“Reducing Greenhouse Gas Emissions…”

BP chief executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as the governments of major economies stump up cash to develop the fuel to decarbonise.

BP doubles down on hydrogen as fuel of the future

Low-carbon hydrogen already has a big fan-base and is forecast to play a major role in reducing greenhouse gas emissions from heavy industries and some forms of transport.

But it is expensive to produce and often needs government support to compete against fossil fuels.

The United States, for example, is offering large incentives for producing it under President Joe Biden’s $430 billion Inflation Reduction Act (IRA).

BP has overhauled its structure to create a dedicated hydrogen division hydrogen division led by Felipe Arbelaez which includes 150 staff. It also made several investments in large hydrogen projects, including in Australia, Europe and Britain.

It is also exploring the potential for developing green hydrogen in Oman, the company told Reuters, and is also looking into projects in Mauritania.

BP’s spending on low-carbon hydrogen remains modest but is expected to grow into the hundreds of millions by the end of the decade as projects gets under way, the company sources said.

“Hydrogen will be a big focus and it is moving much faster than we ever thought it would,” Chief Financial Officer Murray Auchincloss told Reuters last month.

Most hydrogen is currently used in oil refining and the fertilizer industry and is usually made by heating natural gas, a highly polluting process, known as grey hydrogen.

But grey hydrogen becomes “blue hydrogen” if the polluting emissions are captured. There is also “green hydrogen”, which is made by splitting water using renewables-powered electrolysis.

To expand its blue hydrogen business, BP is counting on its oil and gas experience to build carbon capture and storage facilities, where carbon is injected into depleted reservoirs.

Keystone pipeline shut after 14,000-barrel oil spill in Kansas

Canada’s TC Energy shut its Keystone pipeline in the United States after more than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the United States in nearly a decade.

The cause of the leak, which occurred in Kansas about 20 miles (32 km) south of a key junction in Steele City, Nebraska, is unknown. It is the third spill of several thousand barrels of crude on the pipeline since it first opened in 2010.

The 622,000 barrel-per-day Keystone line is a critical artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. It is unclear how long the closure will last.

Trump Organization found guilty of tax fraud scheme

Donald Trump’s real estate company was convicted on Tuesday of carrying out a 15-year-long criminal scheme to defraud tax authorities, adding to the legal woes facing the former U.S. president as he campaigns for the office again in 2024.

The Trump Organization – which operates hotels, golf courses, and other real estate around the world – was found guilty of paying personal expenses for top executives including former chief financial officer Allen Weisselberg and issuing bonus checks to them as if they were independent contractors.

The company faces up to $1.6 million in fines after being convicted on all charges, including scheming to defraud tax authorities, conspiracy and falsifying business records. Trump was not charged in the case.

‘We’re going to be free’: Chinese cheer as COVID curbs are loosened

China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began three years ago, loosening rules that curbed the spread of the virus but sparked protests and hobbled the world’s second-largest economy.

The relaxation of rules, which includes allowing infected people with mild symptoms to quarantine at home and dropping testing for people travelling domestically, is the clearest sign yet Beijing is pivoting away from its zero-COVID policy to let people live with the disease.

But health officials are still warning that trends in deaths will be closely watched in case a return to tougher measures is needed.

Many of the changes announced by the National Health Commission (NHC) reflected steps already taken in various cities and regions in recent days, following protests against COVID controls that were the biggest demonstration of public discontent since President Xi Jinping came to power in 2012.

Wednesday’s announcement soared to the top most viewed topic on China’s Weibo platform, with many hoping for normality after policies that have brought mental suffering to tens of millions.

“It’s time for our lives to return to normal, and for China to return to the world,” wrote one Weibo user.

Some investors also welcomed the shift that could reinvigorate China’s sagging economy and currency and bolster global growth.

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