By Reuters Staff
4 Min Read
HOUSTON (Reuters) - Major energy companies are turning their carbon sequestration technologies and projects into business ventures, converting some efforts that help pump more oil and gas into profit-making ventures while burnishing their environmental reputations.
The efforts could help big greenhouse gas emitters reduce their carbon emissions intensity and move closer to Paris Agreement climate change targets. Energy giants view these efforts as balancing customer demands for more oil and gas while fitting in a lower-carbon energy world.
Carbon removal technologies will be necessary to limit the increase in planetary warming to no more than 1.5 degrees Celsius, the goal of the 2015 Paris Climate Agreement, the United Nations has said.
South Africa has a looming green problem. The Rainbow Nation has a big carbon footprint and limited plans to change. It sounds like the sort of problem child that investors, armed with a piece of European legislation launched on Wednesday, will soon take to task.
Denmark, Spain and three other countries have urged the European Commission not to change draft rules that would prevent gas power plants from being labelled as sustainable investments, despite pushback from other member states.
By Reuters Staff
2 Min Read
MILAN (Reuters) - Italy plans to cut its carbon emissions by around 60% by 2030 after using 80 billion euros ($96 billion) of EU funds for energy transition in the next five years, Ecology Minister Roberto Cingolani said.
FILE PHOTO: Seagulls fly in front of chimneys billowing smoke from rooftops amidst dense fog and smog in Milan, Italy, January 8, 2020. REUTERS/Flavio Lo Scalzo
In a phone conversation with U.S. climate envoy John Kerry on Wednesday, Cingolani called the emission reduction plan “a massive improvement”.
The EU recently set an emissions-reduction target of 55% by 2030, while in its last national energy plan, released in December 2019, Italy set itself a target of a 33% reduction by the same year.