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An assessment by the US Geological Survey reveals potential undiscovered oil and gas in two formations under much of the US Gulf Coast from Texas to Florida. The survey detailed that here are technically recoverable resources of 35.8 trillion cubic feet of gas and 28 million barrels of oil. That’s enough gas to power the entire United States for 14 months at the current rate of consumption, the USGS said in a note. “USGS energy assessments typically focus on undiscovered resources – areas where science tells us there may be a…
In November of last year, at the annual COP climate conference, global leaders agreed that in order to advance progress toward climate goals, developed countries would need to collectively provide a minimum of $300 billion in climate finance to the world’s poorest countries by the year 2035. Accordingly, at the end of Joe Biden’s presidential term, he announced a record $11 billion climate finance provision. Now, President Donald Trump has slashed climate finance down to nothing, in a move that will have far-reaching consequences…
Last week’s worst blackout Europe has ever seen in modern times was a wake-up call for the EU – and the rest of the world – that regardless of booming renewable energy capacity installations, power supply will not be secure unless grids are capable and flexible enough to accommodate clean energy and meet rising demand. Renewable energy proponents have been touting for years the record-breaking solar and wind capacity additions in Europe and elsewhere, calling at the same time for more investments in grids. With headline-grabbing…
Natural gas is gradually going to overtake coal and crude oil as the biggest source of primary energy in Southeast Asia, with a share of 30% by 2050. This is according to a new Wood Mackenzie report, which has become the latest to admit the inevitable: hydrocarbons will be around for much longer than transition advocates want. Currently, Southeast Asia is partial to coal-powered generation thanks to abundant local resources and price considerations. Also, demand for electricity has been on a strong rise in the region, prompting more coal power…
India’s federal government eased on Wednesday coal supply restrictions, allowing independent power producers to bid and procure coal supply at auctions for periods of between 1 and 25 years. Under the new measure passed by the cabinet, producers can bid for coal for periods of up to 25 years at a premium above the notified price at auctions. The power plants will also have the flexibility to sell the electricity as per their choice. The new provision is expected to incentivize…
