Why Hedge Funds Are Pouring into Energy Right Now

By Alex Kimani - Aug 20, 2024

Goldman Sachs: Hedge funds are selling industrial equities and buying energy equities at the fastest pace since December.

Energy is now at its highest proportion in hedge fund portfolios since the beginning of the year.

Signs of demand weakness in China aren’t strong enough to discourage hedge funds from taking positions in energy.


Energy markets have kicked off the new week on the backfoot after U.S. Secretary of State Antony Blinken announced that Israeli Prime Minister Benjamin Netanyahu had accepted a cease-fire proposal to stop the war in Gaza. Blinken made the revelation on Monday after meeting with top Israeli officials in Jerusalem, and markets have lately been having a knee-jerk reaction to any news coming out of the Middle East, with oil prices tanking every time ceasefire talks are underway, only to reverse when they fail.

Crude oil futures have declined by the biggest margin in two weeks after reports suggesting that a ceasefire and hostage release deal in Gaza could be closer. Earlier, Iran had suggested a willingness to at least delay a retaliatory attack on Israel following the July 31 killing in Tehran of Hamas leader Ismail Haniyeh if Israel and Hamas agreed to a permanent ceasefire. Brent crude for October delivery was quoted at $77.11 per barrel at 12:45 hrs ET in Tuesday's intraday session, down from $81.20/barrel a week ago, while WTI crude for September delivery was trading at $73.94 per barrel compared to $78.85/barrel a week ago.

On Tuesday, Iran helped further solidify the downward trend in oil prices when a spokesperson for the Revolutionary Guards said an attack on Israel could be delayed for some time, noting that time is in Tehran’s “favor”.

Signs of demand weakness in the pivotal Chinese market are not helping matters, either. The prospect of weak demand in China is offsetting any gains from risks to supply, with government data showing that crude demand in the country fell 8% Y/Y in July.

However, the oil markets might be able to regain some momentum if the latest spate of buying by money managers continues. According to a Goldman Sachs note via Reuters, hedge funds sold industrial stocks at the fastest pace since December, while buying energy stocks for the fourth straight week last week. Energy is now at its highest proportion in hedge fund portfolios since the beginning of the year. Meanwhile, traders have been betting against passenger airlines as well as companies offering professional services, ground transportation and machinery. The latest pivot into energy stocks comes amid expectations of an interest rate cut in September.

"Global growth will be better than expected if the Fed manages to engineer a soft landing and that's probably why these traders are making the switch," Paul O'Neill, chief investment officer at wealth management firm, Bentley Reid, told Reuters.

Trump Trade

It appears that the so-called ‘‘Trump Trade’’ is still alive and well despite U.S. Vice President Kamala Harris surging in the polls ever since she replaced President Joe Biden as the Democratic candidate a month ago. Many institutional investors still give Trump the inside track, and are examining how a second Trump administration could impact everything from inflation and monetary policy to consumer spending. Investors are also betting that Trump's return to the White House would mean less regulation, a potential tailwind for heavily regulated sectors such as energy and banking.

On the contrary, Trump's recent comments about jacking up tariffs on China and requiring Taiwan to pay for U.S. military protection triggered a sell-off in semiconductor, AI and Big Tech stocks, with even heavyweights like Nvidia Corp. (NASDAQ:NVDA) taking a tumble.

However, Art Hogan, chief market strategist at B Riley Wealth, has sounded a cautionary note, "The things that get said and proposed on the campaign trail are often difficult to put into place once you get to 1600 Pennsylvania Avenue," he said.

To be fair, the Oil & Gas sector will probably do just as well under a Harris presidency, especially since she is likely to continue pushing Biden’s policies. After all, under most key metrics, the U.S. oil and gas industry has flourished under the Biden administration despite its push towards a carbon-free future, proving that not even Washington has sufficient power to single-handedly sway large, globally interconnected markets like oil and gas. Republicans have repeatedly railed against Biden’s climate policies, blaming them for compromising U.S. “energy independence” by limiting U.S. oil and gas production and raising fuel prices. Meanwhile, Trump has promised to “drill baby, drill” and restore America's energy independence.

However, Trump will have his work cut out: U.S. crude and natural gas production have both hit all-time highs under the Biden administration. According to the U.S. Energy Information Administration (EIA), crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly crude oil production set a new monthly record high in December 2023 at more than 13.3 million b/d. Ironically, the current administration issued a total of 10,070 onshore drilling permits during its first three years in office compared to 9,892 under Trump over a similar period

Fossil fuel investors have hardly been complaining under Biden: energy shares have jumped 124% so far since Biden took over at the Oval Office vs.-65% decline for the comparable period under Trump.

