fossil fuels – Page 3 – Oil & Gas 360

Action on climate change can provide a shot in the arm for the global economy, economist says

July 27, 2021

CNBC Ramping up investment in policies and technologies to tackle climate change could play a significant role in the global economy’s recovery from the coronavirus pandemic. In a recent note, Charles Dumas, chief economist at U.K.-based investment research firm TS Lombard, said that action on climate change is often criticized as moving too slowly. However, with governments increasing spending to

Carbon capture is expected to play a pivotal role in the race to net zero emissions. But not everyone agrees

July 20, 2021

CNBC LONDON — Carbon capture technology is often held up as a source of hope in reducing global greenhouse gas emissions, featuring prominently in countries’ climate plans as well as the net-zero strategies of some of the world’s largest oil and gas companies. The topic is divisive, however, with climate researchers, campaigners and environmental advocacy groups arguing that carbon capture

Renewable electricity generation is growing — but it’s not enough to meet rising demand, IEA says

July 15, 2021

CNBC The planet’s demand for electricity is set for a strong rebound this year and next after dropping by approximately 1% in 2020, according to a new publication from the International Energy Agency. Released Thursday, the IEA’s Electricity Market Report forecasts that global electricity demand will jump by nearly 5% in 2021 and 4% in 2022 as economies around the

EBRD stops investing in upstream oil and gas to align with Paris goals

July 1, 2021

Reuters LONDON – The European Bank for Reconstruction and Development (EBRD) will stop investing in upstream oil and gas projects as part of plans to align its activities with the goals of the Paris Agreement on climate change by the end of 2022, it said on Thursday. The lender’s board of governors approved the decision to align with the Paris

BlackRock CEO says Shell decarbonisation ruling “not a solution”

June 4, 2021

Reuters MILAN – Last week’s Dutch court decision against Royal Dutch Shell RDSa.L is not the way to solve the global decarbonisation issue and risks shifting the problem to private firms, the head of the world’s largest money manager said on Thursday. BlackRock BLK.N CEO Larry Fink said the ruling that requires Shell to deepen its planned greenhouse gas emission cuts was an

Column: Who will pay for the energy transition? Kemp

April 27, 2021

Reuters LONDON – The transition from a fossil-fuel dominated energy system to one with zero emissions would require trillions of dollars of investment in new production, distribution and consumption equipment worldwide. New investments could support millions of new jobs in construction and manufacturing, but policymakers are struggling to decide whether to recover the costs from consumers or taxpayers. In

Biden proposal: $174 billion for EVs, new funds for renewable power

March 31, 2021

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

Latam lags in energy transition race; urgent needs unmet

March 5, 2021

Reuters MEXICO CITY – As oil majors and developed nations push for a faster transition to clean energy, much of Latin America is struggling just to cover its basic supply needs for fossil fuels, which is forcing some countries to actually rely more on dirty energy sources. Experts speaking at this year’s all-virtual CERAWeek conference said a portion of Latin

Oil executives say demand will rise, despite emphasis on renewables

March 1, 2021

Reuters NEW YORK – Oil demand is expected to rise over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, Hess Corp Chief Executive John Hess said at CERAWeek on Monday. At the biggest gathering of top energy leaders, investors and politicians from around the

State oil firms risk wasting $400 billion as energy transition speeds up

February 9, 2021

Reuters LONDON – National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday. In a new report called Risky Bet, the Natural Resource Governance Institute (NRGI) estimated that NOCs could invest

Shell targets power trading and hydrogen in climate drive

February 1, 2021

Reuters LONDON – Royal Dutch Shell is betting on its expertise in power trading and rapid growth in hydrogen and biofuels markets as it shifts away from oil, rather than joining rivals in a scramble for renewable power assets, company sources said. Shell and its European rivals are seeking new business models to reduce their dependency on fossil fuels and

Analysis-Climate could pay the price as Europe’s nuclear plants age

December 21, 2020

Reuters LONDON – Nuclear power capacity able to supply roughly 60 million homes is scheduled to close this decade as utilities struggle to replace northwest Europe’s ageing reactors, raising the risk of higher carbon emissions as fossil fuels plug the gap. Nuclear power provides around a quarter of the European Union’s electricity generation, with 15 of the 27 nations hosting

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