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The governments of Denmark, Norway, and the United States, along with the Global Maritime Forum and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, today announced that they will lead a new Zero-Emission Shipping Mission as part of Mission Innovation. The Mission aims to accelerate international public-private collaboration to scale and deploy new green maritime solutions, setting international shipping on an ambitious zero-emission course. The Mission will also be supported by the governments of India, Morocco, the U.K., Singapore, France, Ghana, and South Korea.

“Through fearless technological innovation, ambitious clean energy deployment, and constructive international collaboration, we can build a net-zero carbon economy that creates millions of jobs and lifts our citizens into greater prosperity,” said Jennifer Granholm, U.S. Secretary of Energy.

Carrying 80-90% of global trade in a less carbon-intensive manner than other freight transport modes, international maritime shipping nonetheless represents about 2–3% of the world’s total annual greenhouse gas emissions. Without immediate and concerted efforts, emissions from the sector could increase between 50% and 250% by 2050.

The three main goals of the Zero-Emission Shipping Mission are:

  • Develop, demonstrate, and deploy zero-emission fuels, ships, and fuel infrastructure in a coordinated fashion along the full value chain.
  • By 2030, ships capable of running on hydrogen-based zero-emission fuels—such as green hydrogen, green ammonia, green methanol, and biofuels—make up at least 5% of the global deep-sea fleet measured by fuel consumption.
  • By 2030, at least 200 of these well-to-wake zero-emission fueled ships are in service and utilizing these fuels across their main deep sea shipping routes.

The Zero-Emission Shipping Mission is part of Mission Innovation, a global initiative of 24 countries and the European Commission working to accelerate clean energy innovation. The objective is to help move clean energy solutions from lab to market. Mission Innovation was announced at COP21 on November 30, 2015, as world leaders came together in Paris to commit to ambitious efforts to combat climate change.

Read more: MISSION STATEMENT FOR ZERO-EMISSION SHIPPING MISSION

Article courtesy of Energy.Gov.

Image courtesy of Tom Fisk from Pexels


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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike

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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike

Electric motocross just got another serious upgrade. Stark Future has unveiled its latest evolution of the VARG MX platform – meet the VARG MX 1.2. With more powertrain efficiency, longer range, and a tech-infused new onboard computer that moonlights as a military-grade Android phone, this bike is maintaining the Stark VARG playbook of doing more than keeping up with gas-powered competition, it’s burying them.

Stark Future is flying high, both literally with impressive performance that has helped riders to expand their options so aggressively that it’s gotten itself banned from the X-Games, to proverbially with the company already touting profitability so early in its operations.

At the heart of the VARG MX 1.2 is the same 80 hp (60 kW) electric motor that made the original VARG such a monster on the dirt, easily outgunning traditional 450cc gas bikes. But this time around, riders get even more customization. The power output can be adjusted anywhere from 10 to 80 hp (7.5-60 kW) on the fly, with refined control over the power curve and motor braking. Basically, it’s like having a garage full of bikes in one, and all of them are really impressive!

Helping riders tap into all that performance is a new handlebar-mounted smart device called the Arkenstone. This isn’t your average LCD screen, it’s a full-fledged, ruggedized Android smartphone that connects wirelessly to the bike. Want to change power modes mid-lap? Done. Want to track your lap times and get real-time GPS data? Also done. Stark even partnered with a major map provider to make sure the new “Laps” feature delivers real course splits and terrain data without the need for external apps or gear.

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And of course, performance is still king here. The new 7.2 kWh battery tucked into a lightweight magnesium honeycomb case delivers up to 20% more range than before. That means longer rides, harder pushes, and fewer recharge breaks. Oh, and it still puts out 973 Nm of torque at the rear wheel. Not a typo. That’s insane torque.

The updated chassis is no slouch either. Stark redesigned the frame using a stronger, lighter steel alloy, shaving off nearly a kilogram while improving flex and feedback. Suspension was also retuned with KYB components offering 310mm of travel and selectable spring rates based on rider weight – a level of adjustability that’s unheard of from most OEMs.

