* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, August 29, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    ‘Big Brother’s’ Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy – El Paso Inc.

    Big Brother’s Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy

    ‘SNL’ Parts Ways With Emil Wakim Amid Rumored Season 51 Cast Shakeup – yahoo.com

    SNL Shakes Up Season 51 Cast with Emil Wakim’s Surprising Exit

    Do you have a favorable or an unfavorable opinion of Taylor Swift? – YouGov

    Do You Love Taylor Swift or Not? Share Your Thoughts!

    Upload Season 4 Review – yahoo.com

    Upload Season 4 Review: A Thrilling New Chapter Unveiled

    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

    ‘When Calls the Heart’ Fans All Want the Same Thing After Seeing the Show’s Latest Update – yahoo.com

    When Calls the Heart’ Fans Rally Together in Excitement Over Exciting New Update!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Japan’s legacy LCD and chip technology find new home in India – Nikkei Asia

    How Japan’s Breakthrough LCD and Chip Technologies Are Driving Innovation in India

    ITSWC 2025: Thursday sessions guide – Traffic Technology Today

    Your Ultimate Guide to Thursday Sessions at ITSWC 2025

    MC Machinery Technology Summit Showcases Manufacturing Innovations – Modern Machine Shop

    MC Machinery Technology Summit Unveils Cutting-Edge Manufacturing Innovations

    US-ROK Technology Cooperation Faces Rising Tensions – The National Interest

    Rising Tensions Put US-South Korea Technology Partnership to the Test

    The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

    How AI and Technology Are Transforming the Future of Interactive Entertainment

    Ten upcoming sports stadiums where technology takes to the field – Dezeen

    10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    ‘Big Brother’s’ Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy – El Paso Inc.

    Big Brother’s Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy

    ‘SNL’ Parts Ways With Emil Wakim Amid Rumored Season 51 Cast Shakeup – yahoo.com

    SNL Shakes Up Season 51 Cast with Emil Wakim’s Surprising Exit

    Do you have a favorable or an unfavorable opinion of Taylor Swift? – YouGov

    Do You Love Taylor Swift or Not? Share Your Thoughts!

    Upload Season 4 Review – yahoo.com

    Upload Season 4 Review: A Thrilling New Chapter Unveiled

    ‘The Roses’ review: Olivia Colman, Benedict Cumberbatch sparkle in dark comedy – Yakima Herald-Republic

    The Roses’ Review: Olivia Colman and Benedict Cumberbatch Shine in Dark Comedy Delight

    ‘When Calls the Heart’ Fans All Want the Same Thing After Seeing the Show’s Latest Update – yahoo.com

    When Calls the Heart’ Fans Rally Together in Excitement Over Exciting New Update!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Japan’s legacy LCD and chip technology find new home in India – Nikkei Asia

    How Japan’s Breakthrough LCD and Chip Technologies Are Driving Innovation in India

    ITSWC 2025: Thursday sessions guide – Traffic Technology Today

    Your Ultimate Guide to Thursday Sessions at ITSWC 2025

    MC Machinery Technology Summit Showcases Manufacturing Innovations – Modern Machine Shop

    MC Machinery Technology Summit Unveils Cutting-Edge Manufacturing Innovations

    US-ROK Technology Cooperation Faces Rising Tensions – The National Interest

    Rising Tensions Put US-South Korea Technology Partnership to the Test

    The Role of AI and Technology in Shaping the Future of Interactive Entertainment – Technology Org

    How AI and Technology Are Transforming the Future of Interactive Entertainment

    Ten upcoming sports stadiums where technology takes to the field – Dezeen

    10 Futuristic Sports Stadiums Revolutionizing the Game with Cutting-Edge Technology

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Commodities Corner: Here’s what the COP28 pact to phase out fossil fuels means for oil

December 13, 2023
in Business
Commodities Corner: Here’s what the COP28 pact to phase out fossil fuels means for oil
Share on FacebookShare on Twitter

Nearly 200 parties reached an agreement Wednesday at the U.N. Climate Change Conference, also known as COP28, to phase out fossil fuels, but the oil market isn’t exactly shaking in its boots — and for good reason.

