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New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<ul class="summary-list"><li>Trump has said he plans to bring down gas prices by boosting US oil production.</li><li>ExxonMobil CEO Darren Woods doesn't see a US oil boom in the near future.</li></ul>President-elect Donald Trump's promise to unleash a <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">big oil boom</a> in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels. ExxonMobil CEO Darren Woods told <a target="_blank" class="" href="https://www.semafor.com/article/11/12/2024/exxon-ceo-darren-woods-donald-trump-shouldnt-scrap-methane-regulations">Semafor</a> on November 12 that while he wants to maintain US oil production at its current highs, the market is already well supplied. "I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term." During the presidential campaign, Trump said that he planned to lower energy prices — including the <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">cost of gas</a> — by increasing US oil production. "We will frack, frack, frack and drill, baby, drill," Trump <a target="_blank" class="" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> in October. "I will cut your energy prices in half within 12 months." In September, Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">said</a> he would reduce gas prices to below $2 a gallon. Energy analysts told Business Insider that big oil companies are more focused on returning money to shareholders than investing in projects that boost production, especially because China isn't importing as much oil due to its economic downturn. Their comments underscore how little control a US president has over the oil and gas market, including prices at the pump. "It's a global market," Ben Cahill, director of energy markets and policy at the University of Texas at Austin, told BI. "There's very little any president can do to change the direction of oil or gasoline prices." Cahill added that he expects the US to increase oil production, but it will happen gradually. The US is already producing record amounts of oil, at <a target="_blank" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">12.9 million barrels of crude a day in 2023</a> compared with about 11 million barrels per day in 2020, when Trump was in office. Last year, the US also became the world's biggest exporter of natural gas. In October, the US Energy Information Administration <a target="_blank" href="https://www.enerdata.net/publications/daily-energy-news/us-eia-expects-domestic-crude-oil-production-reach-135-mbd-2025.html#:~:text=At%20a%20global%20scale%2C%20the,13.5%20mb%2Fd%20in%202025.">projected</a> that the US would produce 13.5million barrels a day in 2025, hitting another record. And there is room for the industry to expand. Woods <a target="_blank" href="https://www.cnbc.com/2024/11/01/exxon-ceo-says-us-election-wont-affect-oil-production.html">told</a> CNBC earlier this month that there are areas in the Gulf of Mexico — where federal leasing hasn't allowed companies to drill — that could be a source of additional oil production in the long term. Patrick De Haan, head of petroleum analysis at GasBuddy, told BI that Trump could take some steps to try to boost US oil production, including easing regulations to open up additional places for companies to drill and working with OPEC. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to." In recent years, the US has increased oil production even as President Joe Biden imposed stricter limits on greenhouse gas emissions from power plants, oil and gas infrastructure, and gas-powered vehicles to help slow the climate crisis. In a separate interview with <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/exxon-says-trump-should-keep-u-s-in-paris-climate-pact-3d8de471">The Wall Street Journal</a>, Woods added that the US shouldn't drop out of the Paris Agreement as Trump did in his first term and has promised to do again. The nearly 200 countries signed onto that agreement <a target="_blank" class="" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">struck a deal last year at the UN climate summit </a>to move away from fossil fuels this decade and the triple renewable energy by 2030. Woods told Semafor that he supports Biden's limits on methane emissions from the oil and gas sector. Exxon and other US oil majors have goals to reduce emissions, but climate scientists warn<a target="_blank" class="" href="https://www.businessinsider.com/exxon-chevron-investors-reject-climate-change-proposals-2023-6">they aren't aggressive enough</a> to avert catastrophic levels of global warming.

Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.

