All future fossil fuel projects must be scrapped if the world is to reach net-zero carbon emissions by 2050 and to stand any chance of limiting warming to 1.5C, the International Energy Agency said Tuesday.

A German oversight agency on Monday gave the go-ahead for a 2-kilometre section of the Nord Stream 2 gas pipeline to be laid in German territorial waters, dpa reported. The Federal Maritime and Hydrographic Agency (BSH) ordered the immediate enforcement of a controversial permit issued in January that allowed pipe to be laid on the seabed in Germany's exclusive economic zone.

British Petroleum lobbies for softer EU stance on carbon emissions as the company requested natural gas to be excluded from the list of greenhouse factors, Reuters reported. The BP position has earned some support from investors and calls for a wider European dispute about the role of the fossil fuel in the transition to a lower-carbon world. The European Commission has placed a target to achieve net-zero greenhouse gas emissions by 2050.

The cabinet of the Netherlands announced it has granted some 2 billion euros subsidies to oil giants, including Royal Dutch Shell and ExxonMobil, Reuters reported. The funds will be targeted at an environmental initiative that is expected to be the largest carbon capture and storage (CCS) project in the world, Reuters reported.

The French energy giant Total announced it had managed to offset the negative effect of pandemic on its business, Reuters reported. The surging oil and gas prices on international markets in combination with increased electricity consumption had the key role for the firm’s financial restart. Total posted first-quarter earnings that were very close and matched to levels from before the pandemic. The company, which is shifting into renewable energy and diversifying away from fossil-based fuel activities, benefited from this drive as areas like oil refining suffered.

British Petroleum announced a new buyback programme focused on the company’s shares, AP reported. The UK firm said the operation will be funded by higher than expected revenues from sales in the first quarter of this year backed by higher international oil prices. The positive financial results were further stimulated by a significant reduction in debt levels.The expected buyback is valued at some 500 million dollars.

UK and six EU countries vowed to stop providing guarantees, related to all projects linked to exports of fossil fuels, Reuters reported. The initiative includes Britain, Germany, France, The Netherlands, Denmark and Sweden. Official representatives of governments in London, Paris and Berlin are expected to seal formally the pact on Wednesday, French Finance Minister Bruno Le Maire said. The intended deal includes halt of all public export guarantees.

The German engineering conglomerate Siemens has expressed expectations to receive some of the funds, envisaged for economic revival by US President Joe Biden, Reuters reported. Biden had announced generous plans to address the economic slowdown, caused by the pandemic by targeting massive funds to infrastructure restoration and development. The infrastructure spending is seen reaching as high as $2.3 trillion.

Royal Dutch Shell announced it expected a significant drop in fuel sales in the first quarter of 2021, Reuters reported. The world’s biggest fuel retailer expects a very slow recovery of the markets undermined by Covid-19 lockdowns in major industrial countries. In a trading update, Shell said it saw refined oil product sales at 3.7-4.7 million barrels per day (bpd) for the first quarter of 2021, compared with just under 4.8 million bpd in the last quarter of 2020. It had previously forecast sales of 4-5 million bpd.

International crude priced rose as post-pandemic economic outlook improved on the back of fast vaccine rollout and stimulus packages in industrial countries, Reuters reported. The biggest oil consumer in the world also reported a drop of inventories which prompts a further price rise. Brent futures rose up to $63.08 a barrel while US West Texas Intermediate spiked to $59.65.