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☆ French riot police fire tear gas at climate protesters outside TotalEnergies shareholder meeting
▼ + stars: | 2023-05-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Protesters outside the Salle Pleyel venue in Paris could be heard chanting "all we want is to knock down Total" and "one, two, three degrees, we have Total to thank." French riot police on Friday fired tear gas at hundreds of climate activists trying to prevent the annual general meeting of oil giant TotalEnergies from taking place. Activists from campaign groups including 350.org, Friends of the Earth France and Scientists in Rebellion had pledged to try to stop the AGM from taking place to denounce TotalEnergies' fossil fuel expansion. Protesters outside the Salle Pleyel venue in Paris could be heard chanting "all we want is to knock down Total" and "one, two, three degrees, we have Total to thank," according to the AFP news agency. It comes amid a sense of palpable frustration among climate activists during the proxy voting season, with demonstrations also taking place at British oil majors BP and Shell in recent weeks after an extraordinary run of record profits.

☆ The West’s oil war against Russia is starting to lose momentum
▼ + stars: | 2023-05-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

"Russia's export revenue in April was down substantially year-on-year, mainly due to the impact of the EU import ban and lower oil prices. Russia's oil revenue recovery expected to continueAt the start of the year, data showed Russia's revenue from fossil fuel exports had collapsed in December. It appeared to underscore the effectiveness of policymakers targeting Russia's oil revenues and sparked calls for even tougher measures to help Kyiv prevail. CREA's latest findings, however, show that Russia's oil tax revenues rose 6% month on month in April due to the increase of export revenues in March. It means that after bottoming out at the start of 2023, Russia's oil tax revenues have since recovered due to increased sales.

Persons: Vladimir Putin's, Lauri Myllyvirta, CREA, Myllyvirta, Vladimir Putin, Vyacheslav Lebedev, Mikhail Klimentyev, Isaac Levi Organizations: Europa Press, Getty, Centre for Research, Energy, Clean, European Union, Seven, Clean Air Energy, Coalition, CNBC, Kremlin, Afp Locations: Ceuta, Spain, Russia, Ukraine, Finnish, Moscow, Hiroshima, Japan, U.S, EU

☆ ‘Go to hell, Shell’: Climate protesters try to storm stage at oil giant’s annual shareholders meeting
▼ + stars: | 2023-05-23 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The protests come as Shell faces a shareholder vote on a measure to increase its climate ambitions following a year of record profits at the company. Bloomberg | Bloomberg | Getty ImagesLONDON — Shell Chief Executive Wael Sawan and the firm's board of directors on Tuesday were shielded by security staff as climate protesters unsuccessfully tried to storm the stage at the British oil giant's annual shareholders meeting. Follow This, a small Dutch activist investor and campaign group with stakes in several Big Oil companies, tabled a resolution at Shell's shareholders meeting. For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The company described Climate Resolution 26 as "unclear, generic and would create confusion as to Board and shareholder accountabilities."

☆ Norway faces backlash from campaigners for 'reckless' pursuit of Arctic oil and gas
▼ + stars: | 2023-05-22 | by ( Sam Meredith | ) www.cnbc.com time to read: +6 min

Norway oil and gas giant Equinor and Vår Energi, one of the country's largest exploration and production companies, confirmed to CNBC that the minister recently issued this call. Frode Pleym Head of Greenpeace NorwayIt is estimated that roughly two-thirds of the country's undiscovered oil resources lies off the country's northern coast in the Arctic's Barents Sea. The alternative to oil and gas is not more oil and gas, it is more energy efficiency and renewable energy." A spokesperson for Equinor told CNBC that the company hoped to see "new attractive acreage in the Barents Sea." Separately, a mid-April study from gas infrastructure operator Gassco said building a pipeline to transport gas produced in the Arctic Barents Sea could be worth re-examining due to the country stepping up its gas exports to Europe.

