DAILY ON ENERGY: • Defending Europe's energy policies • Yellen: Russian oil price cap will benefit China and India • Hundreds protest at COP27
DEFENDING EUROPE’S ENERGY POLICIES: The Europeans’ post-invasion energy strategy quickly became to survive the winter, and they’ve come a long way since one Czech ambassador’s grim pledge to “burn anything we can” to keep people warm and to generate electricity.
These criticisms have been leveled both by environmental groups, who want to see a swift phasing out of fossil fuels, and by those to the right who feel vindicated in their opposition to the path of energy transition that Europe chose. EU LONG-RANGE FORECAST PREDICTS WARMER-THAN-USUAL WINTER: Europe should see a warmer-than-usual winter this year, according to a new seasonal forecast from the EU’s Copernicus Climate Change Service , further easing pressure on EU gas stocks at a critical moment for the bloc.
YELLEN: RUSSIAN OIL PRICE CAP WILL BENEFIT CHINA AND INDIA: Treasury Secretary Janet Yellen said at the G20 summit in Bali that the G-7 Russian oil price cap plan will benefit both China and India regardless of their participation, reiterating the cost-saving benefits for buyers just weeks before the oil cap takes effect on Dec. 5.
"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen told Reuters."They're going to be heavily in search of buyers. And many buyers are reliant on Western services." Meanwhile, state firms are weighing the risks of discounted Russian supplies versus potential sanctions for any cargoes loaded after Dec. 5.
Once completed, Equinor said, the Hywind Tampen project will bring 88 MW capacity online, and meet 35% of electricity demands from the Gullfaks and Snorre oil and gas fields in the North Sea. Permitting reform remains on that list, too , after Sen. Joe Manchin’s Energy Independence and Security Act of 2022, designed to cut down environmental reviews and approval times across categories of energy infrastructure, floundered back in September.
Kirk, in an op-ed published Friday by the Financial Times, claimed the pledges among banks and asset managers to increasingly stem the financing of greenhouse gas emissions in pursuit of net zero are ill-conceived and based on bad math.
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