Environmental activists recently managed to achieve significant victories over oil companies such as Exxon and Chevron, but there are fears that the environment may be harmful, Bloomberg writes.
Some experts believe that the concessions embraced by activists on the restriction of private companies can strengthen government oil enterprises that work less transparent and sometimes with the worst environmental performance. So, the director of the Center for Global Energy Policy in Columbia University Jason Bordoff (Jason Bordoff) noticed that such an eccaspania could be crowned by the Pyrrhie Victory.
Oil giants with private capital have recently faced with growing pressure, to reduce emissions to the atmosphere and even switch to renewable energy, including discovering dissidents in the ranks of their own shareholders.
However, those left by these enterprises a market share can pick up state oil companies that do not face such problems. They can produce those volumes of oil, which will have to abandon private giants. Thus, Saudi Aramco and Abu Dhabi National Oil spend billions to increase their booty per million barrels per day each, and Qatar Petroleum puts more than 30 billion in exporting of liquefied natural gas.
Commonly, state-owned companies now provide a little more than half of world oil supplies, and by 2050 this share can grow to 65 percent. At the same time, many state oil companies do not disclose data on greenhouse gas emissions, so it is difficult to estimate the real picture in this regard.
Possible intentions to reduce emissions from these companies are associated with the ambitions of stateing states, notes Bloomberg. At the same time, there are grounds for optimism: countries with the most powerful government oil companies signed the Paris climate agreement, and some are ready to aim and further reduce emissions.
So, Russia intends to seriously reduce the emission of greenhouse gases by 2050, reheaking in this regard European states. Plan to reduce emissions instructed to develop President Vladimir Putin.
The defeats of Western oil companies in confrontation with environmental activists took place at the end of May: Shell lost to activists in court and now it will have to significantly reduce its production, and Exxon Mobil and Chevron lost to shareholders accusing them in ignoring climate problems.