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’
Tag: finance
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
BP’s shareholders can expect a multibillion-dollar payout this year after the oil giant reported better than expected quarterly profits of almost $2.8bn (£2.2bn) and set out plans to develop a new…Continue readingBP to hand investors $7bn this year as it expands oil operations
Researchers for the banking on climate chaos report, now in its 15th edition, analysed the world’s top 60 banks’ underwriting and lending to more than 4,200 fossil fuel firms and companies…Continue readingBanks have given almost $7tn to fossil fuel firms since Paris deal
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 real world,…Continue readingSaudi Aramco CEO calls energy transition strategy a failure
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 despite rising…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 largest investor-owned…Continue readingFury after Exxon chief says public to blame for climate failures
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 second term…Continue readingOil and gas profits triple under Joe Biden even as industry decries him
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 to the…Continue reading‘Energy turmoil’ looms unless demand is checked, says Cop28 president
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 out of…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 he sticks…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 the previous…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 from fossil…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 COP28 climate…Continue readingHundreds of new oil and gas projects approved despite climate crisis
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 state-run company,…Continue readingSaudi Aramco profits exceed expectations on back of buoyed oil price
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 ended up…Continue readingWorld Bank spent billions of dollars backing fossil fuels in 2022
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. The IMF…Continue readingFossil fuels being subsidised at rate of $13m a minute
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 speech that…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 total at…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 did in…Continue readingChina ramps up coal power while pushing for renewables
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 trillion is…Continue readingHumanity still investing in fossil fuels
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 in 2014…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
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
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 compiled by…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
Tens of thousands of delegates have descended on Sharm el-Sheikh, an Egyptian resort town, for COP27, the UN climate summit. Of the 33,000-odd that registered, about 16,000 represent the 197 countries…Continue readingWhat is the fossil-fuel industry doing at COP27?
ExxonMobil reported $19.7 billion in third-quarter net profit, or $4.68 a share, almost triple the $6.8 billion, or $1.57 a share, earned a year ago. The company was “driving volumes at…Continue readingExxon profit triples to record $20 billion
Woodside Energy, Australia’s largest energy producer, on Tuesday capped a string of bumper results by oil, gas and coal producers. The Perth-based company said its net profit after tax rose five-fold…Continue readingHuge profits for fossil-fuel giants Woodside, Whitehaven and Santos
PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period. PetroChina’s chairman said government stimulus packages are bolstering oil demand, while top refiner…Continue readingChina’s oil giants post record profits on surging fuel prices
Global public subsidies for fossil fuels almost doubled to $700 billion in 2021. Despite the huge profits of fossil fuel companies, the subsidies soared as governments sought to shield citizens from…Continue readingGlobal fossil fuel subsidies almost doubled in 2021
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
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
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
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
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