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The Drilldown: Exxon Mobil announces carbon-capture investment – iPolitics.ca

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The Lead

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.”

On Tuesday morning at 8:13 a.m., West Texas Intermediate was trading at US$54.81 and Brent Crude was going for US$57.64.

In Canada

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.

Meanwhile, in the latest attempt to generate energy from the Bay of Fundy, a large platform with six underwater turbines was launched on Monday near the mouth of the bay. The project will be tested this winter and spring in an area known as Grand Passage.

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.

Canadian Crude Index was trading at US$40.98 and Western Canadian Select was going for US$40.65 this morning at 8:14 a.m.

Noteworthy

This story was copy-edited after publication, on Feb. 2 at 4:26 p.m.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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