Big Oil defied environmentalists and ESG-minded investors by saying this year that oil and gas are too important energy sources to be easily dismissed in the energy transition
Shell and BP said earlier this year that they would invest more in resilient oil and gas projects than previously planned and would “There is no one solution. It is critical that the world avoids dismantling the current energy system faster than we are able to build the clean energy system of the future,” Shell’s CEO Wael Sawan “Oil and gas WILL continue to play a crucial role in the energy system for a long time to come, with demand reducing only gradually over time.
Reducing global oil and gas production would be “dangerous and irresponsible” as the world still desperately needs those hydrocarbons, Sawan told Security, affordability, and sustainability of supply are key themes in debates as oil executives from companies, including Canada’s oil sands, Saudi Aramco, and the supermajors, are taking part in the 24th in Calgary, Canada, this week. The main theme of the event is “Energy Transition: The Path to Net Zero.
Big Oil hasn’t ditched net zero. But it hasn’t ditched oil and gas, either. On the contrary, recent statements from executives signal that companies would now be looking to develop more oil and gas resources with a focus on lower emissions and carefully plan their investments in low-carbon energies to create value for shareholders and not leave the world starving of conventional energy sources while it still needs them.
The answer to this, according to the top oil executives this year, could be a carefully managed energy transition without “leave it in the ground” extremes or an “either-or” approach to energy investments until the world needs more oil and gas.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Good Energy CEO: Price Cap Is Pushing Energy Bills HigherGood Energy reported a significant rise in profits as its CEO, Nigel Pocklington, criticizes the price cap policy, describing it as a public policy failure.
Read more »
California Governor Slams Big Oil For Lying About Climate ChangeCalifornia’s governor has accused the oil industry of lying and downplaying the damage it has caused to the climate.
Read more »
Best energy-saving tips to start habit-forming to help save money during winterEven if you used no gas or electricity, daily standing charges cost over £300 each year.
Read more »
A New Energy Era: Wind And Solar Outpace HydropowerWind and solar energy consumption surged in 2022, overtaking global hydroelectricity consumption for the first time ever.
Read more »
Error left woman paying family next door's energy bills for yearsHer case was raised in the House of Commons and MPs heard the breast cancer survivor had been paying the energy bills of a family of four next door for much of the six years she had lived in the flat
Read more »