Energy

Timeline: game-changing gas discoveries in the eastern Mediterranean

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Massive gas discoveries in the Mediterranean Sea’s Levant Basin have attracted a flood of investment – and no shortage of geopolitical tension. Chris Lo Offshore Technology This timeline brings together some of the most important milestones in the development of offshore gas projects in the eastern Mediterranean. Unlike the Gulf of Mexico or the North Sea, the Mediterranean Sea has always been better known for stunning climate, cuisine and a booming tourism trade than offshore oil and gas. But as ... Read More »

The Arctic – The Arctic Russia’s plan for the world’s newest ocean

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There’s a new ocean at the top of our globe In just the past three decades, global warming has shrunk the size of the Arctic Ocean’s summer ice by half. Vox The region is now more accessible than it’s been in 1,000 years, and governments around the world have taken notice. The melting of the Arctic has grave implications for global weather patterns and rising sea levels, and most of the world sees it as a looming disaster. But for ... Read More »

‘Death spiral’: half of Europe’s coal plants are losing money

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Air pollution and climate change policies are pushing coal-fired electricity stations to the brink, says a new report. Closing them would avoid €22bn in losses by 2030 Damian Carrington The Guardian More than half of the European Union’s 619 coal-fired power stations are losing money, according to a new report. As a result, the industry’s slow plans for shutdowns will lead to €22bn in losses by 2030 if the EU fulfils its pledge to tackle climate change, the report warns. ... Read More »

Govt receives ExxonMobil funds to help fight Guyana-Venezuela border controversy; some contract details disclosed

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Minister of Natural Resources, Raphael Trotman on Friday confirmed that United States (US) oil giant, ExxonMobil, will help fund Guyana’s legal fees to settle the border controversy with Venezuela. Demerara Waves “Yes, Mr. Speaker, there is a sum and yes it is reserved to safeguard this country,” he said the same day that two local newspapers published a September 2016 letter by Finance Secretary, Dr. Hector Butts to the Governor of the Bank of Guyana, Dr. Gobind Ganga for the ... Read More »

World’s Biggest Wealth Fund Wants Out of Oil and Gas

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The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks. Sveinung Sleire Bloomberg Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its ... Read More »

Norway sued over Arctic oil exploration plans

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The case, led by Greenpeace, claims Norwegian government has violated constitutional right to a healthy environment and contravenes Paris agreement Tone Sutterud and Elisabeth Ulven in Oslo The Guardian The Norwegian government is being sued by climate activists over a decision to open up areas of the Arctic Ocean for oil exploration, a move they say endangers the lives of existing and future generations. The plaintiffs, led by environmental organisations Greenpeace and Youth and Nature, will on Tuesday claim that the Norwegian government has ... Read More »

The Bonn Climate Conference: All Our Coverage in One Place

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Hello, and welcome to our coverage of the Bonn climate conference. Jonathan Ellis The New York Times Negotiators from nearly 200 countries are meeting this week in Bonn, Germany, in the biggest climate change talks of the year. Our reporters Lisa Friedman and Brad Plumer are there and will be bringing you news and updates throughout. We are collecting all of our coverage here, in one place. Let’s start with the basics. Here’s what the Bonn conference is all about ... Read More »

Green finance? Why global banks are pledging billions to fight climate change

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Banking giant HSBC has pledged US$100 billion (£76 billion) to “fight climate change”, to be spent on sustainable finance and investment over the next eight years. Simon Wilde The Conversation It also commits to increasing its own use of renewable energy and to reducing its funding of coal projects. HSBC is following a growing trend among investment banks which includes a US$200 billion funding commitment from JP Morgan Chase, the acquisition of the UK’s Green Investment Bank by Macquarie, and ... Read More »

Coal-fired plant shifted $1bn offshore while pocketing $117m from Australian taxpayers

