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Despite net-zero pledges, banks used $750 billion to finance fossilfuels in 2020. Net-zero commitments may have ricocheted across banking sector over the last 18 months, but big banks' attestations of climate concern did not stop many from expanding financing for the world's top fossilfuel firms during the pandemic year.
BP, Shell, oil giants fund research into mobile carbon capture from ships at sea. Carbon capture will play an important role in reducing overall greenhouse gas emissions, but there's no reason it needs to be limited to stationary applications," said Michael Traver, head of OGCI's transport workstream. Michael Holder.
This story is the sixth part of a DeSmog series on carbon capture and was developed with the support of Journalismfund Europe. Norwegian state-owned oil and gas company Equinor, the North Sea’s largest fossilfuel producer, is positioning itself to play a key role in plans to turn Britain into a world leader in capturing carbon.
A useful way to think about the effort and timescales required is to consider the " Carbon Law ," which was coined by my friend Johan Rockström. So, what does the Carbon Law say? To keep within the remaining carbon budget for 2 degrees C, we have to cut our emissions drastically, reaching net-zero emissions as soon as possible.
The bank, currently Europe's second largest financier of fossilfuels, has committed to reaching net-zero across its supply chain and operations by 2030, before reaching net-zero across its customer portfolio 20 years later. That's just science, not finance.".
Nonetheless, the long-term transition to low-carbon energy systems continues to see strong momentum and, in several respects, acceleration. Hydrogen demand is expected to grow 4-6x by 2050, driven primarily by road transport, maritime, and aviation. C by 2100, and reaching a 1.5°C C pathway is increasingly challenging.
A report published on 26 August by an independent group of experts warns that reaching net zero greenhouse gas emissions by 2050 is now “too little too late”, and will not achieve the long-term temperature goals identified in the Paris Agreement to limit global warming to 1.5°C license ). C by the end of the century.
We cannot rely on linear developments and a steady energy transition over the next 30 years to 2050,” according to William Gillett, Energy Programme Director of the European Academies’ Science Advisory Council (EASAC). The biggest source of GHG emissions in the EU is the use of fossilfuels in industry, buildings and transport.
Carbon capture and utilization (CCU) has been touted as part of the solution to the climate crisis. CCU typically works by capturing carbon dioxide emissions from power plants or industry. This carbon dioxide is then converted using electricity, heat, or catalysts into a new product, like the fuel methanol. “It
So the EIB's confirmation last month that it would effectively end support for fossilfuels garnered widespread attention — as much for the signal it sends as for the additional impact the bank can make with the freed-up funds. Since 2013 the EIB has invested €13.4 billion ($14.9
It feels almost quaint to remember way back when "80 by 50" — an 80 percent reduction in greenhouse gas emissions by 2050 — was a bold goal for a company or government entity to make. For those not yet up to speed, net zero refers to the goal of emitting no greenhouse gases by a specific date, typically 2050. Joel Makower.
Food systems are responsible for at least 15 percent of all global fossilfuel consumption, according to a major report launched ahead of the COP28 climate summit. Its authors found that even if governments delivered on their 2030 climate pledges, by 2037 food-related fossilfuel use alone would blow the remaining portion of the 1.5C
. | Photo by Jan Woitas/picture alliance via Getty Images The European Union saw a record drop in pollution from fossilfuel power plants last year, according to a new report. Fossilfuels dropped to their lowest point since reliable record-keeping started in 1990, making up less than a third of EU’s electricity generation in 2023.
Major fossilfuel firms have committed tens of millions in finance to UK universities since 2022, DeSmog can reveal. Previous reporting from openDemocracy and the Guardian found that, between 2017 and December 2021, £89 million had been given to UK universities from some of the world’s biggest fossilfuel companies.
That is significant because cement, the critical glue that holds concrete together, is so carbon intensive that if it were a country, it would rank fourth as a climate polluter. The Global Cement and Concrete Association this year committed to zero emissions concrete by 2050. No single solution has surfaced to reach this goal.
