South Korea’s industry ministry said it had signed a Memorandum of Understanding with the Dutch Economic Affairs ministry to support the new plant order. KHNP signed a memorandum of understanding with the Netherlands’ Economic Affairs & Climate Policy Ministry on the feasibility study.

Replacing fossil fuel-based power generation with power generation from wind and solar resources is a key strategy for decarbonizing electricity. Storage enables electricity systems to remain in balance despite variations in wind and solar availability, allowing for cost-effective deep decarbonization while maintaining reliability.

Brent fell 22 cents, or 0.3%, to $79.48 a barrel. WTI was at $74 a barrel, also down 22 cents or 0.3%.

For the first time since the annual climate summits commenced in 1995, the 198 signatory countries to the UN Framework Convention on Climate Change (UNFCCC) officially called for accelerating the deployment of low-emission technologies including nuclear energy to help achieve deep and rapid decarbonization, particularly in hard-to-abate sectors such as industry and through the low carbon production of hydrogen.

Brent rose 40 cents to $77.01 a barrel, WTI climbed 40 cents to $71.98.

On the margins of this year’s United Nations Climate Change Conference (COP28), IAEA Director General Rafael Mariano Grossi and OPEC Fund Director General Abdulhamid Alkhalifa signed Practical Arrangements on Cooperation in the Area of Climate Adaptation to enhance collaborative efforts by both entities to develop and implement joint projects on climate adaptation.

The declaration says the countries recognise the need for a tripling of nuclear energy capacity to achieve "global net-zero greenhouse gas/carbon neutrality by or around mid-century and in keeping a 1.5 degrees celsius limit on temperature rise within reach".

The United States is entering a period of severely constrained electric supply. Demand is rising — including anticipated electric load from artificial intelligence, the need to shutter all coal facilities, and the limits to transmission from the renewable resources (wind and sun) 0f the West — and it will overwhelm the system unless it is substantially augmented with new generation.

The goal of global net zero carbon emissions can only be reached by 2050 with swift, sustained and significant investment in nuclear energy. The International Atomic Energy Agency (IAEA) and the Intergovernmental Panel on Climate Change see nuclear as important part of the solution to climate change and energy insecurity.

Brent climbed 1 cents to $77.21 a barrel, WTI were down 4 cents at $72.28 a barrel.

These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024.

Extreme weather events,food supply disruption add urgency to energy transition.Panama Canal drought has effectively reduced carrying capacity due to climate change. Green deal creating incentives on critical minerals.

When Congress passed the IIJA in 2021, it authorized $1.2 trillion in spending over five years for the country’s critical infrastructure - transportation, energy- broadband, water, technology, healthcare, education and more. Currently, it is estimated that between $345 billion and $400 billion has been disbursed to date.

Brent fell 15 cents, or 0.2%, to $82.95 a barrel, WTI rose 12 cents, or 0.2%, at $77.98 a barrel.

In the next four months, India plans to add nearly 3 gigawatts of coal-fired generation, while the following fiscal year, starting from April 1, 2025, will see it add 14 gigawatts, or its highest level in eight years.