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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.
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
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.
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.
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. Last August, the CPUC voted to revise the primary policy barrier that had blocked the fuel-switching incentives.
percent of the years global carbon dioxide emissions from fossilfuels, the report adds. They’re some of the most obstructive actors towards climate policy, Emmett Connaire, a senior analyst at the Carbon Majors project and one of the authors of the report, told DeSmog. The remaining 4 score only slightly higher at C-.
The motion recommends that the Toronto Transit Commission, more commonly known as TTC, decline any new ads from the Pathways Alliance and Canada Action , two of Canada’s most prominent fossilfuel marketing organizations. Toronto City Councillor Dianne Saxe introduced the anti-greenwashing motion on Sept.
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.
A new blueprint from Ceres, the Blueprint for Responsible Policy Engagement on Climate Change , lays out a science-based action agenda for companies in the U.S. First, advocate for science-based climate policy. This includes ensuring trade associations a company may belong to are not promoting policies that are not based on science.
An apocalyptic “meh” seemed to greet the government’s bumper package of energy- and climate-related policy announcements and documents released on 30 March, which appeared short on new ideas and sources of funding. A central plank was the policy paper “Powering Up Britain” , which presented plans for tackling energy security and net zero.
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
Forecast downturn still ‘nowhere near steep enough’ to limit temperature rise to 1.5C, says watchdog Business live – latest updates The world’s demand for oil, gas and coal will begin to decline this decade in “the beginning of the end” of the fossilfuel era, according to the global energy watchdog.
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. But that might create a risk whereby these companies unduly influence policy and roll-out in a way that benefits them.”
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.”
The company has highlighted growing demand for green hydrogen, particularly in industrial applications and heavy transport, as a basis for its strategic shift. Notably, Bosch pointed out the lack of policy-driven prioritization for hydrogen-to-electricity conversion in Europe, particularly in Germany, as a key barrier.
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). Pursue policies, regulations and RD&D to stimulate the market. Start with heat.
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. On the other hand, there’s been political pushback from the fossilfuel industry’s backers.
While the immediate cause is still being investigated, we do know that California’s grid was experiencing multiple, coincident stressors — high demand, generators not performing when called upon and energy imports not showing up. Time to ditch fossilfuels-centric planning. And not just in California.
They stem from the system we chose when we grabbed and relied on fossilfuels," McCarthy said. Let’s grow the demand for them.". Why aren’t we wanting it all and demanding it all? The transformation we need demands significant work in transportation, McCarthy offered. Policy & Politics. Social imperative.
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.
Three-quarters of prizes at the UK’s top sustainable advertising awards went to agencies who work for the fossilfuel industry, a DeSmog analysis has revealed. Both agencies are owned by the London-based global media group WPP. Credit: Sam Whitham.
Balancing electricity load demand , especially as intermittent renewable energy sources like wind and solar require grid adaptations. Renewable energy, while clean and sustainable, often incurs higher grid fees because significant investment is needed to integrate it into traditional grids developed for fossilfuels.
The price of oil plunged below zero on some days, and customer demand remains at an all-time low. Bailouts paper over the fossilfuel industry's weaknesses and "will create a zombie industry forever dependent on state aid for survival," according to Jason Quay, director of the Global Climate Strategy Sunrise Project. .
The group says timely rollout of policy support is needed to deliver on investments. Greater progress is needed on technology, regulation and demand creation to ensure low-emissions hydrogen can realise its full potential.” of total hydrogen demand.
These Scope 3 emissions often are seen as the third rail of climate policy. For their part, power companies are exploring ways to build out the renewable energy system to meet the coming surge in industrial electricity demand. The policy levers. Think of the demand signals that the U.S. Charting a course to 2050.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), more than 50 globally significant financial institutions have put in place an oil and gas exit policy. In fact, in 2020, during the middle of a global pandemic and its associated recession, these policies were announced once every month.
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.
But the data compiled by Brussels-based research and advocacy group Food & Water Action Europe, and shared with DeSmog, shows that 57 percent of 147 hydrogen projects under consideration by the European Commission are designed to also carry natural gas, or “blue” hydrogen made from the fossilfuel.
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. Supporting policies and continued advancements in technology will be essential for scaling its use.
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. Each year, huge quantities of fossilfuels are used to produce clothes from synthetic fibers each year. 5 opportunities of a circular economy.
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.”
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.
The International Energy Agency has found that household expenditure on energy is projected to be lower in a net-zero future than with current policies , resulting in lower energy bills. These savings also far outweigh the increased cost borne by consumers in adopting higher efficiency and fuel switching measures.
At a time when we need policies in place to cut both bills and carbon, pursuing hydrogen for home heating seems a strange policy choice. The fossilfuel industry is lobbying hard to get hydrogen pumped into homes around the country as it would allow them to continue their otherwise unsustainable businesses.
Policy Exchange, one of Westminster’s most prominent think tanks, engaged in a high-level influencing campaign over the UK’s North Sea oil and gas policies while being funded by fossilfuel interests, DeSmog can reveal. Policy Exchange received $30,000 from the oil and gas supermajor ExxonMobil in 2017.
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.
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.
Policy support from governments worldwide could play a critical role in reducing costs and expanding accessibility. For every ton of glass produced, the energy demand is immensedriving significant carbon dioxide and nitrogen oxide emissions. Hydrogen isnt the only avenue to explore.
In the early months of COVID-19, for example, electricity demand dropped , as many businesses closed and factories either halted or drastically scaled back their operations. While electricity demand has faltered during the global pandemic, the share of wind and solar generation has continued to increase. In the U.S.,
Introduction to the Fee and Its Purpose Germany has announced a landmark policy designed to accelerate its hydrogen energy revolution. By shifting its high-emission industries, like steel and chemicals, from fossilfuels to hydrogen, Germany hopes to slash greenhouse gas emissions in areas that electrification alone can’t address.
In its annual Review of Energy Policy 2023, published on 14 December, the UK Energy Research Centre (UKERC) urges the next government to take urgent action on the policies needed to deliver the energy transition. The review highlights the energy policy priorities for the next government – whether Conservative, Labour or a coalition.
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. .
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.
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