With millions of people across five continents experiencing scorching heat last month, the European Union's (EU) climate agency, Copernicus <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">Climate Change</keyword> Service (C3S), confirmed on Monday that June was the warmest on record. It also marked the 12th consecutive month of <keyword id="20524196" type="General" weightage="20" keywordseo="global-temperatures" source="keywords">global temperatures</keyword> reaching <keyword id="22325521" type="General" weightage="20" keywordseo="1-5-degrees-Celsius" source="keywords">1.5 degrees Celsius</keyword> above the pre-industrial average. According to scientists at C3S, every month since June last year has been the warmest such month on record. In January, the world completed an entire year with the mean surface air temperature exceeding the 1.5-degree Celsius threshold. June was the 12th consecutive month with monthly average temperatures above the 1850-1900 pre-industrial average. At the 2015 UN climate talks in Paris, world leaders committed to limiting the global average temperature rise to 1.5 degrees Celsius above the pre-industrial period to avoid the worst impacts of climate change. However, a permanent breach of the 1.5-degree Celsius limit specified in the <keyword id="20104670" type="General" weightage="20" keywordseo="Paris-Agreement" source="keywords">Paris Agreement</keyword> refers to long-term warming over a 20 or 30-year period. Earth's global surface temperature has already increased by around 1.2 degrees Celsius compared to the average in 1850-1900 due to the rapidly-increasing concentration of <keyword id="20649149" type="General" weightage="20" keywordseo="greenhouse-gases" source="keywords">greenhouse gases</keyword> -- primarily carbon dioxide and methane -- in the atmosphere. This warming is considered to be the reason behind record droughts, wildfires and floods worldwide. According to new data, June 2024 was the warmest on record, with an average surface air temperature of 16.66 degrees Celsius, 0.67 degrees Celsius above the 1991-2020 average for the month and 0.14 degrees Celsius above the previous high set in June 2023. "The month was 1.5 degrees Celsius above the estimated June average for 1850-1900, the designated pre-industrial reference period, making it the 12th consecutive month to reach or break the 1.5-degree threshold," C3S said in a statement. It was also the 13th consecutive month of <keyword id="21477127" type="General" weightage="20" keywordseo="record-high-temperatures" source="keywords">record-high temperatures</keyword>, a result of the combined effect of the 2023-24 El Nino event and human-caused climate change. While unusual, a similar streak of monthly global temperature records happened previously in 2015-16. "This is more than a statistical oddity and highlights a large and continuing shift in our climate. Even if this specific streak of extremes ends at some point, we are bound to see new records being broken as the climate continues to warm. This is inevitable, unless we stop adding greenhouse gases into the atmosphere and the oceans," said Carlo Buontempo, the director of C3S. The European climate agency said the global average temperature for the last 12 months (July 2023-June 2024) is the highest on record, at 0.76 degrees Celsius above the 1991-2020 average and 1.64 degrees Celsius above the 1850-1900 pre-industrial average. The world's sea surface in June was also the highest ever recorded for the month. Several countries experienced record-breaking heat and devastating floods and storms in June. According to an analysis by Climate Central, an independent group of scientists and communicators based in the United States, more than 60 per cent of the world population faced extreme heat that was made at least three times more likely by climate change during June 16-24. Climate Central said the blistering heat in June impacted 619 million (61.9 crore) people in India, 579 million (57.9 crore) in China, 231 million (23.1 crore) in Indonesia, 206 million (20.6 crore) in Nigeria, 176 million (17.6 crore) in Brazil, 171 million (17.1 crore) in Bangladesh, 165 million (16.5 crore) in the US, 152 million (15.2 crore) in Europe, 123 million (12.3 crore) in Mexico, 121 million (12.1 crore) in Ethiopia and 103 million (10.3 crore) in Egypt. According to the India Meteorological Department (IMD), northwest India recorded its warmest June since 1901. India, which experienced one of its hottest and longest heatwaves, recorded more than 40,000 suspected heatstroke cases and over 100 heat-related deaths. The intense heat overwhelmed the water supply system and power grids, with Delhi grappling with a severe water crisis. According to the IMD, 11 states recorded 20 to 38 heatwave days -- up to four times the usual number of such days -- during the April-to-June period. The mercury breached 50 degrees Celsius in parts of Rajasthan, with night temperatures hovering around 35 degrees Celsius in many places. Temperatures were most above average over eastern Canada, the western United States and Mexico, Brazil, northern Siberia, the Middle East, northern Africa, and western Antarctica. 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June warmest on record; every month since July 2023 breached 1.5 deg C threshold

