Findings, published in the journal Communications Earth & Environment, come as nations prepare to battle again over a treaty to address plastic pollution after the last round of negotiations failed to…Continue readingGlobal plastic recycling rates ‘stagnant’ at under 10%: Study
Tag: finance
Last week, analysts at First Street, a financial research firm in Manhattan that models the future of property values in a climate-damaged world, issued a report suggesting that home values in…Continue readingLetter to the Sun Belt
On his first day in office, the president signed an executive order that withdrew all parts of the outer continental shelf from new or renewed offshore leasing activity and suspended the…Continue readingTrump halts construction of big wind farm off New York coast: ‘reckless and overreaching’
British Steel’s plant in Scunthorpe, Lincolnshire, employs 2,700 people, about three-quarters of the company’s entire workforce. It is the last plant in the UK capable of producing virgin steel, which is…Continue readingWhy did the government take control of British Steel?
US President Donald Trump on Tuesday signed executive orders to “turbocharge coal mining” in the country, seeking to “more than double” electricity production to keep up with power-hungry artificial intelligence technology.…Continue readingTrump signs executive order to ‘turbocharge’ coal mining across the US
Donald Trump’s new tariffs are set to pummel the renewable energy industry, threatening to push up prices, disrupt supply chains and undercut US ambitions to lead the artificial intelligence revolution, clean-technology…Continue readingDonald Trump’s tariff blitz sparks turmoil for green energy sector
ExxonMobil chief executive Darren Woods received $44.1 million in pay for 2024, a 19.3% increase over the year before. Woods’ pay compares with the $32.7 million paid to Mike Wirth, boss…Continue readingExxonMobil chief’s pay rises 19% to $44.1mn
BP is shutting its low-carbon mobility team in the energy major’s latest retreat from its five-year-old attempt to diversify away from oil and gas. The unit was responsible for developing electric,…Continue readingBP’s low-carbon mobility team axed as company reverts to oil and gas
The climate crisis is on track to destroy capitalism, a top insurer has warned, with the vast cost of extreme weather impacts leaving the financial sector unable to operate. The world…Continue readingClimate crisis on track to destroy capitalism, warns top insurer
Green energy stocks have fallen back to levels last seen five years ago ahead of an environmental, social and governance frenzy that pushed them to record highs, as uncertainty over political…Continue readingGreen energy stocks fall back to levels last seen 5 years ago
Extreme temperatures and severe droughts are ravaging Brazil, the world’s largest coffee producer, and taking a heavy toll on local harvests. Global demand, meanwhile, continues to surge, particularly in China. Now…Continue readingWhy is your morning joe so expensive? Brazil’s coffee farms have the answer.
A new four-lane highway cutting through tens of thousands of acres of protected Amazon rainforest is being built for the COP30 climate summit in the Brazilian city of Belém. The Amazon…Continue readingAmazon forest felled to build road for climate summit
US President Donald Trump’s administration has unlocked almost $5bn in funding for a liquefied natural gas project by France’s TotalEnergies in Mozambique, potentially restarting work on one of Africa’s largest energy…Continue readingUS swings behind TotalEnergies’ vast Mozambique gas project
India has passed legislation intended to encourage oil and gas exploration. “[It’s a] historic day in India’s quest towards energy security and energy self-sufficiency,” oil minister Hardeep Singh Puri said after…Continue readingIndia approves legislation to boost oil and gas exploration
“There is no peak demand on the horizon,” OPEC Secretary General Haitham al-Ghais said in the organization’s World Oil Outlook, which sees global thirst for liquid fuels increasing from 102.2 million…Continue readingFrom Sept 2024: OPEC raises long-term demand forecasts in rejecting peak oil
Drax’s former top lobbyist, Rowaa Ahmar, has accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets, in a claim for unfair dismissal…Continue readingDrax ‘misled government’ over sourcing of wood for biomass, says ex-lobbyist
Saudi Arabian Oil Company, commonly known as Saudi Aramco, has announced a net income of 106.2 billion U.S. dollars in 2024, down from 121.3 billion dollars in the previous year.Continue readingSaudi Aramco records net income of 106.2 billion U.S. dollars in 2024
Rich and developing countries on Thursday hammered out a delicate compromise on raising and delivering the billions of dollars needed to protect species, overcoming stark divisions that had scuttled their previous…Continue readingCOP16 countries strike crucial deal on nature despite global tensions
