Fossil Fuels And Transition: What's The Direction Of Travel?
Source: https://wealthbriefingasia.com/article.php?id=195604#.YyBCXnZBy5c
Patrick Wood Uribe, chief executive of Util, spoke to this news service a few weeks ago about whether arms and weapons should ever be held in the portfolios of those buying into environmental, social and governance (ESG) principles – an example of the kind of controversies he has waded into. He also has views on how oil firms should respond to the ESG agenda. Currently, the demands of dealing with 'stranded assets', navigating geopolitics and meeting Net Zero targets has made moving towards renewable energy more difficult than some might have imagined. The UK government, led by recently-installed prime minister, Liz Truss, is even reconsidering fracking, albeit with certain caveats. North Sea oil production is being pushed. The EU recently changed its taxonomy for “green,” as it applies to gas and nuclear energy. And in the US, rises in gasoline pump prices, along with soaring electricity bills, are likely to lead to heated debate in the November mid-terms.