The EuroAsia Interconnector electricity link, connecting Israel, Cyprus and Greece, will help reduce the European Union’s energy dependence on Russia, according to European Commission president Ursula von der Leyen.
The G7 countries, representing the world’s biggest economies, pledged last Friday to end direct international public financing of the fossil fuels sector starting from the end of this year and affirmed the commitment to end inefficient fossil fuel subsidies by 2025.
Norwegian transportation services providers Lovund Skyss and Sjøtind have both entered into agreements with energy company Gen2 Energy to develop solutions that will enable the use of hydrogen as a fuel for their ferries operating in Nordland, an area of Norway where ferry connections are an important part of the infrastructure.
Amid ever-increasing calls to phase out fossil fuels and pivot toward clean energy sources, oil and gas exploration activities remained resilient in 2021 undeterred by the accelerating energy transition, reveals Westwood Global Energy, an energy market research and consultancy firm, in its latest report.
The transition to renewable energy is not without its challenges, but today’s markets are increasingly shifting in response to it. Understanding the massive swings in energy supply and demand taking place will enable oil and gas traders to confidently plan for the years ahead, especially as capital allocations shift in response to market signals.
The global shipping industry will require the equivalent of the world’s entire current renewable energy demand in order to replace fossil fuel use, a new report commissioned by the International Chamber of Shipping (ICS) has shown.