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.
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?

Link: https://www.linkedin.com/feed/update/urn:li:activity:6868754124905811968?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6868754124905811968%2C6868782344807972864%29

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?

Raja Ratnam: https://www.linkedin.com/feed/update/urn:li:activity:6868754124905811968?commentUrn=urn%3Ali%3Acomment%3A%28activity%3A6868754124905811968%2C6868771938890854400%29

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