As Arctic ice melts, massive amounts of freshwater flow into the ocean. The seawater becomes diluted and less saline, a development that reduces its density and causes it to sink more…Continue readingLong-term costs of global warming: Weaker ocean circulation could cost trillions
Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. Under Auchincloss’s predecessor, Bernard Looney, BP pledged in 2020…Continue readingBP drops climate targets in pivot back to oil and gas
Global demand for liquefied natural gas is forecast to surge 60 per cent by 2040 due to faster economic growth in Asia and the race to decarbonise industry, Shell has said.…Continue readingLNG demand to jump 60% by 2040, Shell forecasts
HSBC had planned to hit net zero targets for its own operations – arguably a much easier goal than cutting the emissions of its loan portfolio and client base – by…Continue readingHSBC net zero goal delayed 20 years, as CEO offered 600% bonus
The climate crisis drove weeks of high temperatures in the west African region responsible for about 70% of global cacao production, hitting harvests and probably causing further record chocolate prices, researchers…Continue readingClimate crisis contributing to chocolate market meltdown
Insurers paid out a record £585m for weather-related damage to homes and possessions in Britain last year, after record-breaking rain and storms hit the country. The data, from the Association of…Continue readingUK insurers paid out record £585m last year as climate breakdown intensifies
States trying to build a network of EV chargers are reeling after the Trump administration abruptly ordered a halt to a $5 billion program to build the chargers on highways nationwide.…Continue readingTransportation Department suspends EV charger program
German sports-car maker Porsche plans to overhaul its product portfolio to include more combustion engine and plug-in hybrid vehicles, putting additional strain on its already squeezed profit margins. The Stuttgart-based carmaker…Continue readingPorsche margins set to fall with greater combustion engine and hybrid investment
The Norwegian state-backed energy group that dropped oil from its name as part of a push into renewables is pivoting back to fossil fuels in the hunt for shareholder returns. Equinor,…Continue readingEquinor scales back renewables push 7 years after ditching ‘oil’ from its name
Ørsted is slashing investment and dropping its targets for developing new renewable energy as part of a second drastic attempt to restore its struggling share price and boost confidence in its…Continue readingWorld’s biggest offshore wind developer Ørsted slashes investment by 25%
Global demand for oil will not fall until at least 2040, according to a new forecast by the world’s largest independent energy trader, in the latest signal that economies will struggle…Continue readingOil demand to remain at current levels until at least 2040, Vitol says
Shell dominated the $1.4bn global market for carbon credits last year as oil and gas companies scaled back their spending on clean energy and relied more heavily on offsets to reach…Continue readingShell dominates carbon credit market as clean energy spending scaled back
A Czech billionaire is accelerating his “contrarian approach” of acquiring carbon-intensive assets outside the EU, which has been given a boost by Donald Trump’s election as US president and promotion of…Continue readingCzech coal and gas investor Pavel Tykač sees vindication in Trump’s White House return
Microsoft will pay to restore parts of Brazil’s Amazon and Atlantic forests in exchange for hundreds of millions of dollars’ worth of carbon credits. The US company told the Financial Times…Continue readingMicrosoft secures deal to restore Amazon rainforest and offset AI emissions
Indonesia opened its carbon exchange to international buyers on Monday, aiming to raise funds to help meet ambitious domestic climate goals. Indonesia is one of the world’s biggest polluters and is…Continue readingIndonesia launches international carbon exchange
The global economy could face a 50% loss in GDP between 2070 and 2090 unless immediate policy action on risks posed by the climate crisis is taken, warns a new report…Continue readingCurrent climate policies risk catastrophic societal and economic impacts
The 2024 Global Water Monitor Report was produced by an international team of researchers from universities in Australia, Saudi Arabia, China, Germany and elsewhere. The team used data from thousands of…Continue readingClimate crisis ‘wreaking havoc’ on Earth’s water cycle
Thirteen of the ports with the highest supertanker traffic will be seriously damaged by just 1 metre of sea level rise, the analysis found. The researchers said two low-lying ports in…Continue reading‘Ironic’: climate-driven sea level rise will overwhelm major oil ports
