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☆ Why some of the 'clean' hydrogen hubs in the U.S. plan to use natural gas, a fossil fuel
▼ + stars: | 2023-10-31 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +11 min

The others will use a combination of renewables, nuclear power, and natural gas with carbon capture and storage. Putting federal money behind a program to fight climate change while using natural gas, a fossil fuel, as one of its main ingredients may not seem intuitive. To wit, the Bipartisan Infrastructure Law, where the funding for the hydrogen hubs comes from, specifically required that two of the selected hydrogen hubs be located in natural gas-rich regions. Making hydrogen from natural gas with carbon capture will require additional energy and be more expensive than producing hydrogen from natural gas where the excess carbon emissions just spew into the atmosphere. That is what the U.S. government is trying to change with its hydrogen hubs program and the production tax credit.

Persons: Joe Biden, Elizabeth Flores, Jennifer Granholm, Rachel Fakhry, Fakhry, Jonathan Ernst, Kent, Sean Heinroth, Young's, That's, Heinroth, Tom Oakland, Wisconsin —, They've, Alex Kizer, Kizer Organizations: Cummins, Star Tribune, Getty, Swiss Army, U.S . Department of the Energy, Natural Resources Defense, Energy, Department of Energy, CNBC, Reuters, Infrastructure Law, Ernst, of Energy, North Dakota Department of Commerce, Oakland, EFI Foundation, U.S, Treasury Department Locations: America, Fridley, Minn, United States, U.S, Tioga, Philadelphia , Pennsylvania, Houston, Montana , North Dakota, Minnesota, Wisconsin, Washington

"BP reported weak numbers this morning...However, notably, BP has reported exceptional gas trading results on several occasions in the last couple of years, including last quarter," said RBC analyst Biraj Borkhataria. In the downstream, customers & products reported $2.1 bln vs consensus $2.4 bln, despite being supported by very strong oil trading results, suggesting weaker refining margin capture in the third quarter." That was up from the $2.6 billion profit the company reported in the prior three months due to higher oil and gas production, strong refining margins, lower refinery maintenance and "a very strong oil trading result", but natural gas marketing and trading were weak. BP expects capital expenditure of $16 billion this year, the lower end of its indicated range of $16-$18 billion. Rivals Chevron (CVX.N) and Exxon Mobil (XOM.N) last week posted sharp year-on-year drops in third quarter profit as energy prices cooled.

Persons: Norway's, Biraj Borkhataria, Murray Auchincloss, Bernard Looney, Ron Bousso, Louise Heavens, Jason Neely Organizations: windfarm, BP, Reuters Graphics Reuters, Rivals Chevron, Exxon Mobil, Thomson, & $ Locations: U.S, British, New York

The Southeast Asian electronics manufacturing hub already hosts U.S. giant Intel's (INTC.O) largest semiconductor packaging and testing plant worldwide and is home to several chip designing software firms. It is working on a strategy to attract more semiconductor investment, including from foundries, which focus on manufacturing chips. Meetings with half a dozen U.S. chip firms took place in recent weeks, including with fab operators, Vu Tu Thanh, head of the Vietnam office of the US-ASEAN Business Council, told Reuters. He declined to identify the firms because talks were still at a preliminary stage. John Neuffer, President of the U.S. Semiconductor Industry Association, at the same conference recommended the government focus on chip sectors where Vietnam was already strong, such as assembling, packaging and testing.

Persons: Florence Lo, PSMC, Tu Thanh, Joe Biden, GlobalFoundries, Hung Nguyen, Viettel, Robert Li, John Neuffer, Francesco Guarascio @fraguarascio, Khanh Vu, Fanny Potkin, Lincoln Organizations: REUTERS, Hanoi, U.S, ASEAN Business Council, Reuters, GlobalFoundries, Industry, Hanoi's University Vietnam, BET, Vietnam Semiconductor, European Union, U.S . Semiconductor Industry Association, Reuters Graphics Reuters, Thomson Locations: Vietnam, HANOI, U.S, Hanoi, China, South Korea, Singapore

Murphy said Orsted was facing the same supply chain, inflation and other challenges that competitors in the offshore wind industry face. The decision was the latest in a series of setbacks for the offshore wind industry in the northeast. A handful of other offshore wind projects have been canceled. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone. The White House in statement Tuesday night noted that in just the past week several investments in offshore wind had been made.