By Alex Kimani for Oilprice.com

Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com

CAPITAL $TRIKE

North Sea Oil Producers Warn of Mass Exodus

By Irina Slav - Aug 20, 2024, 

• UK oil and gas producers like Serica Energy are considering moving operations to countries with more stable tax regimes, such as Norway.
• The UK government's increased windfall profit taxes and removal of tax incentives are driving this exodus.
• This shift could lead to significant job losses and decreased energy security for the UK, as it becomes more reliant on energy imports.

The UK’s oil industry has had a tough few years. The future does not promise a change in a positive direction, either. It seems all hope for this has been lost, and some oil drillers are looking at other jurisdictions for their future survival.

This is certainly the case for Serica Energy, one of the biggest suppliers of oil and gas to the UK, operating fields in the North Sea. Once upon a time, the North Sea was one of the biggest oil- and gas-producing regions in the world.

Serica Energy chairman David Latin recently dropped what should have been a giant bomb for any government concerned with energy security. “The UK is now fiscally more unstable than almost anywhere else on the planet,” he said, as quoted by the Telegraph. “That means we are looking for new places to invest our money. And Norway is a place where potentially we could recreate our business model.”

The statement by Latin is nothing but a confirmation that a Labour government fixated on boosting the amount of wind and solar capacity in the country and funding this boost with oil and gas tax money is driving the industry away. Plans to further increase windfall profit taxes on the industry and the removal of a tax incentive that kept producers at home until the Keir Starmer government took over might prove the last nudge out the door.

There is also uncertainty about future energy policies that make North Sea oil and gas operators reluctant to invest in local production. 

“[Policy uncertainty] reduces our willingness to spend money to do things quickly because if we spend and the policy changes, then we have to start all over again,” the chairman of one relatively small producer, Ping Petroleum, told the Financial Times this week. “People are walking away from fields with significant reserves,” Robert Fisher said.

As Serica’s chairman suggests, those who are walking away from the British North Sea will probably find other places to invest their money. The British government, however, would be hard-placed to find another industry it could fleece that deeply and get away with it. And this is a big problem because Labour has promised a fast and ambitious transition to wind, solar, and hydrogen. And fast and ambitious costs more money than just one or the other.

The Financial Times reported that tax income from the oil and gas industry had reached close to 10 billion pounds last year, but the amount is set to drop off a cliff over the next five years to just above 2 billion pounds in 2028. This will not be enough to fund what the Labour government calls Great British Energy—the state-owned transition vehicle for financing the transition.

“If the government implements the kind of windfall taxes they are talking about, then you end up with a cliff edge in UK energy production because the industry will be taxed into uncompetitiveness,” Stifel analyst Chris Wheaton told the Financial Times. “That is going to cause a very dramatic decline in investment and therefore production and jobs, and a big hit to energy security.”

In other words, if oil and gas producers currently operating in the British section of the North Sea want to ensure their long-term survival, they’d better look for opportunities abroad. For Serica, Norway is the no-brainer destination. If it doesn’t work there, the company will look elsewhere, per its chairman. The important bit is that it will no longer supply oil and gas to the UK. And if others follow, there will be thousands of jobs lost, and the UK will, rather ironically, become even more dependent on energy imports.

By Irina Slav for Oilprice.com

Job boards advertising roles paying below UK minimum wage

by Kavitha Sivasubramaniam

 21 Aug 2024

Job boards are advertising roles that pay below the UK national living wage, a new study has found.

Research from the TUC revealed that websites including Reed, Indeed and CV-Library posted 46 vacancies offering salaries under the annualised minimum wage of £20,820 on a single day in July.

The union body believes this could be just “the tip of the iceberg”, with many more underpaying roles being posted online weekly.

TUC general secretary Paul Nowak said: “Nobody should be cheated out of the pay they are owed by their employer. But our research has found that lots of employers are advertising jobs at less than the legal minimum wage.

“Workers are not the only victims. These pay cheats undercut all those good employers who do the right thing. And that creates unfair competition.”

UK minimum wage

Employer wins appeal in travel time minimum wage case

Minimum wage rise ‘must not lead to poor treatment of workers‘

Greggs among 500 listed in minimum wage underpayments

Since 1 April 2024, the national living wage hourly rate has been £11.44, which equates to £20,820.20 for a full-time employee working 35 hours per week.

The TUC has warned that abuse of the minimum wage isn’t restricted to illegal or insecure employment. It highlighted that although people under 21 can be paid below the national living wage, advertising jobs at these rates could exclude older applicants and therefore lead to indirect discrimination.

However, CV-Library said it has checks and processes in place to ensure all its job postings are compliant with the national living wage, which includes an automatic prompt system.

