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Title:Energy majors go slow on green transition despite pressure

Reducing these implies lowering the use of oil, and eventually gas. Yet oil and gas firms are not cutting investment in fossil fuel exploration and production. The IEA forecasts that it will rise this year to hit the 2019 pre-pandemic level. BP announced earlier this year it is stepping up investment in oil and gas projects, knocking back its emissions reduction plans. Instead of a 35-40 percent drop in indirect emissions linked to its production by 2030, BP now targets a 20-30 percent reduction. TotalEnergies plans to keep its indirect emissions steady this decade. It also plans a shift from oil to gas. If oil accounted for 55 percent of sales in 2019, Total aims to reduce that to 30 percent this decade, with gas rising to half. "The sector will be dominated by gas rather than oil by 2030," said Moez Ajmi, an energy expert at EY consulting firm. For the IEA's McGlade, these forecasts by energy firms are revealing. "If companies are banking on continued increases in oil and gas demand,

Organization:PHYS.ORG - Technology
Date Added:5/26/2023 6:39:38 AM