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☆ The world's largest fans designed to suck carbon from the air are up and running in Iceland
▼ + stars: | 2024-05-09 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Climeworks' direct-air-capture plant can remove up to 36,000 metric tons of carbon from the air a year. AdvertisementThe startup Climeworks this week switched on the largest direct-air-capture plant, which pulls carbon dioxide from the sky and locks it away underground. Climateworks' Mammoth plant also cost hundreds of millions of dollars to build, though the company didn't disclose the exact amount. AdvertisementClimeworks aims to become large enough to remove 1 million metric tons of carbon a year by 2030 and 1 billion metric tons by 2050 — or a megaton and gigaton. The two plants could remove more than 2 million metric tons of carbon dioxide from the air each year.

Persons: Climeworks, —, it's, JPMorgan Chase, Jan Wurzbacher, Wurzbacher Organizations: Service, UN, Carbon Project, Microsoft, Swiss, JPMorgan, US Department of Energy, Occidental Petroleum Locations: Mammoth, Iceland, Paris, Canada, Norway, Oman, Kenya, Louisiana, West Texas

☆ Shell waters down 2030 carbon emissions target in latest fossil fuel industry backslide
▼ + stars: | 2024-03-14 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

Fossil fuels are the main driver of the human-caused climate crisis, and science shows deep, sustained reductions to emissions are required this decade. In an annual update on its energy transition strategy on Thursday, Shell said it will target a 15-20% reduction in net carbon intensity of its energy products by 2030 compared with 2016 intensity levels. Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix. The company retired a previous target to reduce its carbon intensity by 45% by 2035. Shell also maintained its target to halve emissions from its own operations, known as Scope 1 and 2 emissions, by 2030, saying it had already achieved more than 60% of that target.

Persons: Shell, Wael Sawan’s, “, ”, Backtrack, Mark van Baal, ” Shell Organizations: CNN Locations: “, Paris, Singapore, Germany

☆ The Wild West carbon credit era might be coming to an end as sales hit record high
▼ + stars: | 2024-02-26 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +5 min

Carbon credits have been through a tough time. But since then, the voluntary carbon market (VCM), where carbon credits are traded, has faced intense criticism for the actual emission reduction the credits provided. "So, definitely, it was a bumpy ride," said Allister Furey, cofounder and CEO of carbon credit rating and data provider Sylvera. In a vote of confidence from venture capitalists, January also saw carbon credit insurer CarbonPool secure $12 million, carbon credit investment platform Cultivo raise $14 million, and carbon project developers platform BlueLayer come out of stealth with $10 million. In all, it signals the start to the end of the carbon credit "wild west," Sylvera's Furey said.

Persons: couldn't, Verra's, Allister Furey, issuances, Mark Kenber, Sylvera's Furey, Lubomila Jordanava, Nathan Bonnisseau, Lubomila Jordanova, Magnus Drewelies, Ben Rubin Organizations: Business, Guardian, BI, Sylvera, Carbon Business

☆ Moonfare cofounder brings new startup out of stealth with $10 million. The company wants to become the operating system for carbon credit projects.
▼ + stars: | 2024-01-30 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

The voluntary carbon market, where credits are traded, is tipped to reach $250 billion by 2050 as companies ramp up efforts to reach net zero. It also helps project developers communicate credit quality with third parties and manage orders, the company claims. The idea is that by streamlining administrative, manual tasks and bringing information into one place, carbon projects can come online more quickly and improve the supply-side crunch. The product was developed in partnership with two large carbon project developers while the company was in stealth mode, Argyros said. Louis Coppey, partner at Point Nine who led December 2023's cash injection into BlueLayer, touted it as the operating system or ERP for carbon project developers.

Persons: fintech Moonfare, BlueLayer, Alexander Argyros, Argyros, –, Vivian Bertseka, Al Gore's, Gerardo Bonilla, Louis Coppey Organizations: Business, Nine, Point Locations: Berlin, London, Athens

☆ Cultivo wants to scale investment in nature-based carbon projects. It just raised $14 million with this 11-slide pitch deck.
▼ + stars: | 2024-01-30 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewA startup that helps financial institutions and corporations invest in nature regeneration projects has raised $14 million in Series A funding. Carbon credits represent one metric tonne of CO2 removed from the atmosphere, typically bought up by companies looking to reach net zero. Potential investors — financial institutions and corporations — can then choose to back a regeneration project on that land. AdvertisementThe voluntary carbon market, where carbon credits are traded, has become popular in recent years as companies race to reach their climate commitments. It also takes a slice of carbon credits sold by projects it helps to set up.