Motocross legend Kevin Windham, after testing the bike, didn’t hold back: “I’ve ridden everything there is to ride, and this is the future.” He praised the natural feel, instantaneous response, and how quickly it felt like home, even after decades on gas bikes.

But the VARG MX 1.2 isn’t just a lab project. It’s been relentlessly race-tested under the leadership of two-time World Champion Sébastien Tortelli, who now heads up Stark’s racing program. “Racing is where weaknesses show and strengths are proven,” says Tortelli. “Every race, every rider, every condition feeds into what we build.”

Other upgrades include a new overmolded wiring harness for extreme durability, a lighter and more efficient gearbox, new tires (Dunlop or Pirelli, your call), and even a reinforced skid plate made from biodegradable materials. Optional titanium hardware can shave off another 900 grams if you’re counting grams like trophies.

Maintenance? Practically nonexistent. With no pistons, clutches, or filters to fuss over, Stark says its riders can save up to $5,000 over 100 hours of use compared to a traditional gas bike. And in an industry notorious for limited warranties, Stark is backing the entire bike for two years.

Those cost savings are going to be important considering that electric motorcycles usually have higher up-front sticker shock. But with the new Stark, pricing is surprisingly competitive for something this high-end.

The 60 hp (45 kW) standard model starts at US $12,490, while the full-fat 80 hp (60 kW) Alpha comes in at $13,490 (plus a $1,000 tariff charge for US buyers). Bikes are available now through Stark’s global dealer network or directly from the company’s site.

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BP CEO hails exploration discovery boon after surprise profit beat

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BP CEO hails exploration discovery boon after surprise profit beat

Trowbridge in Somerset, England, on March 15, 2025.

Anna Barclay | Getty Images News | Getty Images

BP CEO Murray Auchincloss on Tuesday leaned into the growth potential of the company’s recent oil and gas discoveries, as the struggling energy major contends with takeover questions and a major turnaround plan.

“Inside the upstream, we’ve had tremendous performance, along with record operating efficiency [and] along with starting up five new major projects,” BP’s Auchincloss told CNBC’s “Squawk Box Europe“, just after the release of the company’s second-quarter results.

He added that he was “very optimistic” about the company’s latest exploration discovery in the Bumerangue block in Brazil’s Santos Basin, just over 400 kilometers (248.5 miles) from Rio de Janeiro. BP is currently carrying out tests to further analyze the block’s potential.

The Bumerangue discovery, announced Monday, is the firm’s 10th since the start of the year and reflects a potentially significant boost as BP continues to double down on hydrocarbons.

We’re focused on growing cash flows, BP CEO says, amid takeover rumors

After underperforming its peers in recent years, the firm has shifted gears by way of a fundamental strategic reset that will see BP prioritize fossil fuels and slash renewable spending.

Earlier on Tuesday, the energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June — comfortably beating analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.

Ramping up investor returns, the company also said its quarterly dividend will increase to 8.32 cents from 8 cents and that it will maintain the pace of its share buyback program at $750 million for the second quarter.

Shares of the company were last seen trading 1.6% higher during morning deals.

Takeover speculation

The downturn of recent years has turned BP into the subject of intense takeover speculation, with some questioning a potential future merger with domestic rival Shell. For its part, Shell in late June said that it had “no intention” of making an offer.

UAE oil giant ADNOC, as well as U.S. oil giants Exxon Mobil and Chevron, are among some of the names that have also been touted as possible suitors.

Asked whether the company had been approached by any potential merger partners amid ongoing takeover speculation, Auchincloss said BP is focused on growth.

“That’s what is going to drive the share price up for shareholders,” he added.

CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024. 

