Greek fleet dominant in market share of Russian crude

The tanker fleet engaged in the Russian trade post-sanctions is predominantly Greek-operated and composed mostly of older aframax and MR tankers, according to Vortexa, a data analytics firm. The size of the Greek-operated fleet post-European Union ban is nearly 2.5 times bigger than the next fleet, Russia’s. Nevertheless, the market share Greeks enjoy of this

G-7 agrees to fast-track fossil fuels phase-out

The Group of Seven nations agreed to accelerate the phase-out of unabated fossil fuels but fell short of sealing a deal on a timeline to exit coal. The ministers are negotiating a joint communique that outlines support from the world’s most advanced economies for the global energy transition. The G-7 has appointed themselves leaders in

CBA launches finance to achieve sustainability goals

Commonwealth Bank of Australia (CBA) is launching a range of new green asset finance solutions to support businesses investing in green vehicles, equipment and machinery and achieving their sustainability goals, while also lowering energy costs and boosting productivity. CBA’s new Green Vehicle and Equipment Finance offers discounts of up to 1 per cent off the

Use of fossil fuels likely to fall for power production

The world will likely use fewer fossil fuels to produce electricity this year in a “turning point” for planet-friendly energy, a new report says. It would be the first ever annual drop in the use of coal, oil and gas to generate electricity, outside of a global recession or pandemic. As a result, fewer warming

Cummins, Leclanché to collaborate for low emission power options

Cummins Inc. and Leclanché have announced a memorandum of understanding (MOU) aimed at collaborating to deliver lower-emissions power options for operators in the marine and rail spaces. The collaboration will allow Cummins and Leclanché to offer customers a broad range of hybrid, battery-only and fuel cell power options. Power sources may include engines, hydrogen fuel

European aviation needs €‎800bn in extra to reach netzero

European aviation faces more than €‎800bn in extra costs to reach net zero emissions by 2050 to limit climate change. The industry has committed to hitting net zero carbon emissions through a mix of new technologies, notably alternative fuels, as well as carbon offsets and more efficient aircraft, engines and air traffic management.  Reaching net

Apple creates $400m fund for decarbonization

Apple announced a major expansion of its Restore Fund, doubling the company’s total commitment to advancing high-quality, nature-based carbon removal projects. First launched in 2021 with an up to $200 million commitment with Conservation International and Goldman Sachs, the Restore Fund is now set to grow with an additional fund, including new investment from Apple,

ALFATTAN LtechUVC Green Energy to develop green energy

Al Fattan Energy and LTechUVC have joined forces to create a special purpose corporation or SPC. The SPC, called ALFATTAN LtechUVC Green Energy, will manage the development of a 200MW green hydrogen and ammonia facility. It is estimated that the project will cost approximately $400 million. The KEZAD (provisional), Abu Dhabi’s largest industrial area, will

Researchers find impacts of shutting down nuclear power plants

India recently approved the installation of 10 nuclear reactors in five states as it boosts its capability in generating clean energy. A new study estimates that if the nuclear reactors are shut, they would not only have an adverse impact on the climate and air pollution patterns, but will lead to premature deaths. Researchers at

NTPC invites bids for solar project in Gujarat

NTPC has invited bids for the Engineering, Procurement, and Construction (EPC) of a 300 MW solar project at the Khavda Renewable Energy Park in Gujarat. The scope of the work includes design, engineering, manufacturing, supply, packing and forwarding, transportation, uploading storage, installation, testing, and commissioning of the solar project, including the supply of solar modules.