Fossil fuel
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Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production. In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (£3.95bn) a year to just $1bn to $2bn (£790m to £1.58bn). Less than half that…
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BP’s hiking of fossil fuel production in the face of overwhelming evidence it will worsen the rapidly changing climate was done for one reason – to increase shareholder value. After the announcement, however, its share price was down 1% at points, making it one of the worst performers among the most valuable London Stock Exchange listed…
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The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP28, is a milestone moment as the world takes stock of the progress that has been made in implementing the 2015 Paris Agreement. The summit, which concludes on Tuesday in Dubai, the United Arab Emirates, has also sought to…
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A new draft of a global deal from the COP28 climate summit is a “sorely needed improvement” on tackling fossil fuels, WWF has said, after a previous version sparked outcry. However, there is still no specific reference to the phase out of fossil fuels. The UN’s climate body published the proposed text of the deal…
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The UN chief urged fossil fuel companies to stop measures which seek to “knee-cap” climate progress. The comments come as the EU said average global temperatures at the start of June were unprecedented. UN Secretary General Antonio Guterres sharply criticized fossil fuel companies on Thursday for reaping massive profits while the world faces the imminent threat of…
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