Energy quick reads

** A United Nations report warned Monday that the Earth is on track to warm up to 2.9 degrees this century, nearly double the UN’s 1.5 threshold.

** Alaska’s congressional delegation introduces legislation that would reverse the Biden administration’s oil and gas drilling ban on 13 million acres of Alaska’s North Slope. 

** U.S. Securities and Exchange Commission (SEC) officials have told lobbyists and corporate executives in recent days that the agency’s long-anticipated climate rules may scale back some of the most demanding greenhouse gas emissions disclosure requirements that it had proposed.

** The U.S. Coast Guard on Monday said it was still looking for the source of a leak from an underwater pipeline off the Louisiana coast in the Gulf of Mexico that it estimated had released more than a million gallons of crude oil.

** Billionaire Andrew Forrest’s Fortescue Metals Group Ltd. approved $750 million of investments in an initial slate of three clean energy projects, taking a modest first step to expand beyond iron ore and target the green transition.


** France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and Europe.

** Russia cut back its seaborne crude exports to the lowest since August before a meeting of OPEC+ oil minsters this weekend when compliance with production cuts will be in sharp focus. The move came after shipments surged in October.

** Colombia is studying whether to import natural gas and light crude from Venezuela to cut fuel costs. The Andean nation is also considering participating in oil exploration in Venezuela, Colombian Energy Minister Andrés Camacho said.

** Indonesia on Tuesday launched an investment plan to attract $20 billion pledged by Western nations in a renewable energy transition pact agreed last year for the archipelago to slash emissions and wean itself off coal.

** South Africa is likely to prioritize energy security over its decarbonization aspirations to avoid further damage to its economy, said James Mackay, the chief executive officer of the Energy Council of South Africa.

** Canadian energy company Capital Power said on Monday it was acquiring two U.S.-based natural gas-fired generation facilities in California and Arizona for a net cost of $1.1 billion.