Category Archives: Fossil fuels

Value of Australian lithium exports tipped to match thermal coal in five years

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Revenue from mining key metal used in EV batteries to triple by 2027-28 while thermal coal exports set to fall by more than 70%

Exports of Australian lithium – a key metal used in batteries – are expected to earn as much as sales of thermal coal within five years, as the world increasingly embraces clean energy and the market value of fossil fuels falls.

New data released by the Australian government forecasts local lithium production will double and the industry’s revenue will triple by 2027-28 compared with last financial year.

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State actor still main suspect behind Nord Stream sabotage, says investigator

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Swedish prosecutor casts doubt over theories that independent group was responsible for pipeline blasts

The Swedish prosecutor investigating the Nord Stream sabotage attack has said the “clear main scenario” was that a state-sponsored group had been involved, seemingly casting doubt over theories that posited an independent group was responsible for the pipeline blasts.

Mats Ljungqvist told Reuters on Thursday that though a non-state-backed plot was still theoretically possible, the type of explosive used in the bombings ruled out a “large portion of actors”.

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Greenhouse gas emissions rose at ‘alarming’ rate last year, US data shows

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Noaa report shows rapid increase in atmospheric levels of carbon dioxide, methane and nitrous oxide

Record temperatures, devastating floods and superstorms are causing death and destruction across the planet but humans are failing to cut greenhouse gas emissions fueling the climate emergency, new US data shows.

Atmospheric levels of carbon dioxide (CO2), methane and nitrous oxide – the greenhouse gases emitted by human activity that are the most significant contributors to global heating – continued to increase rapidly during 2022, according to the National Oceanic and Atmospheric Association (Noaa).

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Revealed: UAE plans huge oil and gas expansion as it hosts UN climate summit

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Exclusive: UAE’s fossil fuel boss will be the president of Cop28, making a mockery of the summit, say campaigners

The United Arab Emirates, which is hosting this year’s UN climate summit, has the third biggest net zero-busting plans for oil and gas expansion in the world, the Guardian can reveal. Its plans are surpassed only by Saudi Arabia and Qatar.

The CEO of the UAE’s national oil company, Adnoc, has been controversially appointed president of the UN’s Cop28 summit in December, which is seen as crucial with time running out to end the climate crisis. But Sultan Al Jaber is overseeing expansion to produce oil and gas equivalent to 7.5bn barrels of oil, according to new data, 90% of which would have to remain in the ground to meet the net zero scenario set out by the International Energy Agency.

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Eastern Australia gas outlook improves but winter shortfall still possible for south, watchdog says

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ACCC says better 2023 forecast due to increase in production estimates and less uncontracted LNG that can be exported

Eastern Australia’s gas supply outlook has improved, but there is still the prospect of a winter shortfall for southern states without piped supplies from Queensland or altered export contracts, the Australian Competition and Consumer Commission has said.

The ACCC’s March gas inquiry report found the outlook for 2023 had improved since January, with a projected gas shortfall of three petajoules for the year, down from the 30 petajoule shortfall forecast previously.

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‘Half-baked, half-hearted’: critics ridicule UK’s long-awaited climate strategy

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UK’s 1,000-page plan criticised as doing ‘little to boost energy security, lower bills or meet climate goals’

The UK’s new energy plan unveiled on Thursday is a missed opportunity full of “half-baked, half-hearted” policies that do not go far enough to power Britain’s climate goals, according to green business groups and academics.

The 1,000-page strategy has been criticised by many within Britain’s green sectors who fear the country could surrender its leading role in climate action because of the government’s “business as usual” approach to delivering green investments.

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Australia passes most significant climate law in a decade amid concern over fossil fuel exports

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Deal between Labor government and Greens requires total emissions from big industrial sites to come down, not just be offset

Australia’s parliament has passed the country’s most significant emissions reduction legislation in more than a decade after the government won backing from Greens and independent MPs for a plan to deal with pollution from major industrial sites.

After weeks of closed-door negotiation, a deal was brokered between the Labor government and Greens, a minor party with 15 parliamentarians, that included legislating an explicit requirement that total emissions from major industrial facilities must come down, not just be offset.

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Labor and Greens could agree to compromise on non-fossil fuel industries in safeguard mechanism

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Greens in internal negotiations over backing down on demand for ban on new coal and gas projects in Labor’s climate policy

Labor could agree to treat existing non-fossil fuel industries – such as cement, aluminium and steel – differently to new coal and gas developments in a bid to reach agreement with the Greens on a signature climate policy.

But it is unclear whether the possible compromise on the design of the safeguard mechanism would be enough to win support for the Albanese government’s plan, which requires major industrial polluting sites to reduce emissions intensity onsite cuts or buy carbon offsets.

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Older Americans protest against ‘dirty banks’ funding oil and gas projects

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Protesters cut up credit cards and march to Washington branches of JPMorgan Chase, Citibank, Bank of America and Wells Fargo

Hundreds of older Americans gathered in Washington on Tuesday to protest against four of the country’s largest financial institutions, cutting up their credit cards in an act of defiance meant to condemn the banks’ funding of oil and gas projects.

The protesters marched to the downtown DC branches of the four targeted “dirty banks” – JPMorgan Chase, CitiBank, Bank of America and Wells Fargo – before staging a “die-in” to symbolize the global threat posed by fossil fuels. In a nod to the age of the protest’s participants, demonstrators sat in painted rocking chairs as they chanted “Cut it up!” to those slashing their credit cards outside the banks’ branches.

