Fossil Fuels

While some lenders and financiers have signaled plans to stop funding polluting power stations, a new report shows that 33 global banks have poured $1.9 trillion into financing the fossil fuel industry as a whole since the adoption of the Paris Agreement. Big U.S. banks led by JPMorgan have invested most heavily.

Coming hot on the heels of its Sky report, which envisaged a very strong role for renewables, particularly solar, well before 2050, the Anglo-Dutch company has now released a new report on a strategy for the energy transition, seeking to reshape itself and contribute to society’s shift away from fossil fuels towards the objectives of the Paris Agreement.

In a new report out today, Oil Change International and the Institute for Energy Economics and Financial Analysis (IEEFA) have taken the International Energy Agency (IEA) to task for misleading governments on climate policy through its energy forecasts.

‘Unprecedented challenge’ for fossil fuels as low LCOE for solar and wind power, allied to tumbling storage costs, sees renewables claim larger share of bulk and dispatchable generation while adding vital flexibility to global energy mix.

Just five years after meeting 40% of U.K.’s electricity supply, data from Imperial College London shows that coal only met 2% of the country’s power needs in the first half of the year.

Coal production in freefall, says new report by Greenpeace, Sierra Club and CoalSwarm, which recorded a 62% reduction in new coal power construction starts and a 48% drop in pre-construction activity last year.

Berlin Energy Transition Dialogue 2017 will see the presentation of a joint report by International Renewable Energy Agency (IRENA) and International Energy Agency (IEA), their first ever collaboration with an eye on decarbonization of global energy system.

The German energy company said its new strategy is fully reflected in its balance sheet. This was accompanied by the largest loss ever registered by the group. Eon is now planning workforce reductions, as well as further measures to reduce its net liabilities to €20 billion in the mid-term.

Carbon Tracker and Imperial College London report calls solar power and electric vehicles ‘game changers’ whose potential impact is consistently underestimated by large utilities.