☆ Goldman Sachs names a slew of energy companies to buy right now as attitudes shift
▼ + stars: | 2023-05-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Goldman Sachs has identified a number of energy stocks to own ahead of an expected turn in the market's sentiment toward the oil and gas sector. Goldman's analysis comes after the energy sector posted stellar gains last year. Goldman expects a 10% increase in revenue from green investments at these companies this year compared to last year. The trend also indicates that a turning point may be approaching where larger energy companies could attract even more investment if they continue transitioning toward greener practices, the analysts added. Oil and gas companies have also been particularly attractive to investors over the past year thanks to their bumper profits.

☆ Volkswagen posts drop in quarterly profit, says it must speed up to catch Chinese EV market rivals
▼ + stars: | 2023-05-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Volkswagen said operating profit fell 31% to 5.7 billion euros ($6.3 billion) through the first three months of 2023, down from 8.3 billion euros over the same period last year. Europe's biggest carmaker said operating profit before valuation effects from commodity hedging, however, increased by 35% to 7.1 billion euros. First-quarter sales revenue rose by 22% to 76 billion euros, Volkswagen said, primarily driven by a recovery in sales volumes in Europe and North America. Asked about the sliding first-quarter sales in China, Volkswagen's replied Antlitz, "We had a slow start in China."

☆ Shell beats expectations with $9.6 billion in first-quarter profit, boosted by fuel trading
▼ + stars: | 2023-05-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Shell reported adjusted earnings of $9.6 billion for the first three months of the year, comfortably beating analyst expectations of $8.6 billion, according to Refinitiv. The company posted adjusted earnings of $9.1 billion over the same period a year earlier and $9.8 billion for the final three months of 2022. It added that robust results from fuel trading and optimization offset the impact of weaker oil and gas prices. The company reported first-quarter net debt of $44.2 billion, down from $48.5 billion when compared to the same period a year earlier. Shell's results follow hot on the heels of U.K. rival BP, which on Tuesday reported a drop in first-quarter profit but beat analyst expectations on robust oil and gas trading.

☆ Oil major BP reports drop in first-quarter profit on weaker commodity prices
▼ + stars: | 2023-05-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $4.96 billion for the first quarter. Analysts had expected BP to report first-quarter profit of $4.3 billion, according to Refinitiv. The group said it completed its previously announced $2.75 billion share buyback on April 28. BP's dividend remained unchanged from the previous quarter at 6.61 cents per ordinary share, following a 10% increase in February. The company reported first-quarter net debt of $21.2 billion, down from $27.5 billion when compared to the same period a year earlier.

☆ OPEC says IEA should be 'very careful' with repeated calls to stop investing in oil
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." OPEC Secretary General Haitham al-Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." He added that the influential group of 23 oil-exporting exporting nations was not targeting oil prices, but instead focusing on market fundamentals. In a Bloomberg TV interview on Wednesday, IEA Executive Director Fatih Birol used similar language in warning OPEC about boosting oil prices. "Other energy markets have been far more volatile," al-Ghais said, "with oil markets less so, mainly due to the stabilizing role of OPEC and the OPEC+ group."

☆ Recession risk and inflation fears creating 'a huge amount of confusion' for investors, strategist says
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Market participants are contending with the risk of persistently higher inflation and a bleak economic outlook, which strategists say is stoking a heady mix of confusion and pessimism. Bob Parker, senior advisor at International Capital Markets Association, said investor confusion appeared to be emerging as a big theme in financial markets. "If you look at the surveys of investor positioning and investor thinking, there is a huge amount of confusion at the moment," Parker told CNBC's "Squawk Box Europe" on Wednesday. To what extent is the U.S. economy and for that matter, the European economy slowing down? "And so, given those uncertainties, I think investors are reducing risk at the moment and booking, frankly, what are decent profits year-to-date."

