Energy

Bloomberg South Korea revealed a 42.7 trillion won ($35 billion) plan to ramp up its commitment to renewable energy and environmentally friendly infrastructure, but came short of setting a time frame to phase out carbon emissions. President Moon Jae-in announced a framework on Tuesday to expand energy efficiency, boost low-carbon power sources and foster green industries amid an effort to …

Bloomberg The coronavirus pandemic will accelerate Eni SpA’s pivot away from conventional refineries to investing in greener facilities. “Instead of slowing down, we see Covid as a reason to accelerate the transition to low-carbon energy,” Chief Executive Officer Claudio Descalzi said in an interview with Bloomberg. In February, Eni set tougher climate goals, in which the Italian energy giant pledged …

Bloomberg The Economic Transformation Committee of South Africa’s ruling African National Congress (ANC) suggested that pension funds take over some of the assets of the indebted state power company. The proposal to transfer parts of Eskom Holdings SOC into non-state hands was made in a discussion document, which considered responses to the coronavirus-induced economic slump. The ANC’s labour union allies …

Bloomberg CenterPoint Energy Inc, a power and natural gas supplier that’s been dragged down by an investment in a pipeline company, plans to sharpen its focus on regulated utilities and renewables while overhauling its strategy, according to its new chief executive officer. The Houston-based company was already pushing to become more of a pure-play utility and will now accelerate that …

Bloomberg Permits for European Union carbon emissions rose above 30 euros ($34) a ton for the first time since 2006 as the bloc works to enact a sweeping overhaul to cut greenhouse-gas emissions. Carbon futures climbed despite an overall gloomy economic outlook and with pollution set to fall to the lowest level in decades this year. While actual emissions plunge …

Bloomberg A Russian mining giant, which is already in a dispute with authorities over a fuel spill in the Arctic earlier this year, has suffered a leak in a pipeline. MMC Norilsk Nickel PJSC reported a leak at its energy unit estimated at 44.5 tons of fuel near the village of Tukhard in the Arctic, about 2,700 kilometres (1,678 miles) …

Bloomberg Exxon Mobil Corp resumed drilling in Guyana last month, underscoring its dedication to the offshore hotspot despite the oil price crash and a messy turn in local politics. Two of Exxon’s four drillships went back to work, according to data published by Baker Hughes Co. The company later confirmed that the Stena Carron and Noble Tom Madden vessels returned …

Bloomberg Australia’s most populous state plans to fast-track its transition away from fossil fuels by encouraging investment in renewable-energy clusters. New South Wales put out a call for $12.7 billion ($8.8 billion) in investment to build solar and wind generation. It’s the second of three planned renewable energy zones to get the green light as the state seeks to move …

Bloomberg The world’s two largest copper producers are giving metal markets even more reason to fear supply disruptions that have helped send prices to the highest in a year. Peru, the second-largest copper miner, is taking longer than expected to ramp up mines after a two-month lockdown as workers fall ill, a top official said. At the same time, workers …

Bloomberg India’s Energy Efficiency Services Ltd (EESL) is seeking a partner to expand its distributed solar power venture, Managing Director Saurabh Kumar said. EESL has chosen Investec Capital Services to advise on the deal and expects it to come up with a valuation for the project in three months, Kumar said. The project has 100 megawatts of operational solar generation …