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...The world needs a “reality check” on its move from fossil fuels to renewable energy, JPMorgan has warned, saying it may take “generations” to hit net-zero targets....
...And it is the strength of the continent’s demand for renewable power, spurred by the transition away from fossil fuels, that has pushed the company to the top of this year’s FT ranking of businesses by revenue...
...UN climate talks on how to limit global warming have focused on renewable energy for too long, according to the chief executive of ExxonMobil, the biggest western oil supermajor....
...Renewables are way off course . . . World leaders agreed at COP28 to triple global renewable generation capacity by 2030 to 11,000GW — a tall order....
...The market structure of fossil fuels contains another lesson....
...Now take into account the higher multiple at which renewables specialists trade compared to fossil fuel companies and the advantage swings decisively in favour of renewables....
...But fossil fuel executives said renewables would not be reliable suppliers on their own for energy-hungry data centres....
...The renewables auction allocation is used to determine how many renewables projects each round can support and is also dependent on power prices....
...fuel industry....
...While renewables and low-carbon energy received only a fifth of its capital investment last year, they’ll account for more than half of it by 2030, Equinor reiterated....
...Will it be central to the energy sector, where it can be used to produce synthetic fuels, or to help store the energy generated by intermittent renewables, such as wind and solar?...
...KKR has prioritised investments aimed at transitioning the fossil-fuel based global economy to a system dependent on cleaner forms of energy, building a large climate investment operation within its $59bn...
...A smaller amount is made by splitting water through electrolysis using renewable energy sources, known as “green hydrogen”....
...SAF currently accounts for a tiny proportion of global aviation fuel, about 0.1 per cent last year according to the International Air Transport Association....
...It highlighted the energy security benefits of renewables, nuclear power and energy efficient technologies such as electric cars and heat pumps, that reduce consumers’ exposure to volatile fossil fuel prices...
...jet fuel and currently only available in small quantities....
...It’s a third of all European fossil fuel imports,” she said. “When public authorities ask us what we need to go faster (on energy), they expect us to say money....
...Recycled fuel is nothing new. About a tenth of France’s nuclear electricity is generated using MOX, made from depleted uranium mixed with plutonium recovered from used reactor fuel....
...If the ratio is less than one, then the bank is providing more funding for fossil-fuel companies than for renewable energy businesses....
...The International Energy Agency expects petrochemicals to be the “single largest contributor” to oil demand growth in the next five years, as the rapid deployment of renewables and the move to more fuel...
...“Ninety-five per cent of what we globally spend on renewables is happening in the Global North and only 5 per cent is happening in the Global South,” he noted, adding that China should be praised, rather...
...Data visualisation by Steven Bernard Letter in response to this article: Phasing out fossil fuels can’t be left to the markets / From Professor Piet Eeckhout, Academic Director, UCL European Institute;...
...But green hydrogen has struggled to compete with conventional fossil fuels due to the high cost of production....
...“Over 80 per cent of global energy still comes from fossil fuels,” says Roma. “We need every tool at our disposal.”...
...“An awful lot of good, detailed work has been done on the business models and legislation to get to where we are,” says Ruth Herbert, chief executive of the Carbon Capture and Storage Association trade group...
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