US, Canada pledge to achieve net-zero emissions by 2050

United States President Joe Biden says that he and Canadian Prime Minister Justin Trudeau have agreed to work towards achieving net-zero emissions by 2050. “We’re launching a high-level, climate-ambition ministerial and to align our policies and our goals to achieve net-zero emissions by 2050,” Biden said in a speech on Tuesday following a bilateral meeting […]

US energy body to examine climate change threat to power grid

The decision follows power outages in Texas due to an extreme cold snap that left millions of people without electricity. Federal energy regulators in the United States say they will examine threats that climate change and extreme weather events pose to the country’s electric reliability in the wake of last week’s deadly Texas freeze that […]

Qatar Petroleum to supply 1.25m tonnes of LNG to Bangladesh

QP signs a long-term agreement with Vitol to supply 1.25 million tonnes of liquefied natural gas annually to Vitol customers in Bangladesh. Qatar Petroleum has signed a long-term agreement with Vitol, under which it would supply 1.25 million tonnes of liquefied natural gas annually to Vitol customers in Bangladesh. Under the agreement, LNG deliveries will […]

How Texas’ Drive for Energy Independence Set It Up for Disaster

But both agencies are nearly unaccountable and toothless compared to regulators in other regions, where many utilities have stronger consumer protections and submit an annual planning report to ensure adequate electricity supply. Texas energy companies are given wide latitude in their planning for catastrophic events. Into a snowstorm with no reserves One example of how […]

US seen leaving Germans off Nord Stream 2 sanctions list: Report

The U.S. is likely to hold off sanctioning any German entities for now over the Nord Stream 2 gas pipeline from Russia, according to four people familiar with the matter, as the Biden administration seeks to halt the project without antagonizing a close European ally. A key report to Congress that was due last Tuesday […]

Oil prices extend slide on demand concerns due to US big chill

Investors fear that oil refineries could remain hobbled for weeks after snow storms in southern US states while OPEC+ supplies rise. Oil prices slid by up to 2 percent in Asian trade on Friday, adding to overnight declines, on worries that refineries will take time to resume operations after the big freeze in southern parts […]

Texas’s big freeze pushes oil prices to 13-month highs

Texas oil producers and refiners remain shut due to icy cold weather, cutting output by 1-4 million barrels per day. Oil prices have rallied again to hit 13-month highs as concerns that a rare cold snap in the US state of Texas could disrupt crude output in the United States for days or even weeks […]

Stocks extend bull run on hopes of quick economic recovery

Asian shares advanced on Tuesday, putting world equities on course to extend their bull run for a 12th consecutive session as optimism about the global economic recovery and expectations of continuing low-interest rates drive investments into riskier assets. Oil prices soared to a 13-month high as a deep freeze due to a severe snow storm […]

Why manufacturing is the biggest hurdle in climate change fight

Bill Gates says governments and investors need to find ways to reduce emissions from steel- and cement-making. US billionaire Bill Gates exudes optimism in discussing the world’s ability to tackle climate change – until he hits on manufacturing. About that, he is worried. There is currently no way to make steel or cement without releasing […]

Millions in Texas lose power as winter storm drops temps to -22C

The state of Texas continued to reel under a deep freeze, leaving utilities scrambling to meet record power demand and forcing the state’s grid operator to enforce rotating blackouts early on Monday, putting over two million Texans in the dark. The Electric Reliability Council of Texas (ERCOT) has sought to cut power use in response […]

Spending on green economic stimulus is slowly rising, study finds

Of the $14.9 trillion in public stimulus spending to offset the effects of the pandemic, $1.8 trillion is being used for green purposes, the study finds. Huge amounts of post-pandemic stimulus packages are mostly failing to support action to tackle climate change or halt the loss of biodiversity, but the amount of green spending is […]

Denmark moves forward on North Sea ‘energy island’

The largest construction project in the history of Denmark will be majority-owned by the Danish government. Denmark says it has approved plans to build an artificial island in the North Sea that could generate wind power for at least three million households. Parliament in June adopted a political environmental framework aimed at reducing the country’s […]

