Exxon Mobil has created a division to commercialize its technology that helps reduce carbon emissions, and announced a plan to invest $3 billion in lower-emission solutions through 2025. The company said it would first work on capturing carbon-dioxide emissions from industrial plants, and sequestering the gas so it doesn’t enter the atmosphere and contribute to global warming.
“We have the expertise that can help bring technologies to market and make a meaningful difference,” said Exxon Chief Executive Darren Woods.
Many climate experts believe carbon sequestration will be critical in the fight against global warming.
The United Nations has also said that carbon-capture technology is necessary to limit the increase in global temperature to no more than 1.5 C, the goal of the 2015 Paris Climate Agreement.
U.S. President Joe Biden has promised to tighten regulation of the fossil-fuel industry by mandating fuel-economy standards for cars, among other measures. Exxon’s announcement follows General Motors’ promise to stop selling petroleum-powered vehicles by 2035 and only sell zero-emissions ones. The New York Times has more.
Internationally
Reuters reports that U.K. Prime Minister Boris Johnson will chair a UN Security Council meeting on Feb. 23 about connections between climate change and conflict. The meeting will be held virtually and attended by other members of the security council.
“We want to look in particular at the threats that climate poses to conflict, to peace and security, (and) the way in which droughts lead to famine,” said Britain’s UN ambassador, Barbara Woodward. “Famine and floods can cause displacement, (and) they can cause conflict very easily.”
Colombians are outraged by a death threat on social media against an 11-year-old environmental activist. Two years ago, Francisco Vera and six friends marched to the park in his hometown of Villeta, carrying signs and chanting slogans about climate change. Vera has been compared to teenage Swedish environmental activist Greta Thunberg. The Associated Press has the full story.
According to the Guardian, technology that uses an artificial blowhole to harness wave energy is being tested on a remote Tasmanian island. The project is backed by the Australian Renewable Energy Agency and private investors, and there are hopes it can be used across Australia’s southern coastline.
“It’s very much like an artificial blowhole,” said Wave Swell Energy’s co-founder, Tom Denniss. “There’s a big underwater chamber that’s open out the front, so the water is forced into the chamber. It pushes that air back and forth. The movement of air spins the turbine and produces electricity.”
Calgary-based Prosper Petroleum Ltd. is suing the Alberta government for $400 million, claiming that “public officials strung it along as it sought approval for an oilsands project while they worked behind the scenes to thwart the development.”
It’s the second time the energy company has taken the province to court over its proposed Rigel project, which would produce around 10,000 barrels of oil a day near Fort McMurray. Last time, the Alberta Court of Appeal said the project should not have been approved by Alberta’s energy regulator because it encroaches on traditional Fort McKay First Nation land.
The lawsuit says the province “withheld material information” that it knew, or should have known, would undermine the project.
Sustainable Marine, whose Canadian office is in Dartmouth, N.S., says the project could supply electricity to 3,000 homes. The federal government contributed $28.5 million to the project in November.
Finally, the Vancouver Sun reports that Sierra Club B.C. wants clearcut logging in the province to end, because the practice reduces a landscape’s ability to retain water and leads to water shortages.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
