Economy & Business

"Britain should use economic stimulus measures to speed a shift away from fossil fuels and take advantage of low oil prices to raise revenues from carbon taxes without hurting consumers, state-appointed climate advisers said on Wednesday."

"In the wake of the COVID-19 pandemic that's shaken the global oil sector, oil states fighting to restart their economies may face another kind of crisis: orphaned wells. The pandemic could add thousands of wells to already-strapped programs to reclaim old oil infrastructure in the West and Appalachia."

"Financial institutions rarely provide such loans and with oil prices at rock bottom, the Arctic is not a priority for the energy industry."

"From the vast plains of the Masai Mara in Kenya to the delicate corals of the Aldabra atoll in the Seychelles, conservation work to protect some of the world’s most important ecosystems is facing crisis following a collapse in ecotourism during the Covid-19 pandemic."

"Local governments outside the U.S. have long been pressuring insurance companies to sever ties with fossil fuels, and the issue is starting to gain some traction domestically."

"The biggest U.S. oil producers reported historic losses last week and predicted that it could take months to recover as the coronavirus pandemic continues to sweep through the world's economy."

"The world’s richest nations must ensure their COVID-19 recovery plans are sustainable and help meet the goals of the Paris climate accord, according to leading global investor groups that together manage trillions of dollars in assets."

"The Federal Reserve revamped its Main Street Lending Program in ways that will allow battered oil companies to qualify for the aid after industry allies lobbied the Trump administration for changes."

"US fossil fuel companies have taken at least $50m in taxpayer money they probably won’t have to pay back, according to a review of coronavirus aid meant for struggling small businesses by the investigative research group Documented and the Guardian. A total of $28m is going to three coal mining companies, all with ties to Trump officials, bolstering a dying American industry and a fuel that scientists insist world leaders must shift away from to avoid the worst of the climate crisis."