A representative from its customer service team commented: “If a recruiter using our platform tries to post a job with a salary that falls under the national living wage, the job post will fail due to not meeting the minimum hourly wage and they will receive a message to correct this. Our customer service team also regularly screens our on-site postings to ensure compliance.

“In a small number of instances, there may be jobs with a salary range advertised with a lower end above the national minimum wage but below the national living wage (eg £17,000-£30,000 per annum). This is where an employer is open to hiring workers under 21 and would adjust salary based on their age, while remaining compliant.”

The TUC’s findings were in line with estimates from the Low Pay Commission which suggest that nearly three in 10 jobs (29%) paying the minimum wage or below are salaried positions.

It discovered that most of the 46 jobs advertised at rates under NLW are full-time, salaried roles. Of these, experience was required for 26 positions and desirable for a further three.

Seven positions required qualifications, including degrees or professional certification and 10 advertised a salary range starting below or paying a total of £20,000.

The research has prompted the TUC to urge the government to take tougher action on all wage breaches under its ‘New Deal for Working People’ and to ensure interns are paid at least the minimum amount. It wants the new Fair Work Agency, whose formation was announced during the King’s Speech, must help change the way breaches are enforced to prevent people being “cheated out of pay”.

The body will be created with the HMRC National Minimum Wage enforcement team, Gangmasters and Labour Abuse Authority, and the Employment Agency Standards Inspectorate. The TUC welcomed its formation and believes it will also need many more inspectors than the current system, as well as greater powers to punish employers who act unlawfully.

Nowak added: “The new Fair Work Agency is a chance for the government to crack down on offenders and ensure all workers are paid at least the legal minimum.”

Commenting on the TUC’s findings, the Recruitment and Employment Confederation (REC) agreed that NMW bad practice needs to be “stamped out”.

REC deputy chief executive Kate Shoesmith, said: “National minimum wage rates should always be paid, and the vast majority of businesses do just that – there were 1.7 million live job vacancy postings last month. In fact, many employers regularly have to pay more than the going rate to attract people to roles because of labour and skills shortages. 

“Where there is genuine bad practice, this needs to be stamped out. We have always shared a view with the TUC that the new Fair Work Agency is a chance for the government to ensure we have a well-regulated labour market. As it is being created, policymakers must maintain the subject expertise of the current enforcement bodies it is merging. For example, the Employment Agency Standards Inspectorate (EAS) in our part of the labour market is crucial, especially if regulation is expanded to include all labour suppliers and payroll providers, such as umbrella companies.”

UK
Median pay award drops to 4.5%

by Kavitha Sivasubramaniam

21 Aug 2024

The median basic pay award for the quarter from May to July this year has fallen to 4.5%, according to new figures.

Research from HR data and insights provider Brightmine – formerly XpertHR – revealed that in the three-month period, awards dropped from the revised 5% reported in the previous three rolling quarters to match the lowest level seen so far in 2024.

Pay awards 2024

National living wage hike drives median pay award

Inflation hits target as median pay awards remain under 5%

Pay awards and inflation continue to diverge

The data also showed that this year, most pay deals are lower than the settlements the same group of employees achieved in 2023, with nearly three-quarters (73.1%) now worth less than they were then. The analysis further found only 7.7% of deals in 2024 are worth more.

In contrast, pay awards in the public sector have reached 6.1% in 12 months to the end of July, after Chancellor Rachel Reeves approved a 5.5% salary increase for these workers, meaning they have achieved awards of 1.1% more than those in the private sector over the same period.

However, pay awards in general are expected to remain slow despite a slight growth in inflation, with pay settlements predicted to decline further in 2025 compared to the previous two years.

Sheila Attwood, Brightmine senior content manager, data and HR insights, said: “Our measure of pay awards has fallen to its lowest level since March this year, the first sign that increases may be about to take another step downwards following the fall from the 6% seen in 2023.

“Employers that have made pay awards so far this year have already reacted to the falling inflation environment by putting in place lower pay awards than made last year. This practice is likely to continue among those concluding deals later in the year, with this group also looking like they will agree increases at a lower level than those seen in the year so far.”

The research, which was based on 48 pay settlements covering 743,755 UK employees, also discovered that the most common basic award was worth 5%, accounting for nearly three in 10 (29.8%) awards, while nearly double that percentage (57.4%) are worth between 4% and 5%.

 UK

Mass redundancy awards for ex-SSB and Axiom Ince staff

21 August 2024

Posted by Neil Rose

---

SSB: No consultation before staff made redundant

An employment tribunal has made protective awards in favour of another 82 former staff at SSB Group, after they were made redundant without consultation.

It follows an identical award made by the same judge, Employment Judge Lancaster in Leeds, earlier in the summer in favour of nine ex-SSB employees.

He said each employee were entitled to an award for a period of 90 days beginning on 29 November 2023, when the first redundancy took place.