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<ul class="summary-list"><li>Occidental Petroleum shares have dropped 29% since mid-April, impacting Warren Buffett's stake in the company.</li><li>The decline aligns with a 23% drop in crude oil prices on concerns about demand and excess supply.</li></ul>A steady decline in oil prices this year has led to one of Warren Buffett's big stock bets to turn sour.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/oxy-stock">Occidental Petroleum</a> have plunged 29% since mid-April and are down 15% year-to-date, trading just above the $50 level on Thursday at 10:04 a.m.The price decline in Occidental shares has <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-supply-demand-break-down-record-us-production-2024-9">coincided with a 23% decline in crude oil prices</a> since mid-April.Oil has been under pressure due to demand concerns tied to a cooling US economy and excess supply thanks to <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-supply-demand-break-down-record-us-production-2024-9">record production by US oil firms.</a>The sharp decline in Occidental Petroleum stock is a blow to Warren Buffett's <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>, which has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-oxy-stock-portfolio-crownrock-oil-price-berkshire-wti-2023-12">amassing a stake in the oil producer since early 2022.</a>Buffett went on a buying streak of Occidental Petroleum in June, purchasing millions of shares around the $60 level. The conglomerate owns a 29% stake in the oil company, worth about $13 billion.The $55-$60 level has acted as a floor for Occidental Petroleum stock since Buffett started buying it in 2022, but for the first time in more than two years, that floor has been taken out.<div type="image" title="a stock chart of Occidental Petroleum" height="465" width="1298" msid="113299750" hostid="261" sizebytes="38012"></div>The hedge fund tracking website HedgeFollowe estimates that Berkshire Hathaway paid an average price of $51.22 for its stake, which is about 1% above the stock's current price.To be clear, the average price Berkshire Hathaway paid for its Occidental Petroleum stake is only known by Berkshire Hathaway itself.Another sign that Berkshire Hathaway's Occidental Petroleum bet is souring is based on the warrants it owns to purchase additional shares.Chris Bloomstran, fund manager of Semper Augustus and longtime investor in Berkshire Hathaway, told Business Insider that Buffett owns warrants to buy another 83.5 million shares of Occidental Petroleum at a strike price of $59.62, which is nearly 20% above the current price.As to whether Buffett will take advantage of the recent dip in Occidental Petroleum shares and buy, it's possible, according to Bloomstran, but he won't take over the company."I wouldn't rule out a purchase of additional shares," Bloomstran said, highlighting that the conglomerate has plenty of "firepower" given <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8">its recent sales of Apple and Bank of America stock.</a>"Warren has said he won't buy the whole company and I don't think he'll change his mind on that," Bloomstran added.Buffett likely wants to see Occidental Petroleum initiate a stock buyback program of its shares, according to Bloomstran, but Occidental CEO, Vicki Hollub, said the company wouldn't do that until it's paid down a big chunk of its outstanding debt.On Occidental Petroleum's latest earnings call, Hollub said the firms wants to pay down its debt to $15 billion before initiating a stock buyback, which could be "doable by the end of 2026 or first of 2027."

Warren Buffett's $13 billion bet on Occidental Petroleum turns sour as oil prices hit a 3-year low

<ul class="summary-list"><li>Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions.</li><li>China's economic downturn, the US shale boom, and clean energy are contributing to current oil price trends.</li></ul>The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure.Oil prices have been depressed this year because <a target="_blank" class="" href="https://www.businessinsider.com/oil-price-today-middle-east-israel-hezbollah-conflict-china-economy-2024-10">China</a> — the world's largest oil importer — is in a prolonged economic downturn. The US' massive boom in oil production over the last 15 years has also kept prices low.Now, Saudi Arabia and Russia are both trying to diversify their economies away from energy, which makes up about 40% and 20% of their GDP, respectively.With the shift, Saudi Arabia and Russia are trying to create new economic engines that can sustain the country for decades, Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto, told Business Insider.The existential reorientation comes amid what Prakash terms a "geopolitical misalignment," even in the face of a potential supply disruption."The reality is that Middle Eastern oil supplies are in the bull's-eye of geopolitics. A potential back-and-forth between Israel and Iran, which is increasingly likely, will draw in the region's energy ecosystem," he said.But this year, markets have largely shrugged off supply concerns stemming from the Middle East conflict — a break from history, when regional problems sent prices higher.