Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production. Revenue climbed 80% to $150 billion and free cash flow, which…Continue readingSaudi Aramco posts biggest quarterly profit of any listed company
Tag: finance
The world’s biggest ice sheet could cause “several meters” of sea-level rise over centuries if the global temperature rises more than 2°C, according to a British study. Researchers at Durham University…Continue readingWorld’s biggest ice sheet could cause massive sea rise without action
In recent years, Wall Street firms have tried to talk up their commitment to the environment and social justice. Now they are singing a different tune. Large US banks such as…Continue readingUS banks tout fossil fuel credentials
Wildfires have depleted almost all of the carbon credits set aside in reserve by forestry projects in the US to protect against the risk of trees being damaged over 100 years,…Continue readingWildfires destroy almost all forest carbon offsets in 100-year reserve
To understand why it is proving so hard to break up with coal, we worked with an international team of around 35 researchers to investigate the political economy drivers of its…Continue readingMany countries continue to invest in coal
Extreme weather events linked to climate change caused about $65 billion in total losses in the first half of 2022, roughly half of which hit uninsured assets, according to data compiled…Continue readingExtreme weather caused $65 billion in losses in first half of 2022
Coal prices are soaring, hitting $462 per tonne today, up from $186 on the 23rd of February and likely to pass $500 this year. Russia is Europe’s largest supplier of thermal coal. Last…Continue readingOld King Coal: price reaches highest level in more than 200 years, on track for $500
Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push…Continue readingCoal, oil price surges on Ukraine war make Asia’s richest richer
Saudi Aramco has overtaken Apple as the world’s most valuable company after higher oil prices pushed shares of the world’s biggest crude exporter to record levels, while a broader tech stock…Continue readingSaudi Aramco overtakes Apple as the world’s most valuable company
Indonesian state-owned oil and natural gas company Pertamina has reportedly received approval for the $2.41 billion investment plan to expand the Rokan oil block. Pertamina has received the approval from the…Continue readingPertamina gets planning approval for $2.4 billion Rokan block development
Investors refused to back resolutions demanding stricter fossil fuel financing policies at three major US banks. Proposals filed at Wells Fargo, Bank of America and Citi called on the banks to…Continue readingInvestors at top US banks refuse to back climate proposals
China’s National Development and Reform Commission (NDRC), the country’s top economic planner, will launch special investigation into the implementation of medium- and long-term contracts signed by coal suppliers in 2022. The…Continue readingMedium- and long-term contracts signed by Chinese coal suppliers shall account for over 80% of their resources: economic planner
The top 10 banks—ranked as the largest funders of fossil fuel organizations—are talking more about climate change in general. However, in an analysis of annual reports, these banks were found to…Continue readingWorld’s top banks show minimal clear commitments to shift financing away from fossil fuels
Research prompts warnings humanity is ‘financing its own extinction’ through subsidies damaging to the climate and wildlife. From tax breaks for beef production in the Amazon to financial support for unsustainable…Continue readingWorld spends $US1.8 trillion a year on subsidies that harm environment
25 European banks have provided $US33 billion (£24 billion) in loans and other financing to 50 companies with large oil and gas expansion plans, less than a year since pledging to…Continue readingEurope’s biggest banks provide £24 billion to oil and gas firms despite net zero pledges
The European Commission has been accused of undermining its climate goals after it defied critics by pushing ahead with plans to include gas and nuclear in an EU guidebook for “green”…Continue readingEU includes gas and nuclear in guidebook for ‘green’ investments
This backing for coal, oil and gas is “reckless” in the face of the escalating climate emergency, according to the report’s authors, and urgent action is needed to phase out the support. The…Continue reading‘Reckless’: G20 states subsidised fossil fuels by $3tn since 2015, says report
There is “no longer any realistic chance” for an orderly transition for global financial markets because political leaders will be forced to rely on “handbrake” policy interventions to cut emissions, according…Continue readingPrepare for DISORDERLY shift to low-carbon era