Scientists are warning that “large quantities of fossil fuel reserves and resources are likely to become ‘unburnable’ or stranded if countries around the world implement climate policies effectively”. And up to half the world’s fossil fuel assets could be stranded by the mid 2030s
John Kerry tells Big Oil to join energy transition or “sit there with stranded assets”.
Earlier today, John Kerry, who is Joe Biden’s special envoy on climate change, warned the industry that they “don’t want to be sitting there with stranded assets. That fight is useless. You’re going to end up on the wrong side of this battle.”
Crisis, what climate crisis? Oil majors still sitting on tens of billions of barrels of undeveloped reserves
Despite the warnings for years that we cannot burn new reserves of oil if we want a liveable climate, the West’s top nine oil majors alone are sitting on more than 28 billion barrels of oil equivalent of undeveloped resources. Much of this could end up going from being an asset to a liability, just as many predicted.
A Dying Industry is Leaving A Deadly Legacy
The oil industry maybe dying, but it will still pollute us for decades after its death.
“Humiliation”: Exxon dumped out Dow Jones Industrial Index after nearly 100 years
The once mighty Exxon has just suffered the corporate humiliation of being booted out the highly influential Dow Jones Industrial Index.
We have entered the “end game” for oil — with “permanent demand destruction”
As we have been repeatedly saying for months, we are witnessing the end of the oil age. Even once great giants are now crumbling at their core.
Fossil fuel companies getting more U.S. bailouts than any other sector
A new analysis from Bailoutwatch concludes that “fossil fuel companies participated in the government’s Paycheck Protection Program to bail out small businesses at far higher rates than companies in other key sectors”.
It’s not just oil that’s in trouble: “Gas is over-supplied, over-hyped, and out of time”
“Shell has been a leader in peddling the gas myth for a decade or more, and it’s now clearer than ever that gas is over-supplied, over-hyped, and out of time.”
With U.S. shale peaking & having “never made money,” investors lose billions
A report from the financial auditing firm Deloitte says the “reality is that the shale boom peaked without making money for the industry in aggregate. In fact, the US shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010.”
“Historic moment” as BP writes-off billions of reserves as stranded assets
This is a big moment for Big Oil. Climate reality has finally caught up with BP’s corporate dreamland that it could carry on drilling forever.