fossilfuels
Australia’s largest lender has announced it will stop financing fossil fuel companies that don’t comply with the Paris Agreement’s climate goals by the end of 2024. The Commonwealth Bank’s (CBA) move is unusual among other rivals, who have yet to stop supporting coal, oil and gas businesses. In a new report, CBA confirmed that clients who fail to meet an emissions pathway consistent with keeping global temperature increases to the “well below 2C goal of the Paris agreement” would not receive “new corporate or trade finance, or bond facilitation with a maturity beyond 31 December 2024”. The ban...
Euronews (English)
The EU Green Deal aims to build a Europe with clean energy and sustainable industries, with a target for climate neutrality by 2050. However, as the drive for clean energy continues so does the financing of fossil fuels, as a complete move away from oil and gas would lead to energy security risks. According to research, the world’s banks have given around €6.5 trillion to the fossil fuel industry since the signing of the Paris Climate Agreement in 2016. The Banking on Climate Chaos report claimed Barclays ranked 8th globally, as Europe’s biggest contributor. However, Barclays has pledged to pr...
Euronews (English)
Five times larger than the Titanic, the Icon of the Seas was unveiled at the start of 2024 as the world’s biggest cruise ship. It highlights a spiralling trend in the industry: the largest cruises have more than doubled in size since the year 2000. If this trajectory continues, ships could grow to a whopping eight times the size of the Titanic by 2050. They’d make the 10-deck, 269-metre-long ship from 1912 “look like a fishing boat”, according to a new report titled ‘Cruisezillas: How much bigger can cruise ships get?’ released by Transport & Environment (T&E) today. In the report, T&E calls f...
Euronews (English)
Climate activists have glued themselves to the runway at Cologne-Bonn Airport, one of Germany's biggest airports. At least four inbound flights have been redirected to the nearby airports of Dusseldorf and Hannover, while numerous outbound flights faced significant delays and cancellations, leaving many passengers stranded. Police said five people glued themselves to a taxiway at the airport early in the morning and officers were trying to dislodge them, German news agency dpa reported. By 8.30 am, two of them had been removed. The Last Generation activist group said in a statement that suppor...
Euronews (English)
Eni said in a statement on its website on Tuesday that it has signed a temporary exclusivity agreement with KKR, a leading global investment firm, aimed at progressing the due diligence phase and completing the drafting of the documents related to the sale of a 20% to 25% stake in Enilive. The Italian energy group said it was based on a valuation of the company between €11.5 billion and €12.5 billion. "While a final transaction is subject to agreeing definitive documentation, both parties are committed to negotiating the terms of a potential transaction. This step represents another example of...
Euronews (English)
Campaigners have warned that an International Maritime Organization (IMO) ban on heavy fuel oil may not reduce the use of the polluting marine fuel for another five years. From today, ships going through Arctic waters can no longer use or carry heavy fuel oil (HFO) under a UN shipping agency regulation that the IMO adopted in 2021. The ban is intended to prevent devastating environmental impacts on the sensitive Arctic region and its wildlife. But environmental groups are pointing to loopholes - such as geographic scope, exemptions and waivers - which mean many ships are still eligible to carr...
Euronews (English)
Renewable energy was the leading source of electricity in the EU in 2023, according to preliminary data from Eurostat. Renewables accounted for 44.7 per cent of all electricity production generating 1.21 million Gigawatt-hours (GWh) - a 12.4 per cent increase from 2022. Rapid installation of new solar and wind projects across the bloc has helped push this figure up. Electricity from fossil fuels overall fell by 19.7 per cent in comparison, contributing 0.88 GWh or 32.5 per cent of the EU’s power. Natural gas supply fell by 7.4 per cent from 2022 - the lowest it’s been since 1995. The biggest d...
Euronews (English)
One method of making electricity cleanly to address climate change has been quietly advancing and on Tuesday it hit a milestone. A California utility is backing the largest new geothermal power development in the US - 400 megawatts of clean electricity from the Earth’s heat - enough for some 400,000 homes. Utility company Southern California Edison will purchase the electricity from Fervo Energy, a Houston-based geothermal company, Fervo announced. The company is drilling up to 125 wells in southwest Utah. Clean electricity like this reduces the need for traditional power plants that cause cli...
Euronews (English)
A new proposal in the New York Legislature would prohibit insurance companies from doing business in the state if they insure businesses that make over 10 percent of their money from fossil fuels. The bill, however, could backfire, encouraging insurers to vacate New York entirely rather than leave the lucrative industry. "Within five years of the effective date of this article," the bill mandates, the "superintendent shall require any insurer doing business in the state to certify that they have divested" from "any company that derives ten percent or more of revenue from exploration, extractio...
Reason
Around 80 per cent of Italians want their country to focus on protecting and restoring nature - yet the government was among a handful to vote against the EU's landmark Nature Restoration Law on Monday. That's just one small insight from the People’s Climate Vote, the biggest ever standalone public opinion survey on climate change, which was released today. Respondents from around the world echoed this call for governments to do more, with 80 per cent saying they want stronger action on climate change. An even higher number - 86 per cent - want their countries to set aside geopolitical differe...
Euronews (English)
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