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2020: Fossilfuels are dead, long live the sun. In this strangest of all years, as the death toll mounts from a disease caused by human incursions into once intact ecosystems, we’re observing another death — the demise of fossilfuels. COVID-19 constricted commuting, and demand for refined oil products fell fast.
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.
Could trash-to-energy technology feed hydrogen demand? One novel spin on emerging hydrogen fuel options is "clean hydrogen" made from trash. . Clean hydrogen could cut greenhouse gas emissions from fossilfuel by up to 34 percent, reported Bloomberg New Energy Finance. . Arlene Karidis. Wed, 07/15/2020 - 01:00.
The energy transition continues to gain steam, with oil demand projected to peak in this decade, perhaps as soon as 2025, according to new research by global consultancy firm McKinsey & Company. Every year we’ve published this report, peak oil demand has moved closer. C by 2100, and reaching a 1.5°C
This event is more than a celebration of sport it is a global stage where the country can either reinforce its role as Europe’s biggest fossilfuel producer or rise to the occasion and lead a just transition away from oil, gas and goal production. You dont phase something out by building more of it. Athletes know this.
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.
But with global demand on the rise, how do we speed up the process of reducing emissions? All at sea The global shipping industry is a big generator of greenhouse gas emissions, largely due to its dependency on fossilfuels. But hydrogen can provide a clean fuel alternative for long-haul shipping.
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.
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.
billion) in fossilfuel firms. This includes companies that specialise in extracting, refining, transporting and distributing fossilfuels. million) shareholding in the oil and gas supermajor Chevron, as well as stakes in Shell, Equinor, and 109 other fossilfuel companies. billion (£1.8 million in April.
The beginning of the end for fossilfuels? This text is a step forward on our path towards phasing out fossilfuels, but is not the historic decision we hoped for.” More than 100 countries came to the table pushing for an official agreement to “phase out fossilfuels.”
JPMorgan Chase is the world’s biggest financier of fossilfuels, according to environmental organisations. In 2020 the bank pledged to end fossilfuel loans for Arctic oil drilling and phase out loans for coal mining. Fossil Finance. JP Morgan declined to comment.
Hope Denton, Acoustic Solutions Specialist at Jacksons Fencing, writes The UK has set ambitious targets to reach net-zero carbon emissions by 2050 and one key technology in achieving this goal is air source heat pumps (ASHP). These systems harness renewable energy from the outside air to heat homes and businesses.
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.
degrees Celsius and ensure we reach net-zero emissions by 2050 or sooner. . Turning taxpayer dollars into stranded fossilfuel assets is no way to fuel a real economic recovery. Even if many fossilfuel companies struggled financially for years before the pandemic, they are getting billions in federal aid.
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. For their part, power companies are exploring ways to build out the renewable energy system to meet the coming surge in industrial electricity demand.
EIA and IEA are out with projections for emissions and fossilfuel consumption. On our current policy trajectory, there is no peak in sight, according to EIA By 2050, we will likely see a 50% increase in energy consumption. That means emissions could rise through 2050, absent massive changes to policy.
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. Currently, this policy would lock the UK into using fossilfuel-based energy generation to well past 2050.”
Researchers say world has enough fossilfuel projects planned to meet demand forecasts to 2050 if net zero is reached The world has enough fossilfuel projects planned to meet global energy demand forecasts to 2050 and governments should stop issuing new oil, gas and coal licences, according to a large study aimed at political leaders.
The new regulations, which are both reasonable and achievable, will help Canada deploy the clean electricity required to meet our 2050 net-zero targets. Provinces with grids based on fossilfuels tend to have the highest rates. have the cleanest grids and the lowest rates.
More than 100 billion tons of resources enter the economy every year — everything from metals, minerals and fossilfuels to organic materials from plants and animals. Use of resources has tripled (automatic PDF download) since 1970 and could double again by 2050 if business continues as usual. We would need 1.5
Natural gas is not cleaner than other fossilfuels and using it instead of coal or oil risks achieving little or no reduction in greenhouse gas effects, says science advisory group the European Academies’ Science Advisory Council (EASAC) in a new report “Future of Gas”.
In this week’s edition of Smart Energy’s Power Playbook, Yusuf Latief reports on an investment update from the International Energy Agency (IEA) which has found that of the total $3 trillion expected to be invested in energy, the lion’s share will go into renewables and the power grid, surpassing fossilfuels. What do you think?
An in-depth article by the website Carbon Brief argues that the fuel is unlikely to be taken up universally, particularly as “the volume required to satisfy all the possible applications for low-carbon hydrogen would likely far exceed the amount available, even if production is significantly scaled up.”. Credit: Gaia Lamperti.
