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
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%
Reuters LONDON – The Church of England’s pension fund has shifted 600 million pounds ($789 million) into a new equity index that invests in companies deemed to be making progress towards the targets of the Paris climate agreement. The index, created by FTSE Russell, includes oil producers Royal Dutch Shell and Repsol, but not others such as BP, Exxon Mobil
CNBC Global carbon emissions must fall by more than 7% a year for the next decade to meet targets set out by the Paris Agreement on climate change, the UN has warned. In an annual report published Tuesday, the UN Environment Programme (UNEP) said its outlook for climate change was “bleak,” adding that countries had “collectively failed to stop the
Reuters Growth in global oil demand is expected to slow from 2025 as fuel efficiency improves and the use of electric vehicles increases, but consumption is unlikely to peak in the next two decades, the International Energy Agency said on Wednesday. The Paris-based IEA, which advises Western governments on energy policy, said in its annual World Energy Outlook for the
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