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☆ Trump may cede global climate leadership to China
▼ + stars: | 2024-11-14 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

After a campaign featuring promises to slash landmark climate legislation, and a first term record that included pulling the U.S. out of the Paris climate agreement, President-elect Donald Trump's win casts a shadow of doubt over the world of global climate policy. As an isolationist, Trump-led American foreign policy cedes global leadership on the issue, an increasingly willing China can assume the spot instead. Ceding global climate leadership to China "would be a mistake"China is looking to "play a more proactive role internationally on climate change," said Joanna Lewis, an associate professor at Georgetown University and expert in international climate policy. But "it would be a mistake for the United States to completely cede not just [its] leadership role on climate change. But the development of low carbon technologies, that's really the area that has been particularly competitive between China and the United States," said Lewis.

Persons: Donald Trump, Xi Jinping, Donald Trump's, Trump, Joanna Lewis, Lewis, Joe Biden Organizations: European Union, Republicans, United Nations, BMO Capital Markets, Georgetown University Locations: Osaka, Japan, Paris, China, United States

☆ Turn to these dividend growers as the Fed cuts rates
▼ + stars: | 2024-08-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

As the Federal Reserve starts to cut interest rates, it makes sense that investors might turn to dividend stocks. In slow tightening cycles, fast dividend growers have outperformed slow growers and high yielders, the firm found in its analysis. The fastest growers are defined as the top 25% of the S & P 500 payers by trailing one-year dividend growth, while the slowest are the bottom 25%. We looked within the top 25% of S & P 500 dividend stocks by trailing one-year dividend growth. They also have a dividend yield of more than 2% and an upside of 10% or more to the average price target.

Persons: Ned Davis, Ed Clissold, Clissold, Prologis, SLB Organizations: Federal Reserve, Ned Davis Research, Ned, CNBC, CNBC Pro, Wall, Resorts, Equinix Locations: Real, Aker

☆ Opinion | We Can Buy Sustainable Food. Why Can’t We Buy Sustainable Batteries?
▼ + stars: | 2024-07-23 | by ( Stephen Lezak | ) www.nytimes.com time to read: +2 min

Seventy years ago, the United States was the world’s leading producer of fluorite, a brilliantly multicolored mineral essential to industries such as steel. But the last American fluorite mine closed nearly 30 years ago, unable to compete with cheaper operations in places like Mongolia. The decline of domestic mining means that Americans are outsourcing the environmental and social costs of our inexpensive consumer goods to lower-income nations. More than 70 percent of the world’s cobalt, sometimes called the blood diamond of electric vehicle batteries, comes from the Democratic Republic of Congo, where child labor and sexual violence are rampant in mines. About half of the world’s nickel, another key ingredient in electric vehicle batteries, comes from mines in Indonesia, some of which have destroyed almost 200,000 acres of rainforest amid allegations of operating illegally on Indigenous land.

Persons: I’ve Organizations: Democratic, United Locations: United States, American, Mongolia, America, Democratic Republic of Congo, Indonesia, United Nations

☆ 'Bargain' energy stocks: Morningstar strategist picks 5 to buy as oil prices slide
▼ + stars: | 2024-04-23 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Heightened geopolitical tensions have triggered volatility in crude oil prices, but one strategist is looking keenly for opportunities in the energy sector. Stephen Ellis, energy and utilities strategist at Morningstar, said oil market volatility does present challenges and urged investors to be patient, which "regularly pays off within energy." Brent crude oil prices were trading around $86.50 on Apr. 'Quality' names within energy Ellis said he searches for quality names when selecting stocks in the energy space. "All of these are 'moaty' firms that have some upside to our fair value estimates, even in a period of high oil prices," Ellis explained.

Persons: Stephen Ellis, Ellis, Morningstar, SLB Morningstar, It's Organizations: Morningstar, CNBC Pro, TC Energy, APA Corp, ExxonMobil, Schlumberger Locations: Brent, Suriname

☆ SLB to invest nearly $400 million in carbon capture company in push to scale technology
▼ + stars: | 2024-03-28 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The oilfield services giant SLB , formerly known as Schlumberger, is aiming to accelerate the deployment of carbon capture technology through an investment in Norway's Aker Carbon Capture. SLB said late Wednesday that it will pay about $380 million, or 4.12 billion Norwegian kroner, for an 80% stake in the pure-play carbon capture company. SLB is targeting $3 billion in revenue from its new energy business by the end of the decade. CEO Olivier Le Peuch told analysts during the company's fourth-quarter earnings call that carbon capture and storage will be a leading contributor to that $3 billion target. SLB is participating in more than $400 million worth of tenders related to carbon capture and storage.

