Rising electricity costs, recurring power outages, and global energy uncertainty are accelerating the adoption of rooftop solar systems across the Philippines. Businesses and households are increasingly investing in solar energy to reduce power bills, improve energy security, and lessen dependence on traditional electricity sources. As demand surges, the solar industry is witnessing rapid growth, but challenges remain. Industry players point to financing constraints, regulatory bottlenecks, and permitting delays as key obstacles slowing wider adoption. Despite these hurdles, the country's renewable energy transition is gaining momentum.

Businesses & households lead Philippines' solar revolution

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework.

The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia.

The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews.

Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market.

According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world.

The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12.

(With inputs from Reuters)

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In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.

In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters. This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework. The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia. The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews. Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market. According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world. The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12. (With inputs from Reuters) WATCH WION LIVE HERE

Arab nations commit to voluntary oil production adjustments amidst global energy transition

The ADIPEC summit shifts its traditional focus away from oil and towards climate change and decarbonization. The United Arab Emirates must delicately strike a balance between promoting global emission reductions and pursuing ambitious oil expansion with COP28 just around the corner.

Energy transition in the spotlight at ADIPEC summit

British energy giant&nbsp;Shell&nbsp;has been hit with a new lawsuit over climate change, with activist investors accusing the company's leadership of mismanaging risks to the company.&nbsp; Corporations have faced a growing number of climate-related lawsuits in recent years as they come under pressure to step up efforts to curb global warming.&nbsp;Shell&nbsp;was already ordered by a Dutch court in 2021 to slash its greenhouse gas emissions by 45 per cent by the end of the decade after it was sued by environmental groups.

Watch |Shell: $4bn&nbsp;worth shares to be repurchased, highest profit in 115 years

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This time, ClientEarth, a minor&nbsp;Shell&nbsp;shareholder, has filed a lawsuit in the High Court of England and Wales against&nbsp;Shell&nbsp;bosses "for failing to manage the material and foreseeable risks posed to the company by climate change".

Shell, which reported record&nbsp;annual profits last week, denies the allegations.

The group's current plan "will tie the company to projects and investments that are likely to become unprofitable as the world cleans up its energy systems", Client Earth said in a statement on Thursday.

"That puts the company's long-term commercial viability at risk, and also threatens efforts to protect the planet, further increasing the risk to the company."

ClientEarth alleges the&nbsp;Shell&nbsp;board "breached legal duties" by "failing to adopt and implement an energy transition strategy that aligns with the Paris Agreement".

<a href="https://www.wionews.com/business-economy/shell-to-evaluate-25-billion-pound-british-investments-after-windfall-tax-536450">Also read |&nbsp;Shell to 'evaluate' 25 billion pound British investments after windfall tax</a>

Under the landmark 2015 Paris deal, nations pledged to reach net-zero carbon emissions by the middle of the century to try and limit the increase in global temperatures to two degrees Celsius, and preferably to 1.5C.

No merit in claims, says firm

Shell&nbsp;said in response that it does "not accept ClientEarth's allegations", insisting the claims had "no merit".

"We believe our climate targets are aligned with the more ambitious goal of the Paris Agreement: to limit the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels," it added in a separate statement.

The giant is facing criticism over its net-zero plans from the wider environmental lobby, which accuses it of "greenwashing", or marketing a company as overly climate-friendly.

ClientEarth said its legal action had the support of institutional investors holding more than 12 million shares.

Shell&nbsp;stressed such investors were not claimants but had sent ClientEarth letters of support, and accounted for less than 0.2 per cent of its total shareholder base.

It added that ClientEarth held a "very small" number of&nbsp;Shell&nbsp;shares.

Thursday's legal claim was lodged one week after&nbsp;Shell&nbsp;posted a spectacular annual net profit of $42.3 billion thanks to surging oil and gas prices.

The post-tax figure, fuelled by the invasion of Ukraine by major energy producer Russia, was more than double the amount achieved in 2021.

The energy sector has faced growing calls to step up efforts to transition away from fossil fuels as the world scrambles to become a net-zero emissions economy by 2050.&nbsp;But British oil giant BP on Tuesday reduced its target for cutting carbon emissions after reporting that its underlying profit had more than doubled last year to $27.7 billion.

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British energy giant Shell has been hit with a new lawsuit over climate change, with activist investors accusing the company's leadership of mismanaging risks to the company.

British energy giant Shell has been hit with a new lawsuit over climate change, with activist investors accusing the company's leadership of mismanaging risks to the company. Corporations have faced a growing number of climate-related lawsuits in recent years as they come under pressure to step up efforts to curb global warming. Shell was already ordered by a Dutch court in 2021 to slash its greenhouse gas emissions by 45 per cent by the end of the decade after it was sued by environmental groups. Watch |Shell: $4bn worth shares to be repurchased, highest profit in 115 years This time, ClientEarth, a minor Shell shareholder, has filed a lawsuit in the High Court of England and Wales against Shell bosses "for failing to manage the material and foreseeable risks posed to the company by climate change". Shell, which reported record annual profits last week, denies the allegations. The group's current plan "will tie the company to projects and investments that are likely to become unprofitable as the world cleans up its energy systems", Client Earth said in a statement on Thursday. "That puts the company's long-term commercial viability at risk, and also threatens efforts to protect the planet, further increasing the risk to the company." ClientEarth alleges the Shell board "breached legal duties" by "failing to adopt and implement an energy transition strategy that aligns with the Paris Agreement". Also read | Shell to 'evaluate' 25 billion pound British investments after windfall tax Under the landmark 2015 Paris deal, nations pledged to reach net-zero carbon emissions by the middle of the century to try and limit the increase in global temperatures to two degrees Celsius, and preferably to 1.5C. No merit in claims, says firm Shell said in response that it does "not accept ClientEarth's allegations", insisting the claims had "no merit". "We believe our climate targets are aligned with the more ambitious goal of the Paris Agreement: to limit the increase in the global average temperature to 1.5 degrees Celsius above pre-industrial levels," it added in a separate statement. The giant is facing criticism over its net-zero plans from the wider environmental lobby, which accuses it of "greenwashing", or marketing a company as overly climate-friendly. ClientEarth said its legal action had the support of institutional investors holding more than 12 million shares. Shell stressed such investors were not claimants but had sent ClientEarth letters of support, and accounted for less than 0.2 per cent of its total shareholder base. It added that ClientEarth held a "very small" number of Shell shares. Thursday's legal claim was lodged one week after Shell posted a spectacular annual net profit of $42.3 billion thanks to surging oil and gas prices. The post-tax figure, fuelled by the invasion of Ukraine by major energy producer Russia, was more than double the amount achieved in 2021. The energy sector has faced growing calls to step up efforts to transition away from fossil fuels as the world scrambles to become a net-zero emissions economy by 2050. But British oil giant BP on Tuesday reduced its target for cutting carbon emissions after reporting that its underlying profit had more than doubled last year to $27.7 billion. WATCH WION LIVE HERE

Activist investors sue Shell bosses over climate risks

U.S. oil major Exxon Mobil Corp (XOM.N) is suing the European Union in a bid to force it to scrap the bloc's new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy.

World Business Watch: Energy giant Exxon sues EU to block energy windfall tax

A new study by World Economic Forum has called for urgent action by both private and public sectors, it is to ensure a resilient energy transition to address challenges of environmental sustainability, security of energy and energy justice and affordability. To talk on more more on this we're joined by Roberto Bocca, head of energy, infra, WEF.

Urgent action needed for energy transition: WEF

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