<h2 id="45bcbf13-524d-48a5-aa00-144efa7dd75c">Moving away from oil</h2><a target="_blank" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Saudi Arabia and Russia</a> tied for the world's second-largest oil producer after the US. Last year, they each accounted for 11% of the world's oil supply.While Saudi Arabia and Russia are still the world's top oil exporters, the <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61584">US — which posted record oil shipments in 2023 — is fast becoming a competitor</a> for market share.In 2016, Saudi Arabia launched a grand <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to transform its oil-dependent economy into a more diversified one that includes tourism and sports as key growth pillars.Recently, the kingdom has been indicating that it's frustrated with low oil prices. It's giving up its $100 per barrel price target and is ready to increase oil output, the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a> reported in late September.This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output.Russia has also expressed a desire to stop over-relying on oil exports."We are moving towards reducing the share of volatile income and reducing Russia's dependence on oil and gas in favor of boosting our domestic economy," Anton Siluanov, Russia's finance minister, told <a target="_blank" href="https://russian.rt.com/business/article/1379636-minfin-anton-siluanov-intervyu">RT Television's Arabic</a> service earlier this month.He said that Russia would instead aim to boost its domestic economy but did not specify how.Russia is already moving its trade eastward to address Western sanctions. <a target="_blank" class="" href="https://www.energyintel.com/00000192-ae46-dc01-adba-efff87000000">Saudi Arabia,</a> too, is looking to sell more oil to developing countries, whose electric vehicle adoption lags behind China and the West.Asia's emerging economies are expected to drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">global oil demand</a> over the rest of the decade, as the world's consumption rises from 101.7 million barrels a day in 2023 to 105.6 million barrels per day by 2030, according to a June report from the <a target="_blank" class="" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">International Energy Agency</a>.<h2 id="6ae61431-8898-4c52-9abf-24b4a2055996">Prices, renewable energy, and the US all play a role</h2>Despite geopolitical tensions in the Middle East over fears of a widening war, oil prices haven't been on the climb.To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-prediction-brent-crude-israel-iran-opec-demand-citi-2024-10">oil prices could still</a> soar if the issues in the Middle East worsen.And there were several price spikes — such as in early October over concerns that Iranian oil facilities could be hit and in August over tensions in the Middle East — but they were shortlived. Oil prices dropped about 7% last week after the concerns subsided.International benchmark <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent</a> crude futures are down about 4% this year to date to around $74 a barrel, and US <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> futures are down 1.3% so far this year to around $70 a barrel.A key contributor to the price trend comes from the US, which has witnessed a significant rise in oil production over the last 15 years following the shale oil boom.Matthew Huber, a Syracuse University professor who specializes in energy, climate politics, and resource geography, said the US has nudged Saudi Arabia out of its role as a swing producer."I think the US has now overtaken this role and because we're not in the Middle East, geopolitical conflict there is less impactful," Huber added.Then there's renewable energy."The explosion of electric vehicle adoption in China (and presumably or eventually in the US and Europe) means the writing is on the wall and we're going to reach 'peak demand' for oil sometime soon," said Huber. "It was always a good idea to diversify one's economy away from just oil but now more than ever."<h2 id="f0b0eb00-b6b7-4f2f-9acd-d2d555ca6010">The role of OPEC</h2>The changing dynamics of oil also sharpens the long-standing question of OPEC's influence and relevance. The oil producer group led by Saudi Arabia accounts for about 30% of global crude production."It goes in cycles. They were obviously relevant in the 1970s when they were able to increase prices almost single-handedly," said Huber."But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.OPEC also faces rifts within its members, who have competing priorities."The big question now is whether OPEC members are all aligned in terms of oil targets," said The Geopolitical Business's Prakash, who added that not all OPEC members may be on board with Saudi Arabia's plan to boost production.A potential Trump presidency in the US could drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-trump-win-election-financials-energy-rbc-2024-10">domestic oil and gas production.</a>"If OPEC can't bring everybody together, and members go their separate ways, it will lead to a further polarization of the Middle East," said Prakash."Instead of energy bringing the region together, like it did in the past, energy coupled with geopolitics could fragment the Middle East," he said.

