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International Energy Agency expects green electricity to end coal’s 50-year reign by 2025Coronavirus – latest updatesSee all our coronavirus coverageGlobal renewable electricity installation will hit a record level in 2020, according to the International Energy Agency, in sharp contrast with the declines caused by the coronavirus pandemic in the fossil fuel sectors.The IEA report published on Tuesday says almost 90% of new electricity generation...

Thinktank says changes to forecasts reflect accelerated shift away from fossil fuelsThe world’s largest listed oil companies have wiped almost $90bn from the value of their oil and gas assets in the last nine months as the coronavirus pandemic accelerates a global shift away from fossil fuels.In the last three financial quarters, seven of the largest oil firms have slashed their forecasts for future...

Government accused of hypocrisy for backing scheme while claiming to be leading on climateThe UK government could face a legal battle after offering more than $1bn in financial support to help build a gas project in Mozambique despite its commitment to tackling the climate crisis.Under the deal, UK taxpayer funds will be used to help develop and export Mozambique’s gas reserves, in one of...

Ships capable of carrying 2m barrels are charging $335,000 a day to store oil unwanted amid the Covid-19 pandemicGiant oil tankers are being used to hold record amounts of crude at sea due to a global oversupply which threatens to overwhelm the world’s storage facilities.A record 160m barrels of oil has been stored in “supergiant” oil tankers outside the world’s largest shipping ports following...