Facing Texas pushback, BlackRock says it backs fossil fuels

At the risk of being dropped from Texas pension funds, BlackRock Inc has ramped up its message that the world’s largest asset manager is a friend of the oil and gas industries. As a large and long-term investor in fossil fuel companies, “we want to see these companies succeed and prosper,” BlackRock executives wrote in

India’s technology path key to global steel decarbonisation

The global steel industry is poised to shift from coal to hydrogen. With enough high-quality iron ore and low prices for hydrogen, India could play a pivotal role in global steel decarbonisation given its large and growing economy. Recent announcements by global steel companies in India highlight how important the nation’s steel technology path will

India’s first half February gasoline, diesel use rises

India’s gasoline demand rose on the month in the first half of February as mobility increased after Omicron-related restrictions eased, while diesel consumption also increased. Gasoline use rose by 7% on the month to 585,000 b/d in the previous fortnight, according to state-controlled refiners that account for around 90pc of India’s fuel sales. Average driving

Oil and Gas UK removes any mention of fossil fuels in rebrand

Fossil fuels leaders have been accused of a “PR stunt” as an attempt to “avoid the real changes needed” to Scotland’s energy mix after any mention of oil and gas was removed from the name of the industry body. Oil and Gas UK will now be known as Offshore Energies UK with industry bosses announcing

Saudi Arabia transfers 4% of Aramco to wealth fund

Saudi Arabia has transferred 4% of the shares in state-controlled Saudi Aramco to the country’s sovereign wealth fund, the Public Investment Fund (PIF), the government said today, in a move aimed at supporting efforts to restructure the kingdom’s economy and diversify it away from oil. The transfer, which was announced by Saudi Crown Prince Mohammad

Europe’s biggest banks provide £24bn to oil and gas firms despite net zero pledges

Europe’s biggest banks led by HSBC, Barclays and BNP Paribas have provided £24bn to oil and gas companies that are expanding production less than a year since pledging to target net zero carbon emissions, data shows. Investments to drill new oil wells and tap fresh gas reserves, backed by funds from major banks, appear to

USDOE will build nation’s first large-scale facility to turn fossil fuel waste into rare materials

The vast majority of critical minerals and rare earth elements that help power electric vehicles and wind turbines come from mining operations overseas. But a new initiative spearheaded by the US Department of Energy is looking for ways to extract them from fossil fuel waste. The Energy Department plans to build the nation’s first large

Medical leaders call on UK ministers to end new fossil fuel exploration

Medical leaders have made a rare intervention in the climate change debate, calling on the UK government to halt new oil and gas exploration to avoid further damage to the nation’s health. The broadside is contained in a letter signed by institutions with a combined membership of more than 250,000, including the British Medical Association,

First dual-fuel engines for Japanese power segment enter service

Two MAN 12V51/60DF engines ordered by Kawasaki Heavy Industries, Ltd. (KHI) in 2020 have entered service in Japan’s domestic power market. The engines are based at the Miyako Island power plant, owned and operated by the Okinawa Electric Power Company (OEPC). The engines will generate around 24 MW of electrical power for not only base-load,

Diesel-powered trucks can run on renewables, thanks to this new Gates-backed tech

The diesel big rig is starting to move into the carbon-free future: Electric semi trucks are already beginning to make deliveries around the country. But although they can work well for short trips—and Volvo’s newest electric semi will be able to travel up to 275 miles before charging—they still aren’t yet a viable alternative for