Wind stocks in Europe suffer after Trump labels turbines as 'garbage.'
The European wind power sector fell Wednesday, after Donald Trump, the U.S. president-elect said that he would work to make sure "no new windmills" were built under his watch. He also criticized the sector just two weeks before taking office. Trump's latest attack on the industry has investors worried about the future of the U.S. Wind Market, which is the second largest in the world after China. This could cause companies that have invested in it to sell. Shares of the two largest offshore wind farm developers in the world - Denmark's Orsted, and Germany's RWE as well as turbine manufacturers Siemens Energy Nordex and Vestas - were down between 2,9% and 7,3%.
Biden Team wraps up expanded Clean Energy Credit Guidance
The Biden Administration released Tuesday guidance to assist companies in securing clean energy tax credits as part of the 2022 Inflation reduction Act. This program finalized a program that extends subsidies previously available for solar and wind to other low-carbon sources. This move is a part of the actions taken by outgoing president Joe Biden to support his administration's efforts to combat climate change. The move could be vulnerable when President-elect Donald Trump assumes office in the coming weeks on a platform that emphasizes cutting spending and maximising fossil fuel production.
Trump announces that he will immediately revoke the offshore drilling ban imposed by Biden
Donald Trump, the U.S. president-elect, said Tuesday that he would move quickly to lift a ban on offshore oil and natural gas drilling announced by Joe Biden, the outgoing Democratic president. "Banning off-shore drilling will not hold. Trump announced at a press conference that he would reverse the ban immediately. The Republican Trump will take office on January 20, but it may be difficult to reverse Biden’s order that 625 million acres (253.3 million hectares of ocean) would not be used for new offshore oil and natural gas development. According to a court ruling in 2019…
Trump weighing executive order protecting gas stoves, sources say
Two sources familiar with Trump's plans say that the President-elect is considering an executive order to protect gas appliances, such as stoves and heaters, from federal and state regulators who are trying to phase out these appliances in homes and businesses. Republicans, including Trump have spent the past few years attacking local Democratic attempts to limit gas-powered devices in new construction projects due to environmental and health concerns. The U.S. In 2023, regulators will say that. It was reviewing gas appliances, and their links to respiratory conditions like asthma. However, it noted that any regulations would be a long process.
Additional Sanctions Possible for Russian Oil tankers
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine."It's a very substantial package. Two Russian oil companies, more than 100 tankers, oil traders…
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority under 70-year-old Outer Continental Shelf Lands Act in order to protect federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico. He will also use this authority to protect portions of Alaska's northern Bering sea.
Biden bans offshore oil and gas drilling before Trump's term
The U.S. president Joe Biden has announced that he will ban all new offshore oil and natural gas development along the majority of U.S. coasts. This is a decision which President-elect Donald Trump who has pledged to increase domestic energy production may find hard to reverse. Biden, according to the White House on Monday, will exercise his authority under 70-year-old Outer Continental Shelf Lands Act in order to protect federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico. He will also use this authority to protect portions of Alaska's northern Bering sea.
Bloomberg News: Biden will ban new oil drilling in vast areas of US Atlantic and Pacific waters
Bloomberg News reported that President Joe Biden will ban any new offshore oil and natural gas development on 625 million acres of U.S. coast territory (250 million hectares), effective immediately. According to the report, which cited unidentified sources familiar with the issue, the ban will be announced on Monday and prevent the sale of drilling licenses in certain areas of the Atlantic, Pacific and eastern Gulf of Mexico oceans. The report stated that Biden leaves the door open to new leasing of oil and gas in the western and central areas of the Gulf of Mexico. These two areas account for 14% of America's fuel production.
PDVSA 2024 Oil Exports Climb in Choppy Year
Venezuela's oil exports rose 10.5% last year despite political instability and changes to the U.S. sanctions regime on the country, as partners of state oil company PDVSA took more cargoes under licenses granted by Washington.As President Nicolas Maduro gets ready to start his third term in office next week following disputed election results, the OPEC country's oil exports rose for a second consecutive year, providing revenue to contribute to economic growth.U.S.-sanctioned PDVSA PDVSA.UL and its joint ventures exported an average of 772,000 barrels per day last year…
US agency protects Nevada Mountains from energy development
The Biden administration took action on Monday to protect the Ruby Mountains of northeast Nevada for a period of 20 years from any oil, gas or geothermal development. Interior Department approved a request by U.S. Forest Service for the withdrawal of 264,442 acre federal land in Ruby Mountains from mineral or geothermal leases. After the application is approved, the land can be used for development for up two years. The public has 90 days to make comments on the 20-year withdrawal. The proposal is made three weeks before Donald Trump, the president-elect, takes over from Joe Biden as a Democrat, who sought to preserve large areas of public land.
Year Ender: Big Oil retreats from renewables as climate agenda falters
In 2024, major European energy companies increased their focus on oil and natural gas to maximize profits in the short-term. They also slowed down and sometimes reversed climate commitments. This is a trend that will likely continue in 2025. Oil majors have retreated after governments worldwide slowed down the rollout and set back targets for clean energy as energy prices soared in the wake of Russia's invasion of Ukraine. The share performance of the big European energy companies, who had heavily invested in clean energy, was behind that of their American rivals Exxon & Chevron. These two had focused on oil & gas.
