Image: Андрей-Яланский/Adobe Stock Bitter about the recent closure of a Shell refinery, which caused about 700 people in the community to lose their jobs, residents are voicing their opposition to the construction of a new Formosa Plastics plant, part of what they call a dead-end industry.
As Mark Twain once remarked after his obituary was mistakenly published, “The reports of my death are greatly exaggerated.” That same thing could be said about the plastics industry if you listen to reports from the anti-plastics crowd, including the good citizens of St. James Parish in Louisiana. Residents told the St. James Parish Council that they are “fed up” with its support of Formosa Plastics, despite mounting evidence of massive financial risk to taxpayers and looming job losses. Formosa Plastics, they said, is part of a “dying industry.”
New investment in fossil fuel projects would have to stop immediately, it said.
Two-thirds of the world s energy would be based on wind, solar, bioenergy, geothermal and hydropower by 2050, while cars would almost all be fuelled by electricity and air travel with biofuels and synthetic fuels.
Bruce Robertson from the Institute for Energy Economics and Financial Analysis said the report signalled the end of gas. The report finds that no new gas fields are needed and neither are many of the liquefied natural gas liquefaction facilities currently under construction or in planning, he said.
Climate Council research head Simon Bradshaw said the report added to a growing body of evidence that Australia s gas-fired recovery was unnecessary and dangerous .
Oil, Gas, And Fracking News Read 16May 2021 econintersect.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from econintersect.com Daily Mail and Mail on Sunday newspapers.
Global finance mobilizing to meet net-zero ambition
Chinese President Xi Jinping’s surprise announcement at the UN General Assembly in September 2020 that the world’s biggest emitter would become .
This has sparked a ratcheting up of pledges to reduce greenhouse-gas emissions and a global technology race to curb fossil fuels and boost renewable energy, as world political, corporate and financial leaders belatedly unite to deliver on the Paris Agreement.
The seismic changes to China’s energy mix needed to reach peak emissions by 2030 and net zero carbon emissions by 2060 have , particularly when viewed in conjunction with the Japanese and South Korean pledges. These are Australia’s three largest export destinations for thermal coal and liquefied natural gas (LNG) for power generation, as well as coking coal for steel manufacturing.
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ESG Focus: Climate Summit’s Coal Story
While the US grabbed April’s climate summit headlines, India and China had a few less-encouraging words. This article looks at the broader global commitment landscape; Australia’s plans; and the outlook for coal.
-US commitments appear hollow without methane target
-China keeps its options open
-India and other developing countries holding out for aid