British oil giant BP is abandoning its plan to cut back its oil and gas output and planning fresh fossil fuel investments, all while pushing for billions of dollars in government subsidies for climate technologies.
The Supreme Court has ruled a local council should have considered the full climate impact of burning oil from new wells – a landmark decision which could put future UK oil and gas projects in question.
Methane emitted by oil and gas operations must be cut significantly to avoid dire climate effects, according to an international report issued Wednesday, as fossil fuel producers and the State of New Mexico took action to limit air pollution from energy development.
Global Energy Monitor analysis shows 30 companies, including UAE’s Abu Dhabi National Oil, contribute to nearly half of the energy industries’ methane emissions.
The world’s oil and gas companies enjoyed record-breaking profits in 2022, as energy prices soared for consumers and climate change catastrophes dotted the globe.
The shift away from a carbon-based economy risks stranding a large number of assets, particularly in sectors with high financial market exposure, such as oil and gas.
As COP27 was progressing in Sharm El-Sheikh, Egypt, Vijay Vaitheeswaran, the global energy and climate innovation editor of The Economist, made a compelling observation. He said, “We will see a much stronger focus on how the energy industry itself can play a role as a decarboniser. It’s about, in my view, a grown-up way of understanding that the oil and gas is here to stay. A number of countries, especially emerging markets, are going to rely on it.”
researchers have carried an extensive root cause analysis, and have identified the major driver of climate change
extreme wildfires are raging across France, Spain, Portugal, Greece, Turkey and a dozen US states.
As the world gears up to avoid a climate catastrophe by limiting global warming to 1.5 to 2 degrees Celsius, more countries are putting carbon pricing at the center of their mitigation strategies.