Pointing to the still paltry share of renewable energy in global supply, the head of Saudi Aramco described the current energy transition strategy as a misguided failure. “In the…Continue readingSaudi Aramco CEO calls energy transition strategy a failure
Tag: finance
A searing heatwave that struck west Africa in February was made 4˚C hotter and 10x more likely by human-caused global heating, a study has found. The heat affected millions…Continue readingWest Africa heatwave was supercharged by climate crisis
Big Oil used an industry conference this week to argue against a rapid transition to green energy, as fossil fuel companies are emboldened by high demand and record profits…Continue readingOil executives talk down rapid shift to green energy as profits boom
The world is off track to meet its climate goals and the public is to blame, Darren Woods, chief executive of oil giant ExxonMobil, has claimed. As the world’s…Continue readingFury after Exxon chief says public to blame for climate failures
While ice cover across the Great Lakes – a network of five freshwater lakes about the size of the United Kingdom – has been declining since the early 1970s,…Continue readingVanishing ice and snow: record warm winter wreaks havoc across US midwest
Profits for the biggest US oil and gas producers have almost tripled under President Joe Biden, even as the industry berates his administration’s “hostile” policies and warns that a…Continue readingOil and gas profits triple under Joe Biden even as industry decries him
Wind project costs in Europe have risen by 30-35% since before the pandemic, according to one senior banker who works in renewables. The profitability of new projects in Spain,…Continue readingThe problem with Europe’s ageing wind farms
The problem of the ever-growing demand for power must be addressed if the world is not to risk descending into “energy turmoil” as it transitions towards clean energy, according…Continue reading‘Energy turmoil’ looms unless demand is checked, says Cop28 president
Launched in 2017, Climate Action 100+ aims to work with companies to halve their greenhouse gas emissions by 2030, through governance reforms, the elimination of emission through the value…Continue readingBig firms with $7 tn exit climate investment pressure group
Oxford university has come under heavy criticism after its £6bn endowment fund increased its investment in fossil fuels just a few years after making a landmark commitment to divestment. About £1…Continue readingOxford under fire for increasing fossil fuel investments
BP’s new boss Murray Auchincloss set out plans to win over shareholders on Tuesday as he pledged to turn the oil major into a “higher value company” even as…Continue readingBP targets boost for returns as it delivers second biggest profit in a decade
Exxon posted full-year net income of $36bn, down from $55.7bn the previous year, but otherwise its biggest profit since 2012. Chevron’s net income of $21.4bn was down from $35.5bn…Continue readingExxonMobil and Chevron notch second-biggest annual profits in decade
Climate agreement may fail to result in falls in oil and gas production. The world’s largest oil producers have saluted the COP28 agreement’s focus on an “orderly” move away…Continue readingBig oil welcomes COP28 call to move away from fossil fuels in ‘orderly’ way
More than 400 oil and gas projects were approved globally in the last two years despite calls to abandon all new hydrocarbon development, new figures showed as the UN…Continue readingHundreds of new oil and gas projects approved despite climate crisis
Cyclone Freddy lasted a record 38 days. The storm barrelled 5,000 miles across the Indian Ocean, pummelling Madagascar and Reunion before striking the African mainland. It swirled over southern…Continue readingAfter the Storm, Malawi’s Farmers Face a Precarious Future
Germany’s finance minister, withdrew his party’s support for a crucial agreement between the governing parties to phase out the nation’s coal-burning power plants by 2030. “Until it is clear…Continue readingShifting Political Winds Threaten Progress on Europe’s Green Goals
Germany’s top court has ruled the government broke the law with a €60bn off-budget fund, throwing Berlin’s plans for financing its energy transition and climate policy into disarray. The…Continue readingGerman top court strikes down €60bn climate funding
Saudi Aramco’s net profits surpassed analyst expectations as it revealed the impact of deeper production cuts this summer after the kingdom moved to prop up the oil price. The…Continue readingSaudi Aramco profits exceed expectations on back of buoyed oil price
