Big Oil faces a new reality where “everything has changed.” Even their long-term survival.
According to the Financial Times “Around $900bn – or one-third of the current value of big oil and gas companies – would evaporate if governments more aggressively attempted to restrict the rise in temperatures to 1.5C above pre-industrial levels for the rest of this century.”
“I’m done with fossil fuels. We are done. They are just done.”
Decades after BP became aware about the serious consequences of climate change, and as the world faces a climate emergency, the company’s outgoing boss, Bob Dudley, seems more content about saving BP, than the planet itself.
According to UNEP, collective ambition must increase more than fivefold over current levels to deliver the cuts needed over the next decade for the 1.5°C goal, or put another way, global greenhouse gas emissions need to fall by 7.6 per cent each year between 2020 and 2030.
Later this week, the board of the state-owned oil company of Saudi Arabia, known as Saudi Aramco, is expected to give its final approval to proceed with its long awaited part privatization, otherwise known as an “Initial Public Offering” or IPO.
At the end of the day, Shell still cares more about its shareholders than it does about society. It cares more about profit than it does people. It cares more about cash than a safe climate.
Big Oil knows it is gambling with our future. It is deliberately doing so. Because of its actions, it is not just the people of the Bahamas that will face the consequences of our warming world. We all will.
BlackRock is the world’s largest fund manager, which has nearly US$6.5 trillion of assets under management. BlackRock may be wealthy, but that does not make it wise.
The head of Strategy for BP, Dominic Emery, has admitted that some of the company’s oil and gas “won’t see the light of day.”