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IEEFA
The Guardian: Trillions of dollars poured into rescuing economies around the world from the Covid-19 crisis have been spent in ways that worsen the climate crisis and harm nature because governments have failed to fulfil promises of a “green recovery” from the pandemic. Only about a tenth of the $17tn in bailouts provided by governments […]
IEEFA
Bloomberg ($): Greenland has decided to drop all future exploration for oil as the government responds to environmental concerns, according to Danish media. Naalakkersuisut, as the island’s government is called, “has decided that the environmental consequences of oil exploration and production are too great,” Naaja, H. Nathanielsen, minister for commodities, said, according to ING.dk. Greenland’s […]
IEEFA
Reuters: Vestas (VWS.CO) said on Friday that EnBW (EBKG.DE) had picked its new turbine, which will be the world’s biggest, as the preferred option for the 900 MW He Dreiht project in the German North Sea, which will be operated without subsidies. Colossal turbines, which will dwarf many skyscrapers, are key for the offshore wind […]
IEEFA
Maryland Matters: The Danish offshore wind developer Ørsted announced Wednesday that it has submitted a bid to generate up to 760 megawatts of power with a proposed second offshore wind project off the coast of Maryland. The project, called Skipjack Wind 2, is in response to the Maryland Public Service Commission’s call for proposals for […]
IEEFA
S&P Global Market Intelligence ($): The Biden administration on July 1 announced it opened a review of a proposed offshore wind project, Dominion Energy Inc.’s 2,640-MW Virginia Beach Offshore Wind Project (Coastal Virginia Offshore Wind). It is the fifth offshore wind project the administration has committed to reviewing since January, part of a surge of […]
IEEFA
Bloomberg ($): New Jersey regulators approved two massive wind farms in the Atlantic Ocean that together will power more than 1 million homes, calling it an unprecedented step toward its climate goals. The Board of Public Utilities awarded a combined 2.7 gigawatts of capacity to Orsted’s Ocean Wind II project and the Atlantic Shores Offshore […]
IEEFA
Upstream Online: Novatek-led liquefied natural gas producer Yamal LNG is considering adding a wind power plant to its existing gas-fired generation facilities in Russia as it aims to drive down its carbon emissions. The existing generation facilities already provide electric power and heat to the operator’s flagship LNG plant near the port of Sabetta in […]
IEEFA
The Guardian: Prospective oil projects in the North Sea with the capacity to produce more than a billion barrels will avoid a new test designed to assess their impact on the climate crisis, the Observer has learned. In a development that has angered environmental campaigners, it has emerged that proposed new developments representing some 1.7bn […]
IEEFA
Reuters: Diversified New Jersey power and gas company Public Service Enterprise Group Inc (PEG.N) said Thursday it has accelerated its net-zero greenhouse gas ambitions to 2030 from 2050. The new target from the group, whose assets include New Jersey’s largest gas and electric utility, is one of the most aggressive net-zero goals set by any […]
Kashish Shah
Older turbines could be replaced to boost wind power generation and reach renewable energy targets
India’s wind power sector is ailing. Wind capacity commissioning has been moving at a snail’s place in the last four years with less than 2 gigawatts (GW) of annual capacity additions. This is significantly off-track from the 11-12GW needed annually to reach the target of 140GW of wind power capacity by 2030, to drive the […]
IEEFA: From zero to fifty, global financial corporations get cracking on major oil/gas lending exits
Accelerating divestment from oil and gas shows similar early trends to global financial institution’s exit from coal20 October 2020 (IEEFA): Fifty globally significant financial institutions have introduced policies restricting oil sands and/or oil and gas drilling in the Arctic including 23 to date this year, highlighting global capital continues to flee fossil fuels, according to a new tracker developed by the Institute for Energy Economics and Financial Analysis (IEEFA). “Momentum is […]