Tech firm’s bid to remove more CO₂ than it produces is being tested as AI spawns new energy-hungry datacentres

• Bill Gates: AI will help rather than hinder climate targets

If you want evidence of Microsoft’s progress towards its environmental “moonshot” goal, then look closer to earth: at a building site on a west London industrial estate.

The company’s Park Royal datacentre is part of its commitment to drive the expansion of artificial intelligence (AI), but that ambition is jarring with its target of being carbon negative by 2030.

The oil major’s net zero plans have made it a sector leader but have yet to win over investors while fossil fuels are booming

Grand corporate strategies are launched in weighty declarations by chief executives who fancy themselves as visionaries. That was how Bernard Looney, the then chief executive of BP, did it back in February 2020 when he said the company would get serious about cutting greenhouse gas emissions and investing in renewables. “The direction is set. We are heading to net zero. There is no turning back,” Looney told his City audience.

By contrast, the watering down of ambition tends to happen in increments. Thus, when Looney last year scrapped BP’s aim to reduce hydrocarbon output by 40% by 2030, versus 2019’s level, in favour of a 25% cut, he claimed the change was a case of “leaning in” to the same strategy, just in the new circumstance of a world that was worrying more about energy security after Russia’s invasion of Ukraine.

Central bank raises concerns over newly elected governments as more than 80 countries go to polls this year

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Uncertainty caused by a global wave of elections, starting this weekend in France, risks destabilising the UK’s financial system, the Bank of England has warned.

Officials are concerned about the kind of policies that newly elected governments may enforce in large economies, including the US, where Donald Trump is vying for another term as president in the run-up to the election in November.