The increasing speed of sea level rise hardly seems to register with policymakers in Britain – even though with the UK weather getting more violent, destructive storm surges are increasingly likely.…Continue readingWeatherwatch: The need to wake up to sea level rise in the UK
By David Spratt at Climate Code Red If an unexpected leap in the global average temperature in 2023 was described by one scientist as “gobsmackingly bananas”, are there even words to…Continue readingA(nother) year of scientific shock and awe
The most profitable company in the world is Saudi Aramco, the national oil company of Saudi Arabia. It generates a daily profit of approximately 304 million dollars, which is about 3.519…Continue readingThe most profitable company in the world, the amount it earns every second is astonishing
Texas and 10 other Republican-led states are suing BlackRock, State Street and Vanguard, alleging they conspired to curtail coal supplies to further “a destructive, politicised environmental agenda”. The federal antitrust lawsuit…Continue readingRepublican US states sue BlackRock for ‘destructive’ green agenda
Citigroup on Tuesday said it was quitting the world’s largest climate alliance for banks, the latest sign corporate America may retreat from climate goals during Donald Trump’s second term as US…Continue readingCiti says it will exit UN-backed global climate pact
Charter rates for ships carrying liquefied natural gas have hit record lows, with some owners now facing a loss if they lease their vessels out, as the sector grapples with huge…Continue readingLNG freight rates plummet as sector grapples with glut of ships
ExxonMobil announced plans to boost spending on oil production. The biggest western oil company on Wednesday said it had pencilled in $27bn-$29bn for capital expenditure next year, rising to $28bn-$33bn between…Continue readingExxon doubles down on oil production spending
Oil companies Shell and Equinor are to combine their UK offshore oil and gas assets to form a new company they say would be the biggest independent producer in the North…Continue readingShell and Equinor to combine UK offshore oil and gas assets
As the Danish renewable energy company Ørsted battled to restore its reputation following a bruising year, a rival across the North Sea had the company in its sights. After months of…Continue readingHow the world’s biggest offshore wind company was blown off course
A $200bn wave of new gas projects could lead to a “climate bomb” equivalent to releasing the annual emissions of all the world’s operating coal power plants, according to a report.…Continue reading‘Climate bomb’ warning over $200bn wave of new gas projects
Some A$13 billion in taxpayer dollars and 30 years of policy reform have failed to arrest the devastating decline in the health of Australia’s most important river system, the Murray-Darling Basin,…Continue readingLandmark study reveals stark failure to halt Murray-Darling River decline
Crunch United Nations talks to find funding to curb the destruction of nature will resume in Rome in February, the UN said on Thursday, after negotiations this month in Colombia ended…Continue readingCOP16 biodiversity talks to restart in February: UN
A group of prominent scientists, advocates and policy leaders have issued an open letter to the Executive Secretary of the UNFCCC Secretariat Simon Stiell as world leaders gather in Baku for…Continue readingGlobal climate leaders want COP29 to succeed but call for urgent overhaul of the process
Rich and poor countries concluded a trillion-dollar deal on the climate crisis in the early hours of Sunday morning, after marathon talks and days of bitter recriminations ended in what campaigners…Continue readingCOP29 agrees $1.3tn climate finance deal but campaigners brand it a ‘betrayal’
Northvolt is filing for Chapter 11 bankruptcy after Europe’s best-funded start-up and main hope for countering Asian dominance in electric vehicle batteries failed to agree a last-minute rescue package with investors.…Continue readingBattery start-up Northvolt files for bankruptcy protection
BP and its partners have given the green light to a $7bn gas project in Indonesia. The project is an additional development of the Tangguh liquefied natural gas project in Papua,…Continue readingBP greenlights $7bn Indonesia gas project
Kuwait Petroleum Corp. plans to spend about 10 billion dinars ($33 billion) over five years to ramp up oil production capacity, betting on robust demand for decades to come. “We’re looking…Continue readingKuwait to Spend Over $30 Billion to Boost Oil in Bet on Demand
People involved in the negotiations about the future of the one-time big hope for Europe’s automotive industry said that its future was likely to be decided in the coming days after…Continue readingNorthvolt’s future hangs in balance as bankruptcy looms