OTTAWA — Canada will see 700,000 more energy jobs in 2050 in a net-zero 2050 than we have today , according to a new report from Clean Energy Canada with modelling from Navius Research. million job decline in fossilfuels in this scenario (the world will want a lot less oil and gas), this is far exceeded by the 2.2-million
We spend a lot of time talking about the energy transition needed if our society is going to transition to a net-zero economy by 2050," Microsoft’s environment chief, Lucas Joppa, told me. But this is a signal that a giant tech company is willing to understand the demands of the community, under-served customers and the public at large.".
It also looks at the persistence of fossilfuels in its energy mix. On the other hand, DNV forecasts fossilfuels will still account for 40% of its energy mix in 2050. Natural gas consumption will remain high with 2050 consumption marginally below 2023 levels and 58% being imported.
Arizona may soon join a lengthening list of states pledging to reach 100 percent carbon-free power by 2050, although a final decision on its plan to get there won’t be made until after Tuesday’s election. By midcentury, these utilities will be required to phase out all fossil-fueled generation.
BP will cut its oil and gas output by 40 percent by 2030 and increase its low-carbon investment tenfold by then, the company announced Tuesday as it begins to detail its 2050 net-zero strategy. BP has been upfront about the ongoing role of fossilfuels in its long-term plans.
GLASGOW, SCOTLAND – Only two of the 35 stalls lauding countries’ green credentials at the COP26 UN climate summit mention the need to cut fossilfuel production — the chief cause of the carbon emissions driving climate change. . We urge all leaders to put people and the planet over the profit of the fossilfuel industry.”.
EIA and IEA are out with projections for emissions and fossilfuel consumption. On our current policy trajectory, there is no peak in sight, according to EIA By 2050, we will likely see a 50% increase in energy consumption. That means emissions could rise through 2050, absent massive changes to policy.
Billed by the fossilfuel industry as a climate solution, dozens of planned blue hydrogen projects in Europe could consume more natural gas each year than France, and produce emissions on a par with Denmark, a DeSmog analysis has found. “You want me to admit that we have a lot of CO2 emissions because of blue [hydrogen].
That may seem an audacious notion from a company whose business model for well over a century has centered around bringing fossilfuels to market — and is banking on petroleum being a key, albeit declining, fuel for decades to come. Supply, meet demand. Even with incentives, SAF can be a tough sell.
But demand for polluting fossilfuel-derived plastics could peak by 2035 if business and government works together to create a more sustainable plastic supply chain, report finds. Gilfillan said this outcome depended on all actors playing a part in overhauling the way plastic is used in modern society.
“Investing in new fossilfuel infrastructure is moral and economic madness,” UN Secretary-General António Guterres said as the Intergovernmental Panel on Climate Change (IPCC) released part of its latest report on Monday. Such investments will soon be stranded assets, a blot on the landscape, and a blight on investment portfolios.”.
Nearly two thirds of social media posts put out by six major European fossilfuel and energy companies since the end of 2019 present a “green” image of the company, despite the majority of their business activity remaining in fossilfuels, reveals new analysis by Desmog.
Over 600 businesses including Unilever, Netflix, and Volvo Cars have signed an open letter urging world leaders to strengthen short and long term climate targets, end support for fossilfuels, and ramp up climate finance ahead of crunch talks at the G20 and COP26 summits this autumn.
BNEF reports that global investment in the clean energy transition rose 30 per cent last year to record levels Global investment in the clean energy transition soared to record levels last year, surpassing $1tr as the sector matched the level of investment in fossilfuels for the first time. warming scenario.
New large-scale fossilfuel projects have become mostly unworkable in the Pacific Northwest, with dozens canceled over the past decade due to fierce opposition from local communities. First, developers proposed a series of coal train projects in the early 2010s, as domestic coal demand went into decline but was soaring overseas.
Hydrogen is already heavily used in refining, and replacing conventional hydrogen (produced from fossilfuels) with green hydrogen can substantially lower the overall carbon footprint. According to research from Wood Mackenzie, hydrogen demand is predicted to surge in the years ahead, growing by over 50% by 2050.
meters, the Flow network will have a capacity to transport substantial quantities of hydrogen, offering an efficient solution to address the expected increase in demand. With Europe aiming for carbon neutrality by 2050, hydrogen features prominently in the regions energy strategy. With a pipeline diameter of 1.4
Shell is chasing carbon neutrality by 2050 or sooner and the project in the Netherlands offers a glimpse of how it hopes to get there. “It will also be another important next step in our ambition to become a net-zero emissions energy business by 2050 or sooner, in step with society.
UK fossilfuel imports from authoritarian petrostates surged to £19.3 Petrostates are countries that are economically heavily dependent on fossilfuel production. billion on fossilfuel imports from the year beginning February 2022. billion on fossilfuel imports from the year beginning February 2022.
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