Persons: SLB, Olivier Le Peuch Organizations: Schlumberger Locations: Schlumberger, Aker

☆ ChatGPT’s boss claims nuclear fusion is the answer to AI’s soaring energy needs. Experts say not so fast
▼ + stars: | 2024-03-26 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

Yet according to Sam Altman, head of ChatGPT creator OpenAI, there is a clear solution to this tricky dilemma: nuclear fusion. Nuclear fusion — the process that powers the sun and other stars — is likely still decades away from being mastered and commercialized on Earth. A section of JT-60SA, a huge experimental nuclear fusion reactor at Naka Fusion Institute in Naka city of Ibaraki Prefecture, Japan, on January 22, 2024. The sector was responsible for around 2% of global electricity demand in 2022, according to the IEA. But, he cautioned, this doesn’t necessarily mean AI’s electricity demand will fall.

Persons: Sam Altman, OpenAI, Altman, “, Lex Fridman, ” Altman, —, Alex de Vries, ”, Aneeqa Khan, ” Khan, Philip Fong, Vries, ” de Vries, Michael Khoo, “ We’re, Khoo, Yiannis Kourtoglou, Sen, Ed Markey, ” Markey, ” Khoo Organizations: CNN, Vrije Universiteit Amsterdam, University of Manchester, “, JT, Naka Fusion, Getty, International Energy Agency, Boston Consulting, Reuters, Microsoft, OpenAI, Boston Consulting Group, Google, Princeton, ” Locations: “, Naka, Ibaraki Prefecture, Japan, AFP, Pascal, Nicosia, Cyprus

DAVOS, Switzerland (AP) — The Earth is heating up, as is conflict in the Middle East. They'll be among more than 2,800 attendees, which also include academics, artists and international organization leaders. OpenAI chief Sam Altman will be in Davos along with top executives from Microsoft, which helped bankroll his company's rise. TRYING AGAIN TO SAVE THE PLANETOf all the lofty hopes in Davos, the perennial one of late has been the search for creative and promising ways to fight climate change. “Davos is a powerful combination potentially, of a lot of concern about the environment, and a lot of high-powered finance present,” she said.

Persons: Isaac Herzog, Volodymyr Zelenskyy, They'll, Bronwen Maddox, Israel's, Herzog, Benjamin Netanyahu's, ”, Sam Altman, Vladimir Putin, Li Qiang, Ursula von der Leyen, Joe Biden's, Jake Sullivan, Emmanuel Macron, Antony Blinken, Javier Milei, Donald Trump —, Biden, John Kerry, Chatham House's Maddox Organizations: Young Swiss Socialists, Chatham House, Intelligence, Microsoft, European Commission, Chatham, “ Locations: DAVOS, Switzerland, Russia, Davos, Chatham, Gaza, Yemen, Qatar, Jordan, Lebanon, China, U.S, Dubai, “ Davos

So far, Woods' plans have turned investors demanding an energy transition strategy into believers - at least on climate. At the same time, the company plans to have a leading role in the vehicle electrification business. Reuters GraphicsMORE OIL VS GREEN AMBITIONExxon's ambitious agenda includes starting up the world's largest hydrogen power plant by 2027. RISKY BUSINESSThe $17 billion budget for low carbon technologies as the company's total revenue grows next year "will continue to rise", the CEO said. Spending in low carbon currently is constrained by scarcity of customers willing to sign up for contracts and insufficient regulations, Woods said.