Persons: Orsted, Biden, Mads Nipper, ” Nipper, Phil Murphy, Murphy, “, ”, Republicans —, Jeff Tittel, ” Michael Kikukawa, White, Wayne Parry Organizations: CITY, New, New Jersey Gov, Democratic, Republicans, Sierra Club, Dominion Energy, Dominion, Shell, EDF Renewables Locations: N.J, Danish, New Jersey, United States, Connecticut, Rhode Island, East, New York, Massachusetts, Spanish, Virginia, Virginia Beach, U.S, Atlantic Shores, EDF Renewables North America, www.twitter.com

☆ COP28 chief, groups, urge tripling renewable capacity by 2030
▼ + stars: | 2023-10-30 | by ( Yousef Saba And Kate Abnett | ) www.reuters.com time to read: +2 min

ABU DHABI, Oct 30 (Reuters) - The presidency of next month's COP28 climate summit and two renewable energy organisations on Monday urged governments to triple renewable energy capacity by 2030 as part of efforts to stop global warming exceeding 1.5 degrees Celsius. Renewable energy capacity needs "to reach more than 11,000 GW" by 2030, the United Arab Emirates' COP28 presidency, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance said in a joint report. Group of 20 nations, among them China, the United States and India, agreed in September to pursue efforts to triple global renewable energy capacity by 2030. However, striking a deal among the nearly 200 countries that attend COP28 meetings will not be easy. They say a renewable energy deal at COP28 must be paired with a commitment to phase out CO2-emitting fossil fuels - a pledge that has faced resistance from Saudi Arabia, Russia and other fossil fuel-reliant economies.

Persons: IRENA, Wopke Hoekstra, al, Jaber, Yousef Saba, Kate Abnett, Deborah Kyvrikosaios Organizations: United Arab, International Renewable Energy Agency, Global Renewables Alliance, Thomson Locations: ABU DHABI, Dubai, Paris, United Arab Emirates, China, United States, India, Saudi Arabia, Russia, Brussels

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. London-based BP has held talks in recent weeks with several companies about tying up operations in the Haynesville shale gas basin, the three sources said. BP is also considering creating joint ventures in the Eagle Ford basin, but the talks do not include its positions in the oil-rich Permian basin for now, two of the sources added. The rapid growth in U.S. shale oil and gas operations over the past 15 years has upended global markets, turning the U.S. into a major exporter of energy. By pursuing joint ventures, BP can achieve growth ambitions while avoiding spending billions on acquisitions.

Persons: Chris Helgren, Hess, Murray Auchincloss, Bernard Looney, Ron Bousso, David French, David Gregorio Our Organizations: BP, REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Eagle Ford, Lewis Energy, BHP, Interim, Thomson Locations: Vancouver , British Columbia, Canada, London, Eagle, U.S, Texas, Denver, New York

☆ They went hunting for fossil fuels. What they found could help save the world
▼ + stars: | 2023-10-29 | by ( Laura Paddison | ) edition.cnn.com time to read: +9 min

“This was not a real surprise for us,” Pironon told CNN; it’s common to find small amounts near the surface of a borehole. Arguably, the catalyst for the current interest in white hydrogen can be traced to this West African country. White hydrogen deposits have been found throughout the world, including in the US, eastern Europe, Russia, Australia, Oman, as well as France and Mali. “Natural hydrogen is a solution which will allow us to get get to speed” on climate action, he said. Natural Hydrogen Energy LLCFrom hype to realityThe challenge for these businesses and for scientists will be translating hypothetical promise into a commercial reality.