2 of the world's biggest oil producers are looking for new ways to power their economies

<ul class="summary-list"><li>Oil and gas will remain the dominant energy sources in 2050, according to a new report from Exxon.</li><li>The company points to population growth and increasing energy needs among developing countries.</li></ul>Contrary to forecasts for oil demand to peak in the coming years, Exxon Mobil says oil and gas will remain the dominant sources of energy until the middle of this century. The oil major said in an outlook published this month that global oil demand will remain above 100 million barrels a day through 2050, even as the share of renewable powers grows. Broken down by source, it sees oil and gas accounting for 54% of the global energy mix by 2050, coal at 13%, nuclear energy at 6%, bioenergy at 10%, and renewables like wind, solar, and hydroelectric at 15%.That forecast stands in contrast to predictions from the International Energy Agency, which predicts that oil and gas demand will peak and <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">plateau at 105.6 million barrels per day</a> by 2029.Exxon, the leading oil and gas company in the US, pointed to a rise in the global population to 10 billion in 2050, up from 8 billion today.With half of the world's population currently living below Exxon's "modern energy minimum"—having enough energy for housing, infrastructure, jobs, and mobility—the company projects a 15% increase in global energy use is necessary for reliable energy worldwide by 2050.That rise in energy use will be predominantly driven by a 25% increase among developing countries, whose current energy problems put inhabitants at risk from harmful cooking fuels, limited electricity, and poverty, the report says.Developed countries, on the other hand, will decrease energy use by 10% due to improved efficiency.The report says that even greater adoption of electric vehicles won't make a dent in oil and gas usage."What many don't realize is that making gasoline is but one relatively small use for oil," Exxon said in its report, adding that the majority of the world's oil is used for industrial processes like manufacturing, and for transportation like shipping, trucking, and air travel."These services are needed for modern life – and they also fuel future economic growth in the developing world," the report says.At the same time, the report predicts carbon emissions will drop for the first time in 2030. Last year, the company's annual report said the world likely won't meet the emission reduction targets that were set in the Paris Climate Accords in 2015 to curb the effects of climate change.

Exxon says oil and gas will still be the dominant sources of energy by 2050 

<ul class="summary-list"><li><keyword id="11922736" type="UNKNOWN" weightage="60" keywordseo="g7" source="Orion">G7</keyword> leaders this week agreed to pursue a cap on <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> imports.</li><li>Germany, the US, and others said boosting natural-gas supplies wouldn't compromise climate goals.</li></ul>Leaders of the seven richest large democracies on Tuesday sent mixed messages on climate action at the close of a summit in Germany, promising to both shore up natural-gas supplies and slash planet-warming pollution.The G7 said it could phase out a dependency on Russian energy without compromising its climate goals, but advocacy groups are skeptical after world leaders endorsed investments in natural gas as a temporary solution.Countries also agreed to pursue a cap on the price of Russian oil imports, which they hope will slow global inflation and undercut the energy revenue helping fund President Vladimir Putin's war in Ukraine.Here are the major takeaways.<h2>A price cap on Russian oil imports</h2>The European Union and US Treasury Secretary Janet Yellen pushed for setting an artificially low price on Russian oil. The details haven't been worked out, but G7 leaders <a href="https://www.g7germany.de/resource/blob/974430/2057828/77d5804dd1ab3047bf0f5f74c1139066/2022-06-28-abschlusserklaerung-eng-web-data.pdf?download=1">said in a final communique</a> that it might involve prohibiting the shipment of Russian crude oil and petroleum unless it's "purchased at or below a price to be agreed in consultation with international partners." They instructed finance ministers to hash out how to implement and enforce a cap."By working together to limit the price of Russian oil, we will further strengthen the existing sanctions imposed by the G7 and our partners to make sure that Putin will not be able to profit from the higher global energy costs that have resulted from his invasion," <a href="https://home.treasury.gov/news/press-releases/jy0837">Yellen said in a statement Tuesday</a>.For now, a price cap wouldn't cover natural-gas imports from Russia.