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3 Oil Majors That Bet Big On Renewables

Green Car Congress

Big Oil has frequently been chided for merely trying to burnish its green credentials, and so far, it has done little to convince us that it is truly moving forward to greenness. Let this sink in: In 2018, Big Oil spent less than 1% of its combined budget on green energy projects. by Alex Kimani for Oilprice.com.

Oil 418
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EIA: US energy-related CO2 fell by 2.8% in 2019, slightly below 2017 levels

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CO 2 emissions from the residential and commercial sectors (associated with natural gas and distillate fuel oil consumption, for example) were nearly unchanged from 2018, and the increase in industrial sector CO 2 emissions (+8 MMmt) partially offset a decrease in transportation sector CO 2 emissions (-13 MMmt).

2019 273
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IEA: global CO2 emissions rebounded to their highest level in history in 2021; largely driven by China

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The recovery of energy demand in 2021 was compounded by adverse weather and energy market conditions—notably the spikes in natural gas prices—which led to more coal being burned despite renewable power generation registering its largest growth to date.

Emissions 370
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IEA: global energy demand rose by 2.3% in 2018, fastest pace in the last decade; CO2 emissions up 1.7%

Green Car Congress

Solar and wind generation grew at double-digit pace, with solar alone increasing by 31%. The Global Energy & CO 2 Status Report provides a high-level and up-to-date view of energy markets, including latest available data for oil, natural gas, coal, wind, solar, nuclear power, electricity, and energy efficiency.

2018 207
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Good news – the world has a real chance of achieving its goal of tripling renewables by 2030

Baua Electric

The world added 50% more renewable capacity in 2023 than in 2022 –and that means it has a real chance of achieving the goal set by governments at the COP28 climate change conference of tripling global capacity by 2030. The increases in renewable energy capacity in the US, Europe, and Brazil also hit all-time highs.

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1 in 5 new car sales globally were EVs in 2023, and that’s curbed oil demand – IEA

Baua Electric

Photo: Tesla Without EVs, solar, wind, and nuclear, the global rise in emissions in the last five years would have been three times larger, new International Energy Agency (IEA) analysis shows. Renewables curbed emissions rise in 2023 The bad news is that energy-related emissions rose in 2023. Get started here. –

Global 52
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Annual Increase in Global CO2 Emissions Halved in 2008; Decrease in Fossil Oil Consumption, Increase in Renewables Share

Green Car Congress

In addition to high oil prices and the financial crisis, the increased use of new renewable energy sources, such as biofuels for road transport and wind energy for electricity generation, had a noticeable and mitigating impact on CO 2 emissions. Global CO2 emissions increased from 15.3 Source: PBL. Click to enlarge.

2008 170