The agreement is “really soft on details and is more aspirational,” Phil Flynn, senior market analyst at the Price Futures Group, told MarketWatch. “While many countries vow to spend a lot of money and move toward green energy, the details are sketchy.”

At the conference, held in Dubai, negotiators from nearly 200 parties reached an agreement to take actions aimed at achieving a global “tripling of renewable energy capacity and doubling energy efficiency improvements by 2030,” according to United Nations Climate Change news.

That includes speeding up efforts toward the “phase-down of unabated coal power, phasing out inefficient fossil fuel subsidies, and other measures that drive the transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, with developed countries continuing to take the lead,” it said.

“It’s something of an achievement to finally get wording on phaseout from an oil-producing country hosting COP,” said Matt Breidert, senior portfolio manager and managing director at Ecofin, an alternative-energy asset-management firm.

Subsequent meetings of the Conference of the Parties, which is the main decision-making body of the U.N. Framework Convention on Climate Change, may see some movement toward defined targets of a phaseout of fossil fuels, he said. That may require more “specificity of the particular fossil fuels we are discussing.”

The COP28 statement did not specifically mention oil, but it did say the agreement signals the “beginning of the end” of the fossil-fuel era.

To understand what the agreement means for oil
CL.1,
+1.56%

BRN00,
+0.30%,
Breidert said, it’s important to look at where the market has “reasonable alternatives” to fossil fuels — and where there are no reasonable alternatives.

Offshore wind can replace coal, and onshore wind and solar can displace some natural gas
NG00,
+0.91%,
but situations where there are no reasonable alternatives to fossil fuels yet, he said, include petrochemical products, which “proliferate everywhere in our modern economy and society.”

Petrochemicals, refined from petroleum, are used in many products, including cars, clothing and medical equipment.

“Clearly, the only way to phase out fossil fuels is to introduce substitutes in all applications of such hydrocarbons,” Jarand Rystad, chief executive officer of Rystad Energy, said in a newsletter to clients Wednesday.

These substitutes will “grow through market forces alone if they are competitive in costs and features,” and if they’re aren’t, “regulations and subsidies could compensate for a lack of competitiveness,” he said.

Finding “viable and sustainable replacements for oil, gas and coal is of the utmost urgency,” said Rystad. It would be “unwise and inefficient,” however, to stop the supply of fossil fuels before substitutes are in place.

Stopping fossil-fuel supply would only lead to “meteoric price surges that would trigger much more new supply than demand destruction,” he said, noting that the academic literature shows that new supply would outweigh demand destruction by a factor of 10 if prices increase.

So the more efficient way to reduce emissions is to “implement measures that reduce demand for fossil fuels rather than reducing supply,” Rystad said.

Renewable energy has recently garnered headlines, with Deloitte noting in a report that the solar market strengthened this year and is expected to continue to lead the pack among renewable-energy sources in 2024.

On Wednesday, the Energy Information Administration said in its monthly report that it expects renewable energy to take on a greater role in the new year, with solar and wind combined expected to generate more power than coal for the first time ever in the U.S.

Coal-fired power generation is set to see a sharp decline in 2024, with combined solar and wind generation to top that of coal, according to the Energy Information Administration.

EIA’s December Short-term Energy Outlook

But some alternative-energy sources “aren’t ready for prime time,” Flynn said.

Disposal of old wind turbines and solar panels is just one of the issues facing the sector, he said.

Solar panels contain toxic chemicals, and it’s reportedly difficult to recycle wind-turbine blades, which are usually made of fiberglass or carbon fiber. Hydroelectric power, meanwhile, can pose environmental challenges.

“We have to remember that we are replacing a reliable energy source with one that is not as reliable,” said Flynn.

Still, the acceptance of the commitment to transition away from fossil fuels at COP28 marks “a turning point for emission and climate policy,” analysts at UBS said in a research note dated Wednesday.

“The long-term decarbonization trend is clear,” they said.