Persons: Darren Woods, Carlos Barria, Woods, ”, Paul Sankey, Sankey, Chris James, Dan Ammann, Goldman Sachs, Neil Mehta, Ammann, Brian Weeks, Chris Bohn, Sabrina Valle, Richard Valdmanis, Gary McWilliams, Anna Driver Organizations: ExxonMobil, Economic Cooperation, REUTERS, Exxon Mobil, Natural Resources, Chevron, Reuters, Exxon, Sankey Research, Carbon Solutions, Thomson Locations: Asia, San Francisco , California, U.S, United States, Sankey, Americas, Brazil, Guyana, Texas, Gulf of Mexico, Houston, Dubai

The hundreds of fossil fuel-connected people make up just a tiny share of the 90,000 people who registered to attend the climate summit known as COP28. “Let history reflect the fact that this is the Presidency that made a bold choice to proactively engage with oil and gas companies,” al-Jaber said. COP28 comes as the planet faces a mounting imperative to reduce greenhouse gas emissions. David Hone, Shell's chief climate adviser, is in Dubai for at least his 17th appearance at the annual climate talks. At the moment, it's preventing about 0.1% of the energy sector's carbon emissions from reaching the atmosphere, according to the IEA.

Persons: Bob Deans, Deans, Sultan al, Jaber, “, ” al, COP28, TotalEnergies, Paul Naveau, Patrick Pouyanné, ” Naveau, Naveau, Shell, that's, ”, Arthur Lee, David Hone, Hone, Rachel Rose Jackson Organizations: The United Nations, U.S, Resources Defense, United Arab Emirates, Global, Coalition, Shell, TotalEnergies, BP, AP, Nations, UN, didn't, ”, International Energy Agency, IEA, Chevron, Corporate Locations: United Nations, Dubai, Chevron, Shell's

☆ ADNOC German oil deal has bad timing, good logic
▼ + stars: | 2023-11-28 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Abu Dhabi National Oil Company (ADNOC), the state-owned Abu Dhabi oil giant he runs, is considering a bid for BASF-owned (BASFn.DE) Wintershall Dea, at a potential $11 billion valuation. The UAE firm is already in talks to buy chemical company Covestro (1COV.DE), Wintershall’s German compatriot, for $12 billion. Abu Dhabi's oil riches mean the UAE firm has the wherewithal to pay 5.5 billion euros for BASF’s Wintershall stake. Any deal could value Wintershall Dea at more than 10 billion euros ($11 billion), Bloomberg reported. BASF holds a 72.7% stake in Wintershall Dea.

Persons: Toru Hanai, Wintershall, Jaber, It’s, Austria’s, Abu, LetterOne, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Abu Dhabi National Oil Company, BASF, The, Shell, Russian, Reuters Graphics Reuters, Abu, National Oil Company, Bloomberg, Wintershall Dea . Investment, Thomson Locations: Gastech, Chiba, Japan, Abu Dhabi, The UAE, Germany, Norway, UAE, Europe, United Kingdom, Abu, Russia, Wintershall Dea

☆ The first US commercial plant has started to pull carbon from the air. It's able to suck out 1,000 tons annually and plans to expand.
▼ + stars: | 2023-11-09 | by ( Maiya Focht | ) www.businessinsider.com time to read: +4 min

JENN CAIN/Getty ImagesHeirloom uses direct air capture technology, which essentially means that its product is able to suck free carbon dioxide out of the air, according to its website. The captured carbon dioxide gets packed into concrete or injected into the ground, where Heirloom said it's held permanently. Why they made this tech in the first placeExcess carbon dioxide in the atmosphere traps heat and warms the planet. Carbon capture is not a cure for climate changeUsing carbon capture alone won't be a cure-all for our climate woes. AdvertisementAdvertisement"Fossil-fuel companies love carbon capture because it really does let them off the hook," he said.

Persons: it's, Shashank Samala, JENN, there'll, Energy Jennifer Granholm, Peter Kalmus, Kalmus Organizations: New York Times, Service, Carbon Technologies, Times, Getty, World Wildlife Fund, Boston Consulting Group, Energy, WWF Locations: California, Tracy , CA, Brisbane , California

☆ In a U.S. First, a Commercial Plant Starts Pulling Carbon From the Air
▼ + stars: | 2023-11-09 | by ( Brad Plumer | More About Brad Plumer | ) www.nytimes.com time to read: +1 min

In an open-air warehouse in California’s Central Valley, 40-foot-tall racks hold hundreds of trays filled with a white powder that turns crusty as it absorbs carbon dioxide from the sky. The start-up that built the facility, Heirloom Carbon Technologies, calls it the first commercial plant in the United States to use direct air capture, which involves vacuuming greenhouse gases from the atmosphere. Heirloom will take the carbon dioxide it pulls from the air and have the gas sealed permanently in concrete, where it can’t heat the planet. Microsoft has already signed a deal with Heirloom to remove 315,000 tons of carbon dioxide from the atmosphere. The plant can absorb a maximum of 1,000 tons of carbon dioxide per year, equal to the exhaust from about 200 cars.

