Oil Price Banks arranged and underwrote more capital for the development of renewable energy projects than for oil, gas, and coal firms for the first time ever last year. Last year’s slump in capital raised by the fossil fuel industry doesn’t necessarily mean that there is a marked shift away from oil and gas lending. It may have just been
Yahoo Finance Chevron Corp is forming a joint venture with Swedish investment and development firm Baseload Capital to develop geothermal projects in the United States, the companies said on Wednesday. Geothermal energy, which taps into heat within the earth, currently makes up less than 1% of the U.S. energy mix. If harnessed, it could produce 8.5% of all electricity
Oil Price Trade and supply chain barriers continue to slow progress in U.S. solar power expansion, despite the Inflation Reduction Act (IRA) which was designed to boost clean energy capacity rollouts, a quarterly report by the Solar Energy Industries Association (SEIA) and Wood Mackenzie showed on Tuesday. The United States added 4.6 gigawatts (GW) of new solar capacity in the third
CNBC The United States’ Inflation Reduction Act represents a “turning point” when it comes to the economics of technologies such as renewables and hydrogen, according to Goldman Sachs. During an interview with CNBC’s Steve Sedgwick on Tuesday, Michele DellaVigna — who is Goldman’s commodity equity business unit leader for the EMEA region — touched upon a number of issues related
CNBC Hydrogen use by the G-7 could jump by four to seven times by the middle of this century compared to 2020 in order to “satisfy the needs of a net-zero emissions system,” according to a new report from the International Renewable Energy Agency. In a foreword to the report, IRENA Director-General Francesco La Camera said it had “become clear
Oil Price The world’s energy needs will only grow, and it would be “foolish” to think that rising demand can be met with renewables alone, Oman’s Energy Minister Salim Al-Aufi told CNBC on Tuesday. Energy needs to be affordable and this is the first pillar of energy supply when the energy transition is concerned, the minister said. Oman’s official also defended, again,
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
US News NEW YORK – Oregon’s cap-and-trade program, Maryland’s net-zero emissions targets, and Arizona’s solar subsidies all hang in the balance in upcoming midterm elections, and their fate could have an effect on U.S. climate performance. States have taken the lead on climate in recent years in the absence of federal policy. Numerous states have already pledged net zero
Nasdaq Hydrogen power has been on the market for decades but has never really been able to break the glass ceiling of mass-market appeal, mainly due to a host of technical and cost issues. But some experts now believe that the hydrogen economy is ready for take-off, with Goldman Sachs predicting hydrogen generation could eventually grow into a $1 trillion per
Oil Price Several Democratic Representatives have proposed new legislation that would allow the Department of Energy to buy and sell oil with the purpose of lowering gasoline prices and funding electric vehicle charging infrastructure. Congressman Frank Pallone, Jr. introduced on Monday the Buy Low and Sell High Act, new legislation under which an Economic Petroleum Reserve would be created. The
Oil Price California has made yet another step on its way to complete reliance on renewable energy by banning the use of gas-powered water heaters and furnaces from 2030. The proposal to ban these products was approved unilaterally by the California Air Resources Board yesterday, Bloomberg reports. “We’re really hopeful that this is the beginning of a domino effect and
Fox Business The ongoing energy crisis was preceded by a decade of red flags that went mostly ignored and global plans to transition from conventional energy sources to renewable options failed to address key issues, according to a chief executive of the world’s largest oil producer. Addressing the Schlumberger Digital Forum 2022 in Switzerland, Aramco CEO Amin Nasser said a lower energy supply is
