Last Week in The Energy Sector – 18th to 24th Sept

UK PM Rishi Sunak announces shift on climate policies, waters down targets

UK Prime Minister Rishi Sunak said his government would take a new approach to meeting its emissions targets and announced a delay on the ban on the sale of new gasoline and diesel cars.
The ban will be pushed back from 2030 to 2035, a shift that was criticised as creating uncertainty for the automotive industry as it prepares to transition to electric vehicles.
Sunak defended the decision, stating that he was avoiding a public backlash and that the government remains committed to its net zero targets.

China, the United States, and India were absent from the Climate Ambition Summit (CAS) at the United Nations General Assembly. The summit aimed to showcase leaders taking credible actions to address the climate crisis.
Only representatives from 34 states and 7 institutions were given the floor. The criteria for participation included presenting updated climate commitments and plans for energy transition and adaptation.
The summit set a high bar for participation and urged all G-20 governments to commit to presenting more ambitious climate targets by 2025.

ExxonMobil plans to develop direct air capture (DAC) technology to capture carbon dioxide and contribute to a net-zero future.
While the company won’t invest in electric vehicle charging stations, it aims to leverage its expertise in carbon capture and storage (CCS) to advance DAC technology.
The majority of its $17 billion Low Carbon business budget will be allocated to reducing emissions and expanding CCS initiatives.

GE Hitachi Nuclear Energy has become the first corporate partner of Net Zero Nuclear, an initiative aiming to triple global nuclear capacity by 2050 to achieve carbon neutrality.
The partnership will help advance the goals of the US-UAE Partnership for Advancing Clean Energy and promote the deployment of carbon-free energy generation solutions.

Siemens and Progressture Solar have partnered to drive Malaysia’s green energy transition through digitization technologies.
The collaboration aims to deliver seamless energy solutions, reduce emissions, and help businesses adopt sustainable practices.
The goal is to halve carbon emissions by 2030 and achieve net-zero aspirations by 2050. Siemens will provide energy efficiency solutions, while Progressture Solar will offer renewable energy solutions.