New York to fine fossil fuel companies $75 bn under new climate law

New York state will fine fossil fuel companies a total of $75 billion over the next 25 years to pay for damage caused to the climate under a bill Governor Kathy Hochul signed into law recently. The law is intended to shift some of the recovery and adaptation costs of climate change from individual taxpayers

ADB lauds India’s fossil fuel subsidy reforms

India has since 2010 made noteworthy progress on fossil fuel subsidy reform through a calibrated ‘remove’, ‘target’, and ‘shift’ approach, the Asian Development Bank (ADB) said in a new report. “By carefully balancing the combined effect of three key policy levers – retail prices, tax rates, and subsidies on selected petroleum products – the country

India will find it difficult to slash fossil fuel imports: Gadkari

India, an oil guzzler with a massive fossil fuel market, will find it difficult to cut crude imports by 25 per cent, Minister of Road Transport and Highways Nitin Gadkari said at BloombergNEF summit. India imported 87.7 per cent of its crude oil in 2023-24. Gadkari further said that India no longer needed subsidies on

IHG unveils industry-first low carbon pioneers programme

IHG Hotels & Resorts has unveiled its Low Carbon Pioneers programme, aiming to lead the hospitality industry in energy efficiency and sustainability. The initiative features hotels that operate without fossil fuel combustion on-site and rely on renewable energy. The Low Carbon Pioneers programme is a first in the industry, creating a community of energy-efficient hotels

Record breaking increase of carbon dioxide in March

Researchers that track the steady build-up of the major gas responsible for warming the globe say that the amount of carbon dioxide (CO2) in the atmosphere has recently experienced the biggest jump ever measured. This year’s March worldwide average of carbon dioxide concentration was 4.7 parts per million, or ppm, greater than that of March

First tidal-powered engine produced

In 2022, engineers in Scotland produced the first car powered by tidal energy extracted from the sea. This breakthrough demonstrates the feasibility of marine power for practical applications like transportation. With further innovation, ocean-powered vehicles could become more widespread in the coming decades. Marine energy offers an immense, predictable and renewable energy resource. As the

Coal is preparing to say adieu

More than two years after climate negotiators first attempted to consign coal to history, the dirtiest fossil fuel is having a moment. Thanks to a combination of China’s energy insecurity — pushing Beijing back to trusted power sources — plus rising Indian demand, the continued fallout from the war in Ukraine and faltering international programs

The world’s largest natural hydrogen deposit discovered

Researchers found the largest deposit of this natural resource in the world in a mine in Albania. The discovery opens the door to new ways of capturing hydrogen and using it as a clean fuel. Natural hydrogen, also known as white hydrogen (because it is produced naturally in the earth’s crust), is one of the

Need research on reducing dependence on fossil fuels: Gadkari

Union Minister Nitin Gadkari said research work needs to be done on ways to cut down the dependence on fossil fuels as that will also help in reducing ecological and environmental issues. Research works also have a huge potential to make sustainable life for socially, economically and educationally backward classes, the Minister for Road, Transport

Biofuels comeback will give West a rare energy win

A global drive to replace combustion engines with electric cars has threatened to undermine biofuels. In 2024, planes and ships will open a new avenue for propellants made from food and plant waste. That could offer a lifeline to fossil-fuel majors such as BP (BP.L), TotalEnergies (TTEF.PA) and Eni (ENI.MI) – and benefit the West.