Corporate net zero promises found to be insufficient and relying on cheap offsets

The often-misguided optimism associated with the private sector’s commitment to addressing climate change is easy to debunk. The latest evidence comes up in the Corporate Climate Responsibility Monitor 2022 published February 8, 2022, by Germany-based think tank New Climate Institute (NCI). Twenty-five of the world’s largest corporates, including Apple Inc, Accenture Plc, Google LLC, Amazon.com,

India’s fuel demand reined in by COVID curbs in January

India’s fuel consumption fell in January after scaling a nine-month peak in December, government data showed, as COVID-19 curbs in several states hit mobility and industrial activity. Fuel consumption in the world’s third biggest oil consumer, a proxy for oil demand, totalled 17.61 million tonnes, down 3.7% from December and 0.2% from a year before,

India headed for steep fuel price hike in march, Deloitte says

Deloitte Touche Tohmatsu India expects the nation’s biggest fuel retailers to sharply raise pump prices after local elections end next month, adding pressure on the government and the central bank to take steps to contain inflation. “Because of the state elections, they haven’t increased the retail prices,” Debasish Mishra, partner at Deloitte, said in an

Oil and gas bankers confront their own energy transition

Can oil bankers learn renewable tricks? They may need to in this climate, judging by the experience of Douglas MacKenzie, a Citigroup banker who has spent decades advising global energy giants on fossil fuel deals since joining Goldman Sachs as an associate in 1985. “I cover Big Oil. I’m a supermajor guy,” the 63-year-old said.

Shell partners with Doosan fuel cell and KSOE on fuel cell development and demonstration project

Shell has signed a Letter of Intent (LOI) for cooperation on a marine fuel cell demonstration with Doosan Fuel Cell and KSOE (Korea Shipbuilding & Offshore Engineering). Announced today (7 February), the partnership will see the three companies build a consortium for developing and testing marine fuel cells. The trio is planning to operate a

BMC aims for ‘NetZero’ via e-vehicles and energy efficiency

With plans of sustainable development and implementing mitigation measures amid the threat of climate change, BMC budget for 2022-23 has focused on new projects aiming towards ‘NetZero’ (zero emission of greenhouse gas). Curbing air pollution, pushing for electric vehicles and charging stations, setting up an independent climate action cell (CAC) as well as seeking energy

European Commission endorses fossil gas as ‘transition’ fuel for private investment

The European Commission endorsed fossil gas as a “transition” fuel under its sustainable finance taxonomy released on Wednesday, in move campaigners called “the biggest greenwashing exercise of all time”. Private investment in gas power generation will be classed as “transitional” provided the plants use an increasing share of cleaner fuels like biogas or hydrogen, under

Shell’s carbon capture plant creates more emissions than it captures

Oil giant Shell’s Quest plant has been designed to capture carbon emissions from oil sands operations and store them underground to reduce carbon emissions. However, according to a recent study by the human rights organization Global Witness, the facility actually emits more greenhouse gas emissions than it captures. Since 2015, it has prevented the release

Australia must shift from fossil fuels or risk more than 100,000 jobs

A failure to engage with the global shift towards decarbonisation is putting thousands of jobs in regional Queensland and Western Australia at risk, as global demand for coal and gas plummets. New research published by the Centre for Policy Development (CPD) estimates that between 100,000 and 300,000 Australian jobs in emissions-intensive industries – and mostly

Sinopec completes china’s first megaton scale carbon capture project

China Petroleum & Chemical Corporation has completed the construction of China’s first megaton carbon capture, utilization and storage (CCUS) project, the Qilu-Shengli Oilfield CCUS (the “Project”) on January 29, which will reduce carbon emission by 1 million tons per year, the equivalent of planting nearly 9 million trees and shutting down 600,000 economy cars. As