renewableenergy
Shell said on Friday it would register an impairment charge of up to $2 billion, meaning it will downgrade the value of its assets. The write-down is linked to events at Shell's Singapore and Rotterdam plants, which have been sources of disappointment for the firm. On Tuesday, the fuel giant said it would be pausing construction at its biofuel site in Rotterdam, a Dutch port city, because of weak demand. As part of a push to finance more sustainable energy projects, Shell began constructing the plant in 2021. Initial forecasts expected the 820,000-ton-a-year site to become operational by 2025,...
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Offshore wind has become a staple of renewable energy production. But so far it has been mostly limited to shallow waters, restricting how many countries can take advantage of it. That could soon change thanks to floating wind. The technology consists of a turbine mounted on a buoyant substructure and anchored to the seabed with chains. This means it can be deployed in seas of 300 metres deep and more, compared to the more traditional system of mounting turbines on the seabed, which becomes uneconomical in depths of more than 60 metres. Because it allows wind production in deeper waters, the t...
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BP, which had been making considerable strides in renewable energy, has recently announced that it would be scaling back on its sustainable energy plans, while refocusing on oil and gas for the foreseeable future. It also announced that it would be implementing a halt on new hiring across the company, as well as temporarily stopping new offshore wind projects. This is mainly due to growing investor anxiety and discontent about the oil giant’s big plans to invest in renewable energy projects, which are considerably capital-heavy. These are viewed as unlikely to generate much returns in the next...
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Renewable energy was the leading source of electricity in the EU in 2023, according to preliminary data from Eurostat. Renewables accounted for 44.7 per cent of all electricity production generating 1.21 million Gigawatt-hours (GWh) - a 12.4 per cent increase from 2022. Rapid installation of new solar and wind projects across the bloc has helped push this figure up. Electricity from fossil fuels overall fell by 19.7 per cent in comparison, contributing 0.88 GWh or 32.5 per cent of the EU’s power. Natural gas supply fell by 7.4 per cent from 2022 - the lowest it’s been since 1995. The biggest d...
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A new wind farm in Portugal has obtained environmental approval from the government - and once built it will become the country’s largest. Renewable energy company Iberdrola will integrate the plant into the Tâmega pumped-storage hydro complex in northern Portugal. The new wind farm will have a capacity of 274 MW, able to support the annual consumption of 128,000 homes. Iberdrola says they will introduce a range of measures to safeguard the environment around the new plant. Portugal’s largest wind farm gets the green lightIberdrola has obtained the second and final environmental permit for the...
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After one of its warmest and wettest winters on record, a general election has been called in the UK for 4 July. Climate has been on the back burner when it comes to campaigning so far. There has been a greater focus on the cost of living, healthcare and security from most politicians. Pledges, policies and plans to tackle the climate crisis haven’t been easy to find. Though the consensus is generally that emissions need to be cut, renewables need to grow and pollution must be reduced, approaches from each of the different parties vary. We’ve taken a look at six of the most pressing climate is...
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Shareholders of Tesla voted to reinstate CEO Elon Musk’s $55.8 billion(€52 billion) pay package which was nullified by a judge in Delaware in January. Now the value of the package plan dropped to $48.4 billion (€45 billion) due to a 26% decline in Tesla’s shares this year, despite a 2.9% increase on Thursday. Tesla’s investors have also voted in favour of moving the company’s incorporation to Texas from Delaware. Both resolutions were “passing by side margins” as posted by Elon Musk on his privately owned social media platform X, formerly known as Twitter. The mammoth compensation plan, initia...
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On Monday, the French stock markets were impacted by Emmanuel Macron's call for a snap election following a bruising defeat by the far-right party, National Rally (NR), in the EU parliamentary elections. The benchmark CAC 40 index fell by 1.4% following the news, with major renewable energy stocks such as Engie SA, Voltalia SA, and Neoen SA declining between 1% and 5%. Far-right parties leverage their power with public dissatisfactionWith far-right parties gaining notable power in the EU elections, certain industries, such as renewable energy firms, could be significantly affected amid a poten...
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Countries are not on track to triple renewable energy capacity by 2030, despite their national energy and climate pledges, an analysis from the International Energy Agency (IEA) warns today (June 4). Official commitments in national energy and climate plans currently amount to 1300 gigawatts, IEA stated, only 12% of the goal set at COP28 of tripling capacity. If countries implemented all their pledged ambitions for 2030 however, that would amount to 11,000 gigawatts of installed global renewable capacity. This is led by European countries, the report stated, which contribute a fifth of the ple...
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Several airline executives have spoken out against a growing European movement wanting to cap travel and flights abroad in order to support the green transition. Movements such as flight shaming, pioneered by environmental activist Greta Thunberg have been enthusiastically adopted by some members of the public, leaving consumers who can do so, choosing greener ways to travel to avoid the "shame" of taking flights. Airlines, however, are not impressed. The industry has already been struggling since the pandemic, when lockdown prevented most flights and, post the pandemic, soaring energy costs b...
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