Denmark’s Ørsted has cancelled two big offshore windfarm projects in the US at a cost of more than £3bn amid surging costs facing the global wind industry. Shares in…Continue readingØrsted cancels two US offshore windfarm projects at £3.3bn cost
The Intergovernmental Panel on Climate Change has assumed Nordhaus is to be trusted. The integrated assessment models used at the IPCC are based on Nordhausian visions of adaptation to…Continue readingWhen Idiot Savants Do Climate Economics
Siemens Energy is in talks with the German government to secure billions of euros of guarantees for long-term projects after warning that losses at its troubled wind turbine business…Continue readingSiemens Energy seeks government guarantees as wind crisis deepens
A crucial meeting on climate “loss and damages” ahead of COP28 ended in failure Saturday, with countries from the global north and south unable to reach an agreement, according…Continue readingClimate ‘loss and damage’ talks end in failure
Most coastal communities will encounter 100-year floods annually by the end of the century, even under a moderate scenario where carbon dioxide emissions peak by 2040, a new study…Continue readingCentury’s end may bring annual 100-year floods
Urgewald, a campaign group that tracks global fossil fuel finance, found that the World Bank supplied about $3.7bn (£2.95bn) in trade finance in 2022 that was likely to have…Continue readingWorld Bank spent billions of dollars backing fossil fuels in 2022
An Indigenous Sami activist has set up camp outside the Norwegian parliament to protest against wind turbines built on land traditionally used by Sami reindeer herders. In October 2021,…Continue readingSami activist protests in front of Norwegian parliament over wind turbines
Between January and August, the United States was struck by a record-breaking 23 weather and climate disasters where losses exceeded $1 billion in each case. The tally for 2023…Continue readingUS hit by record number of billion-dollar disasters so far this year
No new offshore windfarms will go ahead in the UK after the latest government auction, in what critics have called the biggest clean energy policy failure in almost a…Continue reading‘Biggest clean energy disaster in years’: UK auction secures no offshore windfarms
Meeting the climate goals means we should not only significantly reduce greenhouse gas emissions but also sequester more CO2 in the soil. Research has taught us how to store…Continue readingExperts question whether carbon dioxide storage in farming soils helps the climate
A prominent sheikh in the oil-rich Gulf state hosting this year’s UN climate negotiations, COP28, is heading a new rush to capture and sell carbon credits by managing tens…Continue readingIn New Scramble for Africa, an Arab Sheikh Is Taking the Lead
Hurricane Idalia could become the costliest climate disaster to hit the US this year, analysts say, with massive implications for the insurance and risk management industries. The category 3…Continue readingHurricane Idalia could become 2023’s costliest climate disaster for the US
Many credits in the voluntary market going unused, with study finding some offsetting could make global heating worse Carbon credit speculators could lose billions as scientific evidence shows many…Continue readingCarbon credit speculators could lose billions as offsets deemed ‘worthless’
Fossil fuels benefited from record subsidies of $13 million (£10.3m) a minute in 2022, according to the International Monetary Fund, despite being the primary cause of the climate crisis.…Continue readingFossil fuels being subsidised at rate of $13m a minute
Consultancy firm EY did not tell the New South Wales government it was conducting work for Santos before being awarded a $67,375 contract to inform a policy statement that…Continue readingConsulting firm EY worked for gas giant Santos while advising NSW on gas policy
Siemens Energy expects to rack up a €4.5bn loss this year as the German group struggles to fix its ailing wind turbine business. The Dax-listed group warned investors on…Continue readingSiemens Energy warns of €4.5bn loss from ailing wind turbine division
Slovenia on Sunday called for help from the EU and Nato alliance to deal with the aftermath of flooding that killed at least three people and caused damage estimated…Continue readingSlovenia asks for support from EU and Nato after devastating floods
A little-known organization is meeting this week in a conference center in Jamaica. The rules the International Seabed Authority (ISA) are drafting could have immense impact. That’s because this…Continue readingMining the seabed for clean-tech minerals could destroy ecosystems. Will it get the green light?
