Reuters BEIJING/SINGAPORE – China’s Sinopec Corp plans to spend 30 billion yuan ($4.6 billion) on hydrogen energy by 2025 as the state oil and gas major pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050. Asia’s biggest oil refiner said on Monday it plans to become China’s largest company to produce hydrogen
Oil and Gas 360 Over the past year, environmental, social and governance (ESG) has been a transformative force in the oil and gas industry, driving company decision-making and impacting nearly every aspect of oil and gas production. In response to investor and stakeholder demands for greater disclosure, some oil and gas producers are rapidly adopting ESG policies and disclosing more
Oil and Gas 360 Over the past year, environmental, social and governance (ESG) has been a transformative force in the oil and gas industry, driving company decision-making and impacting nearly every aspect of oil and gas production. In response to investor and stakeholder demands for greater disclosure, some oil and gas producers are rapidly adopting ESG policies and disclosing more
Nasdaq LONDON – Moves to mitigate climate change are drawing peak oil demand closer, current and former OPEC officials told Reuters, potentially giving OPEC’s biggest players and their allies more power and leaving some smaller producers struggling. Members of the Organization of the Petroleum Exporting Countries and the so-called OPEC+ group together face the threat of a focus by the
Reuters A Democrat in the U.S. House of Representatives introduced legislation on Tuesday extending tax credits to companies that domestically produce rare earth magnets, a sector currently dominated by China. The bill is the latest in a string of U.S. legislation attempting to cobble together a national strategy to produce more lithium, rare earths and other so-called strategic minerals used
Reuters LONDON – Polarised responses to the International Energy Agency report on achieving net zero emissions by 2050 reveal the enormous challenges of the goal and differences about whether it is realistic in the timeframe. Like the Rorschach inkblot test, reactions to the report reveal more about the reader’s own views on how energy and climate systems change than about
Reuters LONDON – Europe’s top energy companies signalled confidence in a lasting recovery from the pandemic impact by drawing on higher oil prices to boost shareholder returns and reassure investors as they roll out risky climate strategies. After swiftly cutting spending and jobs in response to the unprecedented collapse in energy demand last year, executives from Royal Dutch Shell,
Reuters LONDON – Global energy consumption is likely to increase by between 50% and 100% from present levels by 2050, underscoring how challenging it will be to satisfy rising energy demand while simultaneously reducing net emissions to zero. Primary energy consumption climbed to 582 exajoules (EJ) in 2019, the last year before the pandemic, up from 338 EJ in 1989,
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
Worldoil.com RIO DE JANEIRO (Bloomberg) –If an energy transition is underway around the world, it hasn’t reached the streets of Ilha da Conceicao, the working-class district at the heart of Rio de Janeiro’s oil revival. There, buses and trucks are piling into Baker Hughes Co.’s shipyard, where the energy services giant is churning out hundreds of kilometers of oil and
CNBC The number of electric vehicles on the world’s roads is surging, hitting a record number last year. That would seem to be good news, as the world tries to wean itself off fossil fuels that are wrecking the global climate. But as electric cars become more popular, some question just how environmentally friendly they are. The batteries in electric vehicles,
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