☆ Oil major BP braces itself for shareholder revolt after scaling back its climate targets
▼ + stars: | 2023-04-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Dutch group Follow This, a small activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at BP's shareholder meeting. It calls on the energy giant to align its climate targets with the landmark Paris climate accord and commit to absolute carbon emissions cuts by 2030. Those emissions cuts, Follow This says, should include emissions generated by customers' use of their oil and gas, known as Scope 3 emissions. Follow This says it expects BP's annual general meeting to be a "contentious" one, warning investors will be "rightfully concerned" about BP dialing back its climate strategy amid an ever-worsening climate crisis. Proxy advisors ISS and Glass Lewis have recommended that shareholders of BP vote against the resolution tabled by Follow This.

☆ EU agrees to decarbonize air travel with the 'world's largest green fuels mandate for aviation'
▼ + stars: | 2023-04-26 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

EU officials described the agreement as a "turning point" and "another important step" for European aviation, saying the measures were designed to reduce reliance on fossil fuel imports and improve energy security. European Union negotiators secured a deal to decarbonize the air travel sector, seeking to slash heat-trapping emissions by stimulating the region's green aviation fuel market. The new rules are set to require aviation fuel suppliers to supply a minimum share of sustainable aviation fuels — or SAF — at EU airports, starting at 2% of overall fuel supplied by 2025. "Fuel suppliers at EU airports must provide an increasing share of sustainable aviation fuels and aircraft operators increase their use," Frans Timmermans, executive vice-president for the European Green Deal, said in a statement. If aviation is to align itself with the Paris climate accord and curb global heating, the industry will need to move away from fossil fuels completely in the long term.

☆ Ukraine war live updates: Two killed, 10 wounded in Russian attack on museum; Russian diplomats expelled by Sweden, Moldova
▼ + stars: | 2023-04-25 | by ( Amanda Macias Karen Gilchrist Sam Meredith | Amanda Macias | Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Ukraine's President Volodymyr Zelenskyy said Russian forces struck a museum in Kupyansk in the east of the country, killing two people, wounding 10 others and burying some under rubble. Speaking at a U.N. meeting as he sat next to Russian Foreign Minister Sergei Lavrov, Guterres criticized the Kremlin's war in Ukraine, saying it was in violation of the U.N. Charter and international law. Britain's Defense Ministry said a downward trend of Russian casualties in April is likely accurate after what it described as "exceptionally heavy" losses from January to March this year. The ministry said it sees "Russian forces are now focused on preparing for anticipated Ukrainian offensive operations." Elsewhere, Sweden expelled five Russian diplomats for activities it said were "incompatible" with their diplomatic status, while Russia expelled a Moldovan diplomat in what it called a retaliatory move.

☆ A recession is coming — and stock markets won't come through it unscathed, strategist says
▼ + stars: | 2023-04-21 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

The latest U.S. economic data suggests a recession is coming, according to the chief executive of financial advisory firm Longview Economics, and investors may need to prepare for some pain in the stock market. Speaking to CNBC's "Squawk Box Europe" on Friday, Chris Watling said he believed a recession was on its way, citing what he described as "pretty compelling" and "brutally bad" leading economic indicators. The Conference Board on Thursday said its Leading Economic Index for the U.S. fell by 1.2% in March, slipping to its lowest level since November 2020. The data appeared to indicate that economic weakness could soon intensify and spread throughout the U.S. economy. "Every time you've had that in the U.S., you've had a recession.

☆ Israel’s Netanyahu says damage to investor confidence ‘a momentary problem’ as mass protests persist
▼ + stars: | 2023-04-19 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Protestors gather in Tel Aviv on April 15 to stage a protest against Israeli Prime Minister Benjamin Netanyahu's government's regulations restricting the powers of the judiciary. Israeli Prime Minister Benjamin Netanyahu on Wednesday dismissed concerns about damaged investor confidence, despite massive and intensifying weekly protests over his planned overhaul of the country's judiciary. I think the momentary fluff, the momentary dust that is in the air is just that — dust. The country has been rocked by mass protests over the government's months-long bid to push through deeply contentious judicial reforms. Netanyahu, re-elected in November to serve as prime minister for a third time, agreed late last month to delay the planned judicial reforms.

