{"id":1871655,"date":"2023-03-08T11:43:11","date_gmt":"2023-03-08T16:43:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-oil-is-spurning-green-pressure-to-ditch-fossil-fuels\/"},"modified":"2023-03-08T11:43:58","modified_gmt":"2023-03-08T16:43:58","slug":"big-oil-is-spurning-green-pressure-to-ditch-fossil-fuels","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-oil-is-spurning-green-pressure-to-ditch-fossil-fuels\/","title":{"rendered":"Big Oil is spurning green pressure to ditch fossil fuels"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbig-oil-is-spurning-green-pressure-to-ditch-fossil-fuels%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1871655&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_78244632\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">                <meta itemprop=\"name\" content=\"'Zombie' drug of horse tranquilizer-laced fentanyl ravages US and alarms health officials\">               <meta itemprop=\"description\" content=\"The emergence of a new lethal drug concoction is connected to a wave of fatal overdoses nationwide. Horse tranquilizer laced fentanyl leaves users with rotting skin, sedation, and a slowed heart rate. Top drug abuse officials warn, with this toxic combination, even narcan won't save you. Now, the FDA is stepping in to restrict imports of the drug, Xylazine.\">               <meta itemprop=\"duration\" content=\"PT6M5S\">               <meta itemprop=\"uploadDate\" content=\"2023-03-08 02:31:02\">               <meta itemprop=\"thumbnailURL\" content=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/03\/localimages\/1257286_th_1678242978.jpg6408bb208e8fa.jpg\">               <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1257286.mp4\">              <\/div>\n<p>               <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_78244632\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1257286\"} }); <\/script>               <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>              <\/div>\n<\/p><\/div>\n<p><b>HOUSTON Texas<\/b> <b>\u2014 <\/b>Major energy firms are ignoring this warning <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/courage-strength-optimism\/senators-push-rahm-emanuel-to-strengthen-lng-trade-with-japan\" target=\"_blank\" rel=\"noopener\">pressure<\/a> Environmental groups and shareholders urge the government to cut back on spending for developing countries <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/fossil-fuels\" target=\"_blank\" rel=\"noopener\">fossil fuels<\/a> Instead, invest in low carbon <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/energy\" target=\"_blank\" rel=\"noopener\">energy<\/a> Sources anticipate high oil demand and earnings potential for many years.<\/p>\n<p>Chevron and BP, energy giants, have large amounts of cash left over from record-breaking oil and natural gas prices in 2022. Inflation Reduction Act &#8211; the landmark climate and health bill passed last year by Democrats, signed by President Joe Biden in January &#8211; provides new incentives for the sector to access hundreds of millions of dollars. This is to help expand low-carbon technologies such as renewable energy and carbon capture.<\/p>\n<p>However, some major oil producers are now considering reversing earlier plans to lower oil production. While others plan to maintain modest spending in areas likely to allow the growth of oil production. &#8220;green transition&#8221; When compared with traditional oil and gaz business.<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/restoring-america\/courage-strength-optimism\/senators-push-rahm-emanuel-to-strengthen-lng-trade-with-japan\" target=\"_blank\" rel=\"noopener\">MANCHIN JOINS SULLIVAN AND GOP IN PUSHING RAHM EMANUEL FOR MORE LNG SALES TO JAPAN<\/a><\/b><\/p>\n<p>After years of effort by environmentalists and the Biden administration to make drilling for oil more expensive and difficult, this retrenchment is finally happening. Also, market pressures have reduced capital expenditure on oil projects. These factors prompted energy companies to invest more to diversify their portfolios and lower greenhouse gas emissions over the past few years in order to reach net-zero in 2050 according to the Paris climate accord.<\/p>\n<p>However, these pressures have been rendered insurmountable by the geopolitical turmoil and the economic disruption caused by the war in Ukraine.