Sustainability ///

Carbon taxes must be six times higher to stop global warming, says Wood Mackenzie

To stop global temperatures from rising above 1.5 degree Celsius from pre-industrial levels, carbon prices must surge to $160 per ton of CO2 by 2030, up from a global average of $22 at the end of last year, Wood Mackenzie said in a report.

U.S. energy secretary to Big Oil: Join the green transition or be left behind

Jennifer Granholm used her first speech as U.S. Energy Secretary to warn oil and gas companies they risk being left behind unless they embrace a transition to cleaner sources of energy, while also offering them an opportunity to partner with the new administration.

ADNOC says low carbon oil will play a central role in the energy transition

Speaking at CERAWeek, H.E. Dr. Al Jaber says the UAE has been preparing for the energy transition for over 15 years and views it as an opportunity to diversify its economy. ADNOC has stated that it will reduce its carbon intensity by a further 25% by 2030.

John Kerry touts opportunities for oil and gas companies in a hydrogen-powered future

While most hydrogen is currently extracted from gas, there’s a push to use renewable energy to make the fuel from water, which wouldn’t generate carbon emissions. Oil and gas companies have “incredible infrastructure” to transport hydrogen, Kerry said.

API considers backing a government-imposed carbon pricing program

The Chamber of Commerce embraced market-based policies to limit emissions in January, and several of API’s largest members, including Exxon Mobil, ConocoPhillips, BP and Royal Dutch Shell already support a carbon tax-and-rebate plan.

Framo supplies marine pumping systems to Scotland’s largest offshore wind farm

The Alfa Laval company and pump manufacturer Framo will supply pumping systems for foundations of Scotland’s largest offshore wind farm project. It is the second order for pumping systems in this application, and marks an important milestone as it applies the company’s extensive experience from the offshore industry to renewable energy applications.

Granholm confirmed to lead agency key to Biden’s climate goals

Jennifer Granholm was confirmed as Secretary of Energy, putting the former Michigan Governor at the head of agency that will play a key role in implementing President Joe Biden’s ambitious climate agenda.

Energean proposes $500MM carbon storage facility in northern Greece

The project would be the first of its kind in the Mediterranean, Energean CEO Matthaios Rigas said at a conference Wednesday.

Activist shareholder pushes Exxon towards net-zero emissions goal

Activist investor Engine No. 1 released a letter on Feb. 22 reiterating its call for Exxon to overhaul its board of directors by adding four new members who have the expertise to steer the company towards climate neutrality.

Texas energy commissioner says grid spending placed green politics over reliability

Texas Railroad Commissioner Wayne Christian says recent winter storms would not have had such devastating consequences had it not been for decades of poor policy decisions prioritizing unreliable renewable energy sources at the expense of reliable electricity — something Texans now know is essential to everyday life.

Equinor taps Aker Solutions to cut CO2 emissions on Troll B & C platforms

“Reduction of climate footprint is high on the agenda for our customers in the oil and gas industry. Electrification of production platforms is one of the ways to reduce emissions from such operations,” said Kjetel Digre, chief executive officer of Aker Solutions.

Biden and his climate team disparage workers as part of their fossil fuel rhetoric

Vice President Kamala Harris drew derision on social media after she told a West Virginia television station that people could be put to work reclaiming abandoned “land mines.” A day earlier, climate envoy John Kerry said during a White House briefing that displaced laborers face “better choices” making solar panels and installing wind turbines.

Shell to freeze staff salaries, warns of layoffs in green energy pivot

Shell is starting one of the biggest reorganizations in its history as it pivots from a century-long structure that prioritized oil and gas production. There will be as many as 9,000 job losses over the next two years, with cuts already announced in The Netherlands, the UK and Malaysia. A second round of voluntary redundancies is also underway, Shell CEO Ben Van Beurden said last week.

Total beats earnings estimates, boosts renewables investment

Total SE bucked the trend of a disappointing fourth quarter for Big Oil, reporting earnings that exceeded expectations and pledging more cash for cleaner energy.

LafargeHolcim and Schlumberger New Energy explore carbon capture and storage solutions

The two companies will study the feasibility of capturing carbon from two LafargeHolcim cement plants, based in Europe and North America, using Schlumberger’s carbon sequestration technologies. This innovative partnership paves the way for both companies to make strong inroads in carbon solutions.

Oil majors outbid green energy firms to build offshore UK windfarms

The UK's Crown Estate auctioned seabed rights that will allow about 8 gigawatts of new wind farms, enough to power more than 7 million homes. With oil majors taking a majority of the sites, it’s a sign that green energy companies are facing a new era of competition for some of the world’s biggest renewable energy projects.

Total to meet all its U.S. electricity needs with new Texas solar projects

“I am very pleased that Total is further contributing to the development of solar power in the U.S. We look forward to taking advantage of the many growth opportunities in the U.S. market to address the challenges of the energy transition,” said Patrick Pouyanné, Chairman and CEO of Total.

Oxy teams with Macquarie to deliver world’s first carbon-neutral oil from Permian basin to India

The transaction between Oxy and India's Reliance Industries is the energy industry’s first major petroleum shipment for which greenhouse gas emissions associated with the entire crude lifecycle, well head through combustion of end products, have been offset.

PESA and AESC combine to form Energy Workforce & Technology Council

The Council will represent more than 600 energy technology and services companies in the global energy supply chain providing solutions to enable a low-carbon future, safely, profitably, and sustainably.

BP sells Oman gas stake in push to divest $25B of fossil fuel assets

BP will sell a stake in an Omani gas block to Thailand’s national energy firm for $2.6 billion, part of a push to divest billions of dollars of assets and focus more on renewable energy.