Energy secretary Ed Miliband has backed Labour’s commitment to net zero while the Confederation of British Industry (CBI) suggested last month that the sector was growing at a higher pace than other areas of the UK economy.
Global investments in green energy solutions topped $2 trillion last year, for the first time ever, but the world needs to pour in $5.6 trillion each year into low-carbon energy to get on track for global net zero by 2050, in line with the Paris Agreement, BloombergNEF said in a new report on Thursday.
Rystad Energy’s just-launched annual flagship report Global Energy Scenarios 2024 provides a strategic roadmap for a low-carbon future and an in-depth look at what it will take to achieve the IPCC’s 1.6°C scenario.
The fossil fuel sector is on track to miss 2050 net-zero targets by a wide margin, according to an analysis of data from S&P Global’s Sustainable1 unit.
National Grid, an energy transmission and distribution company, has unveiled its investment plan for the 2024-29 period, earmarking £60 billion (close to $76.5 billion) for energy projects that will step up its decarbonization game and propel the energy transition momentum forward on both sides of the Atlantic Ocean, encompassing the United States (U.S.) and Western Europe. The biggest slice of this multibillion-dollar investment pie is expected to be spent in the U.S. and the UK.
Tullow has formalised a strategic partnership with the Ghana Forestry Commission to implement a high-integrity, jurisdictional-based Reduced Emissions from Deforestation and Degradation (REDD+) programme.
Look around at what other countries are doing to tackle climate change. Are you a fan of the US’s Inflation Reduction Act? It is, in part, funded by an explosion in the US’s production of shale gas. Do you like Norwegian subsidy schemes for electric vehicles? Those are partly funded by Norway’s oil and gas exports. Can you name one of our biggest competitors in developing carbon capture technology? One of the largest is Saudi Arabia.
Following a day of active discussions at the Shaping the Future of Shipping: Delivering a Net Zero World summit yesterday, a course was set to deliver on the International Maritime Organization’s net zero strategy. The industry initiative brought together over 60 organisations to discuss tangible solutions to meet the ambitious net zero targets by or around 2050.
Despite the call heard ’round the world commanding the global business community to divest from fossil fuels and shrink their carbon footprints in the name of net zero, international oil companies (IOCs) still recognize Africa as their next frontier.
Underinvestment in oil and gas exploration has been a scarecrow for energy security for several years now.