Nearly 200 staff were made redundant after SSB formally went into administration in January, owing six litigation funders £200m.

A protective award is compensation of between 45 and 90 days’ pay that can be awarded where more than 20 employees are made redundant from one location within specific time frames and without consultation.

If the former employer is insolvent, the National Insurance Fund will pay the award, but the amount is capped at eight weeks’ pay.

Judge Lancaster said it was clear from the evidence that the employees met the criteria for a protective award.

“There has been no response submitted on behalf of [SSB], and therefore no explanation offered for the failure to consult even though it is apparent from ye papers that the business was in financial difficulties from at least about September 2023.

“It is therefore just and equitable to make the awards for the maximum 90 day period (though it is acknowledged that under the relevant legislation [Insolvency Service] will not be obliged to make payment for that full period).”

Five of the employees were representing themselves, with Leeds firm Morrish & Co acting for the rest.

There has been a similar mass award in favour of former staff at Axiom Ince, again for being made redundant without consultation.

Employment Judge Nicolle consolidated various group and individual claims against the now-defunct firm solely in relation to their entitlement to protective awards, stressing that his decision did not compromise their ability to pursue claims in respect of any other matter.

Judge Nicolle ordered that they receive the full 90 days as well.

Axiom Ince closed on 3 October 2023 after the Solicitors Regulation Authority shut it down, with the redundances taking place between then and 31 October.

The judge found that all of the claimants were dismissed without any consultation with appropriate employee representatives and with a failure to provide information about the proposed redundancies in writing prior to their dismissal, in breach of section 188 of the Trade Union Labour Relations (Consolidation) Act 1992.

The decision is not clear because the list of 10 offices from where 357 staff referred to in the ruling were made redundant included several where there were fewer than 20 employees.

Leeds (152 redundancies) and the City of London (134) the two were the largest offices; these were previously the headquarters of Plexus Law and Ince Group respectively.

There have already been other rulings on individual claims which have seen some substantial awards for redundancy pay, notice pay, unpaid wages and holiday pay – more than £20,000 in one case – but three also featured decisions not to make protective awards because the staff concerned were based in the Manchester office, where there were fewer than 20 staff.

Alan Lewis, a partner at Manchester firm Pearson Solicitors, said that, as far as he was aware, the judgment just related to the 154 staff members he represents, all of whom were made redundant from offices with more than 20 staff.

Axiom Ince’s administrators did not take part in the proceedings but confirmed that any shortfall in payments from the National Insurance Fund will rank as unsecured claims in the administration.

UK
Red-hot rent rises cool but tenants still struggling

Kevin Peachey
Cost of living correspondent, BBC News
BBC
Mike and Lisa Buller say they are stuck in a rent trap


The "red-hot" rental market is starting to cool, exclusive data provided to the BBC reveals, but tenants say they are still caught in a price trap.

The cost for renters who move home and take on a new tenancy has risen at its slowest rate for nearly three years, according to property portal Zoopla.

But it is still going up, and 17 prospective tenants on average are chasing every available home.

The picture also varies considerably in different areas. One couple in Birmingham said they felt "defeated, isolated, panicky and angry".

"It’s hard to stay motivated at work when it feels like all of the hard work that you do is just to keep your head above water," said Mike Buller, who is aged in his 40s and lives with his wife Lisa.

Rent rises for new lets - people moving home to take on a new tenancy - have slowed in the UK's second largest city but - as in the vast majority of areas - are still going up.

The couple, who are trying to save to buy their own home, said only a big drop in rents would have a noticeable impact.




The Zoopla data, shared with the BBC, shows that affordability of renting has improved, with rent rises for newly-let homes now roughly on a par with increasing earnings. The data does not include those people who are renewing a rental agreement in existing properties.

The 5.7% increase in UK rents in the year to the end of June was the slowest rise recorded since September 2021, the data suggests.

The cost went up by only 1.6% in the first six months of this year - again the slowest rise during any half year for three years.

"We have moved from a red-hot market over the last couple of years, to one which is still hot, but cooling," said Richard Donnell, executive director at Zoopla.

Despite the slowdown, renting is still 20% more expensive than a couple of years ago, he said, forcing some tenants to share with other tenants or lower their expectations.



More children in damp rental homes, figures show

'Buying a first home is harder when you're single'

'I put off starting a family because of a £300 rent rise'



Less intense competition is partly behind the slowdown. Last year, about 30 to 35 tenants were chasing every available property. That has dropped to 17, according to Zoopla figures, but that is still two or three times the level of competition seen before the pandemic.

Various lettings agencies have also reported shorter queues to view.

A number of factors are at play when it comes to falling demand, with students and graduates among the key drivers.

