Global fossil fuel subsidies crossed over $5 trillion between 2010-2021

With energy consumption vital for life and business, governments often look to fossil fuel subsidies to make energy as affordable as possible. These subsidies artificially reduce the price of fossil fuels and generally take two forms: Production subsidies occur when governments provide tax cuts or direct payments that reduce the cost of producing coal, oil,

India’s dependence on fossil fuel grows: Economic Survey

Despite India’s climate commitments, the 2021-22 Economic Survey reveals that fossil fuel-based energy still outpaces the year-on-year growth of any other energy source in the country. “Between 2020-21 and 2019-20, the maximum rise in electricity generation was recorded in diesel-based thermal energy for utilities (electricity distribution companies),” the survey that was released on January 31

How the fossil fuel industry is pushing plastics on the world

We’re in the midst of an energy transition. Renewable power and electric vehicles are getting cheaper, the grid is getting greener, and oil and gas companies are getting nervous. That’s why the fossil fuel giants are looking towards petrochemicals, and plastics in particular, as their next major growth market. “Plastics is the Plan B for

Fossil fuel industry asks Morrison government for more support for CCS

The fossil fuel industry has called on the Morrison government to provide further support for troubled carbon capture and storage projects, as lobby groups turn their focus to the forthcoming federal budget. In a submission to the Morrison government’s budget consultation process, the Australian Petroleum Production and Exploration Association (APPEA) – a leading lobby group

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. China Electricity Council (CEC) has forecast that for the first time ever the country’s non-fossil energy sources make up half of China’s total power

India’s top steelmakers seek federal funds to cut carbon emissions

India’s top steelmakers have urged the government to provide federal funding and other economic assistance to help them meet targets for cutting carbon emissions, a leading industry body said. India, the world’s third-biggest emitter of greenhouse gases behind China and the United States, has pledged to achieve a net-zero carbon emission target by 2070 and

India may need to spend 11% of GDP to meet NetZero Goals: McKinsey

India may need to invest about 11% of Gross Domestic Product (GDP) over the next three decades as the world makes the transition to the goal of net- zero emissions by 2050, compared to the global average of about 7.5 per cent of GDP, according to consulting firm McKinsey. In a study released on Tuesday,

NetZero by 2050 needs $9.2 trillion annual investment

The energy transition will be a very expensive and complicated endeavor in which different countries and regions will be unevenly impacted, analysts and forecasters have been saying for years.  The world cannot just flip the switch off on the current energy systems and start running on renewables, however noble, emission-reducing, and climate-protecting this sounds.  As

Switzerland – Banks risk becoming new fossil fuel villains in 2022

Major banks, like UBS, are coming under increasing pressure to clean up their investments. As businesses were gearing up for the COP26 climate summit in Glasgow last year, one of Europe’s larger banks released an update on how it planned to do its bit to combat global warming. Switzerland’s UBS group said it had become

Living and growing with energy: what are the alternatives?

If there is a consensus on this earth, it is that life is worth living. Far from being perfect, which would be very boring, the conditions of this life must be constantly improved, this is called aspiring to progress. As we realise the limits to the burden that human activity can place on the environment,