Day: May 19, 2021

A non-binding resolution submitted by Shell with the support of a large group of investors to vote on its recently unveiled climate strategy won 88.74% shareholder support at its annual general meeting (AGM) which was held online. The plan, announced in February, aims to reduce planet-warming carbon emissions to net zero by 2050 by slowly reducing oil and gas output, growing its renewables and low-carbon business and offsetting emissions through carbon capturing technologies and measures such as forestation. nL1N2KH0LV] Shell CEO Ben Van Beurden said at the AGM that the…

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The International Energy Agency said the world’s countries must immediately stop exploiting new oil and gas fields and building new coal-fired power plants, if global temperatures are to be kept within safe limits and 2050 net-zero targets are to be met, in a wide-ranging report issued today. This is the first time the leading energy agency, which laid out a roadmap for how to accomplish the dramatic cuts, has called for such dramatic action. “It’s a huge shift in messaging if they’re saying there’s no need to invest in new fossil fuel…

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Recent signs point to a pickup in world seaborne coal trade during 2021. But it seems unlikely that the strengthening will fully reverse last year’s huge decline, and there appears to be limited potential for continued recovery next year. A sustained downdraft from environmental influences is predictable, implying a declining longer term trend in global trade volumes. The global coal trade rebound unfolding this year is reinforcing the impact of upturns in other dry bulk commodity movements. It is assisting the bulk carrier freight market to perform strongly. The extra…

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The Economic Coordination Committee (ECC) of the Cabinet is all set to consider draft Arbitration Agreement (AA) between Karachi Electric (KE) and other public sector entities, as things are moving expeditiously after the visit of Prime Minister to Saudi Arabia. Last Sunday, Minister for Energy, stated “Federal Government and KE have agreed upon principles to resolve longs standing disputes”. He referred to additional supply, payment procedure and subsidy disbursements but not to the Arbitration Agreement in spite of claims worth multi-billion rupees of Government parties for and against KE. Sharing…

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:All future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050 and to stand any chance of limiting warming to 1.5C, the International Energy Agency said Tuesday. In a special report designed to inform negotiators at the crucial COP26 climate summit in Glasgow in November, the IEA predicted a “sharp decline in fossil fuel demand” in the next three decades as well as a 2040 deadline for the global energy sector to achieve carbon neutrality. The Paris-based think tank called for a rapid and vast ramping up of renewable energy…

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