UK PM to push allies to agree on carbon border taxes: Report

Boris Johnson wants G-7 to discuss penalties on imports of goods made in countries with weak climate laws: Bloomberg. U.K. Prime Minister Boris Johnson is considering using his G-7 presidency to try and forge an alliance on carbon border taxes, according to two people familiar with the matter. As holder of the rotating G-7 presidency […]

Denmark to create world’s first energy island in the North Sea

Wind power hub will store enough green energy to cover electricity needs of three million European households. Denmark has approved a plan to build the world’s first energy island in the North Sea that will produce and store enough green energy to cover the electricity needs of three million European households. The artificial island, which […]

Change in the air: US to restart review of big offshore wind farm

The move is part of the Biden administration’s plan to speed up development of renewable energy on federal lands and waters. The Biden administration said on Wednesday it would restart permitting for the first key offshore wind farm in the United States, reversing a Trump administration decision that cancelled the process late last year. The […]

US unions, environmentalists disagree about oil and gas pipelines

Environmentalists and labour unions that threw their support behind US President Joe Biden now find themselves on the opposite sides of a battle about the construction of big pipeline projects between Canada and the United States. The US is the world’s largest producer of oil and gas. Biden’s administration aims to move the US economy […]

CEOs of oil giants Exxon, Chevron discussed mega merger: Reports

The chief executives of ExxonMobil Corp and Chevron Corp held preliminary talks in early 2020 to explore combining the two largest United States-based oil producers in what would have been the biggest merger of all time, according to media reports. The discussions, which are no longer active, are indicative of the pressure the energy sector’s […]

IMF says Iraq seeking emergency loans after oil price plunge

Iraqi government is reportedly seeking $6bn in loans, with possibility of a further $4bn, according to finance minister. Iraq has requested emergency assistance from the International Monetary Fund (IMF) and talks are ongoing between the parties, the IMF said. Iraqi Finance Minister Ali Allawi told the Bloomberg news agency earlier that Iraq was in talks […]

Keystone Rejection Tests Trudeau’s Balancing Act on Climate and Energy

OTTAWA — One of President Biden’s first acts upon taking office was to cancel the permit for the Keystone XL pipeline, the long-debated project to transport crude from Canada’s oil sands to the United States. But Prime Minister Justin Trudeau and elected officials in Alberta, the Canadian province where the pipeline originates, are not giving […]

Alberta leader asks Biden to ‘show respect’, hold Keystone talks

US President-elect Joe Biden plans to nix contentious oil pipeline on his first day in office, Canadian media outlets reported. The premier of Canada’s oil-rich province of Alberta is calling on United States President-elect Joe Biden to “show respect for Canada” and negotiate the future of the contentious, multibillion-dollar Keystone XL pipeline project. During a […]

In last China swipe, Trump hits officials, firms with US bans

In its waning days, the administration of US President Donald Trump has taken another swipe at China and its biggest firms, imposing sanctions on officials and companies for alleged misdeeds in the South China Sea and imposing an investment ban on nine more firms. The moves will further increase tensions with China, Washington’s strategic rival […]

Pakistani authorities work to restore power after blackout

A major fault at a thermal power plant causes a countrywide blackout, plunging millions into darkness. Islamabad, Pakistan – Authorities have restored electricity supply to parts of several main Pakistani cities and work on power restoration is continuing on Sunday after a major fault at a thermal power plant caused a countrywide blackout, plunging millions […]

Stocks fall on expectations of Democratic wins in US senate races

Global stock prices slipped and bond yields rose on Wednesday as investors braced for the prospect that Democrats could win both races in a United States Senate run-off election in Georgia, handing them control of the chamber. Along with their narrow majority in the House of Representatives, a “blue sweep” of Congress could usher in […]

For first time, oil giant Exxon reveals full scope of emissions

Exxon’s emissions from petroleum-product sales in 2019 were about the same as those for all of Canada, its data show. Exxon Mobil Corp. disclosed emissions data on customers’ use of its fuels and other products for the first time after coming under pressure from investors. The oil giant’s so-called Scope 3 emissions from petroleum-product sales […]