The world’s seven largest advanced economies have agreed to stop international financing of coal projects that emit carbon by the end of this year, and phase out such support for all fossil fuels, to meet globally agreed climate crisis targets. In a communique on Friday, the Group of Seven nations …
Read More »US Imposes Nord Stream 2-Related Sanctions against Three Russian Legal Entities
The US Department of the Treasury has imposed sanctions against three Russian legal entities that Washington suggests are involved in construction of the Nord Stream 2 gas pipeline, according to a statement released on Friday. The entities added to the sanctions list include the Federal State Budgetary Institution Marine Rescue …
Read More »OPEC Says IEA Net-Zero Pathway could Add to Oil-Price Volatility
OPEC has said that an IEA report suggesting that investors should not fund new oil projects to curb emissions could lead to oil-price volatility if it is acted on. The International Energy Agency on Tuesday said investors should not fund new oil, gas and coal supply projects if the world …
Read More »German Lawmaker Calls for ‘Countersanctions’ against US over Nord Stream 2
On Wednesday, US State Department Principal Deputy Spokesperson Jalina Porter signalled the Biden administration’s readiness to use all available tools to try and prevent the completion of Russia’s Nord Stream 2 gas-exporting pipeline. A German lawmaker has urged Berlin to initiate countermeasures against the US over the Nord Stream 2 …
Read More »Siemens Opens Mideast’s First Green Hydrogen Project in Dubai
Global technology major Siemens Energy, in collaboration with Dubai Electricity and Water Authority (Dewa) and Expo 2020 Dubai, has announced the opening of the first industrial scale, solar-driven green hydrogen facility in the Middle East and North Africa region. Located at Dewa’s Outdoor Testing Facility of the Research and Development …
Read More »EU Lawmakers Give Final Approval to Bloc’s Green Transition Fund
The European Parliament formally approved the European Union’s multi-billion euro fund on Tuesday (18 May) to support countries as they wind down fossil fuel industries as part of Europe’s push towards fighting climate change. The €17.5 billion Just Transition Fund (JTF) combines cash from the EU’s budget and its COVID-19 …
Read More »BP Starts Offshore Wind Recruitment Push as Green Ambitions Grow
BP Plc has started a recruitment campaign for the people who will drive its expanding clean energy ambitions. The London-based oil and gas company is looking to fill 100 offshore-wind jobs in the U.K. and the U.S., a figure which could double by the end of the year. The recruitment …
Read More »Oil under Pressure despite Positive Demand Outlook
Brent crude briefly hit $70 per barrel and West Texas Intermediate rose above $66 this week as improving economic outlooks for some of the world’s biggest economies boosted optimism. Although a round of profit-taking by hedge funds limited the upward potential of the benchmarks, it was a temporary occurrence, and …
Read More »Europe’s Zero Pollution Dreams
Of all the objectives in the European Green Deal, presented in December 2019, the “Zero Pollution Action Plan” immediately jumped out as the one policymakers were likely to struggle with the most. “Creating a toxic-free environment” with zero air, water and soil pollution is something hardly anyone can disagree with. …
Read More »BP and Eni in Talks to Combine Upstream Portfolios in Angola
Oil giants Eni and BP have entered into a non-binding memorandum of understanding (MoU) to progress detailed discussions on combining their upstream portfolios in Angola, including all their oil, gas, and LNG interests in the country. The companies believe that combining their efforts in a new joint venture company would …
Read More »