electric vehicles and billions more for renewable power – both provisions aimed at weaning the U.S. off of fossil fuels and combating climate change. The $2 trillion plan, which also seeks to invest in traditional projects like roads and bridges, is a centerpiece
Reuters LONDON – Energy trader Gunvor Group aims to cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025, the company said on Tuesday, and has set up a new subsidiary to invest in non-hydrocarbon projects. The Geneva-based firm, which is among the top five global oil traders, aims to cut emissions it produces directly, and
Reuters The administration of U.S. President Joe Biden said on Monday that it has set a goal to vastly expand the nation’s offshore wind energy capacity in the coming decade by opening new areas to development, speeding environmental permitting, and boosting public financing for projects. The plan is part of Biden’s broader effort to rapidly transition the U.S. economy to
Oil and Gas 360 Haynes and Boone, LLP and EnerCom, Inc. have launched a new research report that tracks how oil and gas companies are responding to growing pressure to support and communicate environmental, social and governance (ESG) policies and report their progress implementing those policies. The inaugural Oil and Gas ESG Tracker analyzes ESG programs, if any, of
Oil and Gas 360 Haynes and Boone, LLP and EnerCom, Inc. have launched a new research report that tracks how oil and gas companies are responding to growing pressure to support and communicate environmental, social and governance (ESG) policies and report their progress implementing those policies. The inaugural Oil and Gas ESG Tracker analyzes ESG programs, if any, of
CNBC The oil and gas industry’s largest trade group Thursday endorsed a price on planet-warming carbon emissions, marking a major shift after it long resisted regulatory action on climate change. The American Petroleum Institute’s move comes as President Joe Biden prepares to unveil a sweeping infrastructure proposal focused on curbing greenhouse gas emissions and transitioning to clean energy. In a virtual meeting
Reuters LONDON – The world’s biggest carbon-emitting companies are far from aligning with the Paris Climate Agreement, a report by the leading climate-focused investor group showed on Monday. Climate Action 100+, whose 575 members manage $54 trillion in assets, was set up in 2017 to engage with the companies responsible for the bulk of planet-heating emissions to encourage them to
Fox Business Republican members of the Senate Banking Committee sent a letter to Federal Reserve Chairman Jerome Powell warning him against using the central bank’s regulatory authority to implement climate change regulations, which is beyond the scope of its mission. Recent actions taken by the Fed suggest the central bank may be looking to assert its influence in playing an indirect role in climate
Reuters LONDON – Energy group BP aims to build Britain’s largest hydrogen plant by 2030, it said on Thursday, as part of the country’s push to boost use of the fuel and cut greenhouse gas emissions. The Teesside plant in northern England will have capacity of up to 1 gigawatt (GW) of so-called blue hydrogen, about a fifth of Britain’s
Reuters LONDON – Planned investment in clean energy must increase by 30% to a total of $131 trillion by 2050 to avert catastrophic climate change, with the need to massively scale up hydrogen production particularly acute, according to a study here published on Tuesday. In its annual flagship report, the International Renewable Energy Agency underscored the scale and pace of change
CNBC When a raging snowstorm and frigid temperatures hit Texas last month, oil and gas behemoths responsible for producing and processing the lion share of the nation’s reserves, including Exxon, Occidental and Marathon Petroleum, shut down production at oil wells and refineries across the state. For many oil producers in the Permian Basin of West Texas and New Mexico, the shutdown put upstream and
Reuters SINGAPORE/BEIJING – A rapid rise in offshore drilling and deepwater gas extraction may seem an unlikely path to lower emissions, but are central planks of Chinese energy major CNOOC Ltd’s plan to help hit Beijing’s climate goals. While global peers like BP, Royal Dutch Shell have announced cuts in hydrocarbon output and huge renewable energy investments to cut emissions,
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