Persons: —, Mark Carney, Morgan Stanley, Manuel Piñuela, Cultivo, Piñuela, Peña Verde Organizations: Service, Business, Bank of England, Cultivo, MassMutual Ventures, Octopus Energy, Salkantay Ventures, Peña Locations: San Francisco

☆ Past decade was the hottest on record as climate change ‘surged alarmingly,’ WMO reports
▼ + stars: | 2023-12-05 | by ( Laura Paddison | Brandon Miller | ) edition.cnn.com time to read: +4 min

CNN —The decade between 2011 and 2020 was the hottest on record for the planet’s land and oceans as the rate of climate change “surged alarmingly,” according to a new report from the World Meteorological Organization. This year is also expected to be the hottest year, after six straight months of record global temperatures. Scientists have said this year’s exceptional warmth is the result of the combined effects of El Niño and human-caused climate change, which is driven by planet-warming fossil fuel pollution. A separate analysis released Monday by the Global Carbon Project found that carbon pollution from fossil fuels is on track to set a new record in 2023 – 1.1% higher than 2022 levels. The WMO report comes partway through the UN-backed COP28 climate summit, on the day focused on energy and industry.

Persons: El, Petteri Taalas, ” Elena Manaenkova, Anupam Nath, –, ” Taalas, ”, Pierre Friedlingstein, Amy Cassidy Organizations: CNN, World Meteorological Organization, Global, Project, WMO, UN, EU, Copernicus, DG DEFIS, Reuters, El Niño, University of Exeter’s Global Systems Institute Locations: Dubai, India, China, US, EU, Mayong, Gauhati, Assam, Greater London, Antarctica, Paris, El, COP28

☆ COP28: Abu Dhabi teams up with HSBC, others on climate finance think-tank
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Dec 4 (Reuters) - Abu Dhabi will host the newly launched Global Climate Finance Centre in partnership with nine founding members including the World Bank, lender HSBC (HSBA.L) and asset managers BlackRock (BLK.N) and Ninety One (N91.L). Described as an independent think-tank and research hub, the centre will look at barriers to investment into low-carbon projects and develop the financial frameworks to overcome them. "It will put Abu Dhabi and the UAE at the forefront of driving global change in sustainable finance, providing a positive legacy for years to come," COP28 President Sultan Al Jaber said in a statement on Monday. Reporting by Maha El-Dahan and Simon Jessop; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Abu, Sultan Al Jaber, Maha El, Simon Jessop, William James Our Organizations: Climate Finance, World Bank, HSBC, BlackRock, Thomson Locations: DUBAI, Abu Dhabi, UAE

If China and India were excluded from the count, world carbon dioxide emissions from the burning of fossil fuels and cement manufacturing would have dropped, Friedlingstein said. The world in 2023 increased its annual emissions by 398 million metric tons, but it was in three places: China, India and the skies. China’s fossil fuel emissions went up 458 million metric tons from last year, India’s went up 233 million metric tons and aviation emissions increased 145 million metric tons. Outside of India and China, the rest of the world’s fossil fuel emissions went down by 419 million metric tons, led by Europe’s 205 million metric ton drop and a decrease of 154 million metric tons in the United States. Last year the world's carbon emissions increased but dropped in China, which was still affected by a second wave of pandemic restrictions.

Persons: Pierre Friedlingstein, Jim Skea, ” Friedlingstein, Friedlingstein, India’s, Inger Andersen, ___ Read, Seth Borenstein Organizations: United Arab Emirates, Carbon Project, University of Exeter, United Nations Environment, AP Locations: DUBAI, United Arab, China, India, Paris, COP28, United States, U.S

The world is heading for considerably less warming than projected a decade ago, but that good news is overwhelmed by much more pain from current climate change than scientists anticipated, experts said. Even though emissions of heat-trapping gases are still rising every year, they’re rising more slowly than projected from 2000 to 2015. “It requires the tearing out the poisoned root of the climate crisis: fossil fuels,” said United Nations Secretary-General Antonio Guterres. Guterres, numerous climate scientists and environmental activists all say what’s needed is a phase-out — or at the very least a phase-down — of coal, oil and gas. “This is throwing the global energy transition and humanity’s future into question.”___Read more of AP’s climate coverage at http://www.apnews.com/climate-and-environment.

