Volume 13 Issue 5
March 21, 2022 – March 27, 2022
Riti Bhandarkar ‘23 | Zihan Lin ‘23 | Sunay Joshi ‘24 | Andrew Ji ‘25 | Wilder Crosier ‘25 | Freddy Hernandez ‘25 | Michael Tsai ‘25
Ukraine War Could Severely Hurt Global Growth and Oil Demand, OPEC Says
March 15, 2022 | The Wall Street Journal | Will Horner
In its monthly report, OPEC held off on making predictions on the oil market. It listed price increases, inflation, and supply chain challenges as reasons to avoid making a prediction. It also indicated a possible reduction in demand if the war continues. Russia is the third largest oil producer in the world. It exports half of its 10 million barrel crude oil production every day. Sanctions from Western governments on oil, as well as other commodities like nickel, will also disrupt markets.- SJ
Exxon Mobil loses appeal to stop climate change probes
March 15, 2022 | Reuters | Jonathan Stempel & Nate Raymond
A federal appeals court rejected Exxon Mobil’s attempt to block New York and Massachusetts from probing into whether or not the company lied about what they knew about its impacts on climate change to the public and investors on Tuesday. The ruling reasoned that Exxon could not sue Massachusetts AG Maura Healey because it was carrying out the same case in Massachusetts state courts. This is the latest development in a string of cases pursued by Exxon Mobil. It first sued New York and Massachusetts in 2016 after receiving subpoenas for documents concerning the company’s knowledge of climate change, which was dismissed in 2018. -AJ
Irish organizations back EU’s 2030 biomethane target
Mar 15, 2022 | Bioenergy Insight
The Renewable Gas Forum Ireland sponsors the EU commission to increase the contribution of biomethane to 20% of gas imports by 2030. The commission says it is part of an effort to inspire member states to transition to a new generation of renewable energy. Two organizations have been centerpieces to this initiative: Teagasc Grange, a biomethane production and regenerative agriculture research center, and Ibec, “the largest lobby and business representative group” on reducing energy costs and promoting energy security. While the goal may seem small, policy makers believe a seamless transition will be boon to promoting energy security in the long run. - MT
March 8th, 2022 | The Washington Post | Mary Beth Gahan
Dallas-Fort Worth, an expanding metroplex, is in need of clean energy. With the chance that a solar panel facility can provide such service, environmentalists have an urge to protect Texas’ large, open space: The Simley-Woodfin Native Prairie Grassland. Author of “Prairie Time,” Matt White is against historic, natural land used for profit, labeling it as a “tone deaf” attitude. This discussion begs the question of renewable energy usage vs the protection of natural resources & habitats. Experts say that although both methods mean well, balance is absent between the two. Ostred, the energy company in charge of developing solar panels for the Texas prairie, said in a statement that they value biodiversity and nature, promising that they’ll seek advice from environmentalists to prevent major harm to the habitat. Although environmentalists and renewable energy companies both cannot find an agreement, various guides are available for the ideals of the parties to be met. -FH
Sun Cable’s giant Northern Territory solar project gets $210m funding boost
March 13, 2022 | Guardian Energy | Peter Hannam
Derived from Guardian Energy. Photo Credit: Roslan Rahman/AFP/Getty Images
A project aiming at producing 24/7 dispatchable electricity from solar power recently received a $250 million investment. Sun Cable, the company behind the project, has been successfully growing the pool of investments for the $30 billion project. The proposed 17-GW solar plant is set to power Darwin, Indonesia, and Singapore. Australia has been exporting fossil fuels for decades. Cannon-Brookes, one of the investors, believes that the project will contribute to Australia’s ability to export renewables in the future. For Australia, transitioning into a sustainable and less carbon-intensive economy will require critical assessments of risks to attract investors. - ZL