However, European majors persevere and consider renewables as a key pillar of decarbonization of the global power sector and of reduction of their own emissions from operations. For example, Equinor wants to be a big name in offshore wind, and Norway's major bid for offshore wind acreage in the major ScotWind leasing round earlier this year. So did BP and Shell. BP's joint venture Lightsource bp, a solar power developer, announced just this week it would aim to develop 25 GW of solar power by Since its formation in , Lightsource has developed 3.
So when people ask if we really have the capability to deliver the returns we talk about, the answer couldn't be clearer — yes, we can because we are," said Dev Sanyal, BP's executive vice president of gas and low carbon.
Across the Atlantic, U. Chevron doesn't have any plans to reduce its oil and gas business to invest in solar or wind power, chief financial officer Pierre Breber said earlier this year. Shareholder returns are more important for Chevron than investing in wind and solar energy, chief executive Mike Wirth told CNBC in an interview last week.
There is plenty of capital that's available. The returns in wind and solar are actually being bid down, and we've concluded that management in our company can't create value for shareholders by going into wind and solar," Wirth told CNBC. Chevron's pillars of low carbon energy businesses are growing renewable natural gas production, raising renewable fuels production capacity, boosting hydrogen production, and increasing carbon capture and offsets to 25 million tons per year by developing regional hubs in partnership with others.
Exxon, for its part, created earlier this year a new business , ExxonMobil Low Carbon Solutions, to commercialize its low-carbon technology portfolio, focusing first on CCS. The new business is advancing plans for more than 20 new CCS opportunities globally to enable large-scale emission reductions. Shareholder pressure on Exxon has increased tremendously since then, and so has on Chevron. The U. Read this article on OilPrice. Buffett is betting big on his favorite company.
It might be time to follow suit. The end of a person's life doesn't necessarily mean the end of their social security payments. Depending on factors like income and dependents, social security checks will still be issued to someone Inflation is at a year high.
But these Mad Money megatrends could help you fight back. Yesterday, Sundial issued a press release announcing their financial results for Q3 ended on September 30, They've aspired to improve their public image - nothing more. Perhaps the differences aren't quite as stark as they seem :. And, they plan to do it by using natural gas as the fuel to create all that electricity! Either: A Shell will postpone decarbonization until , then decarbonize like mad to meet its goal, or B They never intended to become net-zero by What are the chances?
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It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful. Start a Post » Learn more about posting on Energy Central ». Toggle Navigation. Tariq Siddiqui. Member since items added with 57, views. Oct 4, Oct 3, pm GMT views. US has very large shale resources both oil and gas that EU does not have; especially natural gas that can help reduce emissions in Asia-Pacific region in coal-to-gas shift strategy in Asia.
The U. But they are likely to follow a different route to energy transition that may not include renewables but is expected to be heavily focused on CCUS. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement. Retired: What Now? Personal Finance. Credit Cards. About Us. Who Is the Motley Fool? Fool Podcasts. New Ventures. Search Search:. Nov 4, at PM. You can follow him on Twitter for the latest news and analysis of the energy and materials industries: Follow matthewdilallo.
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