<h2>An opening for new natural-gas investments</h2>Europe relies heavily on natural gas from Russia, but Putin has cut supplies to countries including Germany, Italy, Poland, and Bulgaria — sending prices soaring.G7 leaders said that investing in liquefied natural gas, or LNG, was "appropriate as a temporary response" to the energy crisis but warned against locking in fossil-fuel use because that would make global climate goals unachievable. The group encouraged making gas infrastructure ready for low-carbon and renewable hydrogen.The statement raised alarm among climate advocates, who criticized the G7 as watering down promises to accelerate the clean-energy transition and sending conflicting messages. New fossil-fuel development <a href="https://www.iea.org/reports/net-zero-by-2050">isn't compatible with keeping global temperatures from rising</a> by more than 1.5 degrees Celsius above preindustrial levels — the goal of the Paris climate accord — and hydrogen technology is still nascent."Hydrogen — if it is to be useful for climate goals — will be produced from renewables in a variety of places and not necessarily in the same place as current gas production," Luca Bergamaschi, a cofounder and executive director of ECCO, an Italian climate-change think tank, <a href="https://twitter.com/lucaberga/status/1541111256895164416">tweeted on Sunday</a>.Critics also said the G7 statement backslid on a <a href="https://www.g7germany.de/resource/blob/974430/2044350/84e380088170c69e6b6ad45dbd133ef8/2022-05-27-1-climate-ministers-communique-data.pdf?download=1">commitment in May by the group's energy and climate ministers</a> to halt financing by year's end for fossil-fuel projects that are not paired with carbon-capture technology. That pledge around so-called unabated fossil-fuel projects for the first time included Japan, a top financier of foreign fossil fuels.<a href="https://priceofoil.org/2022/06/28/csos-condemn-g7-leaders-for-caving-in-to-gas-industry-and-weakening-pledge-to-end-international-public-finance-for-fossil-fuels/">Oil Change International</a> and a coalition of civil-society groups said the communique on Tuesday risked jeopardizing the opportunity to shift at least $33 billion a year in fossil-fuel funding from the G7 governments to clean energy.Gillian Nelson, a deputy director of policy at the We Mean Business Coalition, said that while the G7 did promise to "fully or partially" decarbonize its power sectors by 2035, it fell short of discussing how that could be achieved.<h2>Countries that are major polluters and emerging economies can join 'climate clubs'</h2>German Chancellor Olaf Scholz said during a press conference that he wanted climate protection to be an advantage in international trade. He got the G7 to support setting up <a href="https://www.g7germany.de/resource/blob/974430/2057926/2a7cd9f10213a481924492942dd660a1/2022-06-28-g7-climate-club-data.pdf?download=1">so-called climate clubs by the end of the year</a> that major polluters and emerging economies could join. The goal is to create global markets for green industrial products, such as through carbon pricing or other climate-mitigation strategies, as well as to help finance poorer countries' energy transitions.John Kirton, the director of <a href="http://www.g7.utoronto.ca/about/index.htm">the G7 and G20 Research Group</a> managed by the University of Toronto, said there would likely be a focus on carbon border adjustments that slap tariffs or impose quotas on imports from countries without a price on emissions or aggressive climate action.Carbon border tariffs are taking shape in Europe, but the US and Japan, which don't have a price on carbon, have been resistant to such a policy.

G7 leaders pursue price cap on Russian oil, double down on natural gas, and say major polluters can join 'climate clubs'

<ul class="summary-list"><li>Biden and Trump diverge sharply on climate policy as the 2024 election nears.</li><li>Republicans are emphasizing fossil fuels; Democrats push renewable energy.</li></ul>President Joe Biden and former President Donald Trump couldn't be farther apart when it comes to climate action.Trump has said he'd "drill, baby, drill" for fossil fuels that are causing the climate crisis, an issue that isn't mentioned once <a target="_blank" href="https://www.presidency.ucsb.edu/documents/2024-republican-party-platform">in the platform adopted</a> by the Republican National Convention this week in Milwaukee. Trump and his pick for vice president, Sen. JD Vance of Ohio, <a target="_blank" href="https://www.businessinsider.com/jd-vance-elon-musk-tesla-electric-vehicle-tax-credit-oil-2024-7">are both climate deniers</a>. By contrast, the Democrats <a target="_blank" href="https://democrats.org/news/dnc-releases-2024-party-platform-draft-outlining-historic-record-and-bold-agenda-for-president-biden-and-vice-president-harris-to-finish-the-job/">unveiled a platform</a> that said it would build on the Biden administration's unprecedented spending on renewable energy and the green workforce while cracking down on the oil-and-gas industry.A lot is at stake for the planet this election. America emits more greenhouse gases than any country except China, and leading climate scientists say it needs to slash greenhouse-gas emissions in half this decade if there's any chance of keeping global temperatures below catastrophic levels. Meanwhile, 2024 <a target="_blank" href="https://climate.copernicus.eu/copernicus-june-2024-marks-12th-month-global-temperature-reaching-15degc-above-pre-industrial">is on track to be the hottest year on record</a>, fueling extreme heat that's killed dozens already this year as well as Hurricane Beryl in parts of the Caribbean and Texas.But will it matter in November?In a <a target="_blank" href="https://climatecommunication.yale.edu/publications/climate-change-in-the-american-mind-politics-policy-spring-2024/toc/3/">survey</a> of 1,031 US adults, including 896 registered voters, taken from April 25 to May 4, about 62% of the registered voters said they would prefer a candidate who supports climate action. But when pollsters asked registered voters to indicate how important various issues were to them, global warming