The biggest oil corporations in the Americas, including U.S. supermajors Exxon and Chevron, have not promised to become net-zero emission businesses by 2050, unlike all major oil firms in Europe—BP, Shell, Eni, Equinor, Total, and Repsol, which have raced to announce green strategies over the past year.
In the Americas, Occidental Petroleum became the first major U.S. oil firm to announce a net-zero emissions goal at the end of last year.
This is in contrast with European oil majors, who are building solar and wind power portfolios as they look to capture larger shares of the electricity market.
Chevron’s bet is on carbon utilization technologies, renewable natural gas, and reducing emissions from its operations. Chevron will not be investing in solar and wind power, Wirth told CNN.
BP screwed: link here.
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Oil majors lost money in the 70s, 80s in solar.
ReplyDeleteIf I ever get caught up, I plan on a stand-alone post on this. Agree with you completely.
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