Guest essay by Eric Worrall
Analysts are shocked that oil and gas companies are still investing substantial sums in developing fossil fuel assets, almost like they don’t care about the Paris Agreement.
Oil and gas companies investing £40bn in projects that ‘undermine’ fight against climate change
‘Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,’ says report author
Chris Baynes…
Fossil fuel giants including Shell, BP and ExxonMobil are investing billions in plans that are incompatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5C, according to an analysis by the think tank Carbon Tracker.
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“Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,” said Andrew Grant, a former natural resources analyst at Barclays and co-author of the report.
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Darren Woods, Exxon’s chief executive, this week insisted the world’s rapidly growing demand for energy would not be met by renewables alone. He cited International Energy Agency (IEA) estimates that £17 trillion of new investment in energy production is needed by 2040, representing a “compelling investment case” for fossil fuels.
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Read more: https://www.independent.co.uk/news/business/news/oil-gas-companies-fossil-fuels-climate-change-global-warming-shell-exxon-a9094946.html
The carbon tracker report is available here.
My guess is oil companies are betting on the Paris Agreement declining into irrelevance long before they get into trouble for their new fossil fuel investments.
There are signs that more forward thinking climate activists are ready to jump ship, and are desperately searching for a new crisis, ranging from a faltering attempt to resurrect the plastics crisis, to low level efforts to kick start the artificial intelligence crisis.
“. . .almost like they don’t care about the Paris Agreement.”
Imagine that!
Hint: They’re not alone, by far.
It is amazing that “Oil Companies” can apply science and engineering to find and extract oil, refine it to an acceptable consistency, transport it through a distribution channel that makes it available for individual consumption. We can all feel comfortable that the fuel we purchase and put in vehicles, or heats our homes, performs as expected. The individual is empowered.
That is about the best example of beneficial mutual human behavior I can think of. We can trust the human chain of people to deliver this product at affordable prices, all while having to lock our cars because we can’t trust the humans we live amongst.
And, the unintentional consequence of burning fossil fuels is an increase in the base of the food chain for all Carbon Based Life Forms: Carbon Dioxide
just let them extract it and don’t use it..
The AI crisis sounds good. Lots of room for speculation. But the “air quality crisis” (millions dead and dying!) is already well under way with the imaginary “deaths” attributed willy-nilly by the WHO and claims from Berkeley that “avoidable disability adjusted life years” can be a saleable and tradeable commodity. You have heard of carbon traders? Welcome in the new aDALY traders, coming with a large scale, expensive, air quality intervention near you.
After that will be the “water pollution/supply crisis” which is also under way, though not as advanced in planning as the air pollution crisis.
There is nothing so scary as a green-faced hobgoblin and a crisis, real or imagined, should never be wasted. The logic will not be any better, so get out your teeth-protection leather biting-strap. As the air quality has improved in the USA, year upon year, asthma has become rapidly worse and more common in children. This is, of course, blamed on “air pollution”.
“Huh”, you say? That’s right – the better the air, the worse the asthma problem, yet it is being blamed on the deteriorating air quality, even though it is improving. See? Nothing up my sleeve. Logic is a luxury we cannot afford. Solar panels….yes.
My doctor (in Canada) told me he was at a medical conference in the US and he queried a number of doctors about this increase in asthma. All said they have not found any increase in patients.
Injections of artificial intelligence could be exactly what is required to bring much of the population out of their obsession with an imaginary “climate crisis” which is in reality only a political and money scam.
It is not the oil companies fault. They are just trying to meet demand and make a profit for their share holders at the same time as they are suppose to. If there is any fault to be has it would be with those who make use of goods and services that involve the use of fossil fuels. In my neighborhood, most would perish in short order if they could no longer make use of goods and services that involve the us of fossil fuels. In my neighborhood people live in buildings, walk on surfaces, use water, and eat food that has all involved the use of fossil fuels. Even solar panels, that some homes have, were transported and installed by the use of fossil fuels. If people just stopped making use of oil and its products the oil companies would stop producing it. If government really wanted to significantly reduce the use of fossil fuels they would fully embrace nuclear power but they are not doing that.
First there is the usual gibberish terminology.
A “1.5C world” would be very cold, and that would be a climate emergency.
What they mean by that stupid phrase is a world 1.5 deg C warmer than it was in 1850.
We have already warmed approximately 1 deg C since then and the result has been beneficial to life in general and humans in particular. I am confident that an additional 0.5 deg C warming will continue the improvement.
Lovely to see so many sane comments. Maybe the dam has broken and sanity will prevail.
Other than Man Made Climate Change as the greatest threat known to mankind, what else can Trump That?
Holy Moly, should I have said, “That Trump”?
The whole “Man Made Climate Change” thingy got sidetracked 2016 when Trump That was elected.
And he pretty much has/is The Trump!!!!
If the guy can live long enough and can get re-elected; what follows will be historical on so many levels. FAKE NEWS and Fake everything else in this country may hit a wall unlike ever before. Perhaps the mass, collective insanity and hysteria might just end?
One can hope and pray(secretly)but (not out in the open).
Oil companies are so powerful- they can force people to buy oil (and its derivatives) just by supplying it.
You forgot the /Sarc tag. If we were that powerful, the price of oil would never fall below $100/bbl.
Says it all:
https://www.telegraph.co.uk/music/news/mick-jagger-truly-wants-save-planet-could-stop-touring/
https://www.google.com/search?q=mick+jagger+hurricane+Doriah&oq=mick+jagger+hurricane+Doriah+&aqs=chrome.
https://www.google.com/search?client=ms-android-huawei&sxsrf=ACYBGNRTSWlrenp5mhMzNwRwHe6ts_BejA%3A1568110029109&ei=zXV3Xb6oBs-GrwSO-4iwAg&q=mick+jagger+bahamas+home&oq=mick+jagger+Bahamas+&gs_l=mobile-gws-wiz-serp.
Drake Cherry,
Susan said “I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place …”
No you fantasize “The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.”
Everyone knows the homeless don’t throw away anything and make a living from collecting returnable bottles.
You hardly see homeless people that often. Or just drive them down.
Drake Cherry,
Susan said “I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place …”
No you fantasize “The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.”
Everyone knows the homeless don’t throw away anything and make a living from collecting returnable bottles.
You hardly see homeless people that often. Or just drive them down.
____________________________________________________
In german we say “nach oben treten, nach unten buckeln”, Drake Cherry –
“to hump upwards”.
Drake Cherry,
Susan said “I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place …”
No you fantasize “The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.”
Everyone knows the homeless don’t throw away anything and make a living from collecting returnable bottles.
You hardly see homeless people that often. Or just drive them down.
____________________________________________________
In german we say “nach oben buckeln, nach unten treten, Drake Cherry –
“hunch up, step down”.
Hot Scot – when I saw your post my craggy features broke into an evanescent smile.
“There are signs that more forward thinking climate activists are ready to jump ship, and are desperately searching for a new crisis” As we all knew, climate change was just a avenue to achieve the socialist agenda. If they believed it was really a do or die situation, they would not be giving up.
Fossil fuel companies know that when the party is over, even the most diehard climate alarmist wants to get to his warm (or cooled) home, have a shower and eat something nice. Courtesy of fossil energy. And they would be the first to raise a stink if their comfy lifestyle would be impeded in any way.