Climate Carnage ? ‘C’mon Man’: On Social Media

Shocked by the amount of money flowing into fossil fuels? Tim Williamson is — see link at bottom:

“GFANZ… It’s a c’mon, man.”

[CarrZee comment: I think he’s asking is the Glasgow Financial Alliance for Net Zero a joke?]

1. Woodside Pluto train 2 claims to break even at $5.8/mmbtu including shipping to customers in Asia (with zero CCS). LNG is still selling at around $30/mmbtu in Japan.

2. BoA Securities (BAC.N), Citi (C.N), Goldman Sachs (GS.N), HSBC (HSBA.L), JPMorgan (JPM.N) and MUFG (8306.T) all claim to be aligned with Paris Agreement, while financing Qatar Petroleum’s $10B new North Field LNG project:

3. France’s Total, Japan’s Mitsui & Co and state-owned JOGMEC claim to be aligned with Paris Agreement while also investing equity finance in Novatek’s new LNG2 expansion project in Yamal:

4. In January, Trafigura pledged to cut CO2 emissions produced by its own operations by at least 30% over the next three years, while also investing $8.5B in Rosneft/BP’s new Vostok oil project, Russia’s largest fossil project under construction since the 1970’s.

Who’s next? Another 89 Mmtpa waiting ready in the wings for a FID. The 56.7 Mmtpa of LNG projects waiting for a FID in the U.S. should be the real test for GFANZ self-control? Or, not?


Inspired by Greenpeace’s David Ritter and Woodside’s expansion plans:

This man asks …is this climate carnage?

Raja Ratnam:

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