Persons: That’s, It’s, ”, Niklas Hohne, Bill Hare, Rob Jackson, Ani Dasgupta, ” Dasgupta, Hare, Anne Olhoff, “, ” Jackson, Melanie Robinson, that’s, Johan Rockstrom, Antonio Guterres, Sultan al, Jaber, Greta Thunberg, Adnan Amir, ’ ’, Majid Al Suwaidi, we’ve, Institute’s Hohne, Al Jaber, ” Hohne, Dasgupta, can’t, Inger Andersen, ” ___ Read, Seth Borenstein Organizations: United Nations, United Nations Environment, NewClimate, Stanford University, Project, Resources, UNEP, World Resources Institute, Potsdam Institute, Climate Research, Center for Biological Diversity, Biden Administration, Twitter, AP Locations: Dubai, Paris, Europe, Pakistan, Libya, Arab Emirates, ”, al, greenwashing, Russia, Ukraine

People who claimed the power to control nature and the energy resources around them saw the environment as a tool to be used for progress, historians say. Over hundreds of years, that impulse has remade the planet's climate, too — and brought its inhabitants to the brink of catastrophe. Tapping nature for its resources drove progress and productivity for some, but it's also been a major driver of emissions and environmental degradation. By the mid-19th century, steam power was adopted in manufacturing, cotton mills, steam ships and locomotives around the world, turning coal into a global trade. Centuries later, the United Kingdom has nearly weaned itself off coal, with weeks or months at a stretch where the national grid gets no coal power.

Persons: ”, Luis Zambrano, it's, Anya Zilberstein, ” Zilberstein, Vera S, Candiani, Jan Golinski, “, ” Golinski, Deborah Coen, Andreas Malm, Barak, it’s, J.R, McNeill, ” McNeill, Victor Seow, Elizabeth Chatterjee, “ Indira Gandhi, Chatterjee, Joshua Howe, Howe, Yale's Coen, —, ” Howe, Fredrik Albritton Jonsson, Jonsson Organizations: National University Autónoma, Concordia University, Mexico City —, America, Princeton, University of New, Yale, Lund University, Tel Aviv University, Laboratory, Global, Project, Energy, Georgetown University, Communist, University of Chicago, Reed College, . Environmental Protection Agency, U.S, AP Locations: Nations, Mexico, Lake Texcoco, Montreal, Spanish, University of New Hampshire, Maui, Britain, Sweden, ”, India, Egypt, Nigeria, Ottoman Empire, United Kingdom, Cumbria, England, Wales, Scotland, China, Japan, U.S, Europe, United States, British, Portland , Oregon

☆ Occidental Petroleum beats Q3 estimates on higher production
▼ + stars: | 2023-11-08 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. The oil and gas company reported a $1.18 a share profit compared to average Wall Street analyst forecasts for an 84 cent a share profit, according to LSEG. Its chemical and midstream unit earnings fell compared to a year ago. Midstream swung to a loss of $130 million from a $104 million profit. Its chemicals business profit fell to $373 million from $580 million a year ago.

Persons: Brendan McDermid, Warren Buffett's, Midstream, Sabrina Valle, Sourasis Bose, Krishna Chandra Eluri, Stephen Coates, Jamie Freed Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Rights, Tuesday, Occidental, Berkshire Hathaway's, Anadarko Petroleum, BlackRock, Devon Energy, Thomson Locations: New York, U.S, Berkshire, Occidental, Texas, Devon, Houston, Bengaluru

☆ US oil production just hit an all-time high. 'Millions of people will die,' if this trend continues, a Stanford climate scientist said.
▼ + stars: | 2023-10-17 | by ( Seth Borenstein | Associated Press | ) www.businessinsider.com time to read: +6 min

US oil production reached an all-time high last week at 13.2 million barrels per day. If this trend continues, "millions of people will die," Stanford climate scientist Rob Jackson said. And it conflicts with oft-repeated Republican talking points of a Biden "war on American energy." Weekly domestic oil production has doubled from the first week in October 2012 to now. US oil production reached an all time high recently.

