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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.
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.
to scrub fossilfuels from cleaning products. billion over the next 10 years into initiatives that will allow it to replace chemicals in its cleaning products made from fossilfuel feedstocks with greener alternatives — an investment it described as critical to meeting its aim of achieving net-zero emissions from its products by 2039.
The UKs ambitious target to increase electric vehicle (EV) sales to 80% of all new car purchases by 2030 could result in them accounting for up to 5% of total power demand, according to energy analysts at Montel, though there are concerns whether capacity buildout will be adequate. The total increase in demand from EVs could add 17.12
Morgan Stanley will measure CO2 impact of loans and investments. bank to commit to measuring and disclosing the climate impact of its loans and investments, announcing last week that it has joined a multi-trillion dollar group of global financial institutions developing a standardized method for carbon accounting. Finance & Investing.
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. This is not climate leadership. It is greenwashing. And it must stop.
to six times more expensive than hydrogen from unabated fossilfuels. This staggering price difference has led to a slow market takeoff, highlighting the pressing need for greater demand-side incentives and policy intervention. But here’s the kickergreen hydrogen remains 1.5
The commissioners cited multiple complementary benefits as justification for the decision: greenhouse gas emissions reductions, the ability to soak up surplus renewable electricity, and grid demand flexibility. NRDC’s Delforge said the SGIP HPWH incentive program is expected to be online by the end of 2020. A view from the field.
The key solutions today are biofuels, only displacing a mere fraction of fossilfuels-based jet fuel, and offsets. This isn't Amazon's first investment in biofuels. Last year, Neste delivered its first batch of sustainable aviation fuel via pipeline for airlines refueling at San Francisco International Airport to use.
The push to quickly transition carbon-intensive activities away from fossilfuels while meeting the world’s growing energy needs has put electricity producers and consumers squarely in the forefront of the emerging clean economy. And the era of fossilfuels is hardly over. Subscribe here.
But with global demand on the rise, how do we speed up the process of reducing emissions? Here are three key logistics and transport areas where the UK should be ramping up investment in hydrogen in 2025. Hydrogen fuel cells are the perfect solution for longer-haul trucks which dont go back to a depot overnight to charge.
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
In fact, some predictions expect investing will into low-CO2 power be nearly twice that in fossilfuel Worldwide spending on clean energy infrastructure and tech is currently aligned to reach $2 trillion by the close of this year, even as new projects face challenges due to higher financing costs. ”
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
Anthoni Salims Strategic Investment The development of this groundbreaking facility ties back to the vision and investments of Anthoni Salim, Indonesia’s influential billionaire. At the core of the plants design is the capability to burn hydrogena fuel source hailed for its low to zero carbon emissions. GW by 2030.
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.
Meeting AIs Energy Demands with Innovative Solutions Artificial intelligence has seen explosive growth over the past few years, with generative AI tools like ChatGPT igniting the demand for powerful computing infrastructure. More than just meeting demand, however, is the need to address the environmental impact of AIs growth.
The Securities and Exchange Commission (SEC) this week fired a shot over the bow at Wall Street companies that promise to help investors avoid putting their money into fossilfuels and tobacco — but steer funds towards those companies anyway. WisdomTree did not respond to a request for comment from DeSmog. WisdomTree is hardly alone.
The ambitious proposal was included in the REPowerEU plan , which detailed a vast number of changes designed to curb reliance on Russian fossilfuels by 2027, and thus catalysing Europe’s transition to renewable energy. In doing so, we could see an acceleration in the transition to net-zero.
Its not just a cost; its a calculated move to recover the massive upfront investment in infrastructure while keeping costs manageable enough to entice early adoption. The fixed-rate structure and regular price reviews every three years offer transparency while creating a predictable market environment for investments.
"Solar plus battery storage can provide value in two ways: first, energy reliability for customers during emergency power outages, and second, during non-emergencies, to help the grid balance demand and generation," said Dawn Weisz, chief executive of California utility MCE, during a breakout session at last week’s virtual VERGE 20 event. .
The UK government’s move to award £22 billion in subsidies to carbon capture projects followed a sharp increase in lobbying by the fossilfuel industry, DeSmog can reveal. Others engaging regularly with ministers on CCS policy include heavy manufacturing companies, CCS technology firms, lobby groups, and investment funds.
Image Credit: JCB Advancements in Internal Combustion Hydrogen Engine Technology JCB has invested 100 million into the development of its hydrogen combustion engine over three years, involving 150 engineers in this ambitious project.
Nel ASA , a global leader in renewable energy technology and a pioneer in hydrogen production, has received up to USD 29 million in investment tax credits for its planned manufacturing expansion in Michigan. Treasury, and the IRS, aiming to incentivize clean energy investments. The 48C program is jointly managed by the U.S.
