DUBAI, United Arab Emirates —The chief executive of UAE-based energy firm Crescent Petroleum on Tuesday claimed that blaming the oil and gas industry for the climate crisis "is like blaming farmers for obesity."His comments come at the mid-point of the U.N.'s...
Month: February 2021
OilPrice.com | Share of India’s Non-Fossil Fuel Power Capacity Rises to 44%
Energy sources other than fossil fuels made up 44% of India’s electricity generation capacity as of the end of October, the country’s Power and Renewable Energy Minister R K Singh told lawmakers on Tuesday.“So far, a total of 186.46 GW (gigawatts) capacity from...
FNB | ‘Greenhushing’ and ‘green bleaching’ blur sanctions targets – watchdog
The lack of a binding legal definition for greenwashing presents a hurdle to regulators tackling investment funds that exaggerate their sustainability credentials, a global securities watchdog said in a report on Monday.Trillions of dollars have flowed into...
OilPrice.com | Rockefeller Foundation Backs Coal Phase-Out via Carbon Credits
The Rockefeller Foundation is backing the world’s first coal-to-clean pilot project in the Philippines that will use carbon credits to enable early decommissioning of a coal-fired power plant. The Coal to Clean Credit Initiative (CCCI), which has support from...
Rigzone | Venezuelans vote to claim sovereignty over part of oil-rich Guyana
President of the Bolivarian Republic of Venezuela, Nicolás Maduro, gestures as he speaks after the National Electoral Council published the results of the consultative referendum on Venezuelan sovereignty over the Essequibo, in Caracas, on December 3, 2023....
CNBC | A fossil fuel fight takes center stage at the COP28 climate summit
Sultan al-Jaber, president of the UNFCCC COP28 climate conference, speaks during day two of the summit on Dec. 2, 2023 in Dubai, United Arab Emirates.Sean Gallup | Getty Images News | Getty ImagesDubai, UNITED ARAB EMIRATES — A fight over the future of fossil...
OilPrice.com | Is the Global Energy Transition Simply Too Expensive?
The energy transition has been estimated to cost more than $100 trillion by 2050. In fact, according to the calculations of the Energy Transitions Commission, a grouping of business leaders, it will cost $110 trillion.That would translate into $3.5 trillion...
OilPrice.com | COP28: Policymakers Should Focus on Energy Tech
The Cop28 climate summit has opened in Dubai, yet it is already clear that the world is not on track to meet the climate change targets that governments set themselves in Paris in 2015. In strictly numerical terms therefore, Cop28 will be a failure, like all...
Rigzone | Saudi Arabia is struggling to boost oil prices, raising possibility of supply war with U.S.
OPEC is facing growing challenges in its efforts to boost oil prices amid record output outside the alliance, particularly in the U.S., raising questions about how long the group can maintain its deep production cuts. OPEC and its allies, OPEC+, failed to reach...
OilPrice.com | Brazil Won’t Cap Its Oil Production Despite Joining OPEC+ Group
Brazil, which is set to join the OPEC+ alliance in January, will not have any quota and will not participate in oil production cuts, Jean Paul Prates, the chief executive of Brazilian state-controlled oil giant Petrobras, told Reuters in an interview published...
Rigzone | Oil prices set to rise in 2024 after OPEC+ voluntary cuts
Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020.Andrey Rudakov | Bloomberg | Getty ImagesOil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily...
Rigzone | Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy
The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023.Bloomberg | Bloomberg | Getty ImagesThe influential Organization of the Petroleum Exporting Countries coalition and its allies, collectively...