Although many countries have explicitly promised to reduce fossil fuel subsidies to combat climate change, this has proven difficult to accomplish. As a result, fossil fuels remain relatively inexpensive, and their…Continue readingCountries spend huge sums on fossil fuel subsidies
Countries meeting in Azerbaijan to discuss a new global financial settlement for tackling the climate crisis must “cut the theatrics” and get down to serious business, the UN has said. The…Continue readingCOP29 delegates told to ‘cut the theatrics’ and tackle climate crisis
The iShares Global Clean Energy exchange-traded fund, which holds a broad basket of climate tech stocks, declined 6.5% in the 12 months to November 4, against a 26% rise for the…Continue readingTransition to clean energy falters as green tech funding falls short
Highlights of Energy Law of the People’s Republic of China, adopted at the 12th meeting of the Standing Committee of the 14th National People’s Congress on November 8, 2024 –Continue readingNew Energy Law passed by People’s Republic of China
Europe’s largest oil and gas company reported adjusted earnings of $6 billion for the third quarter The biggest contributor to group profits was once again Shell’s integrated gas division, which reported…Continue readingShell is delivering on promise of ‘consistent’ returns, says chief executive
A global treaty to end plastic pollution may be in jeopardy, negotiators and environmentalists said Thursday, with new signs that countries may not be able to agree on production cuts. A…Continue readingNew doubt over production cuts in plastic pollution treaty
Governments risk another decade of failure on biodiversity loss, due to the slow implementation of an international agreement to halt the destruction of Earth’s ecosystems, experts have warned. Less than two…Continue readingAlarm grows over ‘disturbing’ lack of progress to save nature at COP16
New global findings in the 8th annual indicator report of The Lancet Countdown on Health and Climate Change reveal that people in every country face record-breaking threats to health and survival…Continue readingExperts call for trillions of dollars spent on fossil fuels to be redirected
Oxfam’s research shows that that the richest 1%, made up of 77 million people including billionaires, millionaires and those earning $310,000 ($140,000 PPP) or more a year, accounted for 16% of…Continue readingCarbon emissions of richest 1% increase hunger, poverty and deaths
Share prices of US and European clean hydrogen companies have collapsed while projects have been delayed. Shares of hydrogen companies Plug Power, Ballard Power Systems and Green Hydrogen Systems have fallen…Continue readingUS and European hydrogen stock prices collapse as prospects deflate
Northvolt has been plagued by problems from incompetent management and poor safety standards to over-reliance on Chinese machinery, according to current and former workers at the cash-strapped Swedish battery maker. Ten…Continue readingHow Europe’s battery champion descended into crisis
A few weeks on from the flooding of 19 September, when the northern Italian region of Emilia Romagna was struck by its third devastating storm in less than 18 months, the…Continue reading‘It’s shameful and I won’t pay it’: flood-hit Italians rage against insurance call
The world’s energy watchdog has signalled a new energy era in which countries have access to more oil, gas and coal than needed to fuel their economic growth, leading to lower…Continue readingFossil fuels could become cheaper and more abundant, says IEA
Foreign aid for fossil fuel projects quadrupled in a single year, a report has found, rising from $1.2bn in 2021 to $5.4bn in 2022. The report found the top five funders…Continue readingForeign aid for fossil fuel projects quadrupled in a single year
One of the largest types of carbon offset projects the Australian government is using to meet climate change targets and reduce carbon in the atmosphere is failing to do so, new…Continue reading‘Widespread noncompliance and poor performance’ in world’s largest nature-based carbon removal projects
We are seeing unprecedented rapidly intensifying tropical storms such as Hurricane Helene in the eastern United States and Super Typhoon Yagi in Vietnam. Unprecedented fires in Canada have destroyed towns. Unprecedented…Continue readingUnprecedented peril: Disaster lies ahead as we track towards 2.7°C of warming this century, researchers warn
An international coalition led by Oregon State University scientists concludes in its annual report published in BioScience that the Earth’s worsening vital signs indicate a “critical and unpredictable new phase of…Continue readingClimate report warns of escalating crisis, urges immediate action as UN summit nears
Many of Earth’s “vital signs” have hit record extremes, indicating that “the future of humanity hangs in the balance”, a group of the world’s most senior climate experts have said. More…Continue readingEarth’s ‘vital signs’ show humanity’s future in balance
