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
CNBC The U.S. Senate on Wednesday voted to reverse former President Donald Trump’s move to weaken Obama-era regulations designed to reduce climate-changing methane emissions from oil and gas fields. The 52-42 vote sets up the first official reinstatement of one of more than 100 climate regulations dismantled by the Trump administration. Regulating methane, a primary component of natural gas, is critical
Reuters When Microsoft Corp made a massive purchase of carbon credits in January, it turned to a relatively new source: farmers who plant crops meant to trap carbon in the soil. The credits are financial instruments generated by projects that reduce or avoid the release of greenhouse gases, such as solar farms or tree-plantings. The projects’ owners can sell the
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
Reuters LONDON/WASHINGTON – BP has applied to supply U.S. residential customers with electricity generated from wind, solar and natural gas, betting on a rapid growth in power demand as economies shift away from fossil fuels to battle climate change. BP wants to supply electricity in California, Illinois, Ohio, Pennsylvania and Texas in its first foray into the retail power business,
Reuters WASHINGTON – The Biden administration wants to spend $174 billion to boost electric vehicles and charging stations but its 2030 climate emissions reduction pledge released on Thursday does not include a firm date to phase out gasoline-powered vehicles. “These autos are coming. We know it. It is the future,” White House climate adviser Gina McCarthy said of EVs at
CNBC It’s an “exciting” time for renewable energy firms because more policymakers around the world have committed to carbon emissions goals, according to Credit Suisse. “I’m feeling fairly bullish on the current market conditions for energy transition beneficiaries,” said Phineas Glover, the investment bank’s Asia-Pacific head of environmental, social and governance (ESG) research. The energy transition refers to a move
CNBC Activist investor and newly appointed Exxon board member Jeff Ubben is building his stake in the company on the belief that the oil giant will be integral to the energy transition. “I am,” he said Thursday on CNBC’s “Squawk on the Street” when asked if he was planning to buy more Exxon shares. “I am building this new business…I really believe that the
Reuters WASHINGTON – The United States and two other countries hiked their targets for slashing greenhouse gas emissions at a global climate summit hosted by President Joe Biden, an event meant to resurrect U.S. leadership in the fight against global warming. Biden unveiled the goal to cut emissions by 50%-52% from 2005 levels at the start of a two-day climate
Forbes The U.K. government today announced it would adopt a much tougher climate target of slashing carbon emissions 78% by 2035, in a British bid to claim global leadership on climate action. Introducing the target as part of the U.K.’s Sixth Carbon Budget, Prime Minister Boris Johnson said: “We want to continue to raise the bar on tackling climate change,
Reuters The COVID-19 pandemic this year has dented oil consumption and brought forward forecasts by energy majors, producers and analysts for when the world’s demand for oil may peak. The rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. While there is no consensus on when oil
Reuters MILAN/LONDON – Italy’s Eni is considering spinning off oil and gas operations in West Africa and the Middle East into new joint ventures to help reduce debt and fund its shift to low-carbon energy, according to company and industry sources. The move is part of a major overhaul the company launched last year as it transitions into renewables and
