Oil Price After extensive discussions, the delegates at the COP27 summit agreed to set up a loss-and-damage fund to help emerging economies tackle the effects of climate change that have hit them disproportionately. The agreement, although hailed as a step in the right direction, was reached at the expense of stricter emission reduction targets, for which environmentalists had been
World Oil (Bloomberg) — Republicans in Congress are dusting off past plans to address climate change as they prepare for the likely prospect they will win control of at least one chamber of Congress in the midterm elections next week. Their ideas include planting millions of trees and boosting energy efficiency, hydropower, nuclear energy and carbon sequestration. They would also
Oil Price The pace of the energy transition could be slowed by a looming shortage of copper, analysts and top copper producers say. “There is going to be a very significant shortage in copper,” Richard Adkerson, chairman and CEO at U.S. copper producer Freeport-McMoRan, the world’s largest listed copper miner, told the Financial Times. The decarbonization drive will increase the
Oil Price BlackRock said it had raised $4.5bn (£3.97bn) for a new climate infrastructure fund today as it looks to ramp up investment in the net zero transition amid criticism of its decision to continue backing oil and gas firms. The world’s biggest asset manager, which has around $8tn under its stewardship, said it had secured backing from public
US News The ruptures on the Nord Stream natural gas pipeline system under the Baltic Sea has led to what is likely the biggest single release of climate-damaging methane ever recorded, the United Nations Environment Programme said on Friday. A huge plume of highly concentrated methane, a greenhouse gas far more potent but shorter-lived than carbon dioxide, was detected
Oil Price An expected drop in Shell’s net greenhouse gas emissions is not aligned with the Paris Agreement and with a Dutch court order for the now UK-based supermajor to slash emissions much more by 2030, activist investor Follow This says. A recent report from Australia-based Global Climate Insights showed that Shell’s net emissions, after CCUS and offsets, are forecast to be
Investing Publisher’s Note- Talos Energy presented at EnerCom Denver last month. Click to view their replay. The chief executive of a small U.S. oil company has jumped to the forefront of the energy industry’s greenhouse gas reduction efforts, recruiting high-profile firms to his vision of striking it big by selling access to carbon storage developments. Tim Duncan, the founder
World Oil (Bloomberg) — The Biden administration on Wednesday issued oil and natural gas leases to companies that nabbed the Gulf of Mexico drilling rights in a government auction later invalidated by a federal court. The Interior Department’s Bureau of Ocean Energy Management said it had accepted 307 winning bids from that November 2021 sale, dispelling lingering uncertainty about how the
US News The U.S. government will spend more than $500 billion on climate technology and clean energy over the next decade under three recently enacted laws, an analysis by non-profit RMI found. The tally is based on this month’s Inflation Reduction and CHIPS acts and last year’s Infrastructure Investment and Jobs Act. Together they fund climate-related research and pilot
World Oil (Bloomberg) — It’s been a blockbuster summer for major oil companies. Exxon Mobil Corp. and Chevron Corp. posted record profits thanks to surging energy prices. The new U.S. climate bill includes concessions to oil and gas companies. There are other, quieter beneficiaries: Microsoft Corp., Amazon.com Inc. and the other cloud-services companies that are increasingly responsible for the computing horsepower behind
World Oil The leading trade body for the UK’s offshore energy industry, Offshore Energies UK (OEUK), launched new guidelines to help oil and gas companies reduce methane emissions from the production of oil and gas. The guidelines come as OEUK implements its Methane Action Plan (MAP) – a core deliverable of the 2021 North Sea Transition Deal between the UK Government and
Nasdaq The U.S. Department of Energy is planning up to a $165 million new investment in a geothermal power initiative that would utilize expertise from the oil and gas industry to unlock energy resources and move away from fossil fuels. Geothermal energy, which taps into heat within the earth, currently makes up less than 1% of the U.S. energy mix.
