The pledge of financing by the Development Bank gives COP29 an early boost
COP29 negotiators have welcomed a commitment by major development bank to increase funding for poor and middle-income nations struggling to combat global warming. This is a positive start to the two week summit. The World Bank and a group of lenders announced on Tuesday that they would increase the finance amount to $120 billion in 2030.
US regulators reject amended agreement on interconnect for Amazon Data Center
A filing on Friday showed that U.S. Energy regulators had rejected an amended agreement to interconnect an Amazon datacenter directly with a nuclear plant in Pennsylvania. Federal Energy Regulatory Commission members said that the agreement to increase capacity of the Talen Energy Susquehanna nuclear…
U.S. regulators consider the issue of data centers in power plants
The Federal Energy Regulatory Commission held a technical meeting on Friday to discuss the reliability and cost concerns associated with the growing trend of building data centers that are energy-intensive on the site of U.S. nuclear power plants. The technology industry is racing to build data centers…
Wall St. ends lower than expected as Meta and Microsoft highlight AI costs
The major U.S. indexes ended lower on Thursday, after Microsoft and Meta Platforms pointed out that artificial intelligence costs could impact their earnings. This dampened the enthusiasm for megacaps which have been driving this year's market rally. Microsoft and Meta Platforms, which own Facebook…
Petrobras 2025-2029 Strategic Plan likely to reach $110 billion, sources claim
Two sources with knowledge of the matter said that the new Petrobras strategic plan would include investments worth $110 billion for 2025-2029. This represents an increase of 8% over its previous multi-year projection. Sources said that executives are still finalizing the plan, which Petrobras expects to release by late November.
Ibama, Brazil's Ibama, seeks information on Petrobras Amazon project and rejects suggestions to kill it
Documents seen by on Tuesday showed that the head of Brazil's environment agency Ibama decided not to reject a Petrobras request to drill near Amazon River, even though experts at the agency recommended the request be rejected. According to regulatory documents, Ibama's Rodrigo Agostinho asked Petrobras…
Walmart cuts Walmart Plus price in half for the holidays
Walmart announced on Monday that it will offer its membership service Walmart Plus at a discount of 50% ahead of the holidays, in an effort to compete with Amazon.com Prime subscription services. In order to help shoppers cope with the high inflation, retailers in the United States like Walmart launched…
Chubu Electric, Japan, plans to increase its investment in renewable energy and SMR overseas
A company executive revealed that Chubu Electric Power, Japan, plans to invest further in overseas decarbonisation projects, such as renewable energy, small-modular reactors (SMRs), or carbon capture and storage (CCS) to fuel the future growth of the company. Chubu, the major regional electric utility in Japan, announced a long-term plan for 2021.
Mexican officials reassure investors at bilateral business summit
Mexican officials called for safety and stability of private investment after a summit held with business leaders on Tuesday. Fears about constitutional reforms were the main topic. According to Economy Minister Marcelo Ebrard, Amazon, Mexico Pacific and Woodside Energy will make significant investments into the country over the next 12 months.
Colombia and Ecuador battle to protect vital wetlands during drought
As water and energy restrictions hit both countries, rural communities in Colombia and Ecuador fight to protect fragile high altitude wetlands which regulate the area's waters cycles. Scientists say that climate change and human activity have exacerbated the effects of El Nino, which has led to drought in Colombia and Ecuador.
British Business – Sept 27
These are the most popular stories in the British business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Keir starmer, British Prime Minister, is in talks with Donald Trump. He wants to build a relationship with him personally and continue his support for Ukraine.
Brazil's mega dams were supposed to lead the way for a greener future. Climate change came next
The drought has exacerbated the problem of underperformance. When he first came to power in the early 2000s, Brazil's President Luiz inacio Lula da silva bet his green future on "run-of river" megadams - whose turbines move by natural river flow rather than cascading water from towering dams. Santo…
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York.
Zara founder Ortega triples investment in energy assets
Amancio Ortega, founder of Zara and his investment company Pontegadea, almost tripled their investments in renewable energy last year. They are continuing to expand the efforts they have made to diversify Amancio Ortega’s fortune outside his fashion empire. The 2023 financial statements filed at the Mercantile Register…
After historic oil vote, little progress in Ecuador's Amazon
In the Amazon, on August 20, 2023, almost 60% of the population voted to keep crude oil in the ground. Environmentalists and Indigenous Communities hailed the referendum as a historic victory for protecting one of the most biodiverse areas of the planet and a rare instance of the shift away from fossil fuel based economies.
Sugar cane fields are ravaged by wildfires in Brazil's southeast
On Saturday, wildfires spread through sugarcane fields of northern Sao Paulo State. The smoke clouds that accompanied the fires covered the nearby towns to such an extent that officials banned outdoor sports. Due to a ban, the Brazilian Championship soccer match in Ribeirao Preto was cancelled. This city is located in the westernmost region of Sao Paulo.
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year.
Digitalization: Trust - The Keystone for Digital Transformation
The slowdown of the world economy and plummeting energy consumption have eclipsed most other industry news. Oil exporting countries are coming to terms with limiting production to sustain reasonable prices, and operators are looking for ways to improve efficiency. At the same time, the marketplace created by the pandemic is forcing companies to work differently.
Ecuador Scrambles to Contain Oil Spill in Amazon Region
Ecuadorean authorities on Thursday were scrambling to limit the environmental impact of a crude oil spill in the country's Amazon region, where pipeline bursts prompted by a landslide this week caused crude to enter the Coca river.The Energy Ministry said in a Wednesday evening statement that it…
'This could be the one that gets me,' Says Oilfield Service Veteran
Tim Harris was preparing to relocate for an assignment with energy services firm Halliburton Co for the fifth time in 15 years when his career came to a halt.A third-generation employee, Harris rose through the ranks at the top shale-oil services provider to oversee oilfield crews. He sailed through several busts…