☆ Power firm SSE says backing renewables can help get Britain closer to energy self-reliance
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

The chief executive of British power firm SSE says a rapid build-out of renewable projects can help the U.K. to secure its energy security and bring costs down for consumers. "Consumers everywhere across Europe have seen prices rise significantly," SSE CEO Alistair Phillips-Davies told CNBC's Arabile Gumede from the firm's Viking Wind Farm in the Shetland Islands, Scotland. Russia's full-scale invasion of Ukraine in Feb. 2022 prompted a radical upheaval of Europe's energy supplies. U.K. Energy Security Secretary Grant Shapps reaffirmed the government's plan to deliver greater energy independence last month, pledging to seek to power the country by switching to home-grown sources, including nuclear and renewables. Asked whether the U.K. possessed enough wind energy to power at least most of the U.K., SSE's Phillips-Davies replied, "I definitely think the U.K. has got a huge amount of natural resources.

☆ Norway’s giant sovereign wealth fund says there’s money to be saved by identifying ‘rotten apples’
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norges Bank Investment Management CEO Nicolai Tangen says it is becoming increasingly important to identify as many "rotten apples" as it can. Norway's gigantic sovereign wealth fund believes it is becoming increasingly important to identify as many "rotten apples" as possible, saying there is money to be saved by reducing risks to companies whose state of health is not all as it seems. "We think it's becoming more and more important to put resources into finding what I call the 'rotten apples.' The Jan. 24 report accused Adani Group companies of "brazen stock manipulation and accounting fraud" — allegations that the conglomerate has denied. We'll never be able to spot all of the 'rotten apples', but we can try to find as many as we can."

☆ UK identifies several areas to scour for vital rare earth metals in push for minerals sovereignty
▼ + stars: | 2023-04-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Pembrokeshire, Wales was one of the areas recognized by the British Geological Survey to be prospective for critical raw materials. Several large swathes of the U.K. on Monday were identified as prospective sites to search for critical raw materials, reflecting the country's push to deliver a domestic supply of rare earth minerals that are seen as crucial for a clean energy transition. Critical raw materials are economically important minerals and can be used to make the batteries and semiconductors that are vital to the global shift away from fossil fuels. The report was produced on behalf of the government-funded Critical Minerals Intelligence Centre, the country's first-ever center established to collect and analyze information on the supply of critical minerals. The mapping of these prospective areas for critical raw materials represents one of the first steps in the U.K. government's critical minerals strategy.

☆ Surprise oil output cuts from OPEC+ could hurt consumers and derail the economic recovery, IEA warns
▼ + stars: | 2023-04-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In its latest monthly oil market report, the IEA said the energy alliance's self-described "precautionary move" was likely to spell bad news for consumers at a time of heightened economic uncertainty. The International Energy Agency on Friday warned surprise oil output cuts from the OPEC+ producer group risk exacerbating a projected supply deficit and could scupper an economic recovery. In its latest monthly oil market report, the IEA said the energy alliance's self-described "precautionary move" was likely to spell bad news for consumers at a time of heightened economic uncertainty. It means the combined voluntary cuts of OPEC+ members will be in excess of 1.6 million barrels per day. Rising oil stocks likely contributed to the move, the IEA said, highlighting that OECD industry stocks in January hit their highest level since July 2021.

☆ Billionaires are fascinated by solar geoengineering — but climate scientists are far from convinced
▼ + stars: | 2023-04-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

David Gannon | Afp | Getty ImagesWhat is solar geoengineering? Solar geoengineering or SRM refers to a speculative set of technologies designed to cool the Earth. To be sure, researchers calling for the rigorous study of SRM are not endorsing solar geoengineering as a climate solution. watch nowThe paper advocates for an International Non-Use Agreement on Solar Geoengineering, a call that has since received the backing of hundreds of climate scientists. Lili Fuhr, deputy director of the Center for International Environmental Law, described solar radiation management or solar geoengineering as "the ultimate false solution."

