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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Headlines

    Posted By Global Banking and Finance Review

    Posted on February 17, 2025

    Featured image for article about Headlines

    By William James and Alex Lawler

    LONDON (Reuters) - U.S. Energy Secretary Chris Wright on Monday called a pledge to achieve net zero carbon emissions by 2050 a "sinister goal", and criticised the British government's attempts to hit clean energy targets.

    Former President Joe Biden set a target in 2021 for the United States to achieve net-zero emissions by 2050 to help fight climate change, in part by using subsidies to encourage an expansion of clean energy and electric vehicles.

    "Net Zero 2050 is a sinister goal. It's a terrible goal," Wright said, speaking via videolink at a conference being held in London.

    "The aggressive pursuit of it - and you're sitting in a country that has aggressively pursued this goal - has not delivered any benefits, but it's delivered tremendous costs."

    Wright also used a question and answer session at the Alliance for Responsible Citizenship event to say his number one priority was for the government to "get out of the way" of the production of oil, gas and coal.

    President Donald Trump's administration said on Friday it had granted a liquefied natural gas export license to the Commonwealth LNG project in Louisiana, the first approval of LNG exports after Biden paused them early last year.

    "We ended the pause and approved the Commonwealth LNG export terminal last Friday, and many more in the queue," he said.

    "The world simply runs on hydrocarbons and for most of their uses we don't have replacements."

    On net zero, he took particular aim at Britain, saying its pursuit of a decarbonised energy system - which the current UK government wants to reach by 2030 - had damaged living standards and exported emissions elsewhere in the world.

    "No one's going to make an energy-intensive product in the United Kingdom any more. It's just been displaced somewhere else," he said.

    "This is not energy transition. This is lunacy. This is impoverishing your own citizens in a delusion that this is somehow going to make the world a better place."

    Prime Minister Keir Starmer has put clean energy at the heart of his strategy for Britain, banking on the development of the country's offshore wind resources in particular as the source of a new wave of highly skilled jobs and economic growth.

    In January Trump, speaking before his presidential inauguration, criticised the British government's energy policy with a demand the country "open up" the ageing North Sea oil and gas basin and get rid of wind farms.

    (Reporting by William James; Editing by Jan Harvey)

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