Europe could become energy self-sufficient in $2 trillion push
A new study suggests that Europe could transition away from fossil fuels and establish a self-sustaining energy sector by investing approximately 2 trillion euros ($2.1 trillion) in solar, wind, and other renewable sources by 2040. The report, led by the Potsdam Institute for Climate Impact Research, indicates that the continent would need annual investments of 140 billion euros by 2030 and 100 billion euros per year in the following decade to achieve this goal. The majority of these funds would be allocated to expanding onshore wind power, with solar, hydrogen, and geothermal r
France wants to replace gas, fuel heaters with heat pumps
French Environment Minister Christophe Bechu announced on Tuesday that France aims to replace residential fuel and gas heaters with heat pumps and establish a domestic industry to manufacture these devices as part of efforts to reduce greenhouse gas emissions. This initiative is in line with President Emmanuel Macron's multi-year environmental plan, which also includes phasing out coal-fired power plants, promoting electric cars over thermal engines, and advocating heat pumps for heating homes.
France requests stronger EU stance on Fossil Fuel Phase Out
France has proposed that the European Union should publicly announce specific dates for the gradual elimination of fossil fuel usage, in order to enhance its advocacy for a worldwide agreement to phase out these fuels at the upcoming COP28 UN climate summit. Diplomats from the EU's 27 member countries are currently formulating their approach for negotiations at COP28, scheduled to commence in November in Dubai, where nearly 200 nations will seek to intensify efforts to combat climate change. France has emphasized
US drillers cut oil and gas rigs for first time in three weeks
According to Baker Hughes, U.S. energy companies reduced the number of active oil and natural gas rigs this week, marking the first decline in three weeks. The oil and gas rig count, which serves as an early indicator of future production, dropped by 11 to reach 630 during the week ending on September 22, the lowest figure observed since February 2022. Baker Hughes noted that this decrease brings the total rig count down by 134 rigs, equivalent to an 18% decrease compared to this time last year.
EU to launch first phase of world-first CO2 border tax
Next month, the European Union is set to initiate the initial stage of its groundbreaking carbon border tax plan. Under this plan, importers will be required to disclose the CO2 emissions associated with products they sell in Europe, such as steel and cement. Failure to comply with this requirement could result in financial penalties. The primary objective of this new system is to safeguard domestic EU industries from being undercut by foreign competitors that produce goods wit
Composition of Fossil-Fuel-Generated in EU Power Stays at Lowest Level Since Records Began
According to researchers, fossil fuels accounted for only 33% of the European Union's power generation during the first half of this year, marking the lowest percentage recorded since 1990. This decline can be attributed primarily to reduced electricity demand. As a result, the growing output of renewable energy sources could fulfill a larger portion of the electricity needs, as outlined by the think tank Ember on Wednesday. Several factors contributed to this trend, including mild weather, energy-saving policies, and elevated gas and power prices following Russi
As nations race to fulfil climate goals, efforts to capture carbon dioxide (CO2) emissions from businesses and store them underground have accelerated across Europe in recent years. The need to decarbonize sectors like cement production, which have few or no alternatives, and growing EU carbon permit fees are further factors that have fueled interest in carbon capture and storage (CCS) technology.
Oil Prices stay stably high for nearly four months due to OPEC+ cuts
Despite the little decline in oil prices on Monday, prices were still close to their best levels since mid-April. The world's two largest producers, Saudi Arabia and Russia, agreed to limit supplies for another month in order to further constrict markets and boost prices. Brent crude futures slipped 10 cents, or 0.1%, to $86.14 a barrel by 0420 GMT, while U.S. West Texas Intermediate crude was at $82.73 a barrel, down 9 cents, or 0.1%.
Britain to retain European "CE" safety mark following Brexit
Businesses applauded Britain's announcement on August 1 that it would continue to use the European "CE" safety certification for products indefinitely rather than abolish it after the country exits the EU. The British government had touted Brexit as a chance to get rid of onerous EU regulations for corporations, but it later pulled back some of those plans in response to complaints from businesses that they would face higher costs and complexity, which might hinder their abil
The White House Announces Improvements to Speed Up the Permitting Process for Sustainable Energy
On the 28th of July, the White House put forward proposed changes to the environmental review procedure for new energy initiatives. They claimed that these reforms would facilitate faster permitting for electric transmission and other projects essential in reducing emissions associated with climate change. The suggested plan involves modifying the implementing re
Global power demand growth to rebound in 2024 after slowdown, IEA says
The International Energy Agency (IEA) stated on July 19 that although the protracted energy crisis and economic slowdown has restrict global power demand growth in 2023, a likely recovery in global power demand growth in 2024 necessitates the development of more renewable capacity.