A drop in student numbers, partly those from overseas, has lowered competition in some areas. Meanwhile, some graduates - spooked by the costs involved - have moved back into the family home.

"About 80% of my friends finished university and went straight home to live with their parents," said Monty Savage, who shares a flat with his cousin in Nottingham.

He graduated last year, has a job, and after he has paid his rent of £1,100 a month, relies on his parents to help financially with other bills.

Separate research from estate agency Savills suggests parental support continues into homeownership. Its analysis of industry data found that 57% of first-time buyers - a total of 164,000 - had family assistance in buying their first home with a mortgage in 2023. That was the highest proportion for 11 years.

Postcode differences


Renters moving home in Monty's home city of Nottingham saw prices actually falling slightly in the first half of the year compared with the same period in 2023, according to the Zoopla study.

The cost of rents in Brighton, London and Glasgow also dipped.

Mr Donnell said local markets differed, with some seeing more investment in rental property, and some having "overshot" with rising rents. That meant they had to fall to become affordable for prospective local tenants.

On the flipside, some first-time buyers had seen mortgage rates fall sufficiently to be able to stop renting and buy a home.


Imogen Pearson says finding a home to rent was tough


In Derby, despite the proximity to Nottingham, rents are increasing. Imogen Pearson said the intensity of competition had been ridiculous. She said she had lost out on some properties because people paid a deposit before even going to a viewing.

"I would understand that in somewhere like London or Manchester, but not in the suburbs of Derby," she said.

"The more money you spend, the longer you have to rent."

Ultimately, the number of properties available to rent has failed to grow since 2016, according to Mr Donnell, while demand has risen - hence the rising costs for tenants.

Despite a 39% fall in rental demand in the past year, he said the situation would only become more affordable for those on low incomes or reliant on benefits when more homes become available.

In the meantime, people have to hunt around, work out what they can afford and where, and talk to local agents with knowledge about what is available.

Zoopla bases its figures on its listings data, which covers about 80% of homes listed for let.



How you can get to the front of the renting queue


Agents say there are some simple ways to make it easier to secure a rental property, including:Start searching well before a tenancy ends and sign up with multiple agents
Have payslips, a job reference, and a reference from a previous landlord to hand
Build up a relationship with agents in the area, but be prepared to widen your search
Be sure of your budget and calculate how much you can offer upfront
Be aware that some agents offer sneak peeks of properties on social media before listing them

There are more tips here and help on your renting rights here.

UK

Labour policy ‘blitz’ on clean energy backed by public, polling suggests

21 August 2024, 00:04



Keir Starmer standing in front of turbines in onshore wind farm. Picture: PA

But ending winter fuel payments for many pensioners is not popular, the survey for think tank the Energy and Climate Intelligence Unit shows.






The Government’s clean energy policy “blitz” is getting noticed by the public and appears popular, polling suggests.

But removing winter fuel payments for millions of pensioners – announced by Chancellor Rachel Reeves as part of measures to plug a “black hole” in the nation’s finances – is opposed by the majority of people.

The poll of more than 2,100 people by YouGov for environmental think tank the Energy and Climate Intelligence Unit (ECIU) found nearly two thirds (64%) were aware of the setting up of Great British Energy, a publicly owned energy company, and 68% supported the move

Half of those quizzed were aware of the policy to end the ban on onshore wind, with 60% backing the move, while around half (49%) were already aware of the Government’s policy of approving new solar farms and nearly three quarters (74%) were in favour of it when asked.

But two thirds of people (67%) were also aware of the move to remove winter fuel allowance payments from pensioners, apart from those who receive means-tested benefits, and 59% opposed it, with only 28% in favour.

The poll also asked people what would constitute “success” for the Government’s policy to prioritise increasing clean energy and reducing fossil fuels use.

The most popular answers were that the UK would increase its energy independence, chosen by 44% of those quizzed, and cheaper energy bills, picked by 42%.

But there was scepticism that Labour’s clean energy and climate policies would lower bills, with 61% saying they would definitely or likely not deliver cheaper bills, compared with 23% saying they would.

There was more belief that the clean energy policies would deliver more jobs in green industries, with 60% saying that would happen, compared with 22% who said it would not.

59%

Percentage of survey respondents opposed to removal of winter fuel allowance for millions of pensioners


YouGov

And nearly half (46%) thought the UK would definitely or likely increase its energy independence, compared with 36% who did not think it would.

Alasdair Johnstone, of the ECIU, said: “The new Energy Secretary Ed Miliband has moved quickly on a number of key manifesto commitments, with an announcement blitz that has been noticed and crucially for the new Government appears to be popular.

“On an election campaign which saw energy security as one of the key dividing lines, the public endorsed a prospectus which focused on more energy independence, delivered through renewable energy, and so less reliant on energy imports.

