![]() American Petroleum Institute President and CEO Mike Sommers joined the podcast to share the industry’s perspective on the new offshore leasing plan, its impact on broader supply and demand dynamics and next steps.Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.Related content: US Interior Department plans three offshore oil, gas lease sales over next five years (subscriber content)Whale-related litigation muddies waters, forces delay of US Gulf oil, gas lease sale (subscriber content)US offshore oil, gas producers raise alarm about financial assurance proposal (subscriber content)ĭoes the global trade industry require up to USD 500 million in working capital to maintain its flow? In the DMCC’s report released in the last year, one of the key areas of recommendation is the importance of enhanced trade finance mechanisms to facilitate trade flows globally. By contrast, E7 nations achieved a 2.8% decarbonisation rate in 2022, relative to a 1.7% annualised decrease since 2019.In about two months, Interior Secretary Deb Haaland is expected to formally approve a new National Outer Continental Shelf Oil and Gas Leasing Program, putting a five-year offshore leasing plan back on the books after the country’s previous program expired over a year ago.As one could imagine, the oil industry was not pleased to hear that only three lease sales for acres in the Gulf of Mexico would be conducted over the next five years. ![]() The G7 achieved a 1.2% reduction in carbon intensity in 2022, compared to the annual average of 2.3% achieved since 2019. Decarbonisation trajectories are progressing at different rates between G7 and E7 economies.Economic growth and energy consumption are decoupling - but not fast enough.The UK has had the highest long term level of decarbonisation in the analysis, maintaining a decarbonisation rate of 3.7% over the duration of the 21st century.The Net Zero Economy Index also reveals that: This accelerated action needs to be echoed in wider economic sector transitions, infrastructure, and coupled with increased support to developing countries. The significant growth of renewables is primarily concentrated in Asia (particularly China), the USA, and Europe. More positively, our analysis shows that last year saw a surge in renewable energy adoption, which shows hope for an accelerated and market-led transition, with solar energy experiencing its highest growth ever recorded at 24.4% and wind energy increasing by 13.1%. It tracks how economies are progressing in breaking the link between economic growth and increases in energy-related carbon emissions. Now in its 15th year, PwC’s Net Zero Economy Index tracks economic growth and energy-related CO2 emissions data, against the rates required to achieve the aims of the Paris Agreement. Our analysis shows that all nations need to work harder to reduce emissions to stand any chance of meeting the IPCC's 2030 deadline to reduce emissions by 43%, with a 78% reduction in carbon intensity now required in under seven years.Įmma Cox, Global Climate Leader, at PwC said: The Index provides a stark illustration of the growing divergence between the global ambition to tackle climate change and the reality of current progress. To put this into perspective, since 2000, no G20 country has achieved a decarbonisation rate of more than 11% in a single year - the highest level was achieved by the UK in 2014 (-10.9%). PwC’s latest Net Zero Economy Index shows that a year-on-year decarbonisation rate of 17.2% (up from 15.2% last year) is now required to limit global warming to 1.5☌ above pre-industrial levels - seven times greater than what was achieved over the last year (2.5%) and 12 times faster than the global average (1.4%) over the past two decades. The world is falling dangerously short of the ambition that is needed to secure a safe future climate, according to new analysis by PwC, and as a result we need to fight to prevent every fraction of a degree of warming. ![]() ![]() Huge surge in renewable energy adoption, with solar energy experiencing its highest growth ever recorded at 24.4%.No G20 country has achieved a decarbonisation rate of more than 11% in a single year since 2000.Required annual rate of decarbonisation has risen to 17.2%.
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