RE: Not surprise but worth a read10 Mar 2023 09:57
I dont see how admitting that youll have less than expected is 'fancy accounting '.
NVESTORS START TO REALIZE THE ENERGY TRANSITION WILL TAKE DECADES
BY TYLER DURDEN: THURSDAY, MAR 09. Authored by Tsvetana Paraskova via OilPrice.com,
"Energy Trilemma"
Unlike a few years ago, everyone in the oil and gas industry is now talking about decarbonization and net-zero emissions. But unlike in 2021, ESG considerations are not top of the agenda—2022, with the Russian invasion of Ukraine and the price spikes in gasoline and power prices, upended the debate.
The energy transition narrative, from the industry's point of view, became part of the 'energy trilemma' as BP's chief executive Bernard Looney has put it—delivering secure and affordable energy when and where it's needed while raising investments in renewables and other low-carbon energy solutions.
According to analysts, there is a broader understanding among the public and governments that until a clean energy system is ready, oil and gas will continue to play a prominent role in global energy supply and, like it or not, we are stuck with fossil fuels for our current energy needs. Right now, fossil fuels account for just over 80% of global energy supply.
"There's a much broader push for decarbonization globally, and there's also a much broader realization that we are 'stuck' with hydrocarbons until we can achieve that decarbonization," Dan Pickering, founder and chief investment officer at Houston-based Pickering Energy Partners, told The Wall Street Journal.
"A bunch more people are saying it's going to take time," Pickering added.