Ireland shows it's not all talk on fossil-fuel phase out: In one of the boldest climate action moves yet, Ireland has rejected the establishment of a new fossil fuel import facility due to climate concerns, Bloomberg reported. After taking into consideration policies outlined in Ireland’s energy and climate action plan, the country’s planning authority refused a proposal for an LNG import terminal on the Shannon Estuary and a related gas-fired power plant, according to the business information service. Ireland is “probably the first” country to deny an LNG facility based “on climate, as opposed to local environmental opposition,” research fellow at the Oxford Institute for Energy Studies Jonathan Stern told Bloomberg.

The world should take note: Despite almost all the world’s countries having signed climate pledges under the 2015 Paris Agreement, the majority continue to expand investments in oil and gas. Germany, for example, has been ramping up its natural gas investments, citing energy security concerns amid sanctions on Russia. The UAE’s Adnoc has a USD 150 bn investment plan to enable an “accelerated growth strategy” for oil and gas production. Saudi Aramco is planning an estimated USD 10 bn second expansion phase of its Jafurah unconventional gas production project.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Pakistan is getting a new carbon fund: Pakistan’s Climate Change Ministry plans to introduce a carbon fund and a comprehensive carbon policy, Energy Minister Muhammed Ali said at the Adipec conference this week. The policy involves improved data availability, upping the supply of natural gas, and investing more into power transmission. (Wam)
• Brookfield acquires Banks Group’s green unit for USD 1 bn: Brookfield, a Canadian investment firm, has purchased the renewable energy branch of UK-based Banks Group for USD 1 bn. (Reuters)