Author: omc_admin

Oslo-based power and heat provider Hafslund Celsio announced today a new carbon removal offtake agreement with Microsoft, with the tech giant purchasing more than 1 million tons of carbon credits over ten years, to be generated by a new carbon capture project at Norway’s largest waste-to-energy plant. Hafslund Celsio operates the Klemetsrud waste-to-energy facility in Oslo which incinerates around 350,000 metric tons of sorted residual waste each year, with excess energy used to produce electricity and heat. The process results in both biogenic CO2 emissions from burning organic material like spoiled paper and cardboard, as well as fossil CO2 emissions…

U.S. gas prices have dropped to their lowest Independence Day level in four years, with the national average now at $3.14 per gallon, according to GasBuddy. The dip is driven by a retreat in Middle East tensions and consistent supply from both U.S. shale producers and OPEC+ exporters.Brent crude futures have fallen steadily over the past two weeks, dropping from over $75 per barrel to just under $68 as of Monday. The de-escalation between Israel and Iran has eased fears of shipping disruptions through the Strait of Hormuz, through which about 20% of global oil trade flows. Risk premiums in…

CANNES — Fifteen years after flipping burgers at a McDonald’s and teaching himself to code at night in a cramped apartment near the French Riviera, Robinhood crypto chief Johann Kerbrat is back.The last time he lived around Cannes, he was 21 — with no connections, no funding, and no formal business training. But he had a knack for programming and a drive to solve real-world problems.Kerbrat, who is now senior vice president and crypto GM at Robinhood, quit his job just before starting university in nearby Nice, and soon after launched his first fintech startup: a no-code payments company built…

New Delhi: The price of natural gas used for producing CNG for vehicles and cooking gas was raised 5 per cent for July, following a surge in oil prices triggered by Israel’s military strike on Iran.As part of the monthly revision, the price of natural gas from legacy fields operated by state-owned companies was increased to $6.75 per million British thermal units, up from $6.41, according to a notification from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry. $6.75 per mmBtu is the ceiling price for gas from legacy fields, known as APM gas, which accounts for…

The government of Norway announced a new climate target, aiming to reduce absolute economy-wide emissions by at least 70% to 75%, on a 2019 basis, by 2035. The new decarbonization goal will form Norway’s new Nationally Determined Contribution (NDC) under the Paris Agreement. NDCs are national climate action plans presented by each country under the agreement, and are required to be updated every five years with increasingly higher ambition. Norway’s current NDC is to achieve a 55% reduction in emissions by 2030. Under Norway’s new NDC submission, the government specifies that the target can be supported by Internationally Transferred Mitigation…

Intensity Infrastructure Partners LLC has partnered with power producer Rainbow Energy Center LLC to construct a new pipeline to bring Bakken gas to eastern North Dakota. “The pipeline will provide expanded takeaway capacity for associated natural gas produced in the Williston Basin”, a joint statement said. “By enabling in-state processing and transportation of natural gas, the project will help reduce flaring, unlock new oil production, and generate increased tax revenues for the state of North Dakota”. The project is planned with two phases. Phase 1 would build a 136-mile, 36-inch pipeline with a capacity of about 1.1 million dekatherms a…

Spain’s national grid operator Redeia will plan for a record-high investments in its next strategic plan, chair Beatriz Corredor said on Monday as the blame game over who is responsible for the massive blackout in April continues. “The company’s next strategic plan will involve the execution of an unprecedented volume of investments,” Reuters quoted Corredor as saying on Monday.  Redeia and its unit Red Electrica (REE) have been blamed for the power outage on April 28, when a blackout hit the electricity transmission systems of Spain and Portugal, and briefly parts of France, in a very rare blackout in Europe. The blackout,…

North America dropped six rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on June 27. Although the U.S. dropped seven rigs week on week, Canada added one rig during the same timeframe, taking the total North America rig count down to 687, comprising 547 rigs from the U.S. and 140 rigs from Canada, the count outlined. Of the total U.S. rig count of 547, 533 rigs are categorized as land rigs, 12 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S. rig count is…

WASHINGTON (AP) — Clean energy advocates were already bracing for a Republican-led bill that would phase out tax credits for wind, solar and other renewable energy as President Donald Trump and GOP lawmakers moved to dismantle the 2022 climate law passed by Democrats under former President Joe Biden. But a proposal that emerged over the weekend was even more drastic than they thought.It was more aggressive in ending incentives for clean energy than a previous Senate version and would even impose new taxes on some wind and solar projects while boosting production of coal used in steelmaking. The Senate was…

• Supervisory review finds shortcomings in SFDR compliance and risk integration• Report identifies issues at both entity and product levels• ESMA urges national regulators to increase scrutiny and follow up on vulnerabilities The European Securities and Markets Authority (ESMA) has published the results of its 2023–2024 Common Supervisory Action (CSA) on the integration of sustainability risks and disclosures in the investment management sector. The report, developed in coordination with national competent authorities (NCAs) across the EU, identifies key areas for improvement in how asset managers comply with the Sustainable Finance Disclosure Regulation (SFDR), the EU Taxonomy Regulation, and other related…