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This article is an on-site version of our Energy Source newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday and Thursday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersHello and welcome to Energy Source, coming to you today from London and Calgary.In recent days I have been looking at expectations for oil demand growth this year and yet again forecasts are far apart. Last Friday the International Energy Agency said it expected global oil consumption to grow at its slowest pace since 2009, outside of the coronavirus pandemic, cutting its forecast…

The Global Reporting Initiative (GRI) announced today the release of the Textiles and Apparel Sector Standard exposure draft, aimed at enabling companies operating in the textile, apparel, footwear and jewelry sectors to report on key sustainability impacts in areas including human rights and the environment. GRI Sustainability Reporting Standards are one of the most commonly accepted global standards for sustainability reporting by companies, developed to enable consistent reporting across companies and industries, providing clearer communication regarding sustainability matters to a broad range of stakeholders, including investors. The GRI’s standards are developed by the Global Sustainability Standards Board (GSSB). GRI sector…

Ruth Porat, President & Chief Investment Officer of Alphabet & Google, speaks during the Reuters NEXT conference, in New York City, U.S., December 10, 2024.Mike Segar | ReutersAlphabet’s Google will invest $25 billion in data center and artificial intelligence infrastructure over the next two years in states across the biggest electric grid in the U.S., the technology company said Tuesday.Google will also spend $3 billion to modernize two hydropower plants in Pennsylvania to help meet the growing power demand from data centers and AI in the region, according to the company.The refurbishment of the Pennsylvania plants is part of broader…

Ramaco Resources is excavating its new Wyoming critical minerals find. CEO Randy Atkins doesn’t want the Pentagon’s money, but he does want a U.S. strategic reserve. R amaco Resources broke ground last month on a new coal mine in Sheridan, Wyoming, the first one in the state in 50 years. By last week, Ramaco had excavated 100 feet down, exposing a 20-foot wide coal seam, and was holding an official ribbon cutting, with Energy Secretary Chris Wright and retired West Virginia Senator Joe Manchin in attendance. But despite their shared enthusiasm for fossil fuels, it wasn’t old-fashioned, electricity generating coal…

Recent college graduates who are fluent in AI tools could become some of the most valuable hires at major companies, according to Box CEO Aaron Levie.”Hire a bunch of these people,” he said in a Monday interview on the a16z podcast, “because they’re going to flip your company on its head in terms of how much faster the organization can run.””If you’re graduating, the thing I would be selling to any corporation some way or another is that if you’re AI-native right now coming out of college, the amount you can teach at a company is unbelievable,” Levie said.Levie, who…

Are we likely to see OPEC+ enter maximum production mode this year? That was the question Rigzone posed to Caleb Jasso, Senior Policy Advisor at the Institute for Energy Research, and Enverus Intelligence Research Director Al Salazar. Responding to the question, Jasso told Rigzone that, although OPEC+ has increased its production targets for August, “it remains unclear whether this will later result in maximum production this year”. “OPEC+ is likely trying to recapture market share lost to the increased production and future production potential of the United States, Canada, and countries such as Argentina and Guyana,” Jasso said. “By increasing…

Oil prices fell on Tuesday after US President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.Brent crude futures fell 56 cents, or 0.8 per cent, to $68.65 a barrel by 0736 GMT, while US West Texas Intermediate crude futures fell 62 cents, or 0.9 per cent, to $66.36.”The focus has been on Donald Trump, there was some fear he might target Russia with sanctions immediately and now he has given another 50 days,” said Giovanni Staunovo, commodity analyst at UBS. “Those fears about an imminent additional tightness in the…

A group of Republican lawmakers has complained that smoke from Canadian wildfires is ruining summer for Americans, just days after voting for a major bill that will cause more of the planet-heating pollution that is worsening wildfires.In a letter sent to Canada’s ambassador to the US, six Republican members of Congress wrote that wildfire smoke from Canada has been an issue for several years and recently their voters “have had to deal with suffocating Canadian wildfire smoke filling the air to begin the summer”.“Our constituents have been limited in their ability to go outside and safely breathe due to the…

Jen Berrent helped WeWork navigate a thicket of leases and lawsuits. Now, she’s building a new kind of law firm using artificial intelligence to gut Big Law’s gravy train.Founded by two former general counsels and backed by $4 million in venture funding, Covenant is betting that private markets are ready for a software-first approach to legal advice. Its tools use large language models to root through hundreds of pages of legal documents, raise red flags, and suggest stronger terms that are tailored to the investor’s own playbook.In the world of venture capital and other private funds, investors still pay law…

ORLEN SA has started offering sustainable aviation fuel (SAF) at airports in Warsaw, Krakow and Katowice. “The inclusion of SAF in our aviation fuel portfolio marks another step in implementing our 2035 strategy”, Ireneusz Sitarski, vice president of ORLEN’s management board for wholesale and logistics, said in a press release. Poland’s majority state-owned ORLEN already supplies aviation fuels Jet A-1 and AVGAS 100 LL, which the company says can serve all types of aircraft. “We are expanding our product portfolio while responding to the need to decarbonize operations on both the supply and demand side”, Sitarski added. Adam Sanocki, member of…