Blog

The United States administration has confirmed that it will start its formal withdrawal from the Paris Climate Agreement aimed at cutting global greenhouse gas (GHG) emissions. The President had announced the upcoming withdrawal in early June 2016 and the Department of State had notified its decision to the United Nations in August 2017, considering that the Agreement would cost nearly US$3,000bn in reduced output, over 6 million industrial jobs and over 3 million manufacturing jobs.

The Paris agreement was signed by nearly 200 countries in December 2015, in an attempt to cut global GHG emissions and to keep global temperature increases "well below" 2°C. The United States, which committed in November 2014 to reduce net GHG emissions by 26%-28% below 2005 levels by 2025, formally ratified the agreement in September 2016. The Paris agreement entered into force on 4 November 2016, i.e. 30 days after 55 countries, representing 55% of global GHG emissions, deposited their instruments of ratification, acceptance or accession with the Secretary-General.

Under the terms of the Paris Agreements, countries having ratified the deal are not allowed to withdraw within 4 years following the date of the Agreement coming into force: the United States should then withdraw as of 4 November 2020, i.e. after the 2020 presidential election. Should a new president be elected, the United States could rejoin the Agreement but would have to present new climate commitments to the United Nations.

The Canada Pension Plan Investment Board (CPPIB) has reached an agreement with the US renewable power group Pattern Energy to take over the company for US$26.75 per share (a 4% discount to the stock’s close on 1 November 2019), valuing Pattern Energy at approximately US$6.1bn, including net debt. …

Hungarian oil & gas company MOL has reached a deal with Chevron to buy non-operated E&P and mid-stream assets in Azerbaijan for US$1.57bn. The portfolio comprises a 9.57% stake in the Azeri-Chirag-Gunashli oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline that transports the crude to the Turkish port of Ceyhan, on the Mediterranean Sea. …

Indian state-owned coal producing giant Coal India has decided to advance its coal production target of 1 Gt/year by two years, from 2026 to 2024.

As part of its efforts to reduce air pollution, South Korea will decommission six older coal-fired power units with a total capacity of 2.6 GW by 2021, a year before than previously planned.

Engie Africa has achieved the construction of the 262.5 MW Ras Ghareb wind park in the Gulf of Suez (Egypt), which has been commissioned.

Aker Energy announced the development of the Pecan oilfield in Ghana is facing delay after a disagreement with the government. The Norwegian oil & gas company wanted future tie-ins and new discoveries to be covered by the development plan for the Pecan oilfield, but the Ghanaian authorities refused to change regulation to facilitate this approach. …

The Trans-Adriatic Pipeline (TAP) gas pipeline project will enter commercial operation in October 2020 instead of early 2020, as construction works in Italy are experiencing delays due to environmental issues, postponing Azerbaijani gas exports to Europe.