Analysts Adjusted Downwards the Forecast of EU Carbon Price
As the amount of renewable electricity rises and the future for European industry is weak, analysts have reduced their forecasts for the average price of EU carbon allowances over the next three years. In an effort to assist Europe reach its climate goals, the Emissions Trading System (ETS) of the European Union (EU) mandates that businesses like manufacturing, utilities, and airlines pay for each metric tonne of carbon dioxide that they release. Based on a Reut
EU proposes Energy Charter Treaty exit after climate concerns
The European Commission proposed on Friday that EU countries jointly quit an international treaty that has been criticized for blocking efforts to fight climate change because its protection of energy investments extends to fossil fuels. The 1998 Energy Charter Treaty allows energy companies to sue governments over policies that damage their investment and has in recent years been used to challenge policies that require fossil fuel plants to shut. Its roughly 50
Oil Prices Increase by 3% as US Crude Storage Declines More than Anticipated
On 28th June, oil prices increased by almost 3% as the second consecutive weekly decrease from U.S. crude stockpiles was more than anticipated, assuaging concerns that future interest rate hikes are going to choke economic growth and lower demand for oil globally. To reach a settlement price of $74.03 per barrel, Brent futures rose $1.77, or 2.5%. West Texas Intermediate (WTI) oil for the United States increased $1.86, or 2.8%, to end at $69.56, bringing the difference between Brent and WTI to its smallest since
Germany's Coalition Agrees Changes to Green Heating Law after Dispute
After weeks of arguments that cast doubt on the affiliate`s ability to last until the end of its term, Germany's ruling coalition agreed on modifications to a bill on the phase-out of oil and gas heating systems on Tuesday. The FDP, which stands for the Liberal Democratic Party of Ger
Research shows the renewable transition still lagging in fuel, heating sectors
According to a research report released on June 13th, although the proportion of renewable energy in the world's power generation reached 30% last year due to solar's record growth, little progress has been achieved in decarbonizing the heat and fuel sectors. Even though heating and fuel account for more than three-quarters of global energy use, both remain heavily dependent on fossil fuels, while renewable sources only make up 3.6% and 9.2% of these two categories respectively, stated by the think tank of the Pa
Saudi Arabia announces additional one million barrel oil supply cut in July
On the 4th, it was reported that OPEC+, consisting of OPEC, the Organization of the Petroleum Exporting Countries, and non-EU countries led by Russia, reached an agreement on production policy after seven hours of difficult negotiations at their headquarters in Vienna. The statement after the meeti
How is the Heat Pump doing in Nations of Europe
On May 12, BBC News published an article entitled "Which European nations are winning the heat pump race?" The article analyzes the development of heat pumps in various European countries, let's take a look. ● Germany
Spain sets more ambitious target at emission reduction
The Spanish government will commit to reducing emissions by around 7% more than previously planned by the end of the decade, but less than what environmentalist organizations have called for. Reported by Reuters.
Ireland`s home energy renovation project provides examples for EU decarbonization
A recent EHPA report shows that installing a heat pump to offer a clean and cost-effective alternative to fossil fuels has become increasingly popular in new and renovated multi-family apartment blocks across Europe. In order to provide more clear guidance on the heat pump choosing and installation, Tipperary Energy Agency in Ireland has developed a one-stop-shop system initially known as Superhomes providing home renovation services, spanning from advisory to implementation, with the goal to retrofit 30,00
New Measure of BNP Paribas to Meet Its Climate Change Targets
Reuters reports - BNP Paribas (BNPP.PA), France's largest bank, will no longer provide any financing dedicated to the development of new oil and gas fields and it reiterated it will cut its oil explorations financing by 80% until 2030. BNP Paribas affirmed on Thursday that it was on pace to mee
As the global carbon reduction process accelerates, more and more people are choosing heat pumps as the main heating method for their homes. According to EHPA forecasts, the cumulative sales of heat pumps in Europe will double in 2023, and the European heat pump market size CAGR is expected to reach 26% in 2021-2030, with cumulative sales of over 140 million units. However, when the volume of heat pumps is getting bigger and bigger, people are discussing more and more about heat pumps. One of the more concerned about the point is that, is the heat pump safe?
Major foreign shipping companies have announced freight rate increases
Over the past few weeks, several shipping lines have announced freight rate increases due to reduced shipping line schedules, lack of vessel space, higher fuel costs and a significant spike in oil prices. Currently, shipping lines Hapag-Lloyd, Maersk, Duffy and Mediterranean have announced increases in consolidated rates, with surcharges (GRI) ranging from US$540 to US$1,250. Hapag-Lloyd has announced an increase in consolidated rates for cargoes of 20' and 40' (including dry containers, reefers and special conta
EU has Significantly Increased the Proportion of Renewable Energy
On March 30th, The European Union adopted an interim agreement to increase the renewable energy use rate target from 32% to 42.5% of total energy supply by 2030. The agreement is an important part of the EU's plan to address the climate crisis and end its dependence on Russian fossil fuels by 2027. Negotiators from 27 EU countries reached an agreement on the 30th to increase the share of renewable energy sources, such as wind and solar, to 42.5% of total energy by 2030, Reuters reported. The agreement, which stil
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