“But with the gas crisis ongoing, bills still £400 higher than they were before the crisis and set to rise again ahead of winter, restrictions on winter fuel payments are unsurprisingly much less popular.”

If the UK is going to insulate itself from gas market volatility in the coming years, the Government needs to “get on with” ramping up home energy efficiency and encouraging the take-up of electric heat pumps, he urged.

“There is a public desire to see a government which delivers, and there is risk for this new Government if it fails to do so on one of its key policy pillars,” Mr Johnstone warned.

There is a public desire to see a government which delivers, and there is risk for this new Government if it fails to do so on one of its key policy pillars

Alasdair Johnstone, Energy and Climate Intelligence Unit

A Government spokesperson said: “We are taking immediate action implementing our long-term plan to make Britain a clean energy superpower – boosting our homegrown supply by radically increasing the deployment of onshore wind, solar and offshore wind.”

They pointed to removing barriers to onshore wind and consenting solar power and said Great British Energy would unlock billions of private investment and deliver new energy projects and jobs.

“Around 1.3 million households in England and Wales will continue to receive winter fuel payments and our warm home discount is expected to support three million households with £150 off their energy bills,” the spokesperson said.

By Press Association

CO2 purity monitoring in carbon capture projects

By Anthony Wrighton Aug 20, 2024

 

As the global push towards Net Zero emissions intensifies, carbon capture, utilisation and storage (CCUS) technologies have emerged as necessary tools for reducing industrial greenhouse gas emissions.

However, as more industries adopt these technologies, the need for precise carbon dioxide (CO2) purity monitoring becomes increasingly crucial. Thermo Fisher Scientific offers advanced solutions that ensure the integrity and effectiveness of carbon capture systems, particularly through the use of Fourier Transform Infrared Spectroscopy (FTIR).

During a showcase webinar held today, 20th August, Trevor Tilmann, Applications Engineer at Thermo Fisher Scientific, Environmental and Process Monitoring, highlighted the importance of monitoring CO2 purity in CCUS networks. 

He revealed that impurities in captured CO2 can have significant implications for both the safety of pipelines and the overall success of carbon sequestration efforts. 

“The number one reason for continuously monitoring a CO2 stream is for safety of both the people around the pipeline and the pipeline itself,” Tilmann explained. 

“Moisture, sulphonated species, oxides of nitrogen, and CO2 itself can react to create acidic conditions within the pipeline. This can cause corrosion, which is a major concern given that many of these pipelines are repurposed from existing oil and gas infrastructure made of carbon steel.”

The rise in carbon capture facilities, particularly in hard-to-abate sectors like cement and steel production, underscores the critical need for reliable monitoring solutions. 

According to industry projections shared by Thermo Fisher, the number of operational carbon capture plants is expected to grow from approximately 40 today to over 500 by 2030. As these facilities increase in number and diversity, so too does the complexity of the CO2 streams they handle.

Tilmann noted that the variability in impurities, depending on the source of the CO2 and the capture technique used, further complicates the monitoring process. “It’s really important that we monitor these impurities as they can have an effect on the overall integrity of the pipeline,” he said. 

For instance, CO2 streams captured from combustion sources might contain oxides of nitrogen and sulphur species, while those from ammonia production could carry traces of ammonia and methane. Such impurities, if not adequately monitored, could lead to pipeline degradation or even failures.

To address these challenges, Thermo Fisher Scientific has developed the Max-Bev CO2 Purity Monitoring System, a solution originally designed for the beverage industry but now adapted for carbon capture applications. “The Max-Bev gets its name because it was originally designed for monitoring impurities in beverage-grade CO2,” Tilmann explained. “But it has since been applied to the carbon capture industry with great results.”

©Thermo Fisher Scientific. The Max-Bev CO2 Purity Monitoring System.

The Max-Bev system leverages FTIR technology to provide real-time measurements of CO2 purity and potential impurities, enabling operators to ensure the safe and efficient transport of captured carbon. 

One of the key features of the system is its dynamic range, which allows it to measure compounds from the parts-per-billion level up to 99.99% CO2 concentration. According to Tillmann, this capability is particularly important given the varying impurity levels that can be present in different industrial settings.

The system’s ability to continuously monitor CO2 purity is also vital for companies seeking to qualify for government tax credits, which are often tied to the accurate measurement of sequestered CO2. “We offer a reliable solution with 99.7% uptime that is ready to install in less than 24 weeks,” Tilmann stated.

“As more industries adapt carbon capture and storage, the need for precise, reliable monitoring solutions will become ever more critical. Thermo Fisher is committed to supporting this transition with cutting-edge technology that not only meets but exceeds the rigorous demands of the carbon capture industry.”

