Connect with us
Saturday,24-October-2026
Breaking News

Business

Oil majors gambling on emissions mitigation technologies: Carbon Tracker

Published

on

Oil and gas companies are putting investors at risk because their plans to reduce emissions rely on technologies that are expensive and unproven at scale, finds a report from the financial think tank Carbon Tracker released on Thursday.

All but two of the 15 largest publicly traded oil and gas companies have updated their climate targets since May 2021, but the report warns that most are failing to commit to absolute cuts in emissions and it questions the credibility of company plans which seek to make room for new production.

Eni is one of only four companies to accept absolute cuts in emissions from the production and use of its products and has the strongest climate policy: it pledged a 35 per cent cut by 2030, up from its previous 25 per cent target.

All North American companies lag behind Europeans and ExxonMobil has the weakest policy: it adopted a net zero target last year but has not pledged specific cuts and excludes 95 per cent of lifecycle emissions from the products it sells.

No new investment in fossil fuel production is needed if the world is to meet the 1.5 degrees Celsius Paris climate target and avoid the worst impacts of climate change, according to the International Energy Agency (IEA).

Demand is set to fall over time as a result of governments’ climate policies, the rapid growth of clean technologies, and the drive for energy independence following Russia’s invasion of Ukraine.

Investors concerned about climate change and the risk of stranded assets are putting increasing pressure on oil and gas companies to align their plans with Paris.

“Absolute Impact 2022: Why Oil and Gas Companies Need Credible Plans to Meet Climate Targets” highlights the three approaches that companies are using to cut emissions while justifying continued investment in production: planning to roll out a wide range of emissions mitigation technologies (EMTs); selling assets; and buying offsets.

Mike Coffin, Carbon Tracker Head of Oil, Gas and Mining and report author, said: “Financial institutions must scrutinise companies’ emissions targets and whether their plans to achieve them are practical and credible in order to assess alignment with global climate goals.

“This is particularly so for companies which seek to ‘create space’ for further fossil investment.

“The best way for companies to reduce both their climate impact and transition risk exposure for investors is to allow their existing production to decline without investing in new assets.”

All but one of the 15 companies have announced plans to use EMTs: Eni plans to build plants in the North West of Britain and Ravenna, Italy, which will each capture and store 10 million tonnes (10Mt) of CO2 a year by 2030, but these will be from industrial processes, and not reduce emissions from its own products.

ConocoPhillips plans to capture CO2 and reinject it into reservoirs to extract more oil.

Although this may reduce the emissions intensity of its operations, it will likely lead to more oil being produced and burned.

Occidental is spending an estimated $1 billion to build the first large-scale plant in the US to capture carbon directly from the air. It aims to sequester 1Mt a year — 100 times the current global capacity from all such projects, but just 0.4 per cent of the total emissions from the assets it operates in 2021.

Total lists a 13,500 sq km forest in Peru among its offsetting projects, claiming it will help “prevent” more than 15Mt of CO2 over 10 years, but it is not planting new trees.

Repsol plans to offset 16Mt by planting 700 sq km of forest at Motor Verde, Spain.

Maeve O’Connor, Carbon Tracker Analyst and report author, said: “Oil and gas companies are gambling on emissions mitigation technologies that pose a huge risk to both investors and the climate. Most of these technologies are still at an early stage of development, with few large projects working at anything like the scale required by company goals, while solutions that involve tree planting require huge areas of land.

“It remains to be seen whether these technologies will be technically feasible or economically viable given the huge costs involved.”

Business

Indian equities extend losses this week as Brent crude oil rises to 6-month high

Published

on

The macroeconomic environment remains challenging, with crude oil emerging as a key source of uncertainty for domestic markets, analysts said on Saturday, as the Indian equities endured a challenging, holiday-shortened week, with benchmark indices extending their losses.

Nifty 50 and Sensex recorded weekly declines of approximately 2.4 per cent and 2.2 per cent, respectively.

Both benchmark indices extended their losing streaks to four consecutive sessions.

The sell-off spread beyond large-cap stocks, with mid-cap and small-cap indices experiencing sharper declines as investors reduced exposure amid rising uncertainty, said market participants.

The Nifty 50 ended the week under pressure, after declining for four consecutive sessions. Persistent selling has weakened the short-term technical structure, with the index struggling to sustain its earlier recovery.

The immediate resistance zone is placed around 22,800, followed by 23,000, said analysts. For the Sensex, on the downside, 72,600–72,500 forms the immediate support zone.

The broader market took the brunt of the de-risking, as valuation concerns and the unwinding of leveraged positions triggered a disproportionately sharp correction in mid- and small-caps, while large-caps held up comparatively better.

Across sectors, IT was the lone pocket of resilience, recovering from early selling to end the week largely unchanged on improving earnings visibility and renewed investor appetite.

