COP 26: UK pledges £500m to protect rainforests from deforestation November 6, 2021 The UK has committed £500m of public money to protect five million hectares of rainforests worldwide from deforestation. The pledge was made at the COP 26 climate summit in Glasgow, and follows prime minister Boris Johnson calling for an “end to the great chainsaw massacre” after 100 countries signed up to reverse deforestation by 2030. [...]
Cop 26: Sharma urges negotiators to speed up climate talks November 5, 2021 COP 26 president Alok Sharma has warned negotiators at the climate conference in Glasgow more progress needs to be made on key environmental issues. He has encouraged them to make an extra push over the next 24 hours before COP26 enters its second week. In a note published by the United Nations, Sharma said: “I [...]
COP26: IMF calls for developed economies to face higher carbon costs November 3, 2021 The International Monetary Fund is pushing for a global price on carbon, and wants wealthier countries to pay a greater share of the costs. The financial institution’s managing director Kristalina Georgieva has proposed an international carbon price floor to ensure “large emitters have compatible carbon pricing”. Speaking at the COP26 climate conference in Glasgow, she [...]
Energy crisis continues with CNG Energy’s retail arm on the brink of collapse October 28, 2021 CNG Energy’s retail arm is on the verge of collapse. The embattled firm is close to falling into the infamous supplier of last resort process, according to Sky News. The supplier provides energy only to commercial clients. It is responsible for 45,000 customers, including schools, hairdressers, hotels and restaurants. If it ceases trading, it will [...]
Shell hits back as activist Loeb calls for breakup October 28, 2021 Under-fire energy giant Shell yesterday shot down suggestions from US hedgie Daniel Loeb’s Third Point that it should split up its divisions. CEO Ben van Beurden warned the activist intervention could derail the FTSE major’s climate transition plans. His defensive move follows Third Point acquiring a $750m majority stake in the company, while pension fund [...]
China avoids big climate commitments ahead of COP26 conference October 28, 2021 China will aim to hit peak greenhouse gas emissions by 2030. The world’s biggest energy emitter has relesed its climate change blueprint ahead of the COP26 climate summit in Glasgow. In 2019, the country was repsonsible for 27 per cent of greenhouse gas emissions, according to research from the Rhodium Group. Its new roadmap includes [...]
BP benefitting from gas price crisis with $500m trading bonanza October 27, 2021 BP’s trading team made at least $500 million in Q3 2021, according to Reuters. The energy giant’s gas trading results were reportedly disclosed at an internal call with staff earlier this month. It has benefitted from a gas crisis that has left embattled consumers and industries struggling with rising costs. Natural gas and power prices [...]
Budget 2021: Sunak scraps rise in fuel duty October 27, 2021 The chancellor is cancelling the planned rise in fuel duty. Speaking at the Budget, Rishi Sunak said he is “not prepared to add to the squeeze on families and small businesses”. Prices at the pumps reached record levels of 142.94p a litre on Sunday. The new record is 28p a litre higher than a year [...]
Government U-turns over water firms dumping sewage in English rivers October 27, 2021 The government has U-turned its decision to block legal obligations being placed on water firms dumping raw sewage into English rivers. This follows an escalating row between ministers and backbench Conservative MPs after they were told to vote down the House of Lords’ amendment to the Environment Bill. Parliament’s upper house had pushed through an [...]
Campaigners granted High Court hearing over HS2 tunnel row October 26, 2021 Environmental campaigners are set to go to the High Court on 28 October over the impact of an HS2 tunnel in the Chiltern Hills. The environmentalists have sought legal action to save the River Misbourne, asking for the HS2 bore tunnel not to be constructed on the site. According to campaigners, the methods and risks [...]