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Wall Street Journal ($): Some of the world’s largest banks, including Goldman Sachs Group Inc., HSBC Holdings and BNP Paribas SA pledged in recent years to stop direct financing of Arctic oil exploration. The idea was to choke off money for fossil-fuel extraction in a pristine natural environment. A battle has broken out among investors, […]
Clark Williams-Derry
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten images of gasoline queues in the 1970s, but increasingly describes the spike in global fossil fuel prices. A handful of commenters eagerly lay the blame on renewable energy, which they claim has distracted the world’s attention from investments in oil, gas, and coal production that could have calmed markets. […]
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Bloomberg ($): Russia will seek to become carbon neutral within four decades, President Vladimir Putin said on Wednesday, marking a stunning reversal in his stance on climate change. “We set a specific aim here — no later than 2060,” Putin said in his speech at the Russian Energy Week conference in Moscow. His pledge is […]
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Nikkei Asia ($): The European Union is to push for an end to the exploitation of Arctic gas, oil and coal even as energy shortages rock countries and companies across the world, according to a draft new bloc strategy for the polar region. Brussels plans talks with partners over a possible multilateral ban on the […]
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The Guardian: The fossil fuel industry benefits from subsidies of $11m every minute, according to analysis by the International Monetary Fund. The IMF found the production and burning of coal, oil and gas was subsidised by $5.9tn in 2020, with not a single country pricing all its fuels sufficiently to reflect their full supply and […]
Tim Buckley
As a former Citi executive, I know the bank could change course and lead again
In September 2007, with a mortgage crisis clearly on the horizon, Citigroup’s CEO Charles Prince III gathered with his top executives to understand whether the bank—then the nation’s largest—faced any risk. The consensus was no. How wrong they were. In a year’s time, Lehman Brothers crashed, triggering a global financial collapse. Citigroup lost 90% of […]
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The Barents Observer: The two companies that over the past ten years have been engaged in close cooperation on oil drilling, exploration and production say they now intend to take joint action on carbon management. An agreement signed by the companies on the 28th September includes an ambition to “develop low carbon solutions and reduce […]
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Bloomberg: Chevron Corp. has inked eight deals in little more than two weeks to invest in hydrogen, green jet fuel and renewable natural gas. Amid rising shareholder pressure on climate issues, Chevron is pro-actively forging climate-friendly joint ventures with an array of startups as well as corporate giants that include Caterpillar, and Alphabet’s Google. The […]
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Reuters: Japan and Russia on Thursday agreed to work together on hydrogen and ammonia production, the Japanese industry ministry said on Thursday, longtime partners in oil and natural gas shift the focus to cleaner alternatives to fossil fuels. Japanese Industry Minister Hiroshi Kajiyama and Russian Energy Minister Nikolai Shulginov signed a statement on cooperation after […]
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The Guardian: The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting. Ali Allawi, the deputy prime minister and finance minister of Iraq, […]
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 […]