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
Reuters BERLIN – Germany’s ruling coalition has agreed changes to a new energy law that aims to boost renewable power and help the country meet its goal of producing 65% of its electricity from green sources by 2030, the environment minister said on Monday. The energy law is now expected to go before a parliamentary committee on Tuesday ahead of
Reuters RIO DE JANEIRO – Petrobras does not expect to invest in renewables over the next five years, Chief Executive Roberto Castello Branco said on Tuesday, adding that the Brazilian state-controlled company will instead put money into technologies to reduce the carbon footprint of its oil extraction activities. Castello Branco has repeatedly said Petroleo Brasileiro SA, as the company is
Reuters SYDNEY – Australia’s New South Wales (NSW) state said on Monday it would shift toward renewable energy from coal and aimed to lure A$32 billion ($23.3 billion) of private investment into the sector in the next decade. Australia’s most populous state said it would cut red tape and speed up approvals for businesses to invest in renewable energy projects,
CNBC European aerospace giant Airbus released details of three hydrogen-fueled concept planes on Monday, saying they could enter service by the year 2035. The designs, named ZEROe, differ in size and style, but are all meant to be zero-emission, using hydrogen as their primary source of power. They include an aircraft that would use turbofan engines and carry between 120 and 200
Reuters SINGAPORE – The economic trauma caused by the coronavirus pandemic has pushed energy companies to step-up investment in renewables, hydrogen and other low carbon alternatives, but fossil fuels will be their dominant business for the foreseeable future, industry executives said. Reeling from the onset of the pandemic, global oil consumption shrank by more than 20% in the second quarter
EIA Fossil fuels, or energy sources formed in the Earth’s crust from decayed organic material, including petroleum, natural gas, and coal, continue to account for the largest share of energy production and consumption in the United States. In 2019, 80% of domestic energy production was from fossil fuels, and 80% of domestic energy consumption originated from fossil fuels. The U.S.
Reuters LONDON – Policymakers still tend to talk about the global energy transition in the future tense, as something that might or will happen in the next few decades, but the transition is already well underway and shows signs of accelerating. Global energy consumption has already been shifting from a mid-20th century system dominated by coal and oil to one
Reuters SINGAPORE/BEIJING – China’s state energy producers outlined initiatives to develop hydrogen and wind power after their earnings slumped along with the oil price in the first half but their renewables projects could take years to materialise. The tentative plans laid out by PetroChina, Sinopec and CNOOC Ltd come as global energy majors like BP prepare to spend billions on
CNBC Siemens has revealed more details of the spin-off its energy business later this month, as it aims to create a firm which CEO Joe Kaeser has previously described as encompassing “the entire scope of the energy market like no other company.” At its capital market day Tuesday, Siemens Energy CEO Christian Bruch outlined plans for the spin-off, which will
Forbes How much are you willing to spend to save the earth? How about an extra 89 cents per gallon? That’s about how much a nationwide carbon tax would cost every time you stop for a gasoline fill up. Whether or not you think that’s affordable could very well presage how well you’ll adjust to a hypothetical Biden administration. Joe
CNBC A vast offshore wind project planned for waters off the coast of Virginia Beach looks set to use Siemens Gamesa Renewable Energy’s latest wind turbines, it was announced Tuesday. The European company said that the 2.64 gigawatt (GW) Dominion Energy Coastal Virginia Offshore Wind commercial project will utilize its SG 14-222 DD turbine. Dominion Energy has previously described the scheme as the
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