, Exxon, JERA of Japan sign MOU with Vietnam for LNG power station
Exxon Mobil of the US and JERA of Japan have come together to build an LNG power plant in Vietnam.
, Japan to attain zero emissions, carbon neutral society by 2050
Prime Minister Suga’s commitment to zero emissions, carbon neutral society is a big shift in Tokyo’s climate change policies, where 40% of its energy needs are met by coal power generation.
, Venezuela oil industry facing near collapse, inventories go up by 84%
Venezuela is facing an economic and humanitarian crisis with its main industry–oil production facing sanctions and falling prices.
, Wind and Solar Energy cheaper than fossil fuel as electricity source
Wind and solar power are the cheapest form of new electricity in most of the world today.
, BP To Make Global Job Cuts Mandatory : BP Layoffs 2020
Only a quarter of BP’s planned 10,000 job cuts is going to be voluntary. According to an internal memo, BP plans to make 7,500 mandatory redundancies this year.
, Solar cheapest electricity power now, says IEA
Solar and wind energy will lead the surge in renewables in the coming decades, says world body on alternative sources.
, Mitsui to end investments in coal-run power stations
Mitsui of Japan has said it will end investments in fossil fuel power stations to meet its goals of zero emission by 2050. Japanese financial firms are leading investor in coal projects worldwide.
, France ups the ante by increasing penalty tax on carbon emissions by cars
France introduces a new carbon emission tax plan that will make buyers of gas-guzzlers like Porsche and Ferrari to reconsider their purchasing decision.
, Petrobas of Brazil to sell off shore gas fields to consortium
Petrobas, which is divesting assets to raise some $30 billion in the next five years, is selling to 3R Petroleum and DBO consortium.
, Tesla to Acquire German battery making company, ATW Automation
Tesla is consolidating its battery manufacturing capacity with acquisitions of companies operating in the space and ATW Automation of Germany fits the bill.
, Equinor of Norway announces 30% job cuts across its facilities
Equinox’s planned job cuts will affect hundreds globally. Equinor employees numbered 21,000 at the end of 2019, and said it will offer severance packages in some locations, while in Norway people will be moved to different locations or positions and some reduction will result out of natural attrition.
, Shell announces 9000 job cuts as business dips
The layoffs will be done in a phased manner in the coming two years and will include about 1,500 people agreeing to retire voluntarily.
, Elon Musk’s Battery Day Leaves Investors Disappointed
The virtual event by Tesla CEO Musk was almost a damp squib with nothing exciting except promises of cheaper Teslas and higher battery storage in the future, leading to a tumble in share prices
, Airbus Unveils Designs for Hydrogen-powered Planes
European aerospace giant Airbus recently revealed details of three hydrogen-fueled concept planes. These planes would start their service by the year 2035.
, GE to exit coal-turbine business
GE is gathering its resources in the new world and exiting its coal market to focus on the renewable power business
, World’s Richest 1% Responsible for Double the Carbon Emission of Poor
The world’s richest countries were responsible for depleting one-third of the globe’s carbon budget between 1960 and 2015.
, The Seafarer Crisis: More than 300,000 workers stranded at sea
The pandemic has triggered many crises, especially in tourism, travel, retail and the restaurant businesses, which have all taken huge hits.
, California awards $40 million to Shell for building Hydrogen fuel Infrastructure
California has earmarked nearly $100 million as grants to push for greener fuels for transport vehicles in the State. It proposes to build hydrogen fuel cell filling stations along the state highways, and Shell has been chosen to carry through a part of the transition.
, Exxon Mobil facing existential crisis with oil prices hitting bottom
Exxon Mobil is facing the ill-effects of overbetting on a rising demand for oil and gas and is now facing a shortfall of about $48 billion through 2021
, Apple invests in world’s largest onshore wind turbines in Denmark
The power produced at the world’s largest onshore wind turbines in Esbjerg, Denmark will support Apple’s data center in Viborg, with surplus energy going into the Danish electricity grid
, Floating wind farms could be the next big thing
Floating wind farms are one of the most underused power resources of the world as the WindFloat Atlantic proves with its humble set up in Portugal.
