Nasdaq DAVOS, Switzerland – A different type of energy transition has taken place at this year’s World Economic Forum (WEF) meeting. Unlike 2021’s COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Activists like Greta Thunberg don’t like it. But some in the
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
CNBC An all-electric future depends heavily on copper, and looming supply shortfalls could hamper nations’ goals of reaching net-zero emissions by 2050, according to a new report from S&P Global. Unless significant new supply becomes available, climate goals will be “short-circuited and remain out of reach,” the report says. Electric vehicles, solar and wind power, and batteries for energy
World Oil (Bloomberg) — The energy crisis triggered by Russia’s invasion of Ukraine is increasing the world’s motivation to shift to low-carbon energy, but is also creating a near-term scramble for fossil fuels that will drive billions of dollars of new investment. The U.S. and European countries are planning liquefied natural gas terminals that will be in service for decades.
CNBC Shell’s board is being sued for failing to prepare the multinational oil and gas company for the transition away from fossil fuels. Environmental law firm ClientEarth, a Shell shareholder, said Tuesday that it had notified Shell of its claim against the company’s 13 executive and non-executive directors. It argues the board’s failure to implement a climate strategy that truly aligns with
Nasdaq MOSCOW, Feb 2 – A rushed transition away from fossil fuels risks driving electricity prices higher, a senior Russian official said on Wednesday, responding to German government comments that an EU carbon tax may make renewables more attractive in Russia. Russian Deputy Energy Minister Pavel Snikkars said Russia was ready to support global efforts against the negative consequences of
Nasdaq BEIRUT, Jan 27 – Saudi Aramco Chief Executive Amin Nasser said on Thursday the energy transition “was not going smoothly”, pointing to a resurgence in demand for oil and gas as the global economy recovers while supplies lag on the back of falling investment. “We all agree that to move towards a sustainable energy future a smooth energy transition
World Oil (Bloomberg) –Saudi Arabia’s finance minister echoed warnings from the kingdom’s oil officials that a slowdown in fossil-fuel investment globally will cause spikes in energy prices. “We have very serious concerns that the world could run short of energy if we are not careful in managing the transition,” Mohammed Al-Jadaan said. “In Saudi Arabia, we have an interest in
Nasdaq HOUSTON, Dec 8 – The COP 26 climate change conference largely excluded the oil and gas industry, OPEC Secretary General Mohammad Barkindo told a gathering of oil officials on Wednesday, arguing producers need to be included in planning for a transition to cleaner fuels. Speaking at the World Petroleum Congress, Barkindo took up the themes of several earlier speakers
CNBC LONDON — Larry Fink, chair and CEO of BlackRock, says the so-called energy transition toward greener power has to be radically rethought and blasted oil firms for selling out to private companies. Speaking at the Green Horizon Summit chaired by CNBC’s Julianna Tatelbaum during the COP26 climate conference in Glasgow, Scotland, Fink praised public companies for increasing their reporting of
World Oil (Bloomberg) –The world is living through the first major energy crisis of the clean-power transition. It won’t be the last. The shortages jolting natural gas and electricity markets from the UK to China are unfolding just as demand roars back from the pandemic. But the planet has faced volatile energy markets and supply squeezes for decades. What’s different
World Oil WASHINGTON (Bloomberg) – Two of Big Oil’s biggest players dropped their long-term energy outlooks this week: French energy company TotalEnergies and the Organization of the Petroleum Exporting Countries. They offer quite different visions of the world 25 years from now. The European energy major sees a future driven by technology and policy; the cartel presents a vision that
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