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Bloomberg ($): The United Arab Emirates has become the first of the Persian Gulf’s petrostates to commit to eliminating planet-warming emissions within its borders. “We are committed to seize the opportunity to cement our leadership on climate change within our region and take this key economic opportunity to drive development, growth and new jobs,” said […]
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Bloomberg ($): The airline industry’s main lobby group adopted a target of eliminating carbon emissions on a net basis by 2050, a goal that will require balancing the fight against climate change with the need to spur demand in the aftermath of the Covid-19 pandemic. Current airline targets aren’t ambitious enough, International Air Transport Association […]
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Reuters: ACWA Power, which is partly owned by Saudi Arabia’s PIF sovereign wealth fund, will look at issuing green bonds starting next year to finance some of its renewable energy projects, its chief executive said on Monday. ACWA Power already has five projects certified for green finance, which together will require just under $10 billion […]
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The Guardian: The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting. Ali Allawi, the deputy prime minister and finance minister of Iraq, […]
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Reuters: Denmark and Costa Rica are trying to forge an alliance of countries willing to fix a date to phase out oil and gas production and to stop giving permits for new exploration, government ministers said and documents showed. Burning fossil fuels is the main source of the greenhouse gas emissions heating the planet, but […]
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S&P Global Platts ($): Saudi Aramco is investing, alongside the country’s sovereign wealth fund and Riyadh-based ACWA Power, in the oil exporter’s largest solar project with a capacity of 1.5 GW as the world’s biggest energy company makes a push into renewables. The Saudi Aramco Power Co., a unit of the parent company, has joined […]
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ReNews.biz: A consortium of Masdar and EDF Renewables has delivered first power from the 415MW Dumat Al Jandal wind farm in Saudi Arabia. Dumat Al Jandal will comprise 99 Vestas V150-4.2MW turbines when fully complete next year. Vestas is installing the hardware as part of an engineering, procurement and construction contract secured in July 2019. […]
Tom Sanzillo and Clark Williams-Derry
Rising oil prices fail to mask long-term fundamental weaknesses for oil business
Former ExxonMobil CEO Lee Raymond advanced the idea in the 1980s that the quality of management trumped all else in evaluating the oil industry’s prospects. He believed oil company executives were in the best position to project supply and demand, ride worldwide growth cycles, and provide robust returns to investors, no matter how oil markets […]
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Arab News: ACWA Power, the utility developer backed by Saudi Arabia’s Public Investment Fund (PIF), is planning to invest $16 billion in new projects around the world in 2021, ahead of plans for an initial public offering (IPO). Early last year, CEO Paddy Padmanathan said the company planned to invest $10 billion in new projects […]
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Renew Economy: Australia has been ranked dead last for climate action in the latest Sustainable Development Report, which assesses the progress of countries towards achieving the Sustainable Development Goals. In the latest edition of the report, produced by the UN-backed Sustainable Development Solutions Network, Australia received the lowest score awarded to any of the 193 […]
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 […]