Persons: Jacques Pironon, Phillipe De Donato, ” Pironon, Pironon, “ Gray, ’ ”, Geoffrey Ellis, “, ”, Ellis, Isabelle Moretti, Neil McDonald, Bill Gates, geochemist Viacheslav, ” Zgonnik, ” Ellis, that’s, De Donato’s, – Organizations: CNN, National, of Scientific Research, US Geological Survey, University of Pau, University of Sorbonne, Geologists, Energy Ventures, Natural Hydrogen Energy, Hydrogen Energy Locations: France, Lorraine, Mali, Bourakébougou, University of Pau et, l’Adour, Europe, Russia, Australia, Oman, Yorke, South Australia, Denver, Nebraska, Kansas

"I think the entire Taiwan semiconductor industry - in our essence, in our R&D and manufacturing, and in our global layout - will undergo a comprehensive improvement and transformation." Key to the development of the industry is stable and renewable energy, Hou, the chairman of the Taiwan Semiconductor Industry Association, told its annual meeting in the chip hub of Hsinchu. Last month, the association made four key appeals to the government, among them the stable supply of green energy, as Taiwan's chip industry aims to seize the AI opportunity, Hou said. In 2021, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) said it aimed to reach net zero emissions by 2050, matching a government target set that year by President Tsai Ing-wen. GlobalWafers (6488.TWO) CEO Doris Hsu told reporters that while AI will be a key driver of rapid growth in the next decade, Taiwan's chip industry faces several pressures as it grows.

Persons: Ann Wang, Cliff Hou, Hou, Tsai Ing, Doris Hsu, Hsu, Sarah Wu, Ben Blanchard, Clarence Fernandez, Raju Gopalakrishnan Organizations: REUTERS, Rights, Taiwan, Taiwan Semiconductor Industry Association, Taiwan Semiconductor Manufacturing Co, Thomson Locations: Tainan, Taiwan, Rights HSINCHU, Hsinchu

☆ TotalEnergies sticks to share buyback plans despite net income drop
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +2 min

TotalEnergies on Thursday posted a 35% fall in third quarter adjusted net income from last year's record high, hurt by a drop in energy prices, but maintained its share buyback operation as conflicts push oil prices back up. The French energy company's adjusted net income stood at $6.5 billion, down from the year-earlier $10 billion but just beating an analyst forecast of $6.4 billion, according to a consensus established from LSEG data. Second quarter adjusted net income was $5 billion. Profits were buoyed by the company's increase in renewable capacity and integration as well as persistently high oil prices, despite crude falling from a decade-plus high last year following Russia's invasion of Ukraine. Oil prices remained buoyant at around $90 per barrel at the beginning of the fourth quarter, it said.

Persons: Patrick Pouyanne, TotalEnergies Locations: Ukraine, United States, Port Arthur, Antwerp, Belgium, France

JOURNEY STARTSIron-flow batteries were developed decades ago but have yet to be deployed as a grid-scale energy storage solution. ESI Managing Director Stuart Parry believes iron-flow batteries are an idea whose "time has come." Parry doesn't see iron-flow batteries replacing lithium-ion units, rather they are complementary with lithium batteries able to arbitrage power prices by acting rapidly, while iron-flow units are more likely to act as baseload firming for the grid when renewables tail off. Parry also says iron-flow batteries work out about a third cheaper than lithium ion units when looking at the cost on a MWh basis. On the surface, iron-flow batteries seem like a solid solution to how to run an electricity grid dominated by variable renewables.

Persons: Stuart Parry, Parry, Lincoln Organizations: Stanwell Corp, Energy Storage Industries Asia, Reuters, Thomson Locations: Greenough, Walkaway, Perth, Australia, LAUNCESTON, Queensland, Rockhampton

☆ Exclusive: Vietnam eyes China model to seek index upgrade, boost investment
▼ + stars: | 2023-10-25 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

An investor sits in front of screens showing stock board information at a securities company in Hanoi, Vietnam July 6, 2018. That prevents many funds, investors and family offices from investing in companies listed there. MULTI-MILLION-DOLLAR PIEUnder the new plan, Vietnam would adopt a mechanism to settle payments on shares transactions that could meet the key requirement from FTSE for the upgrade. Active funds are estimated to have five times more investments in the FTSE emerging market, which could lead to far bigger gains for the HCMC market, which has currently a $179 billion capitalisation. Foreign investors need also to be consulted.

