Until now the fossil fuel industries have not had to account for the full costs to society of their products. Billions of dollars in climate-related expenses have been hidden inside the budgets for disaster recovery, health programs, national security and numerous other accounting sleights of hand that shield the rippling financial impacts of climate change from...
High in the Austrian Alps, hundreds of construction workers toil in a huge underground project aimed at storing hydropower as climate change has reduced the country’s water-dependent electricity production. Austria draws more than 60% of its electricity output from the renewable energy source, compared to a global average of 16%, with more than 3,100 dams...
Sign up for Energy Daily, your guide to the energy and commodities markets that power the global economy, from journalists stationed around the world. European power prices fell below zero again as production from solar farms overwhelms the grid early in the afternoon. It’s an increasingly common phenomenon as Europe races to build more cheap...
Abu Dhabi National Oil Company voiced concern about ‘potential criticism’ in green rebranding brief to ad agencies A Middle Eastern oil company led by the man chairing this year’s UN climate summit considered dropping “oil” from its name in green rebranding attempt. Leaked documents reveal that executives at the Abu Dhabi National Oil Company made...
Climate change is an unfortunate reality that is going to reshape many parts of our world — and investing is likely no exception. According to a recent study by the International Finance Corporation (IFC), “effects on returns from climate change are inevitable,” with — perhaps unsurprisingly — “the energy sector most significantly impacted.” As a citizen of a...
Battle Lines Harden Over Big Oil’s Role at Climate Talks in Dubai. Sultan al-Jaber leads the Abu Dhabi National Oil Company as well as the COP28 climate talks coming this November. An unavoidable tension surrounds this year’s United Nations-sponsored climate talks in November: They will take place in the oil-rich United Arab Emirates, and the...
Exclusive: UN conference president Sultan Al Jaber is also head of oil firm, which was consulted on how to respond to a media inquiry The United Arab Emirates’ state oil company has been able to read emails to and from the Cop28 climate summit office and was consulted on how to respond to a media inquiry,...
BERLIN (AP) — A senior United Arab Emirates official says the Gulf nation wants the U.N. climate summit it’s hosting later this year to deliver “game-changing results” for international efforts to curb global warming, but doing so will require having the fossil fuel industry at the table. Environmental campaigners have slammed the presence of oil...
The coal mining industry runs the risk of suffering significant losses as governments increasingly tilt towards renewable energy sources and demand that companies have net-zero carbon emissions. Leisure businesses, such as ski resorts, face risk of melting snow owing to climate change. Droughts, wildfires, and flooding are red flags for the agricultural sector. Also Read...
The president of the UN’s COP28 climate conference has said that he sees a future for fossil fuels – even as scientists say the world must rapidly transition to clean energy – in remarks that have raised concerns about a backsliding on climate commitments. Sultan Al Jaber, who will oversee the UN’s COP28 climate summit in Dubai in November,...