LONDON : Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives. The exploration revival – on the part of European majors in […]
Just Climate raises $1.5 billion with help from Microsoft fund – EQ Mag
LONDON : Asset manager Just Climate said on Thursday it had raised $1.5 billion for its inaugural fund after strong demand from institutional clients including Microsoft’s Climate Innovation Fund helped it beat the original target of $1 billion. Established by Generation Investment Management, Just Climate aims to focus investment on the sectors where cutting greenhouse […]
BP ventures back into oil frontiers to boost output – EQ Mag
LONDON : BP (BP.L) is ramping up oil exploration and drilling activity in frontier prospects as the energy giant tries to stem a decline in its oil and gas output after years of focusing on a shift to renewables to cut carbon emissions. The move comes as companies try to balance pressure to slash climate-warming […]
BP profit rises to $5 bln as share buyback slows – EQ Mag
LONDON : BP made a $5 billion profit in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading as the company pared back a share buyback programme. BP’s profit, which beat forecasts, follows strong results from rivals including Exxon Mobil and Chevron last week […]
London hits out at Washington’s green energy subsidies – EQ Mag
Finance Minister Jeremy Hunt’s remarks came as his government updated its energy security plan to ramp up renewable and nuclear power Britain on Thursday warned against the threat of protectionism as it slammed the United States for leading a “distortive” green energy subsidy race. Finance Minister Jeremy Hunt’s remarks came as his government updated its […]
Record new wind capacity to be installed by 2027 – industry report – EQ Mag
The Global Wind Energy Council (GWEC) report said policies have set the scene for accelerated deployment of onshore and offshore wind, with the industry expected to install 136 GW a year to 2027 LONDON : A record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027 but policymakers need to […]
Inside BP’s plan to reset renewables as oil and gas boom – EQ Mag
LONDON : BP hasn’t fallen out of love with renewables. It just wants to have more power. CEO Bernard Looney’s pursuit of green energy outstripped all rivals three years ago when he outlined a radical blueprint to move away from fossil fuels. Last month he applied the brakes, slowing BP’s planned cuts in oil and […]
BP names new onshore renewables head after latest departure – EQ Mag
LONDON : BP’s (BP.L) head of onshore wind and solar David Anderson will step down at the end of the year, the company said on Friday, the latest veteran departure under renewables boss Anja-Isabel Dotzenrath. Anderson, who has been with BP for over 16 years, will be replaced by Noelia Álvarez Marivela, who joined BP […]
Global Low-Carbon Energy Technology Investment Surges Past $1 Trillion for the First Time – EQ Mag
Defying supply chain disruptions and macroeconomic headwinds, 2022 energy transition investment jumped 31% to draw level with fossil fuels: BloombergNEF London : Global investment in the low-carbon energy transition totaled $1.1 trillion in 2022 – a new record and a huge acceleration from the year before – as the energy crisis and policy action drove […]
King Charles to divert wind farm royal profits for ‘wider public good’ – EQ Mag
London : King Charles wants proceeds from a new multi-million-pound wind farm deal struck by the Crown Estate, profits from which fund Britain’s royal family, to be used for the “wider public good”, according to a Buckingham Palace statement on Thursday. The 74-year-old monarch, a keen proponent of renewable energy, wants any boost of profits […]