Persons: Le Thi Le Hang, Francesco Guarascio @fraguarascio, Lincoln Organizations: REUTERS, FTSE, Chi Minh City Stock Exchange, The bourse, State Securities Commission, Vietnam, Thomson Locations: Hanoi, Vietnam, China HANOI, China, Chi Minh, The, Indonesia, Philippines, Qatar, Sri Lanka, Kenya

SummaryCompanies Shell to cut 200 jobs, or 15%, of low-carbon solutions unitA further 130 jobs under reviewShell scraps hydrogen light mobility unitLONDON, Oct 25 (Reuters) - Shell (SHEL.L) will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan's drive to boost profits, it said on Wednesday. Shell plans to sharply scale back its hydrogen light mobility operations, which develop technologies for light passenger vehicles, the company said. It will also merge two of four general manager roles in the hydrogen business, Shell said. The retreat from the light mobility sector follows the departure of the business's manager Oliver Bishop several months ago. Bishop today leads rival BP's (BP.L) global hydrogen mobility business.

Persons: Wael Sawan's, Sawan, Shell, Oliver Bishop, BP's, London . Sawan, Ron Bousso, Jason Neely, Jan Harvey Organizations: Shell, Reuters, Solutions, Sawan, Energy Intelligence, BP, Exxon Mobil, Chevron, Thomson Locations: Shell, Britain, Netherlands, Europe's, Louisiana, London ., U.S

☆ Shell will cut 200 jobs in clean energy division
▼ + stars: | 2023-10-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday. The company's low-carbon division helps spearhead Shell's transition to clean energy including hydrogen, given its pledge to become a "net-zero emissions energy business" by 2050. In the meantime, according to the spokesperson, Shell is planning $10-15 billion of low-carbon energy investment over the next two years, which will include biofuels, hydrogen, carbon capture and electric vehicle charging. Last July, the company announced its investment in the creation of one of Europe's largest hydrogen energy plants. The question of how Big Oil companies like Shell can fit into a clean energy future is existential for its business.

Persons: Wael Sawan, downsize, Shell, Sawan Organizations: Shell, CNBC, Department of Energy, Big Oil, Exxon Mobil, Chevron Locations: Shell's, bullish, Louisiana, Paris, California

☆ Global demand for oil, coal and gas set to peak by 2030, energy agency IEA says
▼ + stars: | 2023-10-24 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

Demand for oil, coal and natural gas is set to peak before the end of this decade, with fossil fuels' share in the world's energy supply dropping to 73% by the year 2030 after being "stuck for decades at around 80%," the International Energy Agency said Tuesday. Energy related carbon dioxide emissions are also on course to peak by the year 2025. Among other things, heat pumps — as well as other electric heating systems — are on course to outsell boilers that use fossil fuels. "If countries deliver on their national energy and climate pledges on time and in full, clean energy progress would move even faster," the IEA's statement said. "However, even stronger measures would still be needed to keep alive the goal of limiting global warming to 1.5 °C," it added.

Organizations: International Energy Agency, Energy, IEA Locations: Paris

The International Energy Agency (IEA) said in its World Energy Outlook 2023 report released on Tuesday that China is reaching an inflection point and its total energy demand is likely to peak around the middle of this decade. But the sheer scale of China's energy demand means that even though it's making vast strides to deploy renewables and electrify its vehicle fleet, it will still be consuming vast quantities of fossil fuels for decades to come. "In our scenarios, China's GDP growth averages just under 4% per year to 2030," the IEA said. "This results in its total energy demand peaking around the middle of this decade, with robust expansion of clean energy putting overall fossil fuel demand and emissions into decline." This means that from a climate change perspective, encouraging and supporting China's energy transition is probably the most meaningful goal that can be achieved.

Persons: it's, It's, Sam Holmes Organizations: International Energy Agency, Energy, IEA, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Europe

“Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Political Cartoons View All 1215 ImagesFossil fuel prices are down from 2022 peaks, but “markets are tense and volatile," said the IEA in the report. “Some of the immediate pressures from the global energy crisis have eased, but energy markets, geopolitics, and the global economy are unsettled and the risk of further disruption is ever present,” it said. “We have solar, wind, nuclear power, electric cars.

