The Canadian Green Party’s parliamentary leader, Elizabeth May, said last week: “My heart bleeds for people who believe the sector is going to come back. It’s not. Oil is dead and for people in the sector, it’s very important there be just transition funds.”
As we transition out of the pandemic we need to transition out of fossil fuels too. We have the science. We have the knowledge. We have the expertise. And now we have to change.
Whereas the oil majors are pulling back their shale operations, others though are looking to expand in US shale.
Shell is in trouble. BP is in trouble. So too is Exxon.
You cannot underestimate that seismic shift going on as investors, often drunk on big oil profits, now just face uncertainty and loss. The oceans are awash with bobbing tankers full of oil, with no market to sell them. The industry is paralysed by the pandemic.
A new study published last week confirms what we already knew about oil and gas in the Permian Basin. It’s an unmitigated disaster.
Big Oil faces a new reality where “everything has changed.” Even their long-term survival.
There is no doubt we are at a historical moment with the industry in deep structural and financial trouble and where a post-COVID-19 recovery could see a radical shift away from oil and into a just transition into renewables. But will that happen?
On the 10th Anniversary of the Deepwater Horizon disaster, “If anything, another disaster is more likely today as the oil industry drills deeper and farther offshore.”
Shell, a company often vilified for being complicit in human rights abuses in Nigeria, of rampant pollution and ignoring the risks of climate change for decades, belatedly wants us to believe it is central to the climate fight.