Governments and politicians may not have agreed on a way forward at the recent COP25 climate talks in Madrid, but it doesn’t mean business leaders can afford to stop and give up on the energy transition. This week’s World Economic Forum is a fresh opportunity for businesses to take the lead in developing a new energy system.The energy industry is critical to making 2020 the year of strategic shift. There are signs of progress. Repsol has committed to be a net zero emissions company by 2050 and Shell has tied executive pay to its carbon emission targets. But when you look at the industry more widely, we are at risk of incrementalism when exponential progress is required.That’s critical given the market is at an inflection point where our choices will have a decisive effect on global economies, the environment and the future energy market.If the global community were to join Repsol and reach net zero emissions by 2050, it would mean reducing global emissions by 40 gigatonnes per year.
FT 23rd Jan 2020 read more »
During a press conference at the WEF this morning, US Treasury Secretary Steven Mnuchin was asked for his thoughts on Thunberg’s calls for divestment from fossil fuel companies, to which he reportedly joked: “Is she the chief economist? Who is she? I’m confused.” “After she goes and studies economics in college she can come back and explain that to us,” Mnuchin added. But Thunberg hit back with a thinly-veiled riposte to Mnuchin this afternoon, arguing on social media that “it doesn’t take a degree in economics to realise that our remaining 1.5C carbon budget and ongoing fossil fuel subsidies and investments don’t add up”.
Business Green 23rd Jan 2020 read more »
Independent 23rd Jan 2020 read more »
The more far-sighted oil and gas companies are an integral part of the net-zero transition. They bring the world’s best engineers to the task. Occidental Petroleum has a compelling riposte to Greta Thunberg’s signature rebuke in Davos, that “nothing is being done” about climate change. It also has a grim warning for those of its peers in the fossil industry (a minority) that persist in thinking that business can go on as usual with just a few tweaks here and there: a slew of major oil and gas companies will disappear in the Great Disruption of the coming decade, and it says they will deserve their fate. “We’re fighting for our industry’s life,” said Vicki Hollub, Occidental’s chief executive, speaking at the World Economic Forum in Davos.
Telegraph 23rd Jan 2020 read more »