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Biden administration sides with climate lawsuit against fossil fuel companies

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DoJ brief argues Colorado case against energy giants ExxonMobil and Suncor should be heard in state court instead of federal

The US Department of Justice filed a legal brief Thursday in support of local governments in Colorado that are part of a growing wave of local and state governments pursuing climate litigation against fossil fuel companies.

In the brief, the DoJ argued that the Colorado case against the Canadian energy giant Suncor should be heard in state court, which is considered more favourable than federal court for plaintiffs who are suing oil companies over climate change. ExxonMobile is also a defendant in the case.

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Saudi Aramco’s $161bn profit is largest recorded by an oil and gas firm

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Amnesty International hits out at ‘shocking’ annual figure reaped through sale of fossil fuel

Saudi Aramco has reported a record $161bn (£134bn) profit for 2022, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand.

The largely state-owned company’s profits rose by 46% year on year and it made more than the recent bumper results reported by Shell, BP, Exxon and Chevron combined.

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NSW to grant coalmines licences for water from Sydney and Illawarra drinking catchments

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Perrottet government quietly gazetted rules day before caretaker period commenced for election campaign

The Perrottet government has introduced new rules that will grant coalmines licences for water from the drinking catchment for Sydney and the Illawarra region.

The government quietly gazetted the rules a day before the caretaker period commenced for the New South Wales election campaign.

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Labor meets Greens demand for ban on reconstruction fund investment in coal, gas and native logging

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Deal secures passage of NRF bill through lower house and provides likely pathway to pass it in Senate

The Albanese government has agreed to the Greens’ demands to ban the national reconstruction fund from direct investment in coal, gas and native logging projects.

The deal secured the passage of the NRF bill through the lower house on Thursday and gives Labor a likely pathway to pass it in the Senate with the support of the Greens and crossbench in late March.

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Philippines oil tanker spill prompts fears for protected marine areas

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Authorities scramble to contain leak from sunken tanker that was carrying about 800,000 litres of oil

Authorities in the Philippines are scrambling to contain an oil leak from a sunken tanker that could threaten the rich biodiversity of more than 20 marine protected areas.

The MT Princess Empress, which was carrying a cargo of about 800,000 litres of industrial oil, sank on Tuesday off the coast of Naujan, Oriental Mindoro province, after it experienced problems with its engine and began to drift due to rough seas. A passing cargo ship rescued the 20 crew onboard.

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US firm to bid to turn DRC oil permits in Virunga park into conservation projects

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Exclusive: company plans to sell carbon and biodiversity credits in endangered gorilla habitat and Congo basin rainforest as alternative to drilling for fossil fuels

A New York investment firm is to launch a $400m (£334m) bid for oil concessions in the Congo basin rainforest and Virunga national park with plans to turn them into conservation projects, the Guardian can reveal.

EQX Biome, a biodiversity fintech company, has sent an expression of interest to the Democratic Republic of the Congo (DRC) government for 27 oil exploration blocks put up for auction last July, some of which are in critical ecosystems.

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Confusion surrounds China’s energy policies as GDP and climate goals clash

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Wave of permits for coal-fired power plants sparks concern as ambitions for GDP growth and lowering emissions come into conflict

China’s energy policies are fast creating a type of “emissions ambiguity”, as the twin goals of boosting GDP growth and reducing carbon emissions come into conflict.

The uncertainty is whether and when the world’s biggest carbon emitter will start to curb greenhouse gas pollution. The release of the country’s annual statistics communique on Tuesday did not clear things up.

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Asic sues Mercer Super for allegedly ‘greenwashing’ fossil fuel and gambling investments

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Corporate regulator claims the company misled members in a fund that promoted its sustainable credentials

Corporate pension fund Mercer Superannuation misled members by investing in coal and other fossil fuels, along with alcohol and gambling stocks, in a fund that promoted its sustainable credentials, the corporate regulator has alleged.

The Australian Securities and Investments Commission has started legal proceedings against Mercer in its first court action over alleged “greenwashing”, a term that describes misleading claims made about a product’s environmental and sustainable credentials.

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Selfish or a godsend? Readers share their views on wood-burning stoves

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Demand for wood stoves is soaring in energy crisis despite research showing their harmful effects

Demand for wood-burning stoves, including in urban areas, has soared as households look for more affordable ways to stay warm during the energy crisis.

Campaigners have called for stricter legislation on their use because of their negative impact on air pollution and health, with wood burning in the UK gaining in popularity over the past decade.

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China approves biggest expansion in new coal power plants since 2015, report finds

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Concerns about energy shortages drive increase as projects progress at ‘extraordinary’ speed

China approved the construction of another 106 gigawatts of coal-fired power capacity last year, four times higher than a year earlier and the highest since 2015, research shows.

Over the year, 50GW of coal power capacity went into construction across the country – up by more than half compared with the previous year – driven by energy security considerations, the Centre for Research on Energy and Clean Air (CREA) and Global Energy Monitor (GEM) said on Monday.

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Australia at risk of electricity supply shortages as renewable projects lag behind coal plant closures

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Successive La Niñas have eased demand but with many renewable and storage projects now delayed, the energy market operator has revised its projections

Australia’s main electricity grid will probably avoid major supply shortages next summer, but risks escalate in later years as ageing coal plants exit potentially faster than new renewables and storage projects come on line.

The projections are contained in the Australian Energy Market Operator’s (Aemo) updated Electricity Statement of Opportunities (Esoo) report, released on Tuesday.

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