Persons: Fatih Birol, “, ” Birol, Birol, ” Organizations: International Energy Agency, Associated Press, Hamas, Israel, Nations, IEA, AP Locations: FRANKFURT, Germany, Gaza, Europe, Ukraine, Israel, China

GE shares were up 6% at $113.14 in pre-market hours. The Boston-based group now expects 2023 adjusted profit per share of $2.55 to $2.65, compared with an earlier forecast of $2.10 to $2.30. "At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in commercial engines and services," CEO Larry Culp said in a statement. GE's aerospace unit, which makes engines for Boeing Co (BA.N) and Airbus (AIR.PA) jets, posted double-digit growth in orders, revenue and profit from a year earlier. Shares of its aerospace unit will continue GE's listing on the New York Stock Exchange under the ticker symbol "GE", the company said.

Persons: Benoit Tessier, Larry Culp, RTX, Pratt, Whitney, Culp, Rajesh Kumar Singh, Sriraj Kalluvila, Jason Neely, Jan Harvey Organizations: Electric, GE, Boeing, Paris, REUTERS, General, GE Aerospace, Boeing Co, Airbus, New York Stock Exchange, AerCap Holdings, Thomson Locations: Le Bourget, Paris, France, Boston, Chicago, Bengaluru

☆ Industry could save $437 bln a year via energy efficiency efforts
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Global industry could save around $437 billion a year from 2030 via energy efficiency savings and could also achieve big reductions in carbon emissions, a study showed. Companies could undertake regular energy audits, review the ideal size of industrial assets, connect sites and machines to reap energy synergies and use more efficient engines, the report said. "Since renewables can only provide a part of the answer, the critical role energy efficiency plays in accelerating the energy transition toward reaching net-zero emissions by 2050 is undeniable." Last week, the U.S. Energy Information Administration (EIA) said global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, boosted by population growth and higher living standards, among other factors. Non-fossil fuel-based resources, including renewables, will produce more energy through 2050, but that growth is not likely to be enough to reduce global energy-related CO2 emissions, it said.

Persons: Tarak Mehta, Christoph Steitz, Jane Merriman Organizations: Energy Efficiency Movement, ABB, Germany's DHL, Sweden's Alfa Laval, Microsoft, Reuters, Companies, U.S . Energy Information Administration, Thomson Locations: FRANKFURT

☆ Geothermal energy has high barriers to entry: Barito Renewables Energy
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGeothermal energy has 'very high barriers to entry': Barito Renewables EnergyHendra Soetjipto Tan, CEO of Barito Renewables Energy, discusses what's behind its initial public offering and the challenges of building geothermal power plants.

Persons: Soetjipto Tan Organizations: Barito Renewables, Barito Renewables Energy

☆ IEA: 'Unstoppable' energy transition means demand for oil, gas, and coal to peak by 2030
▼ + stars: | 2023-10-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Global demand for oil, natural gas and coal — and the carbon pollution they generate — are expected to peak later this decade, according to a new report by the International Energy Agency. Driving the shift will be the “phenomenal rise” of clean sources of energy, the Paris-based agency said in its annual World Energy Outlook report, published Tuesday. The world’s second biggest economy — and largest energy consumer — has reached an “inflection point,” the IEA said, with its total energy demand set to peak around the middle of the decade. “We are today facing a major geopolitical crisis in the Middle East that could shock oil markets once again and deeply, because many oil producing countries are in that region,” Birol told reporters. “This comes on top of the insecurity that we had in the natural gas markets… after the invasion of Ukraine by Russia,” he added.

Persons: it’s, ’ —, Fatih Birol, —, Hess, Brent, Birol, ” Birol, ” Organizations: London CNN — Global, International Energy Agency, Energy, ”, Organization of, Petroleum, —, ExxonMobil, Chevron, IEA Locations: Paris, China, Israel, Ukraine, Russia, Northern Hemisphere

Speculation that Chevron and Exxon might try to buy rivals BP (BP.L) and Shell (SHEL.L) intensified over the last two years as the European majors underperformed their U.S. rivals. Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. companies' focus on oil and gas production that drove record profits last year. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell, BP and France's TotalEnergies merged with rivals to create huge integrated companies. A senior industry source close to the issue, as well as analysts and investors dismissed any imminent U.S. purchase of European rivals. Some European investors have also campaigned for energy companies to shift their business models to help tackle climate change.