The UBS analysts said that with the COP28 deal, they anticipate a “recovery in investor confidence around many climate-and emission-related investment themes.”

They see “valuation support and favorable dynamics for clean air and carbon reduction investments,” and they also pointed out that creating an economy free of carbon emissions and transitioning to clean fuels is a complex undertaking that requires investments across “power generation, energy infrastructure, transport, industry, buildings, and heating and cooling systems.”

Beyond the public markets, investors can tap into “energy disruption opportunities” in private markets, including “renewable infrastructure development, energy networks, storage, carbon capture, energy efficiency, and circular economy solutions,” the UBS analysts said.

Ecofin’s Breidert pointed out that renewable infrastructure “gets to capture both the migration of the world to electricity and the migration of electricity-supply systems to clean power.”

Given that, renewable infrastructure is a “double-barreled growth opportunity,” he said.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : MarketWatch – http://www.marketwatch.com/news/story.asp?guid=%7B20C06575-04D4-B545-72AE-863066377934%7D&siteid=rss&rss=1

Tags: businesscommoditiesCorner
Previous Post

: What’s the best way to lose weight? ‘It’s everything,’ Oprah says — including medication

Next Post

Market Snapshot: Dow Jones heads for record close after Fed leaves interest rates unchanged, signals pivot ahead

Drayton Harbor’s bacteria problem – Washington State Department of Ecology (.gov)

Battling the Bacteria Crisis in Drayton Harbor: Essential Facts You Can’t Miss

August 29, 2025
Entomologists, Fellow Scientists Report Negative Impacts of Government Actions – Entomology Today

Entomologists and Scientists Reveal Alarming Consequences of Recent Government Actions

August 28, 2025
Scientists Reveal What’s Inside Mars: It’s Chunky, With a History of Violence – ScienceAlert

Scientists Reveal Mars’ Chunky Interior and Turbulent History

August 28, 2025
These simple life changes can prevent diabetes and dementia – Earth.com

Easy Lifestyle Changes to Lower Your Risk of Diabetes and Dementia

August 28, 2025
Japan’s legacy LCD and chip technology find new home in India – Nikkei Asia

How Japan’s Breakthrough LCD and Chip Technologies Are Driving Innovation in India

August 28, 2025
Sports Betting Market Forecast and Company Analysis Report 2025-2033 Featuring 888, Bet365, Bet-at-Home, Betfred, Betsson, DraftKings, Entain, Flutter, International Game Technology, Kindred Group – Yahoo Finance

Sports Betting Market Outlook 2025-2033: In-Depth Analysis of Leading Industry Players

August 28, 2025
Meet The World’s Best Management Consulting Firms 2025 – Forbes

Explore the Leading Management Consulting Firms Shaping 2025

August 28, 2025
US Economy: 2Q GDP Rises to 3.3%, Jobless Claims Fall – Yahoo Finance

US Economy: 2Q GDP Rises to 3.3%, Jobless Claims Fall – Yahoo Finance

August 28, 2025
‘Big Brother’s’ Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy – El Paso Inc.

Big Brother’s Rylie Jeffries Finally Speaks Out on Katherine Woodman Controversy

August 28, 2025
Healthy Diet, Physical Activity Improve Alcohol-Related Liver Health – HCPLive

How Healthy Eating and Exercise Can Transform Alcohol-Related Liver Health

August 28, 2025

Categories

Archives

August 2025
MTWTFSS
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (795)
  • Economy (814)
  • Entertainment (21,693)
  • General (16,728)
  • Health (9,855)
  • Lifestyle (828)
  • News (22,149)
  • People (815)
  • Politics (822)
  • Science (16,024)
  • Sports (21,313)
  • Technology (15,795)
  • World (796)

Recent News

Drayton Harbor’s bacteria problem – Washington State Department of Ecology (.gov)

Battling the Bacteria Crisis in Drayton Harbor: Essential Facts You Can’t Miss

August 29, 2025
Entomologists, Fellow Scientists Report Negative Impacts of Government Actions – Entomology Today

Entomologists and Scientists Reveal Alarming Consequences of Recent Government Actions

August 28, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version