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...companies....
...António Guterres, the UN secretary-general, said after the COP summit that tougher action was needed on fossil fuels....
...LNG plants are big consumers of shale gas produced in areas such as western Pennsylvania — and drillers were banking on a wave of new planned projects to buy more fuel in future....
...Wood Mackenzie added that many companies in the oil and gas industry had low levels of borrowing and would be relatively unaffected by higher rates....
...Fossil fuel projects received $33.5bn a year on average compared with $4.7bn for clean energy development, it found....
...The president of Azerbaijan, host country for the UN COP29 climate summit this year, has defended the country’s fossil fuel sector, arguing its “oil and gas would be needed for years to come” because of...
...It also marks a contrast with pledges by Big Tech to slash greenhouse gas emissions and fuel the AI revolution with green energy, rather than fossil fuels....
...plants “all represent downward risks to the current outlook, which could fuel price volatility through 2024”....
...Yet, since before COP28’s agreement to move away from fossil fuels, oil and gas companies have been telling a different story, full of sound and fury, of the demise of the clean energy transition....
...How it works The companies plan to make synthetic natural gas by combining captured carbon dioxide with green hydrogen to produce a so-called carbon-neutral fuel that can be distributed to consumers through...
...As a result of higher prices, 2022 was the most profitable year on record for publicly traded US oil companies....
...at Beyond Fossil Fuels....
...What is striking is that shares in US-listed gas-focused exploration and production companies have performed surprisingly well year to date....
...But Equinor is still first and foremost an oil and gas company....
...At Total, he has maintained a strategy of pursuing profitable oil projects while shifting more into gas as the company’s core fossil fuel....
...In that case, new supplies will be redundant, and as organisations like Carbon Tracker have pointed out, fossil fuel companies that overinvested in new supplies will face financial losses and eventual bankruptcy...
...While the International Energy Agency expects global demand for fossil fuels to peak this decade, many analysts expect gas to have greater longevity than oil given its reputation as a lower-carbon fuel that...
...This figure accounted for 80 per cent of its financing for “pure play” oil and gas-focused companies....
...But the text left open the possibility of continued investment in gas, despite ministers agreeing to transition away from all fossil fuels by 2050 at the UN COP28 climate summit last year....
...Charif Souki, a pioneer of the US liquefied natural gas industry, has been ordered to repay $100mn to his lenders months after he was ousted from his latest venture....
...Shell on Thursday introduced a new ambition to cut the absolute emissions from the oil products it sells by 15-20 per cent from 2021 levels by 2030, but it intentionally excluded gas as a “critical fuel...
...Brussels is also due to propose an extension of targets for cutting gas demand as a way to keep reducing the bloc’s reliance on fuel imports before a meeting of the bloc’s energy ministers on March 4, according...
...Lower gas prices have implications for the energy transition, potentially keeping consumers hooked on the fuel for longer....
...EU officials have been urging European companies to avoid buying Russian LNG now that gas storage levels are at record levels and prices have come down from the post-invasion peak....
...Opponents, though, point out that making gas a central part of the transition locks in decades more of carbon-emitting fossil fuel use....
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