MUFG Americas CEO: AI data centres will boost renewable energy demand, even under Trump
Mitsubishi UFJ Financial Group, the largest Japanese banking group, has said that the U.S.'s shift to renewable energy will continue under Donald Trump. Kevin Cronin, chief executive officer of MUFG Americas, said in an interview that the anti-renewables rhetoric of President-elect Trump has not led to a change in MUFG Americas' strategy. Cronin stated that the new administration would be more positive on fossil fuels but this does not mean that renewables will disappear. Cronin said that it takes several years to plan, finance, and build projects, and "we don't try to time our strategies around things outside our control".
US pressures EU to align LNG methane regulations
A letter obtained by showed that U.S. officials redoubled their efforts to convince EU counterparts that shipments of liquefied gas meeting current U.S. regulations on methane would automatically meet the new European standards for gas imports. On December 17, the administration of President Joe Biden sent a second email to Ditte J. Jorgensen (EU Director-General for Energy) to increase support for their case that US Environmental Protection Agency regulations should be considered "equivalents" to EU regulations whose reporting requirements for emissions begin in 2025.
Biden Administration releases LNG export study and urges caution on new permits
Tuesday, the administration of U.S. president Joe Biden released the long-awaited report on the economic impacts and environmental effects of exports of liquefied gas. The results highlighted the need to be cautious when issuing new permits. Biden had in January halted the Department of Energy’s approvals of U.S. exports of LNG to large consumers in Asia and Europe, so that his government could conduct the review. This triggered complaints from the oil industry. The study's findings were summarized by Energy Secretary Jennifer Granholm in a letter to reporters.
Biden's DoE LNG Export Study Tepid on New Permits
The administration of U.S. President Joe Biden released a long-awaited study on the economic and environmental impacts of liquefied natural gas exports on Tuesday, saying the results underscored the need for a cautious approach to new permits.Biden in January had paused the Department of Energy's approvals of U.S. LNG exports to big consumers in Asia and Europe so that his administration could conduct the review, triggering complaints from the oil and gas industry."The main takeaway is that a business-as-usual approach is neither sustainable nor advisable," Energy Secretary Jennifer Granholm told reporters ahead of the release of the study.
Sources say that the US study is likely to refrain from concluding that LNG exports are not in the public interest.
Two industry sources familiar with the matter said that the administration of President Joe Biden will release a report on Tuesday regarding the export of liquefied gas. The study is not expected to conclude that the trade does not serve the public's interest. Biden halted in January the Department of Energy’s approvals of U.S. LNG imports to major consumers in Asia, Europe and the Middle East in order to allow his administration to study the economic and environmental impacts of this booming industry. Donald Trump, the president-elect, has stated that he is against this pause and will act quickly to reverse it.
US House panel finds BlackRock and other asset managers reluctant to join climate initiative
According to a report published on Friday by the Republican-led U.S. Congress committee, top asset managers in the United States were concerned that signing up for an industry climate initiative would make them look like they worked too closely together and attract regulatory scrutiny. This is the latest report released by the U.S. House Judiciary Committee’s Republican majority in a probe that they claim has revealed fund firms and activists were part of a “climate cartel” which colluded through shareholder organizations to reduce emissions. Democrats on the committee have denied these allegations. Top fund firms deny wrongdoing.
US House panel finds BlackRock and other asset managers hesitant to join climate initiative
According to a report published Friday by a Republican led U.S. Congressional Committee, top asset managers in the United States are concerned that signing up for an industry climate initiative will make them look like they're working together too closely and attract regulatory scrutiny. This is the latest report released by the majority of the Republican panel as part of an investigation they claim has revealed that fund firms and activists were part of a 'climate cartel' who colluded through shareholder groups pressing for emissions reductions. Democrats on the committee have denied these allegations. Top fund firms deny wrongdoing.
Sources say that Russia's Novatek employs lobbyists in order to improve relations with the US.
Two sources familiar with the situation said that Novatek, Russia's largest producer of liquefied gas, is working with lobbyists to try and rebuild U.S. relationships after Washington imposed sanctions against its mammoth Arctic LNG 2 Project. After the 2022 invasion of Ukraine by Russia, the relationship between the United States and Russia reached a post Cold War low. President Joe Biden’s administration imposed sanctions on hundreds entities and individuals who supported the war effort. Novatek's Arctic LNG 2 was to be the largest LNG plant in Russia. Some Russians are cautiously optimistic about the return of U.S. president-elect Donald Trump on Jan.
US solar industry's strategy for Trump's era downplays climate
The U.S. Solar Industry unveiled their lobbying strategy on Thursday for the incoming Trump Administration. They promoted themselves as a domestic employment engine that could help meet soaring demand for power, without mentioning its role in fighting climate change. The new policy agenda is a dramatic shift for the solar industry, which has been a major beneficiary from the Inflation Reduction Act, a landmark climate change law passed by President Joe Biden in 2022. Donald Trump, the President-elect Donald Trump, has promised to repeal the law. This would require Congress to take action.
