Barclays accused of greenwashing over financing for Italian oil company

Exclusive: Environmental groups say bank is misleading public over ‘sustainable’ financing for Eni as company vastly expands fossil fuel production

Barclays is being accused by environmental groups of greenwashing after helping to arrange €4bn (£3.4bn) in financing for the Italian oil company Eni in a way that allows them to qualify towards its $1tn sustainable financing goal.

Environmental groups have said the London-based bank is deliberately misleading the public by labelling the financial instruments as “sustainable” at the same time that Eni is in the midst of a multibillion-pound fossil fuel expansion drive designed to increase production.

Continue reading...

US reimposes sanctions on Venezuela as hope for democracy crumbles

Relief had been granted after president Nicolás Maduro promised to hold free and fair elections this year

The Biden administration has reimposed crushing oil sanctions on Venezuela, admonishing the president Nicolás Maduro’s attempts to consolidate his rule just six months after the US eased restrictions in a bid to support now fading hopes for a democratic opening in the Opec nation.

A senior US official, discussing the decision with reporters, said any US company investing in Venezuela would have 45 days to wind down operations to avoid adding uncertainty to global energy markets. The official spoke on the condition of anonymity to discuss US policy deliberations.

Continue reading...

Middle East conflict risks sharp rise in oil prices, says IMF

In the UK, anxiety over the crisis after Iran’s missile strike on Israel drives down UK shares

An escalating Middle East conflict risks leading to higher oil prices, a reversal of the recent fall in inflation and a puncturing of the optimistic mood in financial markets, the International Monetary Fund has warned.

The Washington-based IMF said it was closely monitoring events in the region after Iran’s missile strike on Israel at the weekend and stressed the possibility that a war between the two countries could lead to higher interest rates.

Continue reading...

Shell says it ‘lobbies for energy transition’ during climate ruling appeal

Company is fighting Dutch court ruling that says it must emit 45% less CO2 by 2030 than in 2019

Shell has argued that it “lobbies for, not against, the energy transition” on the final day of its appeal against an important climate ruling.

The fossil fuel company is fighting the decision of a Dutch court in 2021 that forces it to pump 45% less planet-heating CO2 into the atmosphere by 2030 than it did in 2019. In court on Friday, Shell argued the ruling is ineffective, onerous and does not fit into the existing legal system.

Continue reading...

Abu Dhabi state oil company reportedly looked at buying BP

Adnoc decided move was not right fit but it is latest sign of foreign buyers circling UK firms

Abu Dhabi’s state-owned oil company reportedly recently explored a multibillion-pound bid for BP, in a sign that depressed share values in London are making even the biggest British businesses takeover targets.

Abu Dhabi National Oil Company (Adnoc) considered options including buying BP or acquiring a large stake before deciding it was not the right fit and abandoning preliminary discussions, according to Reuters.

Continue reading...

Sixteen states sue US over ban on approvals for LNG exports

States including Texas, Louisiana and Florida say federal government lacks authority to broadly deny permits

Sixteen US states, including Texas, Louisiana and Florida, have filed a lawsuit to challenge the US federal government’s ban on approving applications to export liquefied natural gas, the office of Texas attorney general Ken Paxton said on Thursday.

The lawsuit argues the federal government lacks the authority to broadly deny those permits.

Continue reading...

Climate activists across Europe block access to North Sea oil infrastructure

Blockades at facilities in Germany, the Netherlands, Norway and Sweden, with protests in Scotland and action expected in Denmark

Climate activists in four countries are blocking access to North Sea oil infrastructure as part of a coordinated pan-European civil disobedience protest.

Blockades have been taking place at oil and gas terminals, refineries and ports in Germany, the Netherlands, Norway and Sweden, in protest at the continued exploitation of North Sea fossil fuel deposits.

Continue reading...

Revealed: How the global oil industry is fueling Israel’s war on Gaza

Analysis shows how jets and tanks are being kept fueled despite interim ICJ ruling warning Israel to prevent genocidal acts

Israeli jets and tanks bombarding Palestinians are being fueled by some of the world’s most profitable fossil fuel companies – and US tax-payers, according to research.

