Letter sent to the Committee on Climate Change today – please do write your own letters urging the Committee to write to their parent department of Business Energy and Industrial Strategy who hold ALL the cards.
Keep Cumbrian Coal in the Hole 6th Feb 2021 read more »
The final months of 2020 were a tough end to a tough year, according to BP’s chief executive. But Bernard Looney’s verdict on the worst financial year in the industry’s history is a devastating understatement. It was a period marked by thousands of job cuts, battered dividend policies and record multibillion-dollar losses. BP revealed a full-year loss of $18bn, its first since the Deepwater Horizon disaster more than a decade ago, while US oil giant ExxonMobil reported an annual loss of $22.4bn – its first ever. Shell capped a year in which it slashed its dividend for the first time since the second world war with a debit of almost $20bn. The crushing decline of the oil industry during the Covid-19 pandemic may be unprecedented, but it is also a foreseeable outcome for fossil fuel producers in the years ahead. The race to create clean-burning biofuels and hydrogen to propel aircraft and seaborne tankers is gaining pace. At the same time, electric vehicles are accelerating into the mainstream. A green transport future is arriving faster than even the most optimistic environmentalists had hoped, and fossil fuel executives had feared.
Guardian 7th Feb 2021 read more »
Shell’s slow-burn evolution risks leaving investors cold. Rivals such as BP are powering ahead with the switch to carbon neutral, but Shell is sticking to its more cautious approach. Big oil is under unprecedented pressure. Accelerating global action on climate change is forcing powerful companies to move into new and unfamiliar energy markets or risk being overtaken by nimble rivals. Pressure has been growing due to the pandemic which has hammered oil prices, and catalysed the move towards renewable energy in many parts of the world.
Telegraph 7th Feb 2021 read more »