Could Exxon be running out of cash? This question stems from an article by Yahoo! Finance that reported on ExxonMobil Corp facing a $48 billion shortfall through next year, which are Reuters and Wall Street estimates. This number was calculated by using cash from operations, commitments to shareholder payouts, and costs for Exxon’s planned massive
Charity says world’s fast-shrinking carbon budget should be used to improve lot of poorest The wealthiest 1% of the world’s population were responsible for the emission of more than twice as much carbon dioxide as the poorer half of the world from 1990 to 2015, according to new research. Carbon dioxide emissions rose by
After enduring a difficult few months for power supply and demand, questions about the UK’s ability to meet ambitious 2050 net-zero targets have been raised. We learn about future challenges, the Flexibility in Great Britain project and how a “flexible” energy system might be the answer. With the removal company booked and boxes almost
A data audit by Friends of the Earth based on pre-lockdown information has revealed 1,360 sites across England that have breached the annual Air Quality Objective for Nitrogen Dioxide (NO2) levels. Areas in West Dorset, Sheffield and Brighton have all been highlighted as some of the worst locations for NO2 levels in England. Friends
When you have been writing about the oil industry for decades, it is easy to slip into hyperbolic language when significant events happen. But yesterday was one of these moments. For years, climate activists have been warning Big Oil and their loyal investors that there would come a time when their most prized assets,
A majority of urban residents across Europe do not want to see air pollution return to pre-Covid-19 levels and support changes in transport to protect clean air, according to a YouGov opinion polling in 21 European cities. Levels of air pollution from traffic and other sources plummeted when countries imposed pandemic lockdown measures. Data
UK oil and gas major BP has announced it will cut 10,000 jobs in a response to COVID-19 and the subsequent economic downturn. The company is reducing expenditure across the business, with additional measures such as senior staff not receiving a pay rise this year and cash bonuses under question. In February, BP’s new
Value of reserves could fall by two-thirds as Covid-19 hastens peak in demand, study shows The coronavirus outbreak could trigger a $25tn (£20tn) collapse in the fossil fuel industry by accelerating a terminal decline for the world’s most polluting companies. A study has found that the value of the world’s fossil fuel reserves could
In the three years after countries signed the landmark Paris Agreement, the UK nearly doubled its public finance support for fossil fuel projects. A new report shows the UK spent an average of £1.3 billion annually on the projects since countires agreed the climate deal. In contrast, in the same period to the end
The shift to electric vehicles and other low-carbon technologies could disrupt crude oil demand on a similar scale to the coronavirus pandemic, Suncor Energy Inc’s chief executive said on Monday. The comments are a stark prediction in an industry that frequently downplays the impact of electrification and points to forecasts of rising global oil