Organizations: Carbon, Microsoft Locations: Central Valley, United States, Iceland, Tracy , Calif

☆ Climate tech company Heirloom opens US commercial carbon capture plant
▼ + stars: | 2023-11-09 | by ( Peter Henderson | ) www.reuters.com time to read: +2 min

A piece of equipment called a distributor used to hold trays of limestone for capturing carbon is seen at the Heirloom Carbon Technologies facility in Brisbane, California, U.S. February 1, 2023. Direct Air Capture such as that used by Heirloom can secure the CO2, but it is not yet clear whether it can do so at a price that makes the technology practical. The new facility, which uses crushed limestone to capture 1,000 tonnes a year, is part of a ramp up that Heirloom says will cut costs. Current industry prices for carbon removal by direct air capture are around $600-$1,000 a tonne, one person familiar with the situation said. The Department of Energy is spending billions in grants to built Direct Air Capture demonstration hubs.

Persons: Nathan Frandino, Energy Jennifer Granholm, Peter Henderson, Marguerita Choy Organizations: REUTERS, U.S, Energy, Department of Energy, Occidental Petroleum, BlackRock Inc, Thomson Locations: Brisbane , California, U.S, California, San Francisco Bay, Tracy , California, Occidental's West Texas

☆ High bond yields challenge “Pax Americana”
▼ + stars: | 2023-11-06 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

There are also many reasons why “Pax Americana” – the period of U.S. dominance since World War Two - is under stress. The combination of high bond yields with a large fiscal deficit and rising sovereign debt is making it harder for politicians to govern the country. If anything, they may have a tougher job to make their fiscal maths add up than the United States because their growth prospects are not as rosy. What’s more, the near-record yield gap with the United States is bringing its own headaches by putting downward pressure on the yuan. These are consolations for the United States as it grapples with the geopolitical consequences of high interest rates.

Persons: Joe Biden, Kevin Lamarque, Joe Biden’s, doesn’t, Liz Truss, haven’t, Paul Tucker, “, Fitch, Peter Thal Larsen, Thomas Shum Organizations: Air Force, Joint Base Andrews, REUTERS, Reuters, Federal Reserve, International Monetary Fund, Bank of England, AAA, AA, United, Bank for International, Initiative, Thomson Locations: Lewiston , Maine, Joint Base Andrews , Maryland, U.S, Israel, Ukraine, China, United States, Europe, Asia, Russia, Britain, Washington, Republic

☆ 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

☆ Exxon Mobil’s Pioneer Deal Is a Direct Threat to Democracy - The New York Times
▼ + stars: | 2023-10-18 | by ( Jeff D. Colgan | ) www.nytimes.com time to read: +2 min

The cumulative effect of it all on democracy would be so significant that regulators ought to be paying close attention. The Pioneer deal not only seems to be a huge bet to take advantage of that expected failure; it is also a commitment to contribute to the failure. Larger, consolidated oil companies have incentives to restrain production, restricting supply to artificially sustain high prices. Higher oil prices would mean higher gasoline prices at the pump — a classic antitrust concern. Her legal team could make a case built around the potential harm the deal would do to competition in the oil market.

Persons: Lina Khan’s Organizations: Exxon, Federal Trade Commission, Pioneer Locations: Paris, Texas

☆ 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

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ JPMorgan executive explains why decarbonization is a megatrend that business can't ignore
▼ + stars: | 2023-08-22 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +9 min

"It doesn't matter whether you're an energy client, or a consumer products client, or a retail client, there is something about this megatrend that is going to impact your business model, your business," Variankaval told CNBC. Right now, Variankaval says, it's too soon to know exactly which climate tech companies are going to the winners and losers. It's a multi decade-long process," Variankaval told CNBC. In some segments of climate tech, there are debates about which solutions are better than others that take on a near religious fervor. So you need to diversify in terms of technologies, but also in time horizons," Variankaval told CNBC.

