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Wind Farm in West Texas Photo: Jerry Lara, San Antonio Express-News
President Trump trumpeted his trade deal with China, but so far its energy provisions have been a bust, according to The Wall Street Journal. The Chinese have not purchased nearly the amount of energy (in terms of total dollars) as they promised — only $2B in oil and gas purchases against a commitment of $25B for this year. Clearly market prices dropped due to the coronavirus, but China’s energy purchases lag behind those of agriculture and manufactured products. At the same time, Chinese businesses are jumping into the renewable energy industry here in the U.S., developing projects even deep in the heart of Texas.
One of the key problems with the deal was that the U.S. agreed to targets in dollars, which means that the price drop made the financial targets very hard to achieve. Now Republicans and oil and gas execs are urging the President to push China to keep their promises and buy more from us — rather than the Saudis and Russia. This is a lose-lose proposition given climate change. China, as the largest greenhouse gas emitter and should be pushed to lower its imports of fossil fuels and cut its overall consumption.
As Greentech Media reported, oil and gas giant BP announced yesterday that it will cut its oil and gas output by 40% by 2030 and increase its low-carbon investment tenfold by then as it begins to detail its 2050 net-zero strategy. This announcement comes after BP head of strategy Giulia Chierchia told investors on a […]
Investment in electric vehicles and their components and infrastructure continue to grow in spite of the pandemic and economic downturn, not to mention the infancy of the market.According to MarketWatch.com, there is “sky high” investor interest in clean energy and electric vehicle companies.
A federal judge in Washington, DC ruled yesterday that the Dakota Access Pipeline must shut down and empty all its oil until the government completes an environmental review of the pipeline’s impacts, giving the Standing Rock Sioux Tribe, whose reservation lies downstream, a huge victory. Similarly, late in the day, the Supreme Court refused to overturn the order of a district judge that shut down construction of parts of the Keystone XL pipeline so it is also blocked for now.
Why It Matters: The Dakota and Keystone XL news is greatly tempered by the fact that numerous other pipeline projects can go ahead despite their inadequate permit unless they are individually challenged in court and blocked.
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