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Why a ‘crushing’ day for Big Oil represents a watershed moment in the climate battle
What I find interesting is that this is basically market driven, not from regulation. maybe that is why it hasn't resulted in the usual denial and partisanship. When investors and boards take action, it is the free market speaking.
The second link is a capsule of the entire fossil fuel situation: local economic impact vs the greater good. I feel for the locals, but not buying the narrative.
Returns on energy stocks have sucked for many years, and I suspect that investor concerns about climate change has accounted for some of the poor performance. Although many conservatives consider climate change a hoax, the scientific data doesn’t support their views. And when their money is at stake, apparently many investors are paying attention to the science.
Some speculation on the future of oil production in an activist world:
An oil price rally coupled with the declining strength of oil majors would mean a large wealth transfer from the West to countries like Russia and Saudi Arabia, until demand starts declining not only in the West but in Asia too.
"The same oil and gas will still be produced. Just with lower ESG standards," said an executive from a Middle Eastern producer, who previously worked for an oil major, referring to environmental, social and governance performance measurements.
Comments
Here's one for you I just found. You have to read it to believe it!
https://www.theguardian.com/environment/2021/may/27/dig-coal-to-save-the-climate-the-folly-of-cumbrias-plans-for-a-new-coalmine
The second link is a capsule of the entire fossil fuel situation: local economic impact vs the greater good. I feel for the locals, but not buying the narrative.
Biden’s Fossil Fuel Moves Clash With Pledges on Climate Change
This Time Is Different: Outside OPEC+, Oil Growth Stalls
Why Biden Approved ConocoPhillips' Willow Field In Alaska: It's All About Securing The TAPS
Also, regarding the future of global coal production (perhaps Putin thinks Russia will be a winner in a warmer world):
Putin Is Betting Coal Still Has a Future
Biden administration suspends oil and gas leases in Arctic National Wildlife Refuge