Natural gas will play an important role in Australia’s accelerated energy transition as the country looks to boost renewable energy sources and phase down coal, according to Alan Finkel, Special Adviser to the Australian government on Low Emissions Technology. Australia currently relies on a lot of conventional energy sources. Coal and natural gas account for around 79 percent of the…
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Gas giant Uniper submits bailout application to German government as Russia squeezes supplies
Embattled German gas giant Uniper on Friday submitted a bailout application for government support after running into extreme financial distress, Finnish majority owner Fortum said in a statement. Uniper was the first German energy company to sound the alarm over soaring energy bills due to reduced supplies of Russian gas. It has been in talks with the German government over…
Read MoreEU to raise inflation forecasts as officials prepare for a permanent cut to Russian gas
The euro zone economy is expected to face higher inflation both this year and in 2023, officials told CNBC on Monday, while plans are being stepped up for the prospect of a permanent cut to Russian gas supplies. Europe has been under intense pressure in the wake of Russia’s invasion of Ukraine, with higher energy costs pushing up inflation across…
Read MoreExxon CEO Says All New Cars Will Be Electric By 2040
All new passenger cars sold will be electric by 2040, ExxonMobil’s CEO Darren Woods told CNBC on Monday—not just in one country, but in the whole world. For comparison’s sake, last year, only 9% of the world’s passenger car sales were electric vehicles, including plug-in hybrids. While that’s a 100% increase from the year before, it’s l00% of a relatively…
Read MoreIndustrial Bitcoin Miners Grind To Halt In Texas Amid Energy Shortage
Almost all of Texas’ industrial-scale Bitcoin miners have come to a halt as the state tries to stave off power blackouts amid an intense heatwave, Bloomberg reported on Monday. Bitcoin miners, including Riot, Argo, and Core Scientific, have shut down millions of computers in response to the heatwave that is expected to cause blackouts. Those Bitcoin miners were lured to…
Read MoreOil Prices Rebound Following Morning Drop
Crude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57. Earlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China’s lockdowns and recession fears against tight global oil supplies. The bearish case has focused on covid disruptions in…
Read MoreInvestments in renewable energy to generate over 300,000 jobs
Key findings from a new World Bank study estimate that new investments in grid-connected and off-grid renewable energy projects in Pakistan could generate more than 190,000 direct and 137,000 indirect jobs by 2030. The renewable energy industry provided about 14,000 direct and over 11,000 indirect jobs in 2020 against an installed base of 1,995MW of grid-connected wind and solar projects…
Read MoreGovernment of Sindh Environment, Climate Change and Coastal Development Department Directorate of Climate Chang
Climate Change and the challenges, the world in general and Pakistan are facing, need immediate actions being a harsh reality which the humankind have to deal so that the world and the nature can be protected for our future generations… With the evolving world, the words like global warming, greenhouse effect, CO2 emission &carbon footprint, relentless use of fossil fuel,…
Read MoreRussia’s chokehold over gas could send Europe back to coal
Austria, Germany, Italy and the Netherlands announced plans this week to prepare to resurrect old coal plants as gas supplies dwindled. The moves came just days after Moscow reduced natural gas flows to several European countries, including Italy and Slovakia, alarming leaders who are worried about energy reserves ahead of winter. Are you on Telegram? Subscribe to our channel for…
Read MoreState Bank hits solar imports with fresh restrictions
It landed like a bombshell. On the 5th of July, the State Bank of Pakistan (SBP) updated its list of products for which “prior permission” will be required and LCs can be opened for their import. Among the products added to the list – solar panels, inverters, and batteries. The requirement had been in place since May 20, but this…
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