So, we thought that with the world-wide awakening regarding the effect of carbon emission on the environment and climate, the demands for oil will diminish.
The article, “The truth about big oil and climate change” in The Economist mentions otherwise. Energy firms are planning to increase fossil-fuel production, says “The truth about big oil,” (2019, February 9).
Amidst the calls for actions on climate change due to the growing number of extreme weather conditions like the wildfires in California in November, and the plummeting of temperatures in Chicago, and the fact that 73% of Americans believe in climate change – a poll conducted by the Yale University, the ‘jarring’ truth is that demands for oil is rising and big oils companies in the United States is investing multi-trillion dollars to meet the demands (“The truth about big oil,” 2019).
The article says that ExxonMobile, a US giant oil company plans to pump 25% more oil and gas in 2025 and with other oil firms increasing modestly their output, the consequence for the climate could be disastrous.
“The truth about big oil,” (2019) says further:
- This is much more complicated than just banning the production and use of fossil fuels because the realities are, that demands are increasing as millions of pensioners and other savers are relying on the profits of these oil companies.
- Four of the major oil companies are paying the biggest dividends in Europe and America’ so it is not only ‘legal’ for them to maximise profits but also a requirement by shareholders.
- There is still hope, as currently, global investments in renewables are currently at $300 billion a year, while fund managers are joining efforts to put pressures on the ‘world’s biggest emitters’, some are switching to ‘green products’, and a few big investment groups have ‘dumped the shares of big energy firms’, the article says.
According to “The truth about big oil,” (2019), the “best policy in America and beyond, is to tax carbon emissions, which ExxonMobil backs,” which considering what is going on, is not a bad idea.
It is interesting to see how this will play out, considering what happened in France with their gilets jaunes protests at their President’s, plan to increase taxes on diesel and petrol to help the country transition into green energy (Chrisafis, 2018).
In light of things, the question is how to manage emissions that the increased use of fossil fuels is causing. Demands are not slowing down until it will reach its peak or it is all depleted.
Certainly, there are many solutions to neutralise and/or curb carbon emissions.
As individual consumers, we have a responsibility to reduce our consumption of oil and gas if we are serious about doing something for climate change adaptation and mitigation.
It is our hope that our collective efforts to reduce carbon emissions will put a dent in reducing greenhouse gas in the atmosphere.
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