<\/p>\n<p>Bernard Looney is the CEO of BP <a class=\"Link\" href=\"https:\/\/www.wsj.com\/articles\/bps-ceo-plays-down-renewables-push-11675249471\" target=\"_blank\" rel=\"noopener\">reportedly<\/a> Privately, the frustration expressed by employees at the low return on company&#8217;s ventures in renewable energy.<\/p>\n<p>In February, the company retracted its plans to reduce its fossil fuel production by 40% by 2030 and committed to cutting 25% by next year.<\/p>\n<p>BP plans to invest $8B over the next 7 years. &#8220;energy transition,&#8221; Technologies such as solar, wind and electric vehicle charging.<\/p>\n<p>Over the same time, $8 billion will be devoted to oil and gas.<\/p>\n<p>&#8220;We&#8217;re all in on making the transition work,&#8221; Looney spoke Tuesday during remarks made at CERAWeek, an annual conference on energy by S&#038;P Global. &#8220;We can&#8217;t take our eye off the energy system.&#8221;<\/p>\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure mb-1 mb-sm-3 mb-md-1 article-lead-photo data_invisible\" data-align=\"center\" data-image-size=\"fixed\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<div class=\"Figure-container\"> <picture><source media=\"(max-width: 768px)\" type=\"image\/webp\" width=\"767\" height=\"512\" data-image-size=\"1060x600_md\"><\/source><source media=\"(max-width: 768px)\" width=\"767\" height=\"512\" data-image-size=\"1060x600_md\"><\/source><source media=\"(max-width: 1440px)\" type=\"image\/webp\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><\/source><source media=\"(max-width: 1440px)\" width=\"645\" height=\"430\" data-image-size=\"1060x600_xl\"><\/source><source type=\"image\/webp\" width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source><source width=\"1060\" height=\"707\" data-image-size=\"1060x600\"><\/source>                                 <\/picture><figcaption class=\"Figure-caption\" itemprop=\"caption\"> BP CEO Bernard Looney speaks at the Abu Dhabi International Petroleum Exhibition &#038; Conference, Abu Dhabi, United Arab Emirates on Monday, October 31, 2022.                <\/figcaption><div class=\"Figure-credit\" itemprop=\"author\">                 Kamran Jebreili\/AP                <\/div>\n<\/p><\/div>\n<\/figure><\/div>\n<\/p><\/div>\n<p>Shell, a competitor to BP, recently revealed that it was reviewing a plan to reduce oil and gas production between 1% and 2% annually by 2030. Shell CEO Wael Sawan stated that cutting production was essential. &#8220;not healthy,&#8221; Given the location of the global market.<\/p>\n<p>&#8220;I am of a firm view that the world will need oil and gas for a long time to come,&#8221; Sawan stated.<\/p>\n<div id=\"dsk-banner-ad-g\"><\/div>\n<p>Shell and BP both have European headquarters. Large banks and financial institutions can be found in Europe. <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy-environment\/hsbc-ends-new-oil-and-gas-finance\" target=\"_blank\" rel=\"noopener\">moving more aggressively<\/a> To limit financing for fossil fuels <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy-environment\/energy-green-goals-black-rock-jp-morgan\" target=\"_blank\" rel=\"noopener\">compared to their U.S. counterparts<\/a>.<\/p>\n<p>The <\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p>&#8220;Learn More from <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/energy-environment\/big-oil-spurning-pressure-to-drop-traditional-energy\">Big Oil is spurning green pressure to ditch fossil fuels<\/a>&#8221;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HOUSTON Texas \u2014 Major energy firms are ignoring this warning pressure Environmental groups and shareholders urge the government to cut back on spending for developing countries fossil fuels Instead, invest in low carbon energy Sources anticipate high oil demand and earnings potential for many years. Chevron and BP, energy giants, have large amounts of cash &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1896736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[11671,13153,12013,5812,7393,4150,20960],"class_list":["post-1871655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-ditch","tag-fossil","tag-fuels","tag-green","tag-oil","tag-pressure","tag-spurning"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1871655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1871655"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1871655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1896736"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1871655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1871655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1871655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}