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Reuters: New York’s state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund’s Comptroller Thomas DiNapoli said on Monday. The New York State Common Retirement Fund will divest more than $7 million in securities already held […]
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Reuters: Canada’s biggest oil-producing province Alberta is expected to see the fastest growth in renewable energy capacity between 2018 and 2023, the Canada Energy Regulator forecast in a Tuesday report, as new wind and solar projects help replace coal-fired electricity. By 2023, 26% of Alberta’s electricity capacity will come from renewable sources, up from 16% […]
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Reuters: Methane leaks from planned coal mines around the world could have a bigger climate impact than carbon emissions from U.S. coal plants, a research group said on Thursday, detailing what it said was an overlooked source of planet-warming emissions. Despite efforts by governments to crack down on fossil fuels, nonprofit Global Energy Monitor said […]
Tom Sanzillo
ExxonMobil’s annual report, released last week, paints a picture of a company that has veered badly off course
As expected, COVID wrought havoc with earnings, leaving ExxonMobil with an enterprise-wide return on capital employed of minus 9.5%. But the real story wasn’t in the income statement; it was the estimate of oil reserves. At the end of 2019, ExxonMobil claimed 22.4 billion barrels of oil reserves worldwide. Now, it claims just 15.2 billion […]
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Market Watch: BP and Chevron have made a landmark expansion into geothermal energy on Tuesday, betting on a new technology that could prove to be the world’s first scalable clean energy derived from a constant source: the natural heat of the earth. The two major oil companies have headlined a $40 million funding round into […]
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The Sydney Morning Herald: One of the country’s largest infrastructure investors has ruled out investing in any new thermal coal assets, after announcing a $C2.8 billion ($2.9 billion) acquisition of an energy-efficient heating operation in Canada. IFM Investors, which manages $148 billion for Australian superannuation funds, announced plans on Wednesday to acquire a 50 per […]
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PV Tech: Solar is now cheapest form of new electricity in a host of international markets, driven by cost reductions and growth of bifaciality, large-area solar modules and trackers. That is the conclusion of a new report released by analysts Wood Mackenzie, which also forecasts that the cost of solar PV could fall by a […]
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NPR: As part of his ambitious plan to address climate change, President Biden is revoking a key cross-border presidential permit needed to finish the controversial Keystone XL pipeline This likely means the end of the $8 billion pipeline, a years-long project that would have carried oil sands crude from Alberta, Canada, to the American Gulf […]
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Reuters: Methane leaking out of the more than 4 million abandoned oil and gas wells in the United States and Canada is a far greater contributor to climate change than government estimates suggest, researchers from McGill University said on Wednesday. Canada has underestimated methane emissions from its abandoned wells by as much as 150%, while […]
Guest Commentary: Gerard Kreeft
Shows how to pivot from an oil company to an energy company
Last summer, French oil and gas giant Total SE announced a $7 billion impairment charge for two Canadian oil sands projects. This might have seemed like an innocuous move, merely an acknowledgement that the projects hadn’t worked out as planned. Yet it opened a Pandora’s box that could change the way the industry thinks about […]
IEEFA U.S.: FERC gives blank check approval to pipeline builders, while investors and consumers pick up costs
Commission’s 21-year-old pipeline policy puts contracts ahead of utility customersDecember 17, 2020 (IEEFA) — The federal agency responsible for approving interstate gas pipeline projects is basing its decisions on contracts rather than on today’s consumer energy needs or the public interest, according to a report released today by the Institute for Energy Economics and Financial Analysis. The report—FERC’s Failure to Analyze Energy Market Forces—details […]