fossil fuel financing

Soaring crude oil prices, averaging $105.4 a barrel, are straining oil companies' finances as they sell fuel below cost. Despite government excise duty cuts, losses are unsustainable. Experts suggest gradual price hikes and innovative strategies to manage the transition to renewables while supporting companies' investments and the macroeconomy.

US President Trump's second term prioritizes oil, leveraging energy dominance for global influence. Campaign funding from oil interests aligns with policies boosting domestic production and easing regulations. Sanctions on rivals and geopolitical events like the Hormuz crisis engineer demand for American exports, impacting nations like India and reshaping global energy markets.

India's nuclear ambitions have reached a pivotal stage with the Prototype Fast Breeder Reactor achieving criticality, marking a significant step in its three-stage nuclear program. This advancement positions India as a leader in advanced nuclear technology, bolstering its drive for energy self-reliance and security amidst a rapidly expanding power sector.

US President Trump's conflicting statements on the Iran conflict, suggesting both military success and potential escalation, have triggered global market volatility. Indian stocks initially plunged but recovered, while oil prices surged, impacting nations like Nepal and Bhutan. Precious metals and cryptocurrencies also saw significant declines amid heightened uncertainty.

The Trump administration is paying $1 billion to TotalEnergies to abandon U.S. offshore wind leases, redirecting funds to domestic oil and gas projects. This move, criticized by North Carolina's governor, aligns with the administration's pro-fossil fuel agenda, despite the company's continued offshore wind work elsewhere. The deal aims to protect taxpayers from what the Interior Department calls 'ideological subsidies'.

The 13th annual banking on climate chaos report, the most comprehensive global analysis on fossil fuel banking to date, underscores the disparity between public climate commitments made by the world’s largest banks and the reality of their largely business-as-usual financing to the fossil

The world's biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday. Since the 2015 Paris climate agreement, the top 60 banks have provided a total of $6.9 trillion to the sector, according to the coalition's 15th annual report titled "Banking on Climate Chaos".

Despite a G7 pledge, Japan remains a major public financier of oil and gas projects, investing $93 billion between 2013 and 2024. Through initiatives like AZEC, Japan promotes LNG as a transitional fuel, raising concerns about 'greenwashing' and hindering renewable energy transitions in countries like Indonesia. Critics argue Japan's LNG investments lock nations into fossil fuel dependency.

A unique Dutch experiment is combining cryptocurrency mining with tulip farming. Farmers are capturing heat from Bitcoin computers to warm greenhouses. This innovative approach emerged during Europe's energy crisis. It offers a sustainable alternative to traditional gas heating. The project highlights how digital technology can support agriculture and reduce fossil fuel use.

The 2021 Production Gap Report prepared by leading research institutes and the UN Environment Programme (UNEP), finds that despite increased climate ambitions and net-zero commitments, governments still plan to produce more than double the amount of fossil fuels in 2030 than what would be consistent with limiting global warming to 1.5°C.

India's clean energy subsidies surged 31% in FY24, narrowing the gap with fossil fuels, though state-owned enterprises remain heavily invested in fossil fuels. Despite progress in non-fossil electricity capacity, a significant increase in electricity subsidies and heavy reliance on fossil fuel revenue pose fiscal challenges.