Energy

CHENNAI, June 24 (Reuters) - Reliance Industries Ltd (RELI.NS) will invest 750 billion Indian rupees ($10.10 billion) in a new energy business over the next three years, Chairman Mukesh Ambani told the company's annual general meeting on Thursday. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making factory and an electrolyzer unit to produce green hydrogen as a part of the business, Ambani said. As a part of the new business - called the Dhirubhai Ambani Green Energy Giga Complex - Reliance will also build solar capacities of at least 100 GW by 2030, Asia's richest man told his shareholders at the meeting which was held virtually due to COVID-19. That would account for over a fifth of India's renewable energy target of installing 450 GW by 2030. India wants green energy sources to make up 40% of electricity generated by the end of this decade. "A significant part of this will come from rooftop solar and decentralised solar …

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CHENNAI, June 24 (Reuters) - Reliance Industries (RELI.NS) , operator of the world's biggest refining complex at Jamnagar in western India, will invest $10.1 billion in clean energy over three years in a pursuit to become a net carbon zero company by 2035. Reliance's plan mirrors strategies of global oil majors such as Royal Dutch Shell Plc (RDSa.L) and BP Plc (BP.L) that have set a goal to become net zero carbon by 2050 amid pressure from investors and climate activists. "The world is entering a new energy era, which is going to be highly disruptive. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer," Chairman Mukesh Ambani, Asia's richest man, said at a shareholder meeting on Thursday. The oil-to-telecoms conglomerate will invest 600 billion rupees to build four 'giga factories' at Jamnagar for production of solar cells and module, energy storage batteries, fuel cells and green hydrogen, Ambani said. …

[Read more...] about India’s Reliance to invest over $10 bln in green energy business

CHENNAI, June 24 (Reuters) - Reliance Industries (RELI.NS) , operator of the world's biggest refining complex at Jamnagar in western India, will invest $10.1 billion in clean energy over three years in a drive to become a net carbon zero company by 2035. Reliance's plan mirrors strategies of global oil majors such as Royal Dutch Shell Plc (RDSa.L) and BP Plc (BP.L) that have set a goal to become net zero carbon by 2050 amid pressure from investors and climate activists. "The world is entering a new energy era, which is going to be highly disruptive. The age of fossil fuels, which powered economic growth globally for nearly three centuries, cannot continue much longer," Chairman Mukesh Ambani, Asia's richest man, said at a shareholder meeting on Thursday. Policymakers and regulators globally want financial institutions to do more to help accelerate the push to low-carbon economies and meet United Nations Sustainable Development Goals. A group of 30 asset managers with more …

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Cecil Roberts, president of the United Mine Workers of America (UMWA), said on Wednesday the labor union was willing to back US President Joe Biden’s push to end fossil fuel use if it came with new jobs for former industry workers. “There needs to be a tremendous investment here,” Roberts told the National Press Club, according to the New York Times . “We always end up dealing with climate change, closing down coal mines. We never get to the second piece of it.” “We’re on the side of job creation, of a future for our people,” he said. “If that isn’t part of the conversation at the end of the day, we’ll be hard pressed to be supportive.” “I think we need to provide a future for those people, a future for anybody that loses their job because of a transition in this country, regardless if it’s coal, oil, gas or any other industry for that matter,” Roberts added. “We talk about a ‘just transition’ all the time, I wish people would quit using that. There’s never been a just …

[Read more...] about Largest US Coal Miner’s Union Endorses Renewable Energy Switch if Retrained for Green Jobs

June 24 (Reuters) - U.S. oil major Chevron Corp (CVX.N) has no plans to shrink its oil and gas business for wind and solar energy unlike some rivals, Chief Financial Officer Pierre Breber said on Thursday, amid pressure from shareholders to lower carbon emissions. Major oil and gas producers are facing pressure from investors to lower greenhouse gas emissions and adapt their business to a lower carbon future. Chevron's shareholders in May voted in favor of a non-binding resolution calling on the firm to cut emissions generated by the use of its products. That same day, a Dutch court ordered rival Royal Dutch Shell (RDSa.L) to deepen its emissions cuts and Exxon Mobil (XOM.N) lost three board seats to an activist fund advocating for a strategy that addresses climate change. read more Chevron will invest some $3 billion into lowering emissions between now and 2028 - a figure it expected to grow, Breber said at the Reuters Events Global Energy Transition conference. Some …

