Norway’s sovereign wealth fund backs away from fossil fuels
14 July 2019 | 8:36 am
Coal and oil have long been sought-after investment targets, but that is changing. Norway is increasingly withdrawing its huge sovereign wealth fund from fossil fuels. But for finance, not climate protection.
In Nigeria, the government has launched a drive to revive the country's once thriving palm oil business, part of a bid to diversify away from petroleum and help create jobs. But small-scale producers say that loans from the Central Bank of Nigeria are only going into the pockets of bigger factory owners.
An oil spill in Southern California closed beaches and led authorities to cancel the last day of the Pacific Air Show. At least 126,000 gallons (98,420 liters) of oil spilled off the coast of Orange County.
The massive oil spill from 480,000 liters leaking off the Orange County coast is slowly moving south, threatening marine-protected areas as well as popular beaches. On the coastline of South California, most beaches are closed, with efforts to clean areas impacted by the oil ongoing.
China and India are struggling to obtain enough coal to get through the winter and power their pandemic recoveries. Soaring prices are exacerbating the energy crisis and raising urgent questions about climate goals.
Nigeria's dependence on crude oil makes its economy vulnerable. But the transition to an economy not based on oil won't be easy.
Saudi Arabia is creating the "world's first tourism destination on offshore platforms" as part of a drive to diversify the economy away from oil. The Rig will be an oil-themed “extreme park” that will be sitting atop a converted oil rig in the Arabian Gulf.
Africa's abundant sunshine is ideal for renewable energy production. But the continent relies heavily on crude oil. Experts warn that the economy will continue to suffer if governments don't wean themselves off of oil.
The WikiLeaks' founder is currently fighting an appeal by Washington to extradite him back to the US. Assange's legal team has rejected US assurances that he won't be sent to a "Supermax" prison.
Hendrik Wüst, the premier of North Rhine-Westphalia, called coal "uneconomical." The state has the largest lignite, or "brown coal," field in Europe.
In 2019, scientists working for South Africa’s government completed a study on the health impacts of pollution from the country's sprawling coal industry. So far, it has not seen the light of day. The study, a copy of which was reviewed by Reuters, showed more than 5,000 South Africans die annually in the country’s coal belt because the government has failed to enforce its own air quality standards.
Germany's environment minister says South Africa's coal phase-out "has the potential to become a blueprint for other regions." The US and several European countries pledged billions on clean energy development.
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