U.S. and European Oil Giants Go Different Ways on Climate Change - via
“Despite rising emissions and societal demand for climate action, U.S. oil majors are betting on a long-term future for oil and gas, while the European majors are gambling on a future as electricity providers,” said former energy official David Goldwyn
Climate change deals oil companies a fork in the road; American and European firms go separate ways
Oil companies - with their deep pockets, science prowess, experience in managing big engineering projects and lobbying muscle - could be critical in the fight against climate change. But and are doubling down on oil and gas instead.
Smart piece about divergence in how US and EU O&G majors think about energy transition. Whether the EU model is successful remains to be seen (they're all just plans for now), but feels like US majors may be caught off-guard in a fairly rapid transition.
Over the past few months a number of European O&G majors (e.g. BP, Shell) have been announcing new plans to decarbonise. Seems that US counterparts are taking a different tack. Chevron: “Our strategy is not to follow the Europeans"
While BP and other European companies invest billions in renewable energy, Exxon and Chevron are committed to fossil fuels and betting on moonshots, reports
Disastrous. Per : while European energy companies show urgency in transitioning to renewables & selling off oil fields, US companies & double down on oil&natural gas & invest "pocket change" in efforts to tackle #climatechange
"Despite rising emissions and societal demand for climate action, U.S. oil majors are betting on a long-term future for oil and gas, while the European majors are gambling on a future as electricity providers"
This article describes different oil company climate strategies. post last week - - by & explains differences are real but even climate leaders just hedging bets.
“... the urgency with which the companies are planning to transform their businesses could not be more different.”
Folks in the USA who have a retirement account: if you are concerned by fires and hurricanes take a minute to check that your retirement is not invested in or . If it is, switch to a different investment.
While BP & other European companies invest billions in renewable energy, Exxon & Chevron are committed to fossil fuels & betting on moonshots via