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.
https://www.reuters.com/business/energy/asia-lng-prices-slip-below-30mmbtu-supply-improves-europe-2021-11-05/
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:
https://lnkd.in/dfAhdca
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:
https://lnkd.in/dWJnviW
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.
https://lnkd.in/dr2xHfq
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: https://www.linkedin.com/posts/david-ritter-greenpeace_woodside-takes-on-a-lot-of-risk-as-it-bets-activity-6868754124905811968-hxq0
This man asks …is this climate carnage?
Tells Carbon Price is not high enough to punish reckless emissions / includes CCS