Saudi Crown Prince Mohammed bin Salman on Friday gave the green light for the initial public offering of state-owned oil giant Aramco, per reports in Bloomberg and Reuters.
Why it matters: Offering a small slice of the company is designed to raise tens of billions of dollars to fund the kingdom's economic diversification efforts. But the plan to list up to 5% of Aramco has been beset with delays since the crown prince first made the announcement in 2016.
California Gov. Gavin Newsom said on Friday that his administration is preparing a plan to take over PG&E should it fail to resolve its ongoing bankruptcy proceedings.
Why it matters: The embattled utility company is currently in bankruptcy court over its liability for fires that took place in 2017. At the same time, the company is dealing with the ongoing fire season in California and the added disruption to residents that widespread power shutoffs in October have caused.
The United Nations confirmed that Madrid will host next month's climate talks after Chile canceled last minute due to national protests over economic instability, according to the AP.
The big picture: The talks are set for Dec. 2–13. The original host, Brazil, dropped out after the election of President Jair Bolsonaro. Climate activist Greta Thunberg tweeted Friday after the meeting relocation was confirmed, "It turns out I've traveled half around the world, the wrong way." The Swedish teenager refuses to fly because of the carbon footprint of air transport and has requested assistance to attend the UN summit.
Automakers are choosing sides in the increasingly heated political debate over vehicle emissions and fuel economy standards in an attempt to protect the investments they've made in a clean energy economy.
The big picture: President Trump is at war with California on multiple fronts, and carmakers are caught in the crossfire. Despite their differences, the carmakers are united on this: only one emissions rule should apply across the country.
President Trump's war with California over carbon emissions is putting several giant automakers in activists' crosshairs.
Driving the news: Multiple shareholder and environmental groups have begun, or are weighing, pressure campaigns against companies that have sided with the White House effort to strip California's power to impose strict mandates.
The world's biggest publicly traded oil and natural gas companies would have to cut production by roughly a third on average by 2040 to meet the goals of the Paris climate deal, according to a new report.
The big picture: The opposite is occurring. Most oil and gas producers are expanding production in response to growing demand and the fact that the world is not on track to meet the Paris ambitions.
PG&E said Thursday it restored power to nearly 328,255 customers since the Oct. 29 weather "all clear" was given for areas in northern and central California, though 36,745 customers remain without power.
The big picture: PG&E faces an investigation by the California Public Utilities Commission over its series of power shutoffs, which have affected millions and aimed to prevent the spread of wildfires during high-wind periods and dry spells. There are currently 15 fires spreading throughout California, per the Los Angeles Times.
State officials said Thursday that TC Energy's Keystone Pipeline System leaked an estimated 383,000 gallons of crude oil in North Dakota, according to the Associated Press.
Why it matters: The Keystone Pipeline — which can carry 23 million gallons of tar sands oil every day from Canada to oil terminals in Illinois — and its proposed "XL" expansion project have been the target of environmental protests for years.
Rep. Kathy Castor (D-Fla.), the chair of the House Select Committee on the Climate Crisis, spoke on a recent episode of the Columbia Energy Exchange podcast.
Why it matters: The panel is tasked with coming up with policy recommendations by the end of March 2020 to guide House legislation.
Royal Dutch Shell reported a net third-quarter profit of $4.77 billion on Thursday, a 15% slide from the same period last year that nonetheless exceeded analysts' expectations.
Why it matters: It's the latest — and expected — sign of how lower oil prices are weighing on the industry as profit reports roll in. U.S.-based global giants ExxonMobil and Chevron report tomorrow.
The effects of climate change can create new hurdles to the fight against climate change.
What's happening: New International Energy Agency reports on southeast Asia have eye-popping numbers on the rise of air conditioning use. This reflects IEA’s “stated policies” scenario that assumes existing policies and plans, as well as evolution of “known technologies.”
Petrochemical facilities in Louisiana are releasing cancerous chemicals into predominantly black and poor areas, ProPublica reports in partnership with The Times-Picayune and The Advocate.
The impact: Since the 1990s, some Louisianans have been forced to deal with the consequences of living near huge petrochemical facilities, including air that smelled of rotten eggs, blue fluid in their ditches, miscarriages and cancer diagnoses.