The full webinar is available to watch ‘On demand’ at www.gasworld.tv

Joe Biden’s critics are attacking him for saying pro-Palestinian protesters ‘have a point.’ His Jewish backers aren’t concerned.

By Ron Kampeas and Ben Sales August 20, 2024 

JEWISH TELEGRAPH AGENCY

President Joe Biden speaks onstage during the first day of the Democratic National Convention at the United Center on August 19, 2024 in Chicago, Illinois. (Brandon Bell/Getty Images)

In the face of right-wing criticism, Joe Biden’s pro-Israel backers said they aren’t concerned after he said pro-Palestinian protesters “have a point” in his speech at the Democratic National Convention.

The remark, made in the middle of Biden’s address Monday night, has become fodder for attacks on the president. A social media account associated with Donald Trump’s presidential campaign is sharing the clip, and other accounts on X are posting Biden’s quote above videos of protesters who declare support for Hamas or call for Israel’s destruction.

Biden made the statement in the middle of a longer discussion of his efforts to reach a ceasefire in the Israel-Hamas war. He said he and Secretary of State Antony Blinken were working to head off a regional war, free hostages, deliver increased aid to Gaza “and finally, finally, finally deliver a ceasefire and end this war.”

He added, “Those protesters out in the street, they have a point. A lot of innocent people are being killed, on both sides.”

Biden’s omission of the word “Israel” from the speech, and his apparent acknowledgement of the pro-Palestinian protesters outside the convention, were a departure in tone from previous speeches he’s given in which he has declared his support for Israel even as he seeks a ceasefire deal that would free hostages held by Hamas. Since Oct. 7, he has also rebuffed calls to end his backing for Israel’s military campaign against Hamas in Gaza.

David Makovsky, a fellow at the Washington Institute for Near East Policy, said he “immediately” took note of Biden not mentioning Israel. But he said he did not expect the speech to reflect how Biden is approaching ceasefire talks.

“Biden is not, in campaign mode, going to have an impact on the negotiations,” Makovsky told the Jewish Telegraphic Agency. “It’s a matter of pride for him to [have] hostages get out. He’s going to do whatever it takes to get a deal. He will be making campaign speeches all along, as he did last night, but when he is governing he will be laser focused on getting a deal.”

Jewish Democrats dismissed concerns about the speech, rejecting the idea that Biden, who has trumpeted his pro-Israel bona fides for decades, is now ceding rhetorical territory to Israel’s adversaries.

“The president’s been very clear, not just for the past three and a half years, but for the past 50 where he stands on the issue of Israel,” Halie Soifer, CEO of the Jewish Democratic Council of America, told JTA. “We have no doubt, not only that he but also that the vice president stands strongly with Israel. His reference to the protesters was clearly that there must be a ceasefire, and that’s something this administration has been calling for, but not just in a vacuum, a ceasefire that ensures the release of all of the hostages.”

One of Biden’s critics said the larger concern was that Biden’s words reflected the mood of Democrats. Rich Goldberg, who worked in the National Security Council during the Trump administration, called Biden’s remarks “a gut punch to Jewish Americans.”

Goldberg, a senior adviser at the Foundation for Defense of Democracies, told JTA that Biden’s statement had the effect of “legitimizing rioters who pledge support for Hamas and call for a genocide of Jews. No, the people who say they support Oct. 7 don’t have a point — and Biden’s need to say that speaks volumes about what the base of the party wants to hear.”

At least one Jewish Democratic official — though he did not directly criticize Biden or refer to his speech — slammed the anti-Israel protesters the morning after the speech and called for them to be condemned. Rep. Brad Schneider, who represents a suburban Chicago district, said in response to a question about “alienation from Israel” among Democrats that protesters have demonstrated outside his house.

“They scream and they yell,” Schneider said at an event on the convention sidelines hosted by the American Jewish Committee. “They’re calling for [the] end of aid to Israel. What they’re really calling is for the elimination of Israel and the exclusion of the Jewish people from the American political body. They are a minority. They are wrong, and we have to call them out as such.”

Progressive critics of Biden’s Israel policy also looked askance at his remarks on the conflict — because they feel that his actions do not match his words. Simone Zimmerman, a founder of the Jewish group IfNotNow, which is harshly critical of Israel, called his statement about the protesters “absolutely unconscionable and enraging” because his government is still providing military aid to Israel.

Matt Duss, a former foreign policy adviser to Sen. Bernie Sanders, echoed that idea.

“It’s good that the president acknowledged that protesters have [a] point about the huge number of civilians being killed, but that’s not enough,” he told JTA. “He needs to stop sending the bombs that are killing them.”

Aaron David Miller, a former Israeli-Palestinian peace negotiator at the State Department, said Biden’s statement doesn’t reflect an ideological shift.