Persons: Biden, Rob Jackson, Bill Hare, Hare, John Sterman, Jackson, Samantha Gross, Gross, Stanford's Jackson, Joe Biden, Susan Walsh Biden's, Jared Bernstein, Bernstein, They've, Joshua Boak Organizations: Service, United, Biden, U.S . Department of Energy's Energy, Administration, United Nations, United Arab Emirates, Exxon, Mobil, Cote d'Ivorie, Climate Interactive, Stanford University, Carbon, White, Brookings Institution, Energy, EIA, AP, American Energy, Republican, House Energy, Commerce, White House Council, Economic Advisers, Wildlife Locations: Stanford, United States, Norway, Australia, United Kingdom, Canada, France, Shell, Guyana, Cote, Saudi Arabia, Alaska, Washington ,

United States domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. Weekly domestic oil production has doubled from the first week in October 2012 to now. White House officials have long considered increased oil production inside the United States as a bridge to help soften the transition to renewable energy sources. She said U.S. oil is less carbon-intensive than other oil, an argument the UAE’s oil company also makes. “Demand drives production — we need to change the whole system to reduce oil demand.”“Replacing oil in power production is a lot easier than replacing oil in transportation,” Gross said in an email.

Persons: Biden, Bill Hare, Hare, ”, John Sterman, Rob Jackson, “, ” Jackson, Samantha Gross, ” Gross, ” Stanford’s Jackson, ” Jared Bernstein, ” Bernstein, “ They’ve, They’ve, Joshua Boak, ___ Read, Seth Borenstein Organizations: Biden, U.S . Department of Energy’s Energy, Administration, United Nations, United Arab Emirates, Exxon, Mobil, Cote d’Ivorie, Interactive, ” Stanford University, Carbon, White, Brookings Institution, Energy, EIA, Republican, House Energy, Commerce, American Energy, White House Council, Economic Advisers, Wildlife, Associated Press, Washington , D.C, Twitter, AP Locations: U.S, Norway, Australia, United Kingdom, Canada, France, Shell, Guyana, Cote, United States, Saudi Arabia, Alaska, Washington ,

BP’s (BP.L) chief executive resigned late on Tuesday after the UK oil giant’s board found he had not been sufficiently transparent about past relationships with company colleagues. While his exit appears unrelated to strategy, it puts Chair Helge Lund and the rest of BP’s board on the spot over the $112 billion group’s future direction. On the face of it, BP’s strategy should be unaffected by Looney’s missteps. While Looney subsequently revised the reduction in hydrocarbons to 25%, BP remained more committed to the energy transition than European rival Shell (SHEL.L) or U.S. giants Exxon Mobil (XOM.N) and Chevron (CVX.N). Reuters Graphics Reuters GraphicsLund and board colleagues may be minded to do the same.

Persons: Bernard Looney, Helge Lund, Looney’s missteps, Looney, Wael Sawan, Norway’s Equinor, Murray Auchincloss, Peter Thal Larsen, Sharon Lam Organizations: Reuters, BP, Shell, Exxon Mobil, Chevron, Exxon, New Shell, Reuters Graphics, Graphics Lund, International Energy Agency, Thomson Locations: Ukraine, Germany, U.S

LONDON (AP) — Global energy giant BP, one of Britain’s biggest and most recognizable companies, is scurrying to find a new chief executive after CEO Bernard Looney became the latest corporate leader to step down amid questions about his personal conduct. BP conducted an internal review last year after receiving allegations about personal relationships between Looney and other company employees. “The company has strong values and the board expects everyone at the company to behave in accordance with those values,” BP said. Looney had spent his entire career at BP after joining the company as an engineer in 1991. Soon after becoming CEO, Looney set a goal of achieving net zero emissions by 2050 — in line with goals then adopted by the U.K. government.

Persons: Bernard Looney, Looney, Murray Auchincloss, ”, “, Bob Dudley, Harvey Weinstein, Jess Staley, Jeffrey Epstein, Jeff Shell Organizations: —, BP, London Stock Exchange, Greenpeace, Barclays, . Locations: Ukraine

☆ Oil investors open to dividend cut to boost clean energy spending -Deloitte
▼ + stars: | 2023-09-12 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +3 min

Energy firms have sharply increased shareholder returns on the back of high energy prices after years of overspending on production growth. Oil and gas companies led all industries in cash distribution to shareholders in 2022, with a combined 8% dividend and buyback yield, Deloitte said. But investors holding $2.3 trillion of equity in the global oil and gas industry are changing their expectations about growth markets faster than energy company executives, Deloitte said. About 75% of surveyed investors stated that they would continue holding shares to accelerate investments in lower-carbon technologies, even if yields shrank to as little as 3%. About 43% of surveyed investors emphasized battery storage as their key area for investment.