This region plays a vital role in advancing Chinas clean energy goals, and Sinopec’s increased production will help meet the rising demand for hydrogen in transportation, industry, and other sectors. Billion Investment in Clean Energy Sinopecs investments reflect its long-term commitment to hydrogen and green fuels.
Vic Shao, chief executive of charging infrastructure company Amply Power, highlighted that while fossil-fuel prices typically fluctuate about 25 percent per year, renewable energy prices can experience shocks of up to 400 percent in just one day. For large-scale fleet managers, this makes adopting ZEV solutions incredibly tricky. .
We are presented with a rare opportunity to invest in new innovations, rebuild our data and power infrastructures and supply chains to restore and strengthen the economy while healing the environment. The price of oil plunged below zero on some days, and customer demand remains at an all-time low. Back to normal is not an option.
How These Companies Are Tackling Climate Change Using Green Hydrogen Green hydrogen is paving the way for a sustainable future, offering a clean and carbon-free alternative to fossilfuels. Green hydrogens potential to replace fossilfuels in transportation , manufacturing, and energy generation is immense.
Photo by Amelia Holowaty Krales / The Verge Demonstrators flood city streets ahead of a key United Nations climate summit with a clear message for Joe Biden: ‘end fossilfuels.’ Salmon have dwindled with rising temperatures , a consequence of burning fossilfuels. Keep it in the ground, transition us off fossilfuels.”
While there are a number of ways that the regulations will help achieve this, the final details for the clean electricity investment tax credit worth an estimated $25.7 Clean power is about more than just affordabilityits also about attracting international investment. billionwill be key to smoothing the road ahead for provinces.
Capturing heat that would otherwise dissipate into the environment offers an opportunity to boost industrial efficiency, reduce reliance on fossilfuels, and advance the global transition to net-zero carbon emissions by mid-century. Importantly, heat capture complements renewable energy systems.
Those processes use a lot of energy and largely come from fossilfuels; one-third of U.S. A key route to industrial emissions reductions is electrification (replacing industrial fossilfuels with electric alternatives). greenhouse gas emissions come from industry. Start with heat.
This activity is partly the result of a $140 million investment Plenty announced last year , just one of a slew of similar deals in the indoor ag sector. Consumer demand is fuelinginvestment in CEA," Ceaser explained by email. The facility will supply 100 grocery stores when production begins later this year.
The company has highlighted growing demand for green hydrogen, particularly in industrial applications and heavy transport, as a basis for its strategic shift. Hydrogen, which is seen as a versatile energy carrier with broad applications, has drawn substantial investment worldwide as industries seek to meet stringent climate targets.
Fossilfuel interests spent millions of dollars in an effort to influence Colorado’s recent legislative session, a DeSmog analysis shows — and environmental advocates say the campaign helped to scuttle a raft of clean air bills. In Colorado, emissions from fossilfuel extraction and processing are a major contributor.
Exclusive: Sultan Al Jaber says Adnoc has to meet demand for fossilfuels, and hails ‘unprecedented’ Cop deal The president of the Cop28 climate summit will continue with his oil company’s record investment in oil and gas production , despite coordinating a global deal to “transition away” from fossilfuels.
Because industrial companies recognize it will be cheaper to run processes on electricity by 2030, many are starting to make their first investments in demonstration plants and technology to electrify. Governments are the biggest buyers of commodities in the world and, as such, they send powerful demand signals. The policy levers.
No fossilfuels, no problem? Texas investments in wind and solar pay off, generating record-breaking renewable power to meet all-time high electricity demand during nearly 10-day heat dome—despite fossilfuel plant failures.
We can invest in a resilient and inclusive economy that builds jobs, infrastructure, growth and stability for the long term. Turning taxpayer dollars into stranded fossilfuel assets is no way to fuel a real economic recovery. Through our actions to tackle one crisis, we can avert another. More companies are speaking up.
However, the project’s progress remains contingent upon a final investment decision (FID) due in 2025, as well as requisite regulatory permits and supportive government policy. By incorporating this technology, ExxonMobil plans to create a diverse hydrogen supply mix to cater to varying market demands along the Gulf Coast.
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.”
This renewable energy potential, coupled with zero carbon emissions when used, has put natural hydrogen at the forefront of global efforts to transition away from fossilfuels. Unlike fossilfuels, it does not emit greenhouse gases when burned, making it valuable in the race to mitigate climate change. For example, a U.S.
Michelin Embarks on Advancing AEM Electrolyzer Technology for Green Hydrogen Breakthrough Global tire giant Michelin is making waves in the hydrogen sector with its significant investment in anion exchange membrane (AEM) electrolyzer technology. The development also aligns well with global hydrogen strategies.
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