Bankers eager to continue funding oil and gas

Homepage | Forums | Topics In Depth | Science and Environment | Bankers eager to continue funding oil and gas

Viewing 1 reply thread
  • Author
    Posts
    • #440711
      eridani
      Participant
      • Total Posts: 9,978

      https://www.nationofchange.org/2021/08/16/bankers-eager-to-continue-funding-oil-and-gas/

      I kind of remind people, I personally think oil is a renewable, it just takes a little bit longer,” said Mari Salazar, senior vice president and manager of Energy Financial Services for BOK Financial, an Oklahoma-based bank that caters to the oil and gas industry.

      Salazar made this analogy at the Hart Energy 2021 Energy Capital Conference this summer on a panel discussion about banking loans for the oil and gas industry. The main focus of the conference was the current hesitancy to provide funding to the struggling industry.

      Salazar’s comment echoed the sentiment of the panel that the efforts to decarbonize the economy and switch to renewables appeared to be a laughing matter to them. Panelists, who included representatives from the energy banking industry and advisors to energy companies seeking financing, also expressed strong commitment to continue working to fund the expansion of fossil fuels.

      In the lead up to her renewables joke, Salazar stated that: “We continue to support the oil and gas industry and it’s something we’re committed to long term.” The consensus from this energy finance panel was that the current lack of funding for the U.S. oil and gas industry is due to investors becoming increasingly aware that the industry is a bad investment — and has been unprofitable for years.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #440712
      eridani
      Participant
      • Total Posts: 9,978

      https://truthout.org/articles/chomsky-and-pollin-we-cant-rely-on-private-sector-for-necessary-climate-action/

      he IPCC report was sobering. Much, as you say, reinforces what we knew, but for me at least, shifts of emphasis were deeply disturbing. That’s particularly true of the section on carbon removal. Instead of giving my own nonexpert reading, I’ll quote the MIT Technology Review, under the heading “The UN climate report pins hopes on carbon removal technologies that barely exist.”

      The IPCC report offered a stark reminder that removing massive amounts of carbon dioxide from the atmosphere will be essential to prevent the gravest dangers of global warming. But it also underscored that the necessary technologies barely exist — and will be tremendously difficult to deploy…. How much hotter it gets, however, will depend on how rapidly we cut emissions and how quickly we scale up ways of sucking carbon dioxide out of the air.

      If that’s correct, and I see no reason to doubt it, hopes for a tolerable world depend on technologies that “barely exist — and will be tremendously difficult to deploy.” To confront this awesome challenge is a task for a coordinated international effort, well beyond the scale of John F. Kennedy’s mission to the moon (whatever one thinks of that), and vastly more significant. To leave the task to private power is a likely recipe for disaster, for many reasons, including one brought up by The New York Times report on the idea: “there are risks: The very idea could offer industry an excuse to maintain dangerous habits … some experts warn that they could hide behind the uncertain promise of removing carbon later to avoid cutting emissions deeply today.” The greenwashing that is a constant ruse.

      I would add here that the main technologies for building a zero-emissions economy — in the areas of energy efficiency and clean renewable energy sources — are already fully available to us. Investing in energy efficiency — through, for example, expanding the supply of electric cars and public transportation systems, and replacing old heating and cooling systems with electric heat pumps — will save money, by definition, for all energy consumers. Moreover, on average, the cost of producing electricity through both solar and wind energy is already, at present, about half that of burning coal combined with carbon capture technology. At this point, it is a matter of undertaking the investments at scale to build the clean energy infrastructure along with providing for a fair transition for the workers and communities who will be negatively impacted by the phase-out of fossil fuels.

       

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

Viewing 1 reply thread
  • You must be logged in to reply to this topic.