Persons: Chen Aizhu, Kate Hardin, Hardin, Sabrina Valle, Jamie Freed Organizations: China National Petroleum Corporation, Dalian Petrochemical Corp, REUTERS, Deloitte, . Energy, Oil, Exxon Mobil, Chevron, BP, Shell, Thomson Locations: China, Dalian, Liaoning province, HOUSTON

LONDON (AP) — The chief executive of British energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues, the company said Tuesday. He is stepping down with immediate effect and will be replaced by chief financial officer Murray Auchincloss on an interim basis, BP said. A statement from the firm said its board reviewed allegations relating to Looney's conduct “in respect of personal relationships with company colleagues" in May last year. The executive disclosed a small number of past relationships prior to becoming CEO and no breach of company rules was found, the statement said. “The company has strong values and the board expects everyone at the company to behave in accordance with those values.

Persons: Bernard Looney, Murray Auchincloss, Looney “, Looney Organizations: BP

☆ Opna helps corporates invest in carbon removal. It just raised $6.5 million with this 11-slide pitch deck.
▼ + stars: | 2023-09-05 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Opna, a startup that helps carbon removal projects get funded, just raised $6.5 million. Opna, which helps corporations invest in carbon removal or reduction projects, has just secured $6.5 million from European venture capital firm Atomico. The London-based startup, founded in 2022 as Salt, helps corporations find, fund, and monitor carbon removal projects. Carbon removal projects generate carbon credits, one of which represents one ton of Co2 removed from or prevented from entering the atmosphere. This led to market hesitation and a subsequent move to fund carbon removal projects directly via forward-purchasing and long-term off-take agreements.

Persons: Shilpika Gautam, Gautam, Opna, Tiny Organizations: Stripe's Frontier Fund Locations: London, India, Gaumukh, Atomico

☆ High-powered satellites have made blue-carbon credits a reality. But they still face accuracy and scalability issues.
▼ + stars: | 2023-08-10 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

Breakthroughs in satellite technology have helped commercialize blue-carbon credits. Over $50 billion worth of carbon credits have been predicted to be traded annually in the voluntary market, according to McKinsey. Blue carbon, which is stored in coastal and marine ecosystems, has become an increasingly important asset in the fight against the climate crisis. Carbon credits can then be verified and issued faster. Satellite data has to be paired with sonar, divers collecting information, or other field data, she added.

Persons: Philip Davis, Guy Wolf, Oxford University spinout OxCarbon, it's, Wolf, David Gross, you've, Thomas Merriman, Donna Lyndsay, Traganos, It's, Kita's Merriman, Merriman, Zoë Balmforth, Cameron Frayling Organizations: McKinsey ., World Resources Institute, Tech, Oxford University, Bank OxCarbon, Kita, Ordnance Survey Locations: Bahamas, Caribbean, Islamorada , Florida

☆ Exxon profits slump 56%, joins global peers in energy price hit
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Profits for global oil majors have dropped by about half from a bumper 2022, when Russia's invasion of Ukraine sent oil and gas prices soaring. Excluding last year's record second quarter, however, Exxon posted its strongest result for the April-to-June quarter in more than a decade, the largest U.S. oil company said, helped by cost cuts and the sale of less profitable assets. "You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter" excluding last year, she said. "Exxon results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note. It distributed about $8 billion in cash to shareholders in the second quarter, including about $3.7 billion in dividends.

Persons: Kathryn Mikells, Biraj Borkhataria, Darren Woods, Woods, Mikells, Sabrina Valle, Sonali Paul, Jason Neely, Marguerita Choy Organizations: Exxon, Reuters, RBC, Chevron, Brent, Reuters Graphics Reuters, Thomson Locations: Ukraine, U.S, Guyana

☆ Carbon data and credit rating startup Sylvera just raised $57 million as it heads to the US. Check out the 12-slide pitch deck it used to raise the fresh funds.
▼ + stars: | 2023-07-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Climate tech startup Sylvera has just raised $57 million for its carbon data platform. Sylvera, a startup helping businesses invest in high quality carbon credits, has just raised a $57 million Series B round led by Europe's Balderton Capital. The London-based startup, founded in 2020, provides carbon data and carbon credit ratings in an effort to bring integrity to a market plagued with quality issues. One carbon credit represents 1 metric ton of carbon dioxide or equivalent that has been removed from or prevented from entering the atmosphere. As well as decarbonization, many companies look to compensate for their hard-to-abate or historic emissions, which is where carbon credits come in.