Israel relies on crude oil and refined products from overseas to run its large fleet of fighter jets, tanks and other military vehicles.

Continue reading...

Budget 2024 live: Jeremy Hunt cuts national insurance, abolishes non-dom status and raises child benefit threshold

NI cut of 2p announced, along with new tax on vapes, end of tax relief for holiday lettings and more cash for NHS IT system

Jeremy Hunt is expected to extend the windfall tax on energy companies in the budget to help fund his national insurance cut. Extending the windfall tax is a Labour proposal that the Tories used to dismiss, and, according to a Daily Telegraph story, Douglas Ross, the Scottish Conservative leader, is so angry about the move that colleagues thought he might resign. Ross is MP for Moray, in the north-east of Scotland, and he is worried that the potential impact on the oil and gas industry in Scotland will cost the party votes.

In their story, Nick Gutteridge, Dominic Penna and Simon Johnson say Ross had a row with Rishi Sunak about this at a reception on Sunday night. They report:

The leader of the Scottish Conservatives had doggedly sought out Mr Sunak across the crowded, stifling room, determined to give him a piece of his mind about the Treasury’s plans to extend the windfall tax on North Sea oil and gas giants for an extra year.

What followed was a “heated” discussion between the pair, with Mr Ross warning the move would hammer the Tory vote north of the border and the prime minister countering that it was necessary to deliver a National Insurance cut for millions of workers.

Glen O’Hara, professor of modern history at Oxford Brookes University, points to the gaping trade deficit left for Labour in 1964, when outgoing Tory Chancellor Reginald Maudling infamously left a note for his successor reading: “Good luck, old cock … sorry to leave it in such a mess.”

Conservative Chancellor Norman Lamont’s pre-election budget in 1992 introduced a lower rate of income tax which Labour opposed, allowing the Tories to portray them as a “high-tax party.” The Tories unexpectedly went on to win the subsequent poll.

Continue reading...

MPs open inquiry into success of UK Treasury sanctions on Russia

Treasury committee to consider case for targeting buyers of Russian oil and gas as Moscow weathers penalties

The Treasury committee on Thursday opened an investigation looking at the effectiveness of the UK’s economic sanctions on Russia, including whether the measures need to be widened to cover the buyers of Russian oil and gas.

The MPs will take evidence on the work of the Office of Financial Sanctions Implementation (OFSI), part of the Treasury, which implements and enforces the sanctions in the UK, including on implementation within the insurance and shipping sectors.

Continue reading...

Shell must clean up pollution before it leaves Niger delta, report says

Firm told it must take responsibility for toxic legacy of pollution and safe decommissioning of abandoned oil infrastructure

The oil firm Shell cannot be allowed to withdraw from the Niger delta before it takes responsibility for its toxic legacy of pollution and the safe decommissioning of abandoned oil infrastructure, a report says.

Shell plc is preparing to divest from the delta but a report warns that it must remain until it has cleaned up its legacy of pollution.

Continue reading...

UK criticised over apparent call to firms to rebuild disputed areas of Azerbaijan

Officials held online meeting with business leaders despite flight of ethnic Armenians after military takeover of Nagorno-Karabakh

The UK government faces criticism after officials appeared to urge British businesses to help rebuild disputed areas of Azerbaijan just weeks after the state’s military takeover of Nagorno-Karabakh led more than 100,000 ethnic Armenians to flee the region.

Officials from the UK Foreign Office and the business department held an online meeting with British business leaders in November to encourage companies to take advantage of the “great opportunity” to support Azerbaijan president Ilham Aliyev’s rebuilding agenda.

Continue reading...

Exxon plan for Guyana oil exploration risks raising tensions with Venezuela

President of ExxonMobil Guyana confirms plan to drill two new wells off Atlantic coast as territorial dispute simmers

ExxonMobil has insisted it will explore for oil in a region bitterly contested by Guyana and Venezuela, despite the dangers that the move is likely to escalate tensions between the two South American neighbors.

Relations between the two countries have reached an all-time low in recent months following a series of announcements by the Venezuelan president, Nicolás Maduro, suggesting that he could take the Essequibo region by force.

Continue reading...