More than $122 billion of economic activity—$81 billion in international trade—is at risk from the impact of extreme climate events, according to new research from Oxford’s Environmental Change Institute.Continue readingExploring the multi-billion-dollar risk to economic activity from climate extremes affecting ports
Shares in Siemens Energy, one of the world’s largest wind turbine makers, plunged 30 per cent on Friday after the company warned it may have to spend more than…Continue readingSiemens Energy shares plunge after wind turbine problems deepen
From the start of the Middle Arm project and its associated gas developments, there have been concerns about the potential for actual or perceived conflicts of interest by decision…Continue readingRevealed: documents detail key players behind vast Australian fossil fuel expansion
All articles sourced from the Adelaide Advertiser, dated May 19, 2023.Continue readingNews Corp endorses the Australian gas industry
UN secretary-general António Guterres attacked oil and gas industry attempts to justify fossil fuel expansion with carbon capture technology as “proposals to become more efficient planet wreckers”, in a…Continue readingUN chief attacks oil and gas industry ‘planet wreckers’ over fossil fuel expansion
Trillions of dollars of subsidies for fossil fuels, farming and fishing are causing “environmental havoc”, according to the World Bank, severely harming people and the planet. The “toxic” subsidies…Continue readingVast fossil fuel and farming subsidies causing ‘environmental havoc’
Already, the Beijing office of Greenpeace is sounding the alarm. In the first three months of 2023, provincial governments in China approved more new coal-fired electricity generation than they…Continue readingChina ramps up coal power while pushing for renewables
Norway’s government is readying plans to open an area of ocean nearly the size of Germany to deep-sea mining as it seeks to become the first country to extract…Continue readingNorway seeks to open vast ocean area to deep-sea mining
About USD 2.8 trillion is set to be invested in energy globally in 2023, USD 1.7 trillion of which will go to clean technologies. The remaining roughly USD 1…Continue readingHumanity still investing in fossil fuels
It is the first time the previously unknown biodiversity of the Clarion-Clipperton Zone (CCZ), a mineral-rich area of the ocean floor that spans 1.7m sq miles between Hawaii and…Continue readingMore than 5,000 new species discovered in Pacific deep-sea mining hotspot
Three of Europe’s biggest insurers have quit the Net-Zero Insurance Alliance as growing US political pressure and legal fears plunge the climate initiative into crisis.Continue readingThree of Europe’s biggest insurers quit industry net-zero initiative
The dangerous and destructive myths of conventional economics include the claims that: Since planetary boundaries have already been exceeded and low-income countries must develop, social justice demands that the…Continue readingSaving humanity: Here’s a radical approach to building a sustainable and just society
Rise of 53% came as oil group’s profits hit record $40bn in tumultuous year for energy markets. It brings van Beurden’s total compensation from Shell since becoming chief executive…Continue readingEx-Shell chief Ben van Beurden’s pay jumped to £9.7mn last year
Results show scale of windfall from high oil prices following invasion of Ukraine.Continue readingExxonMobil posts record $56bn profit
Crude production from the Permian Basin has soared to a record high.Continue readingUS jobs boom in the ‘busiest spot in the busiest oilfield’
Sovereign wealth fund has gained 5% so far this year but chief executive warns of ‘uncertain’ 2023.Continue readingNorway’s $1.3tn oil fund bounces back after worst year since 2008
Using the new measurements of land elevation, Vernimmen and co-author Aljosja Hooijer found coastal areas lie much lower than older radar data had suggested. Analyses of the new lidar-based…Continue readingWorst impacts of sea level rise will hit earlier than expected, says modeling study
Investigation into Verra carbon standard finds most are ‘phantom credits’ and may worsen global heating.Continue readingRevealed: more than 90% of rainforest carbon offsets by biggest provider are worthless, analysis shows
Financial institutions signed up to GFANZ initiative accused of acting as ‘climate arsonists’.Continue readingBanks still investing heavily in fossil fuels despite net zero pledges – study
In 1900, approximately 80% of the elements humans used came from biomass (wood, plants, food, etc.). That figure had fallen to 32% by 2005, and is expected to stand…Continue readingHumans plunder the periodic table while turning blind eye to the risks of doing so, say researchers
Exxon was expected to record more than $56bn in profits in 2022 and Chevron is set to top $37bn, record highs for both companies, according to Wall Street estimates…Continue readingExxon and Chevron share $100bn in profit after surge in oil prices
Woodside Energy, Santos and BHP among companies who have sponsorship deals with Australian arts, sport, education and community organisationsContinue readingFossil fuel interests revealed to have sponsored more than 500 Australian community organisations