Fossil Fuel industries getting huge subsidy benefits in Australia

New research has revealed the fossil fuel industry benefits from more than $22,000 in subsidies per minute in Australia. The study, released by the Australian Institute of Research on Monday, showed subsidies cost Australians a staggering $11.6bn every year. This is a 12 per cent increase on last year’s figure and 56 times the budget

Germany aims to obtain 100% energy by 2035 through renewable sources

Germany aims to fulfil all its electricity needs with supplies from renewable sources by 2035, compared to its previous target to abandon fossil fuels “well before 2040,” according to a government draft paper obtained by Reuters on Monday. Europe’s top economy has been under pressure from other Western nations to become less dependent on Russian

Top finance firms offered fossil fuel industry $740bn of funding

A damning new analysis of the energy investments of the world’s 30 biggest listed financial firms has revealed that they collectively provided $740bn to the fossil fuel industry in 2020 and 2021 – often with limited requirements on climate. Promisingly, 29 of the 30 companies have committed to achieving net-zero financed emissions by 2050 or

Anticipating food deficiencies, Biden creates fossil fuel task force

“With regards to food shortages, it’s going to be real,” President Biden declared after meeting with NATO allies in Brussels, saying both Russia and Ukraine have been the breadbasket of Europe. “The price of these sanctions is not just imposed on Russia, it is imposed on an awful lot of countries as well, including European

Fossil fuel suppliers in the US link bank credit to climate targets

American fossil-fuel suppliers are moving to tie their bank credit lines to sustainability goals, including slashing their carbon footprint. DCP Midstream LP, which operates natural gas pipelines, unveiled Tuesday that interest and fees paid on its $1.4 billion revolving credit facility with banks such as Mizuho Financial Group and JPMorgan Chase & Co. are now

Central bank in India warns banks to monitor cos with direct fossil fuel links

According to an RBI report, while banks have relatively small exposure to companies that have direct links to fossil fuels, there are hidden risks in the form of companies that have indirect exposure. The RBI has said that lenders need to be alert of industries that are subject to green transition risks as countries across

How trump’s oil policies driven profits for Putin and fossil-fuel promoters

It was a double-whammy for two of then-President Donald Trump’s biggest patrons, Vladimir Putin and American fossil-fuel billionaires and their industry: the price of oil was too low. Between the pandemic-induced collapse in demand for oil and the price war Saudi Arabia was then fighting with Russia — two of the world’s largest producers —

O&G companies are eyeing at a windfall from the Ukraine war

Oil and gas companies are facing a potential bonanza from the Ukraine war, though few in the industry want to admit it, and many are using soaring prices and the fear of fuel shortages to cement their position with governments in ways that could have disastrous impacts on the climate crisis. “There is a huge

Russian war on Ukraine is a fossil fuel war

For Svitlana Krakovska, Ukraine’s leading climate scientist, it was meant to be the week where eight years of work culminated in a landmark UN report exposing the havoc the climate crisis is causing the world. But then the bombs started to crunch into Kyiv. Krakovska, the head of a delegation of 11 Ukrainian scientists, struggled

Non-fossil fuels forecast to be 50% of China’s power capacity in 2022

Non-fossil fuel energy sources such as wind, nuclear, solar and hydropower may make up half of China’s total power generation capacity by the end of 2022, for the first time ever, the country’s electricity council has forecast. China, the world’s biggest greenhouse gases emitter and coal consumer, is expected to add 180 gigawatts (GW) of