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BP Dumping Key Green Energy Business

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From the Daily Caller News Foundation

By Owen Klinsky

 

European energy company BP has announced plans to sell its U.S. onshore wind business as it aims to concentrate on its core oil and gas business and improve investor sentiment, according to the Financial Times.

BP, along with its rival Shell, has looked to scale back on green initiatives over the past few years, rejecting further cuts to oil production in June 2023. Now, the company is looking to sell its roughly $2 billion U.S. onshore wind portfolio, which consists of stakes in ten operating wind farms and has a total net generating capacity of 1.3 gigawatts, the FT reported.

“We believe the business is likely to be of greater value for another owner,” William Lin, BP’s executive vice president for gas & low carbon energy, told Bloomberg. “This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value.”

The move comes as BP’s share price sits near a two-year low, and as the company is in the process of “shifting capital away from transition themes and back to the core business,” Biraj Borkhataria, head of European energy research at RBC Europe Ltd XYZ, told Bloomberg. It also comes as the U.S. onshore wind industry has struggled more broadly as installations have slowed due to elevated interest rates and permitting challenges, with BloombergNEF lowering its projections for new onshore wind by 22% through 2030.

BP’s offshore wind (OSW) efforts have also run into challenges, with the company writing down the value of its OSW  portfolio by $1.1 billion last year, and the company’s former renewables chief, Anja-Isabel Dotzenrath, telling the FT, “offshore wind in the US is fundamentally broken.”

BP’s competitor Shell has also pivoted away from a renewables transition in recent years, with its CEO Wael Sawan  describing cutting oil production as “dangerous and irresponsible.”

“I disagree with him, respectfully,” Sawan said in July 2023 in reference to UN Secretary General Antonio Guterrdaes’ comment that new oil and gas investments are “economic and moral madness.” “What would be dangerous and irresponsible is actually cutting out oil and gas production so that the cost of living, as we saw last year, starts to shoot up again.”

The onset of the Russia-Ukraine war in Feb. 2022 drove energy prices skywards, with gas surpassing $5 a gallon in June 2022, up from roughly $1.80 in April 2020, according to the Federal Reserve Bank of St. Louis.

BP did not immediately respond to a request for comment.

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East Anglia educated environmental scholar says it’s time to “Scrap Green Energy Handouts Once And For All”

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From the Daily Caller News Foundation 

By Vijay Jayaraj

Vijay Jayaraj is a Research Associate at the CO2 Coalition, Arlington, Virginia. He holds a master’s degree in environmental sciences from the University of East Anglia, U.K.

As the presidential election nears, it is reasonable to ask why the United States continues to give away billions to “avert” a fabricated climate crisis to countries that have little interest in participating in the charade beyond accepting handouts.

The United States has been a significant contributor to global climate initiatives, most notably through its involvement in the Paris Agreement.

At the 15th U.N. Climate Conference in 2009, rich countries pledged to provide $100 billion a year in climate finance by 2020 to assist developing nations fight climate change. This target was said to have been achieved for the first time in 2022, according to the Organization for Economic Cooperation and Development.

Having the world’s largest economy, the United States was expected to support a large portion of the Green Climate Fund  (GCF), which resulted in a promise of $1 billion.

GCF claims to be the “world’s largest dedicated climate fund” with a portfolio valued at $12 billion, or $45 billion when co-financing of projects is included. According to the GCF website, the fund delivers “transformative climate action in 140 countries” to keep “average global temperature rise well below 2 degrees Celsius.”

To which one might respond: Poppycock! No “climate action” will have a significant effect on temperatures, and the 2 degrees cited hardly matter environmentally in any case. Climate policies “will have a trivial effect on temperature but disastrous effects on people worldwide,” concludes a recent paper by Prof. Richard Lindzen of the Massachusetts Institute of Technology and Prof. William Happer of Princeton University.

Besides, contrary to doomsday predictions, the Earth is flourishing in many ways. Global poverty has decreased  dramatically over the past few decades, and agricultural yields have increased significantly partly, because of higher levels of atmospheric CO2. Natural disasters — often cited as evidence of climate change — are causing fewer deaths than ever before, despite population growth and development along coastlines and other vulnerable areas.