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Payment to owner of Loy Yang B – one of country’s dirtiest plants – was compensation for short-lived carbon tax Christopher Knaus and Nick Evershed  The Guardian The owner of one of Australia’s dirtiest coal-fired power plants quietly moved $1bn offshore within days of pocketing $117m from taxpayers in compensation for Labor’s now-defunct carbon tax. The revelation, contained in the Paradise Papers, has prompted renewed criticism of the “chronic failure” of Australian climate policy and warnings against future cash handouts ... Read More »

Why we need a better philosophy of trees

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On November 6 1217, Henry III’s Charter of the Forest gave ordinary English people back their traditional rights to use royal hunting grounds for livestock grazing and collecting firewood. Tristan Moyle The Conversation The freedoms that were restored in the use of ancient woodland reshaped the community’s legal and political relationship with nature. But, today, this relationship has broken down. Only 2% of the UK’s ancient woodland survives; over half has been destroyed since the 1930s. Only 13% of the ... Read More »

Moves to curb democratic fracking protests in the UK ‘extremely worrying’

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Green MP Caroline Lucas criticises attempts by chemicals multinational Ineos to impose a sweeping injunction against anti-fracking campaigners Rob Evans The Guardian <link rel=”stylesheet” type=”text/css” href=”https://assets.guim.co.uk/stylesheets/064de39e9029c914e0445713b1fb5737/content.css”/> The chemicals multinational Ineos is facing criticism for seeking to curb democratic protests against fracking in a move described by Green MP Caroline Lucas as “extremely worrying”. On Tuesday Ineos began its latest legal move to impose a sweeping injunction against all campaigners protesting over its fracking operations. Any campaigner may be jailed, fined ... Read More »

Germany set to pay customers for electricity usage as renewable energy generation creates huge power surplus

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Output from wind turbines forecast to hit record on Sunday German power producers are poised to pay customers to use electricity this weekend. Jesper Starn The Independent Wind generation is forecast to climb to a record on Sunday, creating more output than needed and driving electricity prices below zero, broker data compiled by Bloomberg show. It would be the first time this year that the average price for a whole day is negative, not just for specific hours. Germany’s grid operators ... Read More »

New Zealand’s incoming PM Jacinda Ardern signs coalition deal, outlines plans to go green

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New Zealand’s incoming Government is hoping to make the nation greener by planting 100 million trees each year, ensuring the electricity grid runs entirely from renewable energy, and spending more money on cycle ways and rail transport. AP/ABC Jacinda Ardern, who takes over as prime minister this week, on Tuesday outlined agreements her Labour Party reached with other political parties joining them in the new Government. In addition to the environmental initiatives, Ms Ardern also outlined plans to raise the ... Read More »

New market prices on renewable energy means 2030 targets can be set even higher

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A healthy development in offshore wind has enabled steep cost reductions in wind power, creating the opportunity to exceed the current 2030 European RES target. Aske Chiko Wong  Politico The EU agreement stating that 27 percent of the energy supply should come from renewable energy sources was made on the assumption of a cost level that would reach €123/MWh in 2020. However, current costs are much lower, as recent development in offshore wind has made it possible to deliver green ... Read More »

Energy independence: is Lithuania getting away with state aid?

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The EU says Lithuania can levy funds from gas consumers to finance its own energy companies. Achema, Lithuania’s largest consumer, disagrees. Ramunas Miliauskas, chief executive officer, Achema Politico The European Commission and the European Court of Justice are currently considering state aid complaints against Lithuania. The outcome could have repercussions for every gas consumer in the country and massive ramifications for one company in particular. Achema is the largest fertilizer producer in the Baltic states, and part of a group ... Read More »

The Oceans – a Challenged Resource

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The world’s oceans facilitate global transportation. They also offer a unique source of food: one that continues to give. Provided we manage this source responsibly, of course. Sustainable harvest must be combined with prudent Kåre R. Aas * HuffPost Based on an American initiative, the world’s maritime nations came together yesterday and today (Oct 5 and 6) for the 4th annual Our Oceans conference to discuss how to achieve this balance. The United States has hosted twice. This year, the chair ... Read More »