Category: Highlights

Canada has officially ended its government support for international fossil fuel projects, fulfilling a commitment it made at last year’s Conference of the Parties, or COP, Ottawa said in a statement. “The Government of Canada is taking a suite of actions to achieve Canada’s climate goals,” the statement read. “These include accelerating our G20 commitment “to phase out and rationalize inefficient fossil fuel subsidies” from 2025 to 2023, and to develop a plan to phase out public financing of the fossil fuel sector, including by federal Crown corporations, in accordance with the…

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Chief Minister Punjab Chaudhry Parvez Elahi okayed the production of a waste-to-energy project for Lahore while chairing a meeting with a Norwegian firm (ENATE) at his office that offered to generate 55 megawatts of electricity daily for the Sundar industrial estate from 1250 tons of solid waste. The Norwegian representative Mr. Carl Fredrik Seim told that 40 million tons of solid waste exist in Lahore, while five thousand tons of garbage is collected daily, which can be used to generate energy. The Norwegian company will, initially, invest 250 million dollars.…

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Scientists, environmentalists and even the UK government’s own climate advisers have strongly criticized its decision to approve a plan to open the country’s first new coal mine in three decades, a little more than a year after the nation tried to convince the world to ditch the filthy fossil fuel at the COP26 climate talks in Glasgow. Michael Gove, the UK housing and communities secretary, on Wednesday approved the plan to open the Whitehaven coal mine in Cumbria, a county in northwestern England that is home to the World Heritage-listed Lake District.…

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WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the U.S. benchmark now at its lowest level in a year. Front-month Nymex crude for January delivery closed the day -3.5% to $74.25/bbl, its lowest in nearly a year, while February Brent crude finished -4% to $79.35/bbl, its weakest close since January 3. It’s now clear that the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve have overshadowed any positive effect from the new price cap on Russian oil sales.  Oil…

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Chinese President Xi Jinping arrived in Saudi Arabia on Wednesday on a visit Beijing hailed as its biggest diplomatic initiative in the Arab world, as Riyadh expands global alliances beyond a longstanding partnership with the West. The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by US criticism of Riyadh’s human rights record and Saudi support for oil output curbs before the November midterm elections. The White House said on Wednesday that Xi’s visit was an example of Chinese attempts…

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