The beginning of the end of the age of oil moved a step closer today
As the fledgling UK fracking industry bleeds investors’ money in alarming quantities on a daily basis, plagued by ongoing issues of democratic accountability, seismic activity, financial viability and on-going legal challenges, it will find no comfort from looking across the pond.
“The fund management sector recognises the imminent risks posed to fossil fuel investments from climate change and the transition toward a zero-carbon economy”
The environmental group, Friends of the Earth in the Netherlands has announced that it will take Shell to court if the company does not act on “demands to stop its destruction of the climate”.
Goldman Sachs, the hugely influential investment bank has issued a report on the “Seven Sisters”, the world’s largest oil companies, arguing that having “survived a life-changing crisis” the companies are “now poised to reap the rewards”.
The Norwegian company, Statoil, is proposing to change its name to “Equinor”. The rebranding exercise – or what some may call greenwashing exercise – will cost as much as 250 million kroner or $32 million.
Trade wars may be good in the chaotic mind of this President, but he has infuriated his buddies in the oil and gas industry by slapping tariffs on imported steel.
An energy lobby group has published its vision of the future that they hope everyone can embrace. Promising to deliver “global climate leadership”, they conclude “We can be the world’s energy of tomorrow”.
Shell’s scenarios leader says: “I am tasked with making sure that Shell isn’t a dodo.” So will Shell become extinct in the upcoming energy transition or dominate the new energy landscape?
One year into Donald Trump’s presidency and the chaotic vortex is as dysfunctional as ever.