The Oil and Gas Industry is Booming Despite Net-Zero Ambitions

Both the European Union and the United States are firmly on the path to a net-zero economy. This much has been made clear by officials from both sides of the Atlantic. This is despite the EU’s hunt for more gas and the Biden administration’s calls for more oil production.

Before net zero ambitions is achieved—if it is ever achieved—both the EU and the US will need more fossil fuels. Take note that this includes coal. This means that despite calls for more renewables from both governments and the renewable energy industry, despite the active demonization of the fossil fuel industry, investments in more oil, gas, and coal production are likely to rise—at least in the short term.

A recent report from Reclaim Finance, an anti-fossil fuel campaign organization, for instance, named and shamed asset managers investing in oil, gas, and coal. According to the report, 30 of the world’s leading asset managers had $82 billion invested in companies developing new coal supply, and $468 billion in 12 major oil and gas companies.

“Is the asset management industry changing its investment practices in line with climate science, reducing investments in coal, oil, or gas expansion? Unfortunately, the answer is an emphatic ‘no,’” said one of Reclaim Finance’s campaigners, Lara Cuvelier.

“Let’s be clear: drilling a new oil well or opening a new coal mine is not a normal thing. Especially to do it in a widespread climate catastrophe,” the campaigner added.

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Source: Oil Price

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