However, rate-sensitive sectors such as consumer durables, metals and realty saw the heaviest selling as input-cost and margin worries resurfaced, said analysts.

Brent crude oil rose to a six-month high on Friday. Brent futures gained 3.1 per cent to close at $116.72 a barrel, highest since April 29. US West Texas Intermediate added 3.8 per cent to settle at $103.27 a barrel.

Brent added 6.2 per cent for the week, while WTI advanced 2 per cent for the week.

According to analysts, sustained increases in crude prices could raise energy and transportation costs, weigh on consumption and intensify pressure on oil-sensitive sectors.

Continue Reading

Business

ED attaches Rs 85.2 crore Kolkata land linked to Unity Infraprojects bank fraud case

Published

on

The Enforcement Directorate (ED) has provisionally attached an immovable property spread over approximately 14.51 acres in Kolkata valued at Rs 85.20 crore, in connection with a bank fraud and money laundering case involving M/s Unity Infraprojects Ltd. (UIL) and others, the agency said on Friday.

According to the ED, the attached land, located at Mouza Chakgaria in Kolkata, is held in the name of M/s Suburban Agriculture Dairy & Fisheries Pvt. Ltd. (SADAFPL). The attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The money laundering investigation stems from an FIR registered by the CBI’s Bank Securities & Fraud Branch in Mumbai on a complaint lodged by the State Bank of India.

The FIR alleges that UIL, in connivance with its promoters, directors and associated entities, defrauded a consortium of 23 banks by availing credit facilities of around Rs 3,200 crore. The total outstanding dues, including interest, are estimated at approximately Rs 3,800 crore.

According to investigators, the fraud involved fictitious transactions, round-tripping of funds, manipulation of financial records, and diversion of funds through shell entities.

The ED said its probe revealed that funds from UIL were routed through its wholly owned subsidiary, Unity Realty & Developers Ltd. (URDL), and subsequently used to acquire and hold assets through associated companies. SADAFPL was identified as a step-down subsidiary of UIL through URDL.

Further investigations established a trail linking the Chakgaria land parcel to funds originating from UIL and its group entities, indicating diversion and layering of proceeds generated from the scheduled offences. The property was attached under Section 5(1) of the PMLA to prevent its transfer or disposal pending confiscation proceedings.

The agency noted that in July 2025 it had conducted searches at residential and commercial premises, as well as bank lockers, linked to UIL, its former directors and their family members. During those operations, movable assets worth Rs 31.21 crore were seized or frozen.

The ED had also attached land parcels and flats valued at about Rs 1,493 crore through three separate provisional attachment orders, all of which were later confirmed by the Adjudicating Authority under the PMLA.

With the latest attachment, the total value of movable and immovable assets attached or frozen in the case has risen to about Rs 1,609 crore, the agency said.

The ED further informed that it filed a prosecution complaint before the Designated Special Court, City Civil and Sessions Court, Greater Bombay, Mumbai, on March 27, 2026.

Further investigation is underway.

Continue Reading

Business

Adani Power Q2 profit jumps 141 pc to Rs 7,019 crore on strong demand

Published

on

Adani Power Ltd — India’s largest private thermal power generator — on Friday reported a 141.5 per cent year-on-year jump in consolidated profit after tax (PAT) to Rs 7,019.32 crore for the second quarter of FY27, compared to Rs 2,906.46 crore in Q2FY26.

Total reported revenue rose 39.4 per cent to Rs 19,950.60 crore from Rs 14,307.79 crore a year ago, while reported EBITDA jumped 45.7 per cent to Rs 8,743.22 crore.

On a continuing operations basis, revenue from operations grew 29.8 per cent to Rs 17,014.06 crore, while continuing EBITDA was up 18.5 per cent to Rs 6,320.97 crore.

Apart from that, PAT nearly doubled to Rs 11,885.92 crore from Rs 6,211.59 crore in H1 FY27, while reported revenue rose 36 per cent to Rs 39,272.90 crore.

Commenting on the results, CEO S B Khyalia said, “Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution. The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day.”

On industry trends, the company said India’s power demand grew 11.5 per cent to 502 BU in Q2 FY27, with coal and lignite-based generation accounting for 66 per cent of supply. Peak demand reached 270 GW, up 18 per cent year-on-year.

The company sold 26.4 billion units (BU) in Q2 FY27, up from 23.7 BU a year ago. Plant Load Factor (PLF) improved to 70.1 per cent from 62.8 per cent, while operating capacity stood at 18,150 MW.

Meanwhile, power sales under PPAs grew 29.7 per cent to 23.4 BU, with tariff realisation improving 12.7 per cent to Rs 6.4/kWh.

Merchant and short-term realisation improved 33.1 per cent to Rs 7.2/kWh, though volumes were 43 per cent lower due to incremental tie-ups of open capacity in medium-term contracts.

Continue Reading

Trending