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    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

    Trillion Energy to increase gas production at SASB gas field with three new side-track wells

    Total-Eni partnership in offshore gas drilling

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

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    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

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    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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EU Rules For Green Gas And Nuclear Investment Coming Up

venkat by venkat
July 5, 2022
in Featured, Gases, News
0
EU Rules For Green Gas And Nuclear Investment Coming Up

On July 6th, European lawmakers will decide whether to accept or reject ideas that have divided governments and investors about the EU’s aim to identify expenditures on gas and nuclear power plants as climate-friendly. The vote is the last barrier before the European Union decides whether to include the 2 energy sources in its taxonomy, a set of guidelines that determines whether investments can be promoted as sustainable in Europe.

The regulations are intended to prevent greenwashing among the countless so-called eco-friendly items on the market and to direct private finance toward truly eco-friendly projects. They also aim to establish a European standard for sustainability practices.

However, the argument over whether investments may be promoted as green has expanded into a larger political dispute over the types of energies Europe should invest in to combat global warming and replace Russian gas. EU parliamentarians will discuss the gas and nuclear regulations, and on July 6th, they will vote in what authorities anticipate to be a close election. To defeat a proposal, a majority of the 705 members of the European Parliament must oppose it.

Bas Eickhout, a green politician, claimed that the EU proposal would give artificial incentives for investment in gas and nuclear energy, both of which are fossil fuels, at the cost of the sustainable energy needed to quickly reduce carbon emissions. Christian Ehler, a politician for the European People’s Party, said that although the taxonomy’s effect on future investment was not yet obvious, its strict CO2 emission caps and other requirements would guarantee that investments in gas plants comply with climate goals.

Rejection would be a setback for the European Commission, which spent more than a year revising the regulations in the face of fervent government and gas and nuclear industry lobbying. As per Brussels, to receive a green designation, gas and nuclear power facilities must adhere to exacting criteria.

Gas plants would need to adhere to much stricter emission restrictions than those in the Commission proposal, according to critics and the Commission’s advisors, in order to match the significant reductions required to avert severe climate change. In an early 2020 plan, the Commission had proposed a lower emissions cap, but changed its mind in response to criticism from several of the bloc’s 27 member states.

Frans Timmermans, the head of the EU’s climate policy, stated that if he had been left to his own devices, he would have chosen differently about the taxonomy but that the regulations represented the political reality within the union.

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