☆ ‘Entering the clean power era’: Wind and solar generated a record amount of global power in 2022
▼ + stars: | 2023-04-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The analysis published Wednesday by independent climate think tank Ember found that 12% of the world's power came from solar and wind in 2022, up from 10% of global electricity generation in 2021. Wiatros-Motyka added, "A new era of falling fossil emissions means the coal power phasedown will happen, and the end of gas power growth is now within sight." It shows that more than 60 countries now generate over 10% of their electricity from wind and solar. Renewables and nuclear sources were collectively found to have accounted for 39% of global electricity generation in 2022 — in a new record high. Coal, the world's dirtiest fossil fuel, was found to be the single largest source of electricity worldwide last year, producing 36% of global power in 2022.

☆ A hidden time bomb? A 'Big Short' investor sees financial disaster brewing in housing markets
▼ + stars: | 2023-04-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

Josh Edelson | Afp | Getty ImagesMore than a decade after a U.S. mortgage meltdown threatened to destroy the international financial system, a "Big Short" investor once again sees financial disaster brewing in the real estate market. Now, Burt believes an overlooked climate risk could see history repeating itself. U.S. housing market overvalued? watch now"The biggest reason why it matters from our perspective is that climate risk isn't being priced into the housing market," Jeremy Porter, head of climate implications at First Street Foundation, told CNBC. 'A humanitarian crisis'Far from a domestic issue, Burt stressed the climate risks associated with the U.S. housing market posed a major problem for countries worldwide.

☆ Virgin Orbit files for Chapter 11 bankruptcy protection in the U.S.
▼ + stars: | 2023-04-04 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Virgin Orbit on Tuesday filed for Chapter 11 bankruptcy protection in the U.S. after failing to secure a funding lifeline. The California-based satellite launch company lodged the filing in the U.S. Bankruptcy Court in the District of Delaware and is looking to sell its assets. Virgin Orbit said Virgin Investments would provide $31.6 million in new money through debtor-in-possession financing to help fund the process and protect its operations. Virgin Orbit developed a system that uses a modified 747 jet to send satellites into space by dropping a rocket from under the aircraft's wing mid-flight. Virgin Orbit is among a select few U.S. rocket companies to successfully achieve orbit with a privately developed launch vehicle.

☆ Finland's Sanna Marin, a global progressive icon, loses out on second term after right-wing surge
▼ + stars: | 2023-04-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Marin entered office as the world's youngest serving prime minister in 2019 at the age of 34. Marin entered office as the world's youngest serving prime minister in 2019 at the age of 34. However, after just one term as prime minister, Marin was pushed into third place by her right-wing political rivals. "Congratulations also to the other winners of the elections, congratulations to the Coalition Party and congratulations to the Finns Party. However, Finland's main conservative National Coalition Party, led by Petteri Orpo, came out on top with 20.8% of the vote, while the right-wing Finns Party received a record 20.1% share of the vote.

☆ Private jet flights in Europe soar to record levels — and most were ultra-short journeys
▼ + stars: | 2023-03-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

A private jet is landing over the snowy mountains of St. Moritz in Switzerland. Private jet emissions, which have a disproportionate impact on the environment, were found to have more than doubled in Europe in 2022. Analysis published Thursday by environmental campaign group Greenpeace showed the number of private jet flights in Europe last year rose by a whopping 64% to reach a record high of 572,806. The analysis found that the countries with the most private jet flights in Europe last year were the U.K., France and Germany. The most popular destinations for private jet flights in Europe in 2022 were the French Riviera city of Nice, France's capital of Paris and Switzerland's second-most populous city of Geneva.

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