Persons: Rama Variankaval, decarbonization, Variankaval, Megatrend, —, Joe Biden, Sen, Joe Manchin, Chuck Schumer, James Clyburn, Frank Pallone, Kathy Catsor, Drew Angerer, Biden, signe, It's, it's, That's, We're Organizations: JP Morgan Securities LLC, Aspen, Bloomberg, Getty, JPMorgan Chase, CNBC, JPMorgan, United Nations, Carbon, SC, White, Federal Reserve Locations: Miami Beach , Florida, Paris, decarbonization, United

☆ Carbon storage is gaining favor. These are the companies investors need to know
▼ + stars: | 2023-08-15 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Carbon capture, utilization and storage processes have been around for half a decade, but are currently gaining momentum. Some focus on modifying already-standing power as well as industrial plants that work on carbon capture. Put more succinctly, Deutsche Bank analyst James Hubbard called carbon capture "simple in theory" but "capital intensive and divisive" in reality. He also noted the company has one of the industry's largest carbon capture positions. Staphos cited the potential of its carbon capture operations as a long-term reason to be optimistic, even as its more traditional end-market, homebuilding, faces near-term pressure.

Persons: CCUS, Worley, Wood MacKenzie, Goldman Sachs, Jan Hatzius, Hatzius, James Hubbard, Goldman's Brian Singer, Baker Hughes, Goldman, Ati Modak, hasn't, Stephens, Mike Scialla, Scialla, George Staphos, Staphos, — CNBC's Michael Bloom Organizations: Big, International Energy Agency, U.S . Department of Energy, Battelle, Carbon Technologies, Occidental Petroleum, Carbon Engineering, Energy, Deutsche Bank, Wall Street, Occidental Petroleum . Energy, Baker, Occidental, of Energy, Bank of America, Weyerhaeuser, Bloom Energy, CF Industrial, Honeywell, KBR, Linde, Nutrien, Teledyne, Refinitiv Locations: Vermont, stoke, Maui, Big Tech, Texas, Louisiana, Carbon Technologies . Texas, Kleberg County, Rio Grande, Denmark, Switzerland, Union, Occidental, Boise, Pacific

Many opponents of renewable energy, she added, “are worried about the impacts to their very way of life.”Roadside opposition to renewable energy projects near Baldwin City, Kan. “We see offshore wind as a critical technology,” said Dan Burgess, the director of the Maine Governor’s Energy Office. Across the country, clean energy projects of all types are tied up in lengthy permitting processes. By then, India had not completed any offshore wind projects. Since 2000, the United States has barely built any major transmission lines that connect different regions of the country.

Persons: Scott Dickerson, ”, Biden, Alison Bates, “, Columbia University’s, Dan Burgess, Habib Dagher, Janet Mills, Gregory Wetstone, Mack, James Gillway, SunZia, ” Hunter Armistead, Broussard, There’s, Vaughan Woodruff, Tucker Carlson, Teslas, ” Ali Zaidi, Dagher, Rolf Olsen, who’s Organizations: University of Maine, Sears, Officials, Federal, International Energy Agency, Colby College, White, Columbia, Climate, The University of, Maine Governor’s Energy, Environmental, University of Maine’s, Composites Center, Gov, American Clean Power Association, American Council, Renewable Energy, Environmental Protection Agency, Army Corps of Engineers, . Clean, Union United, China India European Union United States, China European Union United, China India United States European, China United States European Union, China United States European Union India, Energy, The New York Times, United, Pattern Energy, New York State Energy Research, Development Authority, Toyota Prius Locations: Penobscot Bay, Maine, , Maine, United States, Europe, China, Australia, India, Los Angeles, Ohio, Jersey Shore, Waterville , Maine, Baldwin City, Kan, Massachusetts, Ukraine, Gulf, Searsport , Maine, Searsport, Bangor, Mack, West, Union United States, U.S, China United States European Union India, Great, New Mexico, Arizona, California, Riesel , Texas, Energy, San Bernardino County, In Kansas, Atlantic City, N.J, New York, Manhattan, Sears

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and 5 engineering and design studies for earlier-stage hub projects. Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. Although most environmental activists acknowledge that carbon removal will be needed for global climate targets to be met, they are concerned companies could use carbon removal development to give fossil fuel companies cover to maintain production, especially in minority and low-income areas. Erin Burns, director of carbon removal advisory firm Carbon180, said the United States is positioning itself as a leader in this technology. "This is the first major federal investment from any country on carbon removal at this level," Burns said.