Funded by StB Capital Partners based in Brisbane, Australia, the factory sets the stage for the Philippines to become a key player in clean energy storage in Southeast Asia. “I cannot…Continue readingPBBM launches PH’s first advanced lithium iron phosphate (LFP) batteries factory in Tarlac
The shipping containers were a familiar sight to the villagers of northern Mozambique’s remote and troubled Afungi peninsula: a dozen steel boxes lined up end-to-end with a guarded gate in the…Continue reading“ALL MUST BE BEHEADED”
Northvolt is to be served with an investigation notice regarding suspicion of gross manslaughter in the coming weeks by Swedish prosecutors over the death of one of the battery manufacturer’s workers in an explosion…Continue readingNorthvolt to be served ‘suspicion of gross manslaughter’ notice over worker death
The Czech Republic sat at the centre of a storm that has killed two dozen people across central Europe and prompted the EU to promise €10bn in aid to flood-stricken countries.…Continue reading‘We’re getting rid of everything’: floods destroy homes and lives in Czech Republic
Northvolt’s sub-Arctic battery factory in northern Sweden was meant to symbolise Europe’s green fightback against China and the US. Instead, the start-up is in danger of turning into an emblem of…Continue readingEurope’s great battery hope Northvolt fights for survival
Since taking office in 2022, President Ferdinand Marcos Jr has spent about half a trillion dollars to address persistent flooding from extreme weather in the Philippines. But despite the significant spending,…Continue readingBattered by typhoons: Why aren’t Philippine flood control projects working?
Two people are missing and about 1,000 people have been evacuated from their homes after devastating floods and landslides hit the northern Italian region of Emilia-Romagna, prompting accusations that Giorgia Meloni’s…Continue readingTwo missing and 1,000 evacuated as Storm Boris devastates northern Italy
More than five times the average rainfall for the whole of September has fallen in five days on swathes of Austria, the Czech Republic, Hungary, Poland, Romania and Slovakia, triggering devastating…Continue readingFloods in Poland and wildfires in Portugal show reality of climate breakdown, says EU
More than $650bn (£494bn) a year in public subsidies goes to fossil fuel companies, intensive agriculture and other harmful industries in the developing world, new data has shown. The subsidies entrench…Continue readingMore than £494bn subsidies a year in developing world harmful to climate
Fossil fuel companies pumped at least $5.6bn (£4.2bn) of sponsorship money into motorsports, football, golf and even snow sports in an effort to “buy social licence to operate”, according to a…Continue readingFossil fuel companies sponsor $5.6bn in global ‘sportswashing’ deals
The world is spending at least $2.6tn (£2tn) a year on subsidies that drive global heating and destroy nature, according to new analysis. Governments continue to provide billions of dollars in…Continue readingGlobal spending on subsidies that harm environment rises to $2.6tn
The 11th Scientific Committee on Antarctic Research conference was held in Pucón, Chile August 19-23, 2024. Fifteen-hundred academics, researchers, and scientists specializing in Antarctica met to share cutting-edge research. Reports at…Continue readingAntarctica’s Deep Vulnerability Exposed at 11th Scientific Conference
The Durango Fire Protection District was repeatedly denied insurance coverage for the construction of its new downtown firehouse earlier this year because of the wildfire risk. “We literally are a fire…Continue readingColorado’s wildfire risk is so high a fire department struggled to find insurance to build a new firehouse
Greenpeace and Friends of the Earth have accused police of acting as “private security” for the UK’s biggest carbon emitter after dozens of pre-emptive arrests forced the cancellation of a climate…Continue readingPolice acting as ‘private security’ for Drax power station, say climate activists
Under a federal government scheme, people and businesses can undertake projects that reduce greenhouse gas emissions or store carbon, in exchange for financial rewards known as carbon credits. The government has…Continue readingIndustry push to earn carbon credits from Australia’s native forests would be a blow for nature and the climate
A world where global mean surface temperature has increased 3°C will be characterized by widespread and intense heat stress, extreme weather events, ruptured and unproductive marine and terrestrial ecosystems, broken food…Continue readingEarth at risk: An urgent call to end the age of destruction and forge a just & sustainable future
Saudi Aramco’s profits dipped in the last quarter after the world’s largest oil producer sold less crude and its refining margins weakened. Despite the drop in profits, Saudi Aramco said it…Continue readingSaudi Aramco profits dip as refining margins fall