Daily on Energy: Renewables rise without displacing fossil fuels, Fink ‘ashamed,’ and money for electric buses

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Daily on Energy: Renewables rise without displacing fossil fuels, Fink ‘ashamed,’ and money for electric buses
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NEW ENERGY REPORT SUGGESTS TROUBLE FOR PARIS AGREEMENT TARGETS: According to the Statistical Review of World Energy report, published today, 2022 saw record renewable energy growth—with solar and wind power alone reaching a 12% share of power generation. But the growth in the renewables sector mostly offset lost nuclear power, which dropped by 4.4% in 2022, rather than replacing fossil fuels, according to the report.

Spending on new renewable energy projects is estimated to have reached around half a trillion dollars for the first time on record, according to a Bloomberg NEF analysis. The train cars, which were carrying hot asphalt and molten sulfur, fell into the waterway in Montana as a result of a bridge collapse, and remained in the river over the weekend as officials worked to assess the scope of the damage and how to best remove them.

“Oil is irreplaceable for the foreseeable future,” OPEC Secretary General Haitham Al Ghais said today in Malaysia, speaking at the first-ever Energy Asia conference. Speaking at the Aspen Ideas Festival yesterday, Fink said he is “ashamed of being part of this conversation,” telling attendees that his investment letters emphasizing ESG investments were “never meant to be a political statement,” but rather “to identify long-term issues to our long-term investors.”

The funds will go towards transit projects in 46 states and territories and will purchase 1,700 U.S.-build buses—including half that will have zero carbon emissions.

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