Persons: Worley, Jennifer Granholm, Vicki Hollub, Erin Burns, Carbon180, Burns, Valerie Volcovici, Gerry Doyle Organizations: Reuters, REUTERS, Occidental Petroleum Corp, WASHINGTON, U.S . Department of Energy, Department of Energy, DOE, Battelle, Climeworks Corporation, Carbon, Inc, South, South Texas DAC, Occidental 1PointFive, Carbon Engineering Ltd, DAC, Energy Department, United Arab, Occidental, Thomson Locations: Handout, Texas, Louisiana, Cypress, South Texas, Kleberg County , Texas, United Arab Emirates, United States

☆ The 117-year-old steel maker that's key to solving climate tech's recycling issue
▼ + stars: | 2023-08-11 | by ( Ian Thomas | ) www.cnbc.com time to read: +6 min

One of the first questions Tamara Lundgren often heard when she introduced herself as the CEO of Schnitzer Steel is, "What kind of steel do you make?'" Founded in 1906 by Russian immigrant Sam Schnitzer, the company started as a one-person scrap metal recycler. "The name Schnitzer Steel just no longer really reflects our work," said Lundgren, who joined the company in 2005 and was elevated to CEO in 2008. "In today's environment, the importance of recycling and the importance of recycling metals has reached a level that didn't exist 10 years ago," Lundgren said. "I'm glad we were getting that attention, but fundamentally what drove it was all of our recycling activity," Lundgren said.

Persons: Tamara Lundgren, Sam Schnitzer, Lundgren, – it's, it's, Schnitzer Steel Organizations: Schnitzer, CNBC, Corporate Knights, Nasdaq Locations: North America, Davos

☆ Which countries are paying their 'fair share' to fight climate change?
▼ + stars: | 2023-07-21 | by ( Kate Abnett | ) www.reuters.com time to read: +3 min

WHICH COUNTRIES PAY U.N. CLIMATE FINANCE? That analysis suggested only seven countries had paid their "fair share" in 2020 - Denmark, France, Germany, Japan, the Netherlands, Norway and Sweden. By ODI's ranking, the U.S. lags behind every other developed nation, when its past climate finance contributions are compared with what its "fair share" would be. Taken together, the 27-country EU is the biggest provider of climate finance, contributing 23.38 billion euros ($26.15 billion) in 2020.

Persons: Kate Abnett, Katy Daigle Organizations: UN, FINANCE, Economic, European Union, United, WHO, FAIR, U.S, Finance, Thomson Locations: BRUSSELS, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, United States, China, United Arab Emirates, London, U.S, EU, Lincoln

☆ ‘Life is like it is’: TotalEnergies CEO defends strategy despite calls to cut fossil fuel production
▼ + stars: | 2023-07-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

"Today, our society requires oil and gas … Why we are together, it is 80% of fossil fuels. The question is not fossil fuels, it is emissions, to lower the emissions." TotalEnergies CEO Patrick Pouyanne said the company had allocated nearly one-third of its capital expenditure to low-carbon technologies, with the remainder spent on oil and gas. Picture Alliance | Picture Alliance | Getty ImagesThe burning of fossil fuels, such as oil and gas, is the chief driver of the climate emergency. I know the scientists told us you should forget [fossil fuels] — but life is like it is.

Persons: TotalEnergies, CNBC's Dan Murphy, Patrick Pouyanne, Pouyanne, Antonio Guterres, That's Organizations: Getty, BP, Shell, TotalEnergies, Dutch, Protesters, Salle, Bloomberg Locations: Vienna, Austria, Ukraine, Paris

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