He attributed the president’s remarks, which were made in the keynote address of a night meant to project Democratic unity, to sentiments across the party, which he said is anxious for the war to end and would not be receptive to what he called Biden’s “I love Israel talking points.”

Miller, a senior fellow at the Carnegie Endowment for International Peace, told JTA, “For a guy who describes himself as a Christian Zionist, who says if there were no Israel we’d have to create one, and who’s had Israel’s back for last 11 months, he could be forgiven for getting caught up in the political moment in front of a Democratic Party — and demonstrators outside — many of whom want a cease-fire yesterday and are appalled by Israeli military tactics and the death toll of Palestinians in Gaza.”

Sautu Voyage — The Uto Ni Yalo’s call for ocean protection and Pacific solidarity


Posted inStory / Our region

Uto Ni Yalo 2024.Uto ni Yalo Trust
Uto Ni Yalo Trust - Fiji
21 August 2024


After nearly a decade, the Uto ni Yalo (UNY) is once again embarked on a momentous international voyage on Sunday with its sights set on Tonga — voyaging as an Ambassador of Pacific goodwill to the 53rd Pacific Islands Forum Leaders’ Meeting (PIFLM53).

The UNY and its sister vessels from across the region have long stood as symbols of the Pacific’s resilience, promoting traditional voyaging and sustainable sea transport and advocating for the health of our oceans. The voyage, aptly named “Sautu Voyage – Moana ‘o e Melino,” is a celebration of the shared heritage and ancestral ties between Fiji and Tonga, offering a powerful reminder of the unity and collaboration that defines the Blue Pacific Continent in the face of contemporary challenges, aligning with the Forum’s theme, “Transformative Resilient Pasifiki: Build Better Now.”

At this critical juncture for the Pacific, the Sautu Voyage embodies the ancient wisdom of an “Ocean of Peace,” moving away from its usual security framing to a more cultural understanding, where all depend on the ocean, treat it with respect, and see it as a unifying element that connects our islands rather than divides them—a true source of prosperity for our region.

While in Tonga, the UNY stands ready during the PIFLM53 as a safe space for Talanoa on critical issues that are important to Pacific people and places, advocating for the protection of 30 percent of the Pacific Ocean by 2030 and representing an affirmation of Pacific leaders’ vision of a fossil fuel free Pacific. Our hope is that the image of the UNY, a traditional double-hulled canoe, will inspire our regions’ leaders to embrace the different ways we work together in the Pacific, with State and non-state actors working together for a stable Pacific.

Sautu Voyage Crew and partners on board the UNY.

Rev. James Bhagwan, Trustee of the Uto ni Yalo Trust, emphasised the significance of this voyage:
 “The Sautu Voyage is more than just a journey; it’s a call to action for the Pacific. As we sail to Tonga, we are reminded of our shared responsibility to protect our oceans and uphold the values that bind us together as one Blue Pacific Continent. This voyage also provides a unique opportunity for young seafarers, some of whom are experiencing blue ocean voyaging for the first time. Building and strengthening our voyaging community—both within the Uto ni Yalo and alongside our sister voyaging societies—will feature prominently on this sail, alongside our calls for strengthened collaboration between civil society organisations and governments to achieve the vision of the 2050 Strategy.”

The voyage is also a celebration of Tonga’s recent acquisition of its own traditional voyaging canoe, the Hinemoana II. As in our Pacific culture communities and families come together to celebrate the birth of a child, we come together to celebrate this significant milestone for Tonga’s traditional voyaging community.

Dr Kathryn Mengerink, Executive Director of the Waitt Institute, a key partner in this voyage, highlighted the importance of this collaboration:
 “Supporting the Sautu Voyage is part of our commitment to the Pacific’s future. It is an honour to work with the Uto Ni Yalo team, Pacific Leaders, and local partners to progress the vision of protecting 30 percent of the Pacific Ocean by 2030, to ensure its health for the prosperity of the communities that depend on it and for the generations to come.”

This historic voyage has been made possible through the generous support of the Waitt Institute, Blue Prosperity Coalition, Oceans 5, Fossil Fuel Non-Proliferation Treaty Initiative, Greenpeace Australia Pacific, the Office of the Pacific Oceans Commissioner, with in-kind contributions from National Geographic Pristine Seas, Tradewinds Marine, Value City and Niranjans.

As the UNY sets sail on Sunday, those inspired by this journey also have a unique opportunity to participate. A few paid spots are still available for the return sail, departing Tonga for Fiji on 5 September 2024, offering a once-in-a-lifetime chance to experience the rich tradition of Pacific voyaging firsthand.

This story was originally published at Uto Ni Yalo Trust – Fiji on 16 August 2024, reposted via PACNEWS.