Persons: Sylvera, Furey, it's, Serge Kruppa, 9yards Organizations: Balderton Capital, Fidelity Strategic Ventures, Bain & Company, Europe's, McKinsey, Paris, Index Ventures, Insight Partners Locations: London, New York

☆ Brazil Is Key to Slowing Global Warming. But Its Carbon Market Has Struggled.
▼ + stars: | 2023-06-07 | by ( Paulo Trevisani | ) www.wsj.com time to read: +8 min

With Brazil struggling in its efforts to create a regulated carbon market, the country’s new president is moving to scrap his predecessor’s approach and start anew. Financing carbon-capture projects such as reforestation could also generate carbon credits. For example, a local regulated carbon market could help exporters avoid the carbon border adjustment mechanism the EU plans to charge on some imported products from 2026. Exporters also hope a regulated market would help repair Brazil’s abysmal environmental reputation, a product of its history of deforestation. The da Silva administration plans to have a carbon market operating in a couple of years, Toni said.

Persons: Luiz Inácio Lula da Silva, Jair Bolsonaro, ”, Gustavo Pinheiro, Luiz Gustavo Bezerra, Mayer Brown, Pelerson Penido Dalla Vecchia, Antônio Queiroz, Bezerra, Ana Toni, Silva, Toni, da Silva, Marina Silva, Annie Groth, “, Paulo Trevisani Organizations: Brazil, Climate, Society, Union, Vale, Agence France, group’s, International Chamber of Commerce, EU, Sustainable Business, National Secretariat, Street, Brazil’s Ministry of Development, Industry, Trade, Services, Environmental Ministry, United Nations Locations: Brazil, Paris, Braskem, Brazilian, Pennsylvania, Peru, Dubai

Companies Woodside Energy Group Ltd FollowADELAIDE, May 17 (Reuters) - Australia's vast liquefied natural gas (LNG) industry is trying to pull off something that seems almost impossible. They want to lead the transition to clean and renewable energy, while at the same time continuing to invest in, and produce fossil fuels. For example, Woodside is spending some $12 billion to develop its Scarborough natural gas field off Western Australia's coast, and has another advanced LNG project with its Browse field. But the hydrogen projects are largely still at the early stages and even if all the permitting approvals are received, they will still take several years to get up and running. It's an industry-wide problem that projects take several years, and sometimes more than a decade to go from initial proposal to actual production.

☆ Why Airbus and others are betting on hydrogen-powered planes instead of electric planes
▼ + stars: | 2023-05-11 | by ( Andrew Evers | ) www.cnbc.com time to read: +1 min

One proposed solution rivals the power of fossil fuels without the emissions — hydrogen. "Airbus has been looking at hydrogen for a long time and recently, within the last years, has increased that focus. Airbus announced concept designs for several zero-emission, hydrogen-powered planes in 2020 and intends to test a hydrogen engine on an A380 in 2026. Two startups, ZeroAvia and Universal Hydrogen, are also pursuing hydrogen-powered aircraft. Both have recently completed test flights with regional-sized planes and are hoping to enter the market by 2025.

☆ JPMorgan, H&M join Google, Meta to buy, collectively, more than $1 billion of carbon removal
▼ + stars: | 2023-04-12 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

"We see Frontier's advanced market commitment as an important demand signal boost for the carbon removal market. Carbon dioxide emissions from energy production topped 36 billion tons last year, according to the International Energy Agency, with total global carbon dioxide emissions projected to have been 40.6 billion tons in 2022, according to the Global Carbon Project. So far, Frontier has spent $5.6 million buying nearly 9,000 tons of contracted carbon removal from 15 carbon dioxide removal startups that are collectively pursuing seven methods. And Living Carbon is a synthetic biology startup working on engineering natural systems to remove carbon dioxide. "However, the science is increasingly clear: Carbon removal is an increasingly necessary tool for limiting warming.

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