Biden’s delay of ‘carbon bomb’ projects could be a big deal – but will it last?

Climate activists cheer decision to pause all pending liquified natural gas export licenses, but is it just a delay till after November elections?

Joe Biden has, at least for a while, defused a ticking carbon bomb. Climate activists and the fossil fuel industry are now left wondering how long it will last.

The decision on Friday by the Biden administration to pause all pending export licenses for liquified national gas (LNG) to consider the climate impact of the projects has been hailed as a momentous shift in the status quo by those concerned by the unfolding climate crisis.

Continue reading...

Alok Sharma condemns government’s oil and gas bill as vote passes first hurdle

Former Cop26 president abstains from vote saying bill breaks UK’s promise to phase out fossil fuels

Alok Sharma has said the government’s oil and gas bill going through the Commons will not cut household energy costs or create jobs and instead will break the UK’s promise to phase out fossil fuels.

The government’s offshore petroleum licensing bill passed its second reading on Monday night with 293 votes to 211 against. No Conservative MPs voted against it, and Sharma – the former business secretary who served as president of the Cop26 climate talks – abstained. The legislation would place the North Sea Transition Authority under a duty to run annual applications for new offshore oil and gas licences.

Continue reading...

Women added to Cop29 climate summit committee after backlash

Panel was originally composed of 28 men, a move condemned as ‘regressive’ and ‘shocking’

The president of Azerbaijan has added 12 women to the previously all-male organising committee for the Cop29 global climate summit, which the country will host in December.

The move follows a backlash after the Guardian reported the initial 28-man composition of the committee, which was called “regressive” by the She Changes Climate campaign group. “Climate change affects the whole world, not half of it,” the group said.

Continue reading...

Santos’s $5.8bn Barossa gas pipeline project can go ahead after Tiwi Islanders lose court battle

Federal court has lifted temporary injunction preventing construction work on part of the pipeline route

Santos’s $5.8bn Barossa offshore gas project has taken another step forward after the federal court dismissed a legal challenge by a group of Tiwi Islanders to the construction of a pipeline.

In a decision on Monday, Justice Natalie Charlesworth dismissed the legal action and lifted a temporary injunction that had prevented Santos from beginning construction work in an area on the pipeline route.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup

Continue reading...

Oil prices rise after Iran rejects calls to end support for Houthi Red Sea attacks

Brent crude is up 2% to $78.77 a barrel as hopes of strong demand in China also push up prices

Oil prices have risen sharply after Iran rejected calls to end support for attacks by Houthi rebels on vessels in the Red Sea and sent a warship to the key trading route.

In the first trading session of the new year, Brent crude rose $1.73, or more than 2%, to $78.77 a barrel on Tuesday, while US West Texas Intermediate crude was at $73.36 a barrel, up $1.71, or 2.4%.

Continue reading...

‘They attacked us. They displaced us’: grieving Sudanese confront Swedish oil giant over their days of slaughter

A historic trial, which will call on 61 witnesses worldwide, is expected to set a precedent for global corporations in foreign jurisdictions

Before the arrival of Lundin Oil in the town of Leer, now part of South Sudan, life there was peaceful, says George Tai Kuony. His childhood was that of a “typical village boy”, driving cattle, helping his family and going to school. But in June 1998, when he was 15, armed forces entered the town and changed his life for ever.

He fled, became separated from his family and hid for seven days before he was able to return. “When we got there, Leer wasn’t the town I had left seven days ago,” says the 40-year-old lawyer and human rights defender. “Everything was burned down, everything was destroyed. I could see the bodies of dead people lying in the street.” As a result of the conflict, he lost his father, and later his mother and one sibling.

Continue reading...

More than 100 container ships rerouted from Suez canal to avoid Houthi attacks

Cape of Good Hope diversion adds 6,000 nautical miles and three or four weeks to delivery times and has driven up oil prices

More than 100 container ships have been rerouted around southern Africa to avoid the Suez canal, in a sign of the disruption to global trade caused by Houthi rebels attacking vessels on the western coast of Yemen.

The shipping company Kuehne and Nagel said it had identified 103 ships that had already changed course, with more expected to go around South Africa’s Cape of Good Hope.

Continue reading...