Oil Stocks Slumping. Can They Recover?

February 20, 2020

As planet warms, polluters feel the market’s heat.

BP:

Our ambition is to be a net zero company by 2050 or sooner. And to help the world get to net zero. This will mean tackling around 415 million tonnes of emissions– 55 million from our operations and 360 million tonnes from the carbon content of our upstream oil and gas production. Importantly these are absolute reductions, to net zero, which is what the world needs most of all. We are also aiming to cut the carbon intensity of the products we sell by 50% by 2050 or sooner.

Five aims to become a net zero company:

  • Getting to net zero across our entire operations on an absolute basis by 2050 or sooner
  • Getting to net zero on an absolute basis from our Upstream production by 2050 or sooner
  • 50% reduction in carbon intensity of the products we sell by 2050 or sooner
  • Measurement at all our major oil and gas processing sites by 2023, transparent reporting and 50% reduction in our operated methane intensity
  • Increase proportion of investment into non-oil & gas

GreenBiz:

Delta Air Lines has become the latest aviation company setting its sights on becoming “carbon neutral,” with an ambition to reach that target by 2030 and pledge to invest $1 billion in achieving the goal over the next 10 years.

The investment will focus on driving innovation, advancing clean air travel technologies, accelerating reductions in waste and emissions, and establishing new offsetting and natural carbon sequestration projects, the company said.

“As we connect customers around the globe, it is our responsibility to deliver on our promise to bring people together and ensure the utmost care for our environment,” said Ed Bastian, Delta’s CEO. “The time is now to accelerate our investments and establish an ambitious commitment that the entire Delta team will deliver.”

The commitment follows those of British Airways owner IAGQantas and Etihad, which have all separately pledged to reach net-zero emissions by 2050 — two decades later than Delta — through a combination of new technologies, fuel efficiency and offsets. Last month the U.K. aviation sector published its own roadmap to achieving net zero by 2050, although the plan incurred criticism from green groups as a “flight of fancy.”

In the United States, a unique commitment came from JetBlue in mid-January, which will start offsetting all of its domestic U.S. flights in July.

The aviation industry accounts for roughly 2 percent of global carbon dioxide emissions. A recent study from the International Council on Clean Transportation found that the industry’s emissions are rising 70 percent more rapidly than predicted by the United Nations and are set to triple by 2050 unless action is taken.

4 Responses to “Oil Stocks Slumping. Can They Recover?”

  1. rhymeswithgoalie Says:

    I’m wistful about not being dragged into war because of getting oil or keeping someone else from getting oil. I want to completely revoke the concept of Saudi Arabia being the an “ally” of the US.

    There are so many many reasons beyond CO2 emissions to end dependency on oil and coal.

  2. J4Zonian Says:

    I hope the purpose of these repeated postings and the precondition for them is that everybody gets that BP and other major oil corporations talking about net zero emissions is like Andrew Jackson promising several pizza stops along the Trail of Tears. (See how I cleverly avoided mentioning the Holocaust?) First, pizza stops–completely impossible since there were no such things, second, completely irrelevant, since tens of thousands would still have died during a forced march relocating people from their homes at the whim of an evil empire.

    The only possible, responsible, rational action to take regarding fossil fuel corporations is nationalizing and shutting them down as fast as possible in coordination with

    1. replacing all the energy they supply with efficiency, wiser lives, and clean safe renewable energy;
    2. prosecuting everyone guilty of lying to the public, etc., and publishing all information about those operations.
    3. a truth and reconciliation process including forfeiture of profits and property, & prohibiting all future positions of leadership or responsibility.
    4. re-employing or comfortably retiring everyone involved at the expense of those found guilty.
    5. reinvesting all associated funds, infrastructure, material, expertise, etc. in the transition to a survivable society.

    • Bryson Brown Says:

      Sounds like a serious proposal, though sadly unlikely as a prediction of what will actually be done… I fear our descendants will think very badly of us.

    • dumboldguy Says:

      Yes, a “serious proposal”. Who are you going to vote for that will bring this to fruition, Jeffy? Or is it going to come to us via the stone tablets and burning bush route?


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