Economic gains from artificial intelligence will boost global output by around 0.5% a year between 2025 and 2030, outweighing the costs of rising carbon emissions by the data centres needed to run AI models, the International Monetary Fund said on Tuesday. An IMF report released at its annual spring meeting in Washington nonetheless noted that those output...
California will see almost one-fifth of its crude-processing capacity vanish in the next 12 months as two key refineries quit the business of turning oil into fuels. Valero Energy Corp. and Phillips 66 plan to idle a combined 284,000 barrels of daily refining capacity by this time next year, moves that will squeeze the perennially tight motor-fuels...
Google has announced the signing of a power purchase agreement (PPA) with Copenhagen Infrastructure Partners (CIP) to procure renewable energy from the upcoming Fengmiao 1 wind farm in Taiwan. The agreement marks Google’s first offshore wind PPA in Taiwan and the Asia-Pacific region. It will enable Google to secure cost-effective and carbon-free electricity to meet the...
Texas is proud to be the energy capital of the world, producing nearly half of American crude oil and more wind and solar than any other state. Today, Texas is poised to dominate yet another new renewable energy source: hydrogen. This new energy frontier has the potential for billions of dollars in economic and environmental benefits for...
With the recent launch of its new carbon credit service, Amazon is reinforcing its climate leadership by offering its suppliers, business customers, and Climate Pledge signatories access to scientifically verified carbon credits.
The chief executives of more than a dozen oil companies will deliver a message of gratitude — as well as caution — when they meet with President Donald Trump on Wednesday. Industry leaders say they have plenty of reasons to give thanks. Trump is an unabashed champion of US oil and gas production who has vowed to...
President Trump on Friday signed a resolution to block the implementation of a fee on oil and gas companies’ excess methane emissions. The resolution blocked the Environmental Protection Agency’s 2024 rule that implemented the fee program, which was established in the Democrats’ 2022 climate, tax and health care bill. Read more in The Hill here.
Bp is seeking to sell a 50% stake in its solar unit, Lightsource bp, to a strategic partner, aiming for cash and future investment commitments. The move is part of bp’s broader strategy to address investor concerns, reduce costs and boost returns on investments, as reported by Reuters. bp has faced pressure from investors such as...
It might have seemed like one of the weirder headlines of 2024: Microsoft is paying $1.6 billion to restart Three Mile Island. That’s the nuclear power plant in Pennsylvania whose reactor #2 had a partial meltdown in 1979. There were no injuries, and nobody died, but it set the nuclear industry back years. Only two new plants...
Optimism remains high that growth in the biofuels industry will continue under the new Trump administration. In late February, EPA Administrator Lee Zeldin announced year-round E15 sales in eight Midwest states. “Today’s decision underscores EPA’s commitment to consumer access to E15 while ensuring a smooth transition for fuel suppliers and refiners,” said EPA Administrator Zeldin...
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