Photo: Reuters
The coronavirus pandemic has put the nation in a pause mode temporarily. While pharmaceutical companies are racing to find a vaccine for the COVID-19 virus. Americans are sitting at home scared to leave the house. That means that fewer Americans are driving vehicles to commute to and from work on a daily basis. The result is that over the last few months, fewer vehicles on the road means less greenhouse gas emissions being released into the environment.
Americans have had time to consider changes in their daily lifestyle from the rat race that they were engaged in pre-COVID-19. Fewer vehicle trips give Americans a chance to think about the important aspects of their daily lifestyle. Do I really need to drive across town to attend a workout? Or can I attend on Zoom? As society changes its behavior, big oil companies need to do the same.
Reporting by Politico Energy introduces the news that is promising given the momentum toward renewable energy playing a greater role in society:
ICYMI: BP LAYS OUT ROAD AHEAD: After announcing earlier this year it would go carbon neutral by 2050, BP detailed Tuesday specific near-term steps it is taking, including cutting oil and gas production by 40 percent by 2030, from 2.6 million barrels per day to about 1.5 million b/d, and increasing its annual low carbon investment tenfold to around $5 billion a year. Andrew Grant, Carbon Tracker Initiative's head of oil and gas, said in a statement that BP had "radically changed the game.""In the arms race of emissions announcements, most oil and gas peers have conveniently ignored the global need to produce and use less oil and gas — BP's production cut of 40 percent by 2030 makes them unquestionably the industry leader," he said.BP also said Tuesday it would stop exploration in new countries and cut its dividend in half. By 2030, BP said it aims to have developed around 50 gigawatts of net renewable generating capacity, marking a 20-fold increase from last year.
The news is encouraging given the shift in public opinion on using fossil fuels instead of slowly shifting toward more renewable energy resources. But the true test of time occurs with time. That is to say, actions speak louder than words.
Although, previous blog posts on this site have shown news reports that state big oil corporations are already moving toward using renewable energy resources/technology. Investing in renewable energy is a gigantic project/mission. All important investors including fossil fuel companies will have to be on board for the transition. Hearing the news above is good news.
That means the message coming out of society is pointing toward moving the world toward using more renewable energy technology while moving away from fossil fuels. Time will tell us what the true outcome is. Stay tuned!
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