Fuels Decline in Europe, Saudi Arabia Pursues Green Initiative, and Fossil Fuel Companies Face Credit Downgrades

Fuels like diesel and naphtha are expected to decline in Europe due to weak economic growth and reduced demand in the manufacturing and transportation sectors. China, on the other hand, is experiencing a surge in demand for diesel-type fuel due to its booming property sector and investments in petrochemical capacity. Saudi Arabia is pursuing a green initiative to generate half of its electricity with renewables by 2030 and is partnering with companies like GlassPoint to create job opportunities and reduce emissions. Fitch Ratings warns that much of the fossil fuel industry may face credit downgrades due to climate risk. The IEA proposes a global strategy to keep global warming below 1.5C, including tripling global renewable capacity and ending approvals of unabated coal-fired power plants.