Persons: Hess, Dado Ruvic, Tyler Tebbs, Bernard Looney, Lucas Herrmann, Shell's, Exxon's, Ron Bousso, Simon Webb, Barbara Lewis Organizations: REUTERS, Chevron, Hess, LONDON, Exxon Mobil, Exxon, BP, Shell, Investors, France's, Natural Resources, MKP Advisors, BNP, Reuters, European, Thomson Locations: Ukraine, Chevron, U.S

☆ VIEW Chevron to buy Hess Corp for $53 bln in all-stock deal
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

A 3D printed natural gas pipeline is placed in front of displayed Chevron logo in this illustration taken Feb. 8, 2022. The transaction might also create a peculiar coexistence of the United States' two leading oil majors in Guyana... Hess is geared towards crude production, with oil accounting for 60% of its current output which fits in very nicely with Chevron's similarly oil-focused portfolio. On the deal itself, the Chevron-Hess merger is expected to have a significant impact on the shale oil industry with Chevron becoming the second-largest shale producer in the United States. The merger is also likely to lead to increased M&A and industry consolidation in the North America shale sector.

Persons: Dado Ruvic, bode, Hess, John Hess, PETER MCNALLY, VIKTOR KATONA, KPLER Hess, Chevron, ROBIN HELANDER, Seher Dareen, Ron Bousso, Dmitry Zhdannikov, Mark Potter Organizations: Chevron, REUTERS, Chevron Corp, Hess Corp, Exxon Mobil, ROYAL, Third, Natural Resources, Hess, Thomson, & $ Locations: Guyana, Chevron, North Dakota, United States, North America

The Global Cooling Pledge – set to be announced at the upcoming United Nations climate summit, COP28 – represents a tough request given the cooling industry is only expected to grow. The emissions from both the refrigerants and the energy used in cooling now account for about 7% of global greenhouse gas emissions, and are expected to triple by 2050 as temperatures continue to rise. "We need cooling, but it has to become more efficient," UNEP Cool Coalition global coordinator Lily Riahi said. Another 13 commitments outlined in the draft pledge include establishing minimum energy performance standards for air conditioning by 2030, and including cooling emissions in countries' overall climate action plans, called Nationally Determined Contributions. The UNEP estimates that global efforts to tackle cooling emissions could have a significant impact by 2050, avoiding the release of up to 86 billion metric tonnes of carbon dioxide equivalent.

Persons: Tyrone Siu, –, Noah Horowitz, Lily Riahi, Gloria Dickie, Katy Daigle, Alexandra Hudson Organizations: China Import, Export Fair, Canton Fair, REUTERS, Reuters, United, Programme's, Cool Coalition, International Energy Agency, UNEP, Coalition, Alexandra Hudson Our, Thomson Locations: Canton, Guangzhou, China, India, United States, Nations, United Arab Emirates, Kigali, Montreal, Dubai, London

Renewables (and gas) have been substitutes for fossil fuels such as coal and oil enabling a significant reduction in greenhouse emissions. Renewables (and gas) have served as complements to other fossil fuels – ensuring energy remains affordable and reliable even as consumption increases significantly. EMISSIONS PEAK BUT NOT SOONEventually, China and India’s energy consumption will start to grow more slowly, at which point renewables will substitute for fossil fuels rather than just complement them. Even so, in 2022, fossil fuels accounted for 82% of primary energy consumption in China and 88% in India, including 70% of total electricity generation in China and 77% in India. Policymakers from OECD countries use the U.N. conference process and other diplomatic forums to press China and India to speed up their transition from fossil fuels to zero-emission alternatives.

Persons: Tingshu Wang, Barack Obama, John Kemp, Jonathan Oatis Organizations: Huawei, REUTERS, Organisation for Economic Cooperation, Development, OECD, Renewables, United Nations Population Division, ³, World Energy, Energy Institute, BP, Thomson, Reuters Locations: Shenmu, Yulin city, Shaanxi, China, India, North America, Europe, Chartbook, United States, Western Europe, U.S, Portugal, Switzerland

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