ranked 19th out of 28 issues Issues like free and fair elections, abortion, and healthcare were the top priorities for respondents. Plus, most respondents said they hadn't heard about Biden's signature climate law, the Inflation Reduction Act.The <a target="_blank" href="https://climatecommunication.yale.edu/publications/climate-change-in-the-american-mind-politics-policy-spring-2024/toc/3/">survey</a> suggests that while concern about the climate crisis is on the rise in the US, other issues are top of mind for voters this year, Edward Maibach, the director of the George Mason University Center for Climate Change Communication, told Business Insider. The center conducted the survey with the Yale Program on Climate Change Communication.Maibach added that most Democrats, along with moderate and younger Republicans, want the US to do something about the climate crisis. But Republicans are very unlikely to factor the issue into their voting decisions, and the most conservative wing of the GOP has grown more opposed to renewable energy and electric vehicles over the past few years."Plenty of conservative Republicans in recent years have thought that moving the country towards a clean-energy future was a good idea for reasons totally unrelated to climate change," Maibach said. "Now they are increasingly moving away from that position, in large part because of what the elites and media pundits in their party are telling them."The findings are similar to those of the Pew Research Center. A 2023 survey indicated that Republicans <a target="_blank" href="https://www.pewresearch.org/science/2023/06/28/what-americans-think-about-an-energy-transition-from-fossil-fuels-to-renewables/">prioritized developing fossil fuels</a> more than they did renewable sources like wind and solar. That's a change from 2020, <a target="_blank" href="https://www.pewresearch.org/science/2023/06/28/climate-change-appendix/">when a majority of Republicans in a Pew poll</a> said renewable energy should be prioritized over oil, gas, and coal.There was one caveat: A majority of Republicans ages 18 to 29 in the 2023 survey said the country should focus on renewables. The findings are based on <a target="_blank" href="https://www.pewresearch.org/science/2023/06/28/climate-change-methodology/">Pew's annual surveys</a> of a nationally representative sample of more than 10,000 US adults.Meanwhile, Americans are increasingly unlikely to say they would buy an electric vehicle. Pew, in <a target="_blank" href="https://www.pewresearch.org/short-reads/2024/06/27/about-3-in-10-americans-would-seriously-consider-buying-an-electric-vehicle/">a separate survey from May of more than 8,600 adults</a>, found that 29% said they would consider purchasing an EV — down 9 percentage points over the past year. The share of Americans who said EVs are better for the environment than gas vehicles also dropped by 20 percentage points from 2021, largely due to Republicans.<h2 id="e1a3476e-1597-4af9-83b2-ab1cb1f05539">The majority of Americans support climate action</h2>Maibach said the shift among Republicans shouldn't distract from the fact that the majority of Americans support many of Biden's climate policies. These include implementing tax breaks for people who buy solar panels and energy-efficient vehicles and appliances; providing funding for transitioning the economy away from fossil fuels by 2050; cracking down on methane emissions from the oil-and-gas industry; and paying farmers to adopt practices that store more carbon in the soil.Trump and GOP leaders, on the other hand, have said they would roll back many of those policies. Karoline Leavitt, the Trump campaign's national press secretary, argued that America was "caving to the radical demands of environmental extremists at home while begging" its adversaries to produce oil for us abroad, "creating the worst inflation crisis in generations."While Biden has enacted the most sweeping climate policies in US history, the country has <a target="_blank" href="https://www.businessinsider.com/us-top-natural-gas-exporter-amid-europe-energy-crisis-security-2022-5">simultaneously become the world's largest exporter of natural gas</a>, and crude-oil production <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">has set records</a> for six years in a row. American oil-and-gas companies <a target="_blank" href="https://markets.businessinsider.com/news/stocks/exxon-shell-big-oil-221-billion-profit-record-biden-outrageous-2023-2">also earned record profits</a> in 2022 following Russia's full-scale invasion of Ukraine, which scrambled global energy markets.Maibach said it was distressing that conservative leaders and media pundits went negative on renewable energy and EVs, especially because investing in them is key to making America economically competitive with China, which dominates supply chains for green technology like solar panels, batteries, and critical minerals.But Alec Tyson, an associate director of research at Pew, told Business Insider that in such a polarized political climate, a candidate's stance on any one issue won't be enough to sway voters anyway."We saw no change in Biden's ratings on climate before and after the passage of the Inflation Reduction Act, including among Democrats," Tyson said. "What that suggests is in this polarized environment where many folks have strong feelings about either Joe Biden or Donald Trump, it's very hard to change attitudes based on a single policy or issue."

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