fossil fuels – Page 3 – Oil & Gas 360

Support for fossil fuels almost doubled in 2021, analysis from OECD and IEA shows

August 29, 2022

World Oil Major economies sharply increased support for the production and consumption of coal, oil and natural gas, with many countries struggling to balance longstanding pledges to phase out inefficient fossil fuel subsidies with efforts to protect households from surging energy prices, according to analysis released today by the Organisation for Economic Co-operation and Development and the International Energy Agency.

Supreme Court restricts EPA’s authority to shift away from fossil fuels

June 30, 2022

World Oil (Bloomberg) — The U.S. Supreme Court restricted the Environmental Protection Agency’s authority to curb greenhouse gases from power plants, siding with coal-mining companies and Republican-led states in a blow to President Joe Biden’s climate-change agenda. The 6-3 ruling interpreting the U.S. Clean Air Act is likely to keep the administration from imposing the type of wide-ranging emissions-cutting plan the EPA

Energy transition still means billions in fossil-fuel investment

April 21, 2022

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.

Texas asks 19 finance firms for details on fossil-fuel stances

March 17, 2022

World Oil (Bloomberg) — Texas is seeking information from more than a dozen major finance firms on whether their operations discriminate against the fossil-fuel industry. The state’s comptroller wrote to 19 businesses seeking clarification of their fossil-fuel investment policies and procedures. Any company that fails to respond within 60 days “will be presumed to be boycotting energy companies,” according to

Saudi Aramco CEO warns of social unrest if new investment in fossil fuels ends too quickly

December 7, 2021

CNBC Amin Nasser, the chief executive of Saudi Aramco, the world’s biggest oil producer, urged global leaders on Monday to continue investing in planet-warming fossil fuels in the years ahead, arguing that the assumption the world could transition to clean energy “overnight” was “deeply flawed.” Nasser, during remarks at the World Petroleum Congress in Houston, Texas, claimed that transitioning to cleaner

Global oil CEOs stress need for fossil fuels despite push for cleaner energy

December 6, 2021

Reuters HOUSTON -A global energy conference devoted to future technologies and low-carbon strategies kicked off in Houston on Monday with top executives from energy companies affirming the need for more oil for decades to come. The World Petroleum Conference’s four days of discussion started with chief executives from Exxon Mobil Corp, Chevron Corp and Halliburton Co, three of the largest

Don’t ditch traditional energy stocks for solar just yet, two traders say

October 28, 2021

CNBC It’s worth hanging onto traditional energy stocks despite the recent resurgence in solar names, two traders say. The popular Invesco Solar ETF (TAN) is up nearly 10% this week, helped in part by Enphase Energy’s surge after reporting record revenue for its third quarter. TAN is beating the Energy Select Sector SPDR Fund (XLE) in the past month, up almost 22% versus the XLE’s 8.5% gain,

Shell says break-up of group would not work in real life

October 28, 2021

Reuters LONDON (Reuters) – Breaking up oil major Royal Dutch Shell into separate fossil fuels and renewables companies might be financially compelling but would not work in real life, finance chief Jessica Uhl said on Thursday. Activist hedge fund Third Point, which has built a large stake in Shell, on Wednesday called for the oil major to split into multiple

Despite green talk, pre-COVID oil demand seen returning soon

September 14, 2021

Nasdaq LONDON – World oil demand will rise back above 100 million barrels per day, a level last reached in 2019, as soon as the second quarter of next year, according to major forecasters, challenging views that the pandemic may curb oil use for longer or for good. The International Energy Agency, the Organization of the Petroleum Exporting Countries and

Action on climate change can provide a shot in the arm for the global economy, economist says

July 27, 2021

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

Carbon capture is expected to play a pivotal role in the race to net zero emissions. But not everyone agrees

July 20, 2021

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

Renewable electricity generation is growing — but it’s not enough to meet rising demand, IEA says

July 15, 2021

CNBC The planet’s demand for electricity is set for a strong rebound this year and next after dropping by approximately 1% in 2020, according to a new publication from the International Energy Agency. Released Thursday, the IEA’s Electricity Market Report forecasts that global electricity demand will jump by nearly 5% in 2021 and 4% in 2022 as economies around the

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