While much of the global pressure toward decarbonization has been directed toward privately owned and operated oil supermajors like BP, ExxonMobil, and Shell, a new report from the Economist suggests that much of this pressure and blame is misguided. It’s not that Big Oil doesn’t need to change its focus, strategy, and commitments in order … Read more
The Netherlands said on Monday that large energy consumers would need to cut back on their usage beginning at the start of next year, Reuters has reported. The restrictions are coming as part of the government’s desire to scale back CO2 emissions as well as reduce its reliance on Russian energy products. Under the new … Read more
ExxonMobil expects all new cars sold two decades from now to be electric vehicles. But the US supermajor also believes that people will “pay a high price” in this rush to renewables without providing the energy the society currently needs, Exxon’s chief executive Darren Woods told CNBC’s David Faber in an interview last week. Exxon … Read more
Global energy investment is on the rise and expected to grow by 8 percent annually this year, pushed up by record spending on clean energy, the International Energy Agency (IEA) said in its new report World Energy Investment 2022. On the face of it, that’s great news for global energy supply and climate goals. But … Read more
BP is divesting its last interest in Canada’s oil sands to Canadian firm Cenovus Energy as part of a portfolio reshaping that will see it buy into an offshore oil project in eastern Canada. BP has agreed to sell its 50-percent interest in the Sunrise oil sands project in Alberta to Cenovus Energy, the UK … Read more
The EPA finalized US biofuel blending requirements for 2020, 2021, and 2022, according to Bloomberg sources familiar with the plan. Laying out what is known as the Renewable Fuel Standard, or RFS, the EPA will require refiners and importers to mix in 20.63 billion gallons of renewable fuel into gasoline and diesel in 2022—15 billion … Read more
America’s liquefied natural gas (LNG) exports are booming amid a global energy crisis and a European drive to wean itself off Russian gas. US shipments of natural gas have jumped to all-time highs this year as the United States is intent on helping Europe cut its dependence on Putin’s gas. As demand for natural gas … Read more
Despite pledges of net-zero portfolios, Canadian banks doubled their funding for Canada’s oil sands production and related projects to $16.8 billion last year, according to data from a recent report by environmental groups crunched by the Financial Times. Bank financing for 30 top oil sands production companies and six key oil sands pipeline companies increased … Read more
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