We will be relying on fossilfuels for some time.". Broadly focused on the fossilfuels company's digital transformation, the applications being built collaboratively by the two companies are aimed at measuring carbon emissions — both Shell's and those of its suppliers and customers.
The Rocky Mountain Institute (RMI) is banking on banks to get us over the carbon-neutral finish line by 2050. . Its goal is to integrate the financial sector’s attempts at going green, including green business investments, exclusionary policies for certain fossilfuels and the industry’s ESG policies, into one complete strategy. .
Since then, the Conservative government has made a series of U-turns on its own net zero policies, attacked Labour’s green spending plans, and doubled down on its support for new fossilfuel projects, approving more than 100 new North Sea oil and gas licences. This comes as DeSmog and Democracy for Sale reveal that £6.8 percent (£1.8
. | Photographer: Krisztian Bocsi / Bloomberg via Getty Images More than 130 companies, including Volvo Cars, Ikea, Unilever, Nestlé, and AstraZeneca, signed a letter calling on governments to adopt a global plan to phase out fossilfuels without carbon capture during upcoming international climate negotiations.
Over the last year, the governing Conservative Party has watered down its support for the UK’s flagship 2050 net zero emissions target, and has enacted policies to increase fossilfuel extraction. million from fossilfuel interests, £5.7 Since the December 2019 election, the Conservatives have received £2.35
Continued investment in carbon-intensive industries will drastically increase the amount of "stranded assets" as the world moves to net-zero emissions, researchers warn.
Those processes use a lot of energy and largely come from fossilfuels; one-third of U.S. To achieve net-zero economy-wide emissions by 2050 and limit global warming, industrial emissions must drop while still meeting societal needs. greenhouse gas emissions come from industry. Start with heat. Sponsored Article. Shutterstock.
Kemi Badenoch this morning once again attempted to position herself as a brave and principled teller of "unvarnished truths", as she confidently declared that "net zero by 2050 is impossible". This morning's assertion that "the truth is that net zero by 2050 is impossible" is simply incorrect.
Thanks to converging forces — including supportive policies, dropping battery costs and aggressive climate goals — transportation leaders at large and small organizations are increasingly turning to new zero-emission and low-carbon options that decarbonize fleets and in some cases save money. Media Authorship. Anheuser-Busch. Anheuser-Busch.
One novel spin on emerging hydrogen fuel options is "clean hydrogen" made from trash. . Still, there is potential for clean — low- or zero-carbon — hydrogen to take off, energy experts believe. Clean hydrogen could cut greenhouse gas emissions from fossilfuel by up to 34 percent, reported Bloomberg New Energy Finance. .
Exploring Hondas Commitment to a Hydrogen-Powered Future Hydrogen technology is increasingly seen as a crucial element in reducing carbon emissions, and Honda is bringing its long-standing expertise into the spotlight. Honda has outlined ambitious goals to transform its entire product lineup toward zero emissions by 2050.
Greenhouse gas emissions must peak within the next three years, and in the next eight, the world must push fossilfuels aside, rapidly scaling up the use of clean energy like wind and solar. The authors’ top recommendation: Immediately move away from fossilfuels and replace them with renewable technologies.
VANCOUVER — As jobs in fossilfuels decline amid a shifting global landscape, rapid growth in Canada’s clean energy sector will more than make up the difference. At the same time, Canada’s fossilfuel sector will see a 9% drop in employment. While currently behind provinces like B.C. Report | The New Reality.
Nigel Farage ’s Reform party received £135,000 this year from donors linked to climate science denial and fossilfuels, DeSmog can reveal. Latest official records show that all donations made to Reform UK so far this year are from individuals with ties to climate science denial or fossilfuel interests.
