BHP and Rio Tinto discuss energy transition; bet on minimal Trump impact: Russell
BHP Group, Rio Tinto and other mining giants have delivered similar results and outlooks this week for commodities. They chose to focus on the benefits of the energy transformation and minimise short-term risk. BHP, world's largest mining company, announced on Tuesday that its underlying profit attributable for the six-month period ending December 2024 had dropped by 23% to $5.08 billion.
US Energy Secretary attacks "sinister" net zero goals and singles out Britain
Chris Wright, the U.S. Energy secretary, called Monday's pledge to reach net zero carbon emission by 2050 "a sinister goal" and criticized British efforts to meet clean energy targets. The former president Joe Biden has set an ambitious goal for 2021: to reduce emissions to zero by 2050 in order to combat climate change. This will be achieved in part through subsidies that encourage the expansion of clean energy sources and electric vehicles.
Report shows that global energy investment exceeded $2 trillion last year.
BloombergNEF reported on Thursday that global investment in the low-carbon energy transformation exceeded $2 trillion last year for the first. Many experts believe that the pace of development is too slow. Countries all over the world are developing and investing in cleaner energy sources and infrastructure, but they still have not met the climate targets set by the Paris Agreement.
Leading think tank: Wind is best for Sweden to achieve its climate goals.
A leading think-tank said that the cheapest way to help Sweden meet its projected rise in electricity demand and achieve net zero emissions by the year 2045 would be to build more wind farms onshore rather than increasing nuclear power plants. The Swedish government wants to build 10 new nuclear plants by 2045, as the transport and industrial sectors are moving away from fossil fuels.
Galp, a Portuguese company, plans to produce biofuels by 2026
Galp Energia, a Portuguese oil refiner and producer, announced on Thursday that it expects to produce biojet fuel and biodiesel from waste at an industrial scale unit being built in its Sines refinery by 2026. Galp and Mitsui, a Japanese company, entered into a joint venture last year to invest 400 millions euros ($415million) in a plant that will produce 270,000 tons of hydrogenated vegetable oil (HVO).
Sweden's North frets about financial risks as the green boom stumbles
Sweden's local governments, frightened by Northvolt's struggle for survival and its potential impact on taxpayers, have asked the central government to increase financial support for Sweden's transition towards green industry. Last month, Europe's leading electric vehicle battery manufacturer filed for Chapter 11 bankruptcy in the United States with $5.8 billion of debts. The EU's energy transformation is failing…
BHP and Rio de Janeiro are plagued by sexual harassment lawsuits: Russell
The sexual harassment suits filed against BHP Group in Australia and Rio Tinto, global mining giants, are not just another public relations disaster or possible financial hit. These allegations threaten the future of two of world's largest miners who want to be at the forefront of the energy transformation by producing the metals required to decarbonise world economies. Deft public relations…
Australia proposes tax incentives for critical mineral deposits
The Australian government will introduce legislation on Monday to implement production tax incentive for renewable hydrogen and essential minerals. This could help boost investment in this sector, which can play a key role in energy transformation plans. The government announced that the proposed law would establish a tax incentive of 10% on the relevant processing and refinement costs for 31 essential minerals…
Sources: Petrobras is in discussions with Raizen, BP, and Inpasa about a joint venture for ethanol
Two sources familiar with the matter said that Brazilian state-run Petrobras was in discussions with Raizen, BP, and Inpasa about a potential joint venture for ethanol. Earlier that day, Petrobras' director of energy transformation, Mauricio tolmasquim, told reporters that the company was investigating a joint venture for ethanol. He did not name the companies with which it might partner. Petrobras Raizen BP Inpasa and BP did not respond immediately to comments.
Trump Energy Pick writes ESG report praising oil and gas, while downplaying climate worries
According to a report that he wrote as the CEO of oilfield service company Liberty Energy, Donald Trump's nominee to head the Energy Department believes fossil fuels will end world poverty. He says this is a bigger problem than the "distant threat" of climate change. Chris Wright stated in a February report entitled "Bettering Human Lives" that the energy transformation has not yet begun, and that while climate change is a problem, it's not the biggest threat to humanity.
Al Nowais, according to Italy's Maire, has bought 5% of Nextchem in order to target the Middle East
It was reported by Italy's Maire on Wednesday that Yousef Al Nowais bought a 5% share in Nextchem. This valued the subsidiary of the engineering company at $1.33 billion. Al Nowais is one of the company's shareholders and has owned a stake of 4.73% for more than 10 years. He paid 62.5 millions euros for 5% in Nextchem which provides technology solutions for companies working on energy transition. The move was made to boost Nextchem's service in the Middle East.
German power prices are falling while France's are rising
On Tuesday, the European wholesale power markets moved in different directions. Germany's spot fell from its near two-year peak due to calm and overcast conditions that reduced its wind and solar production. The French power price for the day ahead rose by 30.4%, to 131 euros per megawatt-hour (MWh), at 0920 GMT. This was due to an increase in demand after Monday's Armistice holiday. The German equivalent remained lower, reflecting Germany's current import dependence.
EIP, a Swiss asset manager, increases its stake in Eni Plenitude from 10% to 10%
Eni announced that Swiss asset manager Energy Infrastructure Partners will increase its stake in Eni Plenitude to 10%. The deal values the group’s retail and renewable businesses at more than 11 billion euros, including debt. In a Monday statement, the Italian energy group EIP said that it had agreed to subscribing to a new issue of shares worth approximately 209 million euro. This deal is part Eni's "satellite" strategy.
Vitol: China remains the main driver of global oil demand despite energy transformation
The global head of Vitol’s research department said that China will continue to play a major role in the global oil market because it is focused on petrochemicals, even though fuel consumption for road transport in China peaks during energy transition. The No. The world's No. There is no doubt about it, this will be the driving force for oil demand in China as well as globally. This is because there is less decarbonisation in that area.
TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050.
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium…
BP's third quarter profits slump to $2.3 bln due to a decline in oil demand
BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China. This puts pressure on CEO Murray Auchincloss, who has…
Cepsa will delay $3.3 billion in hydrogen projects if Spain's Windfall Tax is made permanent
Cepsa, Spain's second largest oil company, said it would postpone investments of 3 billion euros in green hydrogen in the south of the country if a temporary tax on windfall profits becomes permanent. The windfall tax in Spain has been criticized by many companies, including oil companies. Endesa is also among those who have criticised it. Cepsa stated in a letter that it would "prioritise…
