Proposals to extend the commitment at COP26 to phase-down coal, oil and gas failed to find a consensus at last November’s COP, placing the emphasis on consumers to reach decarbonisation targets.
Repsol said the flow of cash will help its strategic goal of investing 35% of its capital expenditure, or 5.5 billion euros, in low carbon projects in the 2021-2025 period.
Completely replacing fossil fuels with clean energy by 2050 would save the world trillions of dollars, according to a new study by Oxford University researchers.
Most of the capex rises that have been announced this year will go to hydrocarbon rather than renewables investments.
BP saw record Q2 earnings on the back of high oil and gas prices but like its peers much of the surplus will go to share buybacks or dividends, with little extra ear-marked for energy transition projects or new oil and gas output.
Lower valuations for green companies are creating opportunities for oil and gas companies to fulfil transition objectives through acquisition. Purchases are on the rise.
Inflationary pressures are making investment in low carbon solutions more expensive, while ESG concerns mean many O&G companies are also avoiding an increase in hydrocarbon investment.
Even burning just the oil, gas, and coal in existing fields and mines would far exceed the carbon budget for a 50% chance of staying below 1.5°C warming, a new report has found.
Japan’s transition plans have been accelerated, including in response to the Ukraine war, but the immediate focus remains on securing dispatchable supply and keeping the lights on.
While Europe is partly accelerating low-carbon programmes to wean itself off Russian energy in the light of the Ukraine war, the picture in Asia is more mixed, with many still associating reliable energy with fossil fuels.