(Investing) – BRUSSELS – Many of the world’s biggest polluter nations have missed a U.N. deadline to set new climate targets as efforts to curb global warming come under pressure following U.S. President Donald Trump’s election. The nearly 200 countries signed up to the Paris Agreement faced a Monday deadline to submit new national climate plans to the U.N., setting out
(Oil Price) – Global investments in green energy solutions topped $2 trillion last year, for the first time ever, but the world needs to pour in $5.6 trillion each year into low-carbon energy to get on track for global net zero by 2050, in line with the Paris Agreement, BloombergNEF said in a new report on Thursday. Last year, green energy investments reached a record
Oil Price Despite record investments in renewables, the current funding for clean energy deployment is insufficient for the world to reach the 1.5 degrees Celsius pathway under the Paris Agreement, renewable energy think tank REN21 said in an annual report. Despite record renewables investments, which hit as much as $622.5 billion in 2023, the world is still far from what is
World Oil OSLO – A new forecast of the energy transition from DNV has warned that even if all electricity was ‘green’ from this day forward, the world will still fall a long way short of achieving the 2050 net zero emissions ambitions of the COP21 Paris Agreement. DNV’s Energy Transition Outlook, now in its fifth year and launched two
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
CNBC BEIJING — China has ambitious goals for cutting its carbon emissions, but it won’t be abandoning coal power anytime soon as it keeps its eye firmly on economic targets. President Xi Jinping said in September that the country’s carbon emissions would begin to decline by 2030, and he said the country will reach carbon neutrality by 2060 — in four
Reuters WASHINGTON – U.S. climate envoy John Kerry on Tuesday urged oil and gas companies to do more to diversify and adopt low-carbon technologies to tackle climate change. Speaking alongside oil executives making the case for the continued production of oil and gas at the virtually-held CERAWeek conference, Kerry called for the United States to accelerate the development of hydrogen,
Reuters LONDON – U.S. presidential transitions have all the elements of a great news story: people, drama, timeliness, conflict and consequences. But energy systems are mostly shaped by slower moving, impersonal, structural forces. President Joe Biden’s first executive actions after his inauguration on Thursday to move quickly to tackle climate change have raised questions over the ability of administrations to
Oil & Gas Climate Action 100+ has more than 500 investors and $47 trillion in assets Climate Action 100+, a leading investor group pushing corporations to act on climate change, has added Saudi Aramco to its list of target companies. The group has more than 500 investors with more than $47 trillion in assets under management, and aims to engage
CNBC China is targeting peak carbon dioxide emissions by 2030 and carbon neutrality by the year 2060, according to President Xi Jinping. In an address to the United Nations General Assembly delivered remotely, Xi described the Paris Agreement on climate change as charting “the course for the world to transition to green and low-carbon development.” According to a translation of his
Reuters LONDON/QUITO – European banks committed to backing action on climate change face allegations of double standards from indigenous groups in Ecuador after a report named them as major players in the trade in oil from the Amazon rainforest. Stand.earth and Amazon Watch said ING, Credit Suisse, Natixis, BNP Paribas, UBS and Rabobank were the largest backers in the shipment
Houston Chronicle BP Plc’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more. The U.S. supermajors have only committed to reducing greenhouse gases from their own operations, which typically account for just 10%
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