Mark Felix | AFP | Getty Images

Maurizio Carulli, global energy analyst at Quilter Cheviot, said BP’s earnings were the company’s first positive quarterly results “in a very long time,” noting that “what is perhaps most encouraging” was the firm’s outperformance came despite a period of lower oil prices.

“The management team has clearly started delivering on the strategy reset announced a few months ago. There has been huge speculation of late on the fate of BP and whether or not a rival will look to take them out with a merger,” Carulli said.

“If positive results like this continue to be delivered, that speculation may just end up being a blip in BP’s long and storied history,” he added.

Asset review

BP, which is under intense pressure to improve profitability from the likes of activist investor Elliott, noted that it would initiate a further cost review of its assets — mere weeks before Albert Manifold joins BP’s board from Sept. 1 and as chair from Oct. 1.

Asked for further details of this strategic review, Auchincloss told CNBC: “If you think back to 2020, we reduced our costs by 25%, and in 2024 we announced another program to reduce our costs by another 20%. That’s the $4-5 billion that I referenced earlier.”

“If we can achieve that, that will take us to around top quartile in the sector, but I don’t think that is enough,” Auchincloss said.

BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion compared to the first three months of the year.

“We need to keep driving safely to be the very best in the sector we can be. And that’s why we’re focused on another review to try to drive us toward best in class inside the sector,” Auchincloss added.

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Saudi Aramco posts drop in quarterly revenues amid lower crude, oil products prices

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Saudi Aramco posts drop in quarterly revenues amid lower crude, oil products prices

Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. 

Hamad I Mohammed | Reuters

Saudi Aramco on Tuesday posted a drop in second-quarter revenues, citing lower crude oil and refined chemical products prices that were only partially offset by higher traded volumes.

The world’s largest oil company declared an adjusted net income of 92.04 billion Saudi riyal ($24.5 billion) over the three months to the end of June. The result compares with a forecast of adjusted net income of $23.7 billion, according to an analyst survey estimate supplied by the company.

Second-quarter revenues dropped to 378.83 billion Saudi riyals from 425.71 billion Saudi riyal in the same period of the previous year.

“Market fundamentals remain strong and we anticipate oil demand in the second half of 2025 to be more than two million barrels per day higher than the first half,” Aramco CEO Amin Nasser said in a Tuesday statement accompanying the results.

Crude prices have stayed depressed over the course of the year, barring a brief second-quarter flare-up sparked by Israel-Iran tensions. Futures have been under pressure from an uncertain outlook for demand, exacerbated since April by the rollout of Washington’s wide-spanning tariffs. The protectionist trade measures muddy the picture for growth in the world’s largest economy and the future of the U.S. dollar, which denominates most commodities — including crude oil.

Aramco’s income is set to see a boost from higher output, after Saudi Arabia – and seven other OPEC and non-OPEC partners — complete unwinding 2.2 million barrels per day of voluntary cuts through a last tranche in September. Saudi Arabia most recently produced 9.356 million barrels per day in June, according to independent analyst estimates compiled in OPEC’s Monthly Oil Market Report.

Aramco has increasingly tapped debt markets, with two issuances totalling $9 billion in the second half of 2024 and a three-part bond sale of $5 billion this year.  

Front of mind for investors is the dividend policy at Aramco, which in March slashed investor returns for 2025 to $85.4 billion — down sharply from the $124.2 billion of 2024 — after a first-quarter decline in net profits. Aramco declared a base dividend of $21.1 billion and a performance-linked dividend of $0.2 billion in the third quarter.

The company’s dividend yield stood at 5.5% as of Monday, still ahead of U.S. industry peer Exxon Mobil‘s 3.6% and Chevron‘s 4.5%, according to FactSet data.

Aramco’s payouts ripple sharply into the budget of Saudi Arabia, which has been juggling diversifying its economy away from oil reliance under Crown Prince Mohammed bin Salman’s signature Vision 2030 program. Saudi Arabia’s gross domestic product expanded by 3.9% in the second quarter, boosted by non-oil activities.

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