fossil fuel financing

Soaring crude oil prices, averaging $105.4 a barrel, are straining oil companies' finances as they sell fuel below cost. Despite government excise duty cuts, losses are unsustainable. Experts suggest gradual price hikes and innovative strategies to manage the transition to renewables while supporting companies' investments and the macroeconomy.

US President Trump's second term prioritizes oil, leveraging energy dominance for global influence. Campaign funding from oil interests aligns with policies boosting domestic production and easing regulations. Sanctions on rivals and geopolitical events like the Hormuz crisis engineer demand for American exports, impacting nations like India and reshaping global energy markets.

India's nuclear ambitions have reached a pivotal stage with the Prototype Fast Breeder Reactor achieving criticality, marking a significant step in its three-stage nuclear program. This advancement positions India as a leader in advanced nuclear technology, bolstering its drive for energy self-reliance and security amidst a rapidly expanding power sector.

The 13th annual banking on climate chaos report, the most comprehensive global analysis on fossil fuel banking to date, underscores the disparity between public climate commitments made by the world’s largest banks and the reality of their largely business-as-usual financing to the fossil

The world's biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday. Since the 2015 Paris climate agreement, the top 60 banks have provided a total of $6.9 trillion to the sector, according to the coalition's 15th annual report titled "Banking on Climate Chaos".

Despite a G7 pledge, Japan remains a major public financier of oil and gas projects, investing $93 billion between 2013 and 2024. Through initiatives like AZEC, Japan promotes LNG as a transitional fuel, raising concerns about 'greenwashing' and hindering renewable energy transitions in countries like Indonesia. Critics argue Japan's LNG investments lock nations into fossil fuel dependency.

The Trump administration is paying $1 billion to TotalEnergies to abandon U.S. offshore wind leases, redirecting funds to domestic oil and gas projects. This move, criticized by North Carolina's governor, aligns with the administration's pro-fossil fuel agenda, despite the company's continued offshore wind work elsewhere. The deal aims to protect taxpayers from what the Interior Department calls 'ideological subsidies'.

The 2021 Production Gap Report prepared by leading research institutes and the UN Environment Programme (UNEP), finds that despite increased climate ambitions and net-zero commitments, governments still plan to produce more than double the amount of fossil fuels in 2030 than what would be consistent with limiting global warming to 1.5°C.

US President Trump's conflicting statements on the Iran conflict, suggesting both military success and potential escalation, have triggered global market volatility. Indian stocks initially plunged but recovered, while oil prices surged, impacting nations like Nepal and Bhutan. Precious metals and cryptocurrencies also saw significant declines amid heightened uncertainty.

India's clean energy subsidies surged 31% in FY24, narrowing the gap with fossil fuels, though state-owned enterprises remain heavily invested in fossil fuels. Despite progress in non-fossil electricity capacity, a significant increase in electricity subsidies and heavy reliance on fossil fuel revenue pose fiscal challenges.

Climate activists from Extinction Rebellion blocked a highway near the former headquarters of ING bank in Amsterdam to protest its financing of fossil fuels. Dozens of protesters were detained by police after ignoring orders to end their blockade. The activists were demonstrating for the safety of their low-lying country, which is threatened by rising sea levels. Despite ING's recent announcement to phase out loans for fossil fuel exploration, the protesters demanded immediate cessation of all fossil fuel financing. This road blockade is part of a series of actions organized by the Dutch branch of Extinction Rebellion.

This article discusses the key issues at the upcoming COP28 climate summit. The main task is to assess countries' progress towards the Paris Agreement's temperature goals. The talks will focus on whether to phase out fossil fuels and the role of emissions abatement technologies. Countries will also consider setting goals to boost renewable energy capacity and double energy savings. Financing for climate change costs, including the establishment of a loss and damage fund, will be another important topic.

One year after world leaders issued the landmark call for a global move away from fossil fuels, nations are failing to turn that promise into action, say climate diplomats, campaigners and policy experts. Many are promising bold policies that align with agreed warming limits, but are approving new oil and gas fields -- an impossible contradiction, says the UN's expert climate panel.

Environmental activists in New York have launched a campaign against Citi, accusing the bank of funding fossil fuel projects and contributing to the climate crisis. Hundreds have been arrested during protests. Campaigners demand that Citi change its investment strategies to support sustainable energy, emphasizing the urgency of addressing climate change impacts like extreme heat events, fires, and floods.