IMO member states are meeting this week for critical talks to discuss how the carbon-intensive shipping industry can be regulated to meet its 2030 climate target of reducing its carbon emissions intensity by 40 percent compared to 2008 levels. It is a dynamic that has left environmental campaigners increasingly frustrated. .
This story is the fourth part of a DeSmog series on carbon capture and was developed with the support of Journalismfund Europe and published in partnership with Le Monde. Another 15 envisage retrofitting existing hydrogen plants with carbon capture, while the status of four remained undetermined. Credit: Sabrina Bedford.
governments at all levels are prioritizing climate action and setting intense carbon-reduction goals. In fact, carbon emissions in the U.S. power sector were 33 percent below 2005 levels at the end of 2019, and a number of the nation’s largest utilities have committed to 80 percent or greater reductions by 2050.
The event aims to bring together policymakers and liquified natural gas (LNG), natural gas, and hydrogen players to explore new avenues for fossilfuel expansion. So they’re just going to try and squeeze out every last bit of profit they can and give it fancy new names like carbon capture and sequestration. It’s not new.”
Littlewood’s speech criticised the UK’s net zero target, complaining about “the Climate Change Committee, pronouncing on our progress to the eye-wateringly [sic] expensive and almost certainly unachievable aim of being carbon net zero”. billion invested in fossilfuels via his investment fund Marshall Wace.
House estimates that to fully electrify the global vehicle fleet by 2050, the world will have to find over $4 trillion worth of new battery materials. You can never get that carbon back in a thermodynamical way. That is battery materials that we don’t know where they are now," emphasized House. . It’s a one-time trip.".
The GWPF has in the past expressed the view that carbon dioxide has been mis-characterised as pollution, when in fact it is a “benefit to the planet”. Hosking previously told DeSmog: “I do not have millions in fossilfuels; it is the clients of Hosking Partners who are the beneficiaries of these investments.”
Most of these emissions come from the electricity consumed in Twitter’s data centers, located in countries where electricity generation is still heavily dependent on fossilfuels. It is entirely possible that carbon emissions only skyrocket further””, indicates Tommy Catherine, expert at Greenly’s Carbon Institute.
These investors have bought “green-labelled” bonds issued by Eni, Italy ‘s largest – and the world’s 13th largest – fossilfuel company. The problem is that these bonds may well be funding carbon-emitting activities, undermining the very energy transition and climate goals that Eni claims to support.
According to a Wartsila report, H2 made using natural gas would be less expensive than oil by 2035 A recently released Wartsila report suggests that with the support of a carbon tax, blue hydrogen will be a cheaper shipping fuel than oil by 2035. times higher than that of low-sulfur fuel oil.
Coal-fired power plant chimneys: In fast-growing economies, rapidly increasing energy demand is triggering investment in both low carbon and fossilfuel generation, leaving certain countries, including India and China, unlikely to reach net zero until much later. Progress across different sectors is varied.
In a net-zero carbon world, the low-carbon solution wins. Right now, the corporate gold standard is net zero well before 2050, and companies at the net-zero forefront are saying that they want to halve their Scope 1, 2 and 3 emissions by 2030. Charting a course to 2050. Wed, 06/09/2021 - 00:10. Missed VERGE Electrify?
Germanys 5 Billion Hydrogen Subsidy Scheme Marks a Milestone in Green Energy Transition The European Union has given the green light to Germanys 5 billion subsidy scheme aimed at decarbonizing industrial production processes through hydrogen, carbon capture , and electrification.
ExxonMobil saw a “limited” role for carbon capture and storage (CCS) projects in fighting climate change, but still promoted the technology in its advertising campaigns, internal company documents show. Scenario D forecast much lower emissions than ExxonMobil’s public projection for the 2050 global energy portfolio, its 2018 Energy Outlook.
The vast majority of corporate advocacy promoting carbon capture and storage is misaligned with climate science, new research shows. The study shows that IPCC recognizes a role exists for carbon capture technologies. Celsius or well-below 2°C – the targets established by the Paris Agreement.
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