Top 3 stories
1) BP: Deepwater Horizon payout tops $5bn as Guardian reports firm “locked away” clean energy research
The administrator overseeing a BP Plc fund to compensate people and businesses claiming they were harmed by the 2010 Gulf of Mexico oil spill said on Wednesday more than $5 billion has been paid out – according to Reuters.
The news comes as The Guardian’s Terry Macalister reported that BP pumped billions of pounds into low-carbon technology and green energy over a number of decades but gradually retired the programme to focus almost exclusively on its fossil fuel business.
2. India: Modi turns to coal to ease power shortages
The news comes after a group of Australian banks indicated they remained willing to fund a disputed coal project near the Great Barrier reef led by India’s Adani.
3. Oil price: Oil surges on low rise in US inventories
Oil prices rallied and U.S. crude jumped nearly 6 percent to a 2015 peak on Wednesday after government data showed crude oil inventories in the United States rose less than expected last week – according to Reuters.
In other news
China nuclear: State approves first locally designed nuclear reactor
Unburnable carbon: BBC’s Roger Harrabin reports on whether oil giants are sitting on unburnable carbon reserves