The outrage of having taxpayer money poured down the climate rat hole is compounded by the fact that recipients of GCF grants include China and India, the world’s largest emitters of greenhouse gases that are rapidly expanding consumption of fossil fuels. Meanwhile, the bone-headed policy of the United States is to reduce the use of these affordable and abundant fuels to the detriment of household budgets, business profitability, electric grid reliability and national security.

So, instead of pouring billions into international climate projects, the United States should prioritize its own energy security. This means developing its oil, coal and natural gas and strengthening partnerships with reliable allies like Canada.

The United States’ vast reserves of natural gas have been made available through advanced extraction technologies such as hydraulic fracturing and horizontal drilling, making the country one of the world’s leading producers. This abundance can ensure a reliable and cost-effective energy supply for other nations and reduce U.S. dependency on foreign sources, enhancing national security.

The intermittent nature of wind and solar power — both GCF darlings — necessitates backup power sources or massive battery storage systems that come with their own environmental and economic costs. The materials needed for batteries, for instance, are often mined in regions with poor environmental records or by using child labor.

By contrast, modern fossil fuel extraction in the United States and Canada is subject to some of the strictest environmental regulations in the world. Ironically, by outsourcing energy production to less regulated countries in the name of “going green,” the United States causes more environmental harm globally.

Russia’s invasion of Ukraine and the subsequent energy crisis in Europe starkly illustrated the dangers of energy dependence. European countries, having underinvested in fossil-fuel infrastructure and a reliance on Russian gas, found themselves in a precarious position.

This example alone is enough for the United States to reset its priorities. Promotion of failed and mostly unwanted “green” policies should be replaced with aggressive development of fossil fuel resources, as well as nuclear power and building robust energy partnerships with allies.

Vijay Jayaraj is a Research Associate at the CO2 Coalition, Arlington, Virginia. He holds a master’s degree in environmental sciences from the University of East Anglia, U.K.

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Second Wave Of Blasts Sweep Through Lebanon As Hezbollah Walkie-Talkies Suddenly Explode

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From the Daily Caller News Foundation 

By Jake Smith

A second wave of blasts swept through Lebanon on Wednesday as more communication devices used by Hezbollah suddenly exploded, according to several reports.

Hand-held radios used by Hezbollah terrorists abruptly exploded in southern Lebanon and the country’s capital of Beirut on Wednesday, according to Reuters. It marks yet another blow to Hezbollah, which the day prior had a large number of its terrorist fighters’ pager devices abruptly explode, causing thousands of injuries.

The devices that detonated on Wednesday appeared to be walkie-talkie devices rather than pagers, according to The Wall Street Journal. The exact size and scope of the attack are still unclear, but at least nine people have been killed and 300 have been injured, The Associated Press reported.

#Hezbollah walkie talkie explodes at a funeral today in #Lebanon after yesterday’s exploding Hezbollah pagers. pic.twitter.com/b8TIfUUBKq

— Jason Brodsky (@JasonMBrodsky) September 18, 2024

Israel is believed to be behind the coordinated and remote attack on Tuesday, though that has not been confirmed by the Israeli or U.S. governments, according to multiple reports. Explosive devices were reportedly planted into the pagers before they made their way out of a supply and manufacturing chain — which initially was suspected to be in Taiwan — and were shipped to Hezbollah in recent months, according to American and other officials who spoke to The New York Times.

The Taiwanese company in question has denied that it produced the pagers, saying that they were manufactured under license by a company based in Hungary, according to Reuters.

The walkie-talkies that detonated on Wednesday were reportedly also shipped to Hezbollah in recent months, a security source told Reuters.

Significant damage appears to have been made to a motorcycle after a Hezbollah radio exploded. pic.twitter.com/57JfoWDmaQ

— Joe Truzman (@JoeTruzman) September 18, 2024

The official Lebanese news agency also reported that a number of home solar energy systems exploded in Beirut on Wednesday, though it’s unclear whether it was connected to the string of walkie-talkie detonations, according to multiple reports.

Hezbollah has frequently attacked Israel since Oct. 7, the date Hamas invaded Israel and killed roughly 1,200 people. The Hezbollah attacks have created a turbulent situation along the Israeli-Lebanese border and prompted Israeli forces to launch cross-border counterattacks.

Israeli Defense Minister Yoav Gallant reportedly told a U.S. envoy on Monday that the time for a diplomatic solution had “passed because Hezbollah continues to tie itself to Hamas and refuses to end the conflict,” according to Axios.

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