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fossil fuels
Von der Leyen says fuel imports cost EU extra €106 billion
European Commission President Ursula von der Leyen said Europe must change how it uses energy. She said the bloc's bill for imported fossil fuels has risen by 106 billion euros since the war in the Middle East began, "without a…
Treasury’s Bessent urges World Bank to end oil, gas ban
US Treasury Secretary Scott Bessent has called on the World Bank to "formally retire its prohibition on financing upstream gas and oil." He made the demand in a written statement dated October 14 to the steering committees of the World…
Iran war drives 33 nations toward clean energy, but emissions still rise
Seven months after the United States and Israel launched military operations against Iran, the conflict has prompted more than 30 governments to adopt policies favoring clean energy — yet global greenhouse gas emissions continue to climb and clean energy investment…
Hormuz crisis cost importers $330B in six months, report finds
The US-Israel war on Iran has cost the world's fossil fuel importers more than $330 billion in extra charges for crude oil, diesel, and liquefied natural gas in the six months since strikes began on February 28, a new report…
BP puts $4.1B biogas unit up for sale amid fossil fuel pivot
BP announced Tuesday that it intends to sell Archaea, its U.S. biogas business, as the British oil major continues its pivot back toward fossil fuels. The company acquired Archaea for $4.1 billion in 2022 as a bet on growing demand…
TotalEnergies appeals French court order to align with climate goals
TotalEnergies announced on Monday that it will appeal a landmark Paris court decision that ordered the French oil major to bring its business in line with climate change goals, setting up a high-stakes legal battle over the reach of corporate…
IRENA: Renewables saved $480B in fossil fuel costs in 2025
The International Renewable Energy Agency released its annual cost analysis on Wednesday, finding that renewable energy projects helped avoid an estimated $480 billion in fossil fuel costs and approximately 8.4 gigatonnes of carbon dioxide emissions in 2025, as the price…
Paris court orders TotalEnergies to account for consumer emissions
A Paris court ruled on Thursday that TotalEnergies must account for the greenhouse gas emissions linked to its consumers' use of oil and gas products, giving the French energy major six months to revise its legally required risk assessment plan.
WEF warns energy transition is fragmenting despite record $3.3T in investment
The energy price shock triggered by the US-Iran conflict and the near-total closure of the Strait of Hormuz is reshaping energy decisions from British rooftops to international climate negotiations, with consumers, governments, and investors all moving more aggressively toward renewables…
Iran war funneled $374B to fossil fuel industry, 350.org says
The U.S.-Iran war has delivered a windfall to oil and gas companies even as consumers worldwide struggle with elevated energy costs, according to new analysis from the environmental advocacy group 350.org released on Thursday. The report estimates that $374 billion…
OPEC raises long-term oil demand forecast, sees no peak by 2050
OPEC on Thursday released its 2026 World Oil Outlook projecting global oil demand will reach 124 million barrels per day by 2050, an increase from the 122.9 million bpd it forecast a year earlier, while reiterating that no peak in…
France unveils roadmap to end all fossil fuel use by 2050
France on Tuesday presented what it called a "first of its kind" national roadmap to phase out coal by 2030, oil by 2045, and natural gas by 2050, laying out a comprehensive timeline for weaning Europe's second-largest economy off fossil…
Greenpeace activists install Anish Kapoor artwork on Shell rig
Environmental activists from Greenpeace scaled a Shell gas platform in the North Sea on Wednesday to install a massive artwork by renowned British-Indian artist Anish Kapoor, creating what is believed to be the first fine artwork displayed on an active…
Ad agencies urge UK Parliament to ban fossil fuel marketing and corporate sponsorship
More than 100 advertising organizations have called on the UK Government to ban fossil fuel marketing, comparing oil and gas companies to "the cigarette companies of the 21st century" as Parliament debates the issue for the first time today.