[Read more...] about REUTERS EVENTS Chevron has no plans to shrink conventional energy business

A giant ice sculpture larger than a double decker bus has been unveiled in London – to highlight improvements to the city’s energy network. Renewable electricity provider E.ON revealed the dramatic 16-foot ice sculpture, entitled ‘Cooling the capital’ to coincide with the announcement of a new £4 million zero carbon heating and cooling system. Coming just ahead of London Climate Action Week and intended to help raise awareness of the zero carbon innovation being installed right below the area, sculptors carved a collection of five key London landmarks into the towering 20-tonne sculpture. They all sit above a representation of a network of pipes connected to heat pumps, illustrating the energy network which covers more than 10 miles of underground pipes and provides both heating and cooling. Michael Lewis, E.ON UK CEO, said: “I’d imagine very few of us have stopped to think about the remarkable energy network that exists right here in the City of London. …

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WASHINGTON, June 24 (Reuters) - The Biden administration said Thursday it banned U.S. imports of a key solar panel material from Chinese-based Hoshine Silicon Industry Co (603260.SS) , but stopped short of imposing a ban on all imports of silica from Xinjiang and said the action would not harm U.S. clean energy goals. The Commerce Department separately added five Chinese entities to the U.S. economic blacklist over forced labor allegations in Xinjiang -- including Hoshine. The White House cited the G7's recent pledge to clean up the global supply chain as part of its actions. Homeland Security Secretary Alejandro Mayorkas said the import bans on polysilicon and solar products made with forced labor would not hamper the Biden administration's clean energy goals. "Our environmental goals will not be achieved on the backs of human beings in a forced labor environment," Mayorkas said at a press briefing. "We're going to root out forced labor wherever it exists." The import ban …

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By Conor Spackman and Claire Irwin Published 13 December 2020 Share close Share page Copy link About sharing Fifteen years ago, hardly any of the electricity we use in Northern Ireland came from renewable sources like wind and solar power. Polluting fossil fuels, many of them sourced from distant lands, were our staple. But all that has changed. In the year to March 2020, renewable sources provided almost 47% of our power, easily hitting the Northern Ireland Executive's target of 40% by 2020. It is a remarkable achievement, good news for the environment and our energy security. But the scheme that did much of the heavy lifting to get us there, the Northern Ireland Renewables Obligation (NIRO), is under ongoing scrutiny. The focus has fallen particularly on single turbines. Those between 50kW and 250kW, the kind we have all grown more used to seeing, spinning in solitude in …

[Read more...] about Green energy: NI’s wind turbines generate controversy

By Conor Macauley Published 8 March comments Comments Share close Share page Copy link About sharing The operator of NI's electricity network has suggested four options for doubling the amount of renewable power on the grid. SONI said the network needs investment in the hundreds of millions to cope with increased demand for green energy as NI tries to hit carbon targets. The demand is likely to be driven by much higher uptake of electric vehicles and the electrification of heat. The cost of the investment will be paid through customers' electricity bills. One of the biggest problems is that much renewable energy - mainly wind farms - is in the north and west, while most of the power is consumed in the east of Northern Ireland. About half our power already comes from renewables but there is a stated ambition to get that to 70% by 2030. For that to happen, …

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DUBAI, June 24 (Reuters) - The value of Saudi Arabia's oil exports in April climbed 109% to 51.7 billion riyals ($13.79 billion) from a year earlier while non-oil exports rose by 46.3%, official data showed on Thursday. Oil exports made up 72.5% of total exports, up from 64.8% in April 2020 and 70% in March. Non-oil exports rose to 19.6 billion riyals from 13.4 billion but slipped from 22.5 billion riyals in March, the data from the General Authority for Statistics showed. Saudi Arabia, the world's top oil exporter, suffered last year as the COVID-19 pandemic hit energy demand and its state coffers as a result. China remained Saudi Arabia's main trading partner in April, with Saudi exports rising to 12.9 billion riyals from 7 billion a year earlier. Saudi imports from China rose to 9.2 billion riyals from 8 billion, the data showed. The kingdom's total export value in April rose to 71.3 billion riyals from 38.1 billion but were down from 74.8 billion in March. Imports …

[Read more...] about Saudi’s April oil exports more than double yr/yr to $13.8 billion