Energy


    • World's financial firms to lose $1trn if slow to act on climate change

      World's financial firms to lose $1trn if slow to act on climate change

      The world’s financial services sector risks losses of up to $1trn if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax, a new report shows. The report by consultants Oliver Wyman, published on Friday, comes as pressure on the industry to accelerate efforts to help better allocate capital in the shift to a low-carbon economy ratchets up ahead of United Nations climate talks in November in Glasgow, Scotland.

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    • Germany goes green, sees coal exit by 2038

      Germany goes green, sees coal exit by 2038

      The German cabinet backed plans last Wednesday to exit coal as an energy source by 2038 as part of efforts to protect the climate and restore the country's green credentials, news wires reported. “This is not just an exit from coal, it's an entry into renewable energy,” Environment Minister Svenja Schulze said cited by Reuters. “What the government is doing is setting in motion a huge and fundamental transformation in our energy supply,” Chancellor Angels Merkel's spokesman Steffen Seibert told reporters in Berlin.

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    • Borissov: Gas diversification is now secured

      Borissov: Gas diversification is now secured

      Transport and energy infrastructure development was the focus of a meeting between Bulgarian Prime Minister Boyko Borissov and Serbian President Aleksandar Vucic. The two spoke in Istanbul before the opening ceremony of the TurkStream pipeline.

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    • Russia, Ukraine sign gas transit deal for the next five years

      Russia, Ukraine sign gas transit deal for the next five years

      Russia and Ukraine reached on Monday a deal to ensure the flow of Russian natural gas through Ukraine to Europe for the next five years. Ukraine is set to get more than $7 billion in gas transit fees by 2024 under the new deal with Gazprom, Ukrainian President Volodymyr Zelenskiy said. It is also a positive signal for the EU nusinesses dependent on the reliable delivery of natural gas from Russia. "Europe knows that we will not fail when it comes to energy security," Zelenskiy pointed out.

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    • Greece, Israel, Cyprus sign deal on gas pipeline in January

      Greece, Israel, Cyprus sign deal on gas pipeline in January

      Greece, Cyprus and Israel will press ahead with the development of a pipeline channeling natural gas from the eastern Mediterranean to Europe, Greek Prime Minister Kyriakos Mitsotakis’ office said on Sunday. Mitsotakis, Israeli Prime Minister Benjamin Netanyahu and Nicos Anastasiades, the president of Cyprus, are now expected to sign an agreement on the so-called EastMed pipeline in Athens on 2 January.

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