Energy News Beat
Despite Big Oil funding green energy, BP, Shell, and others are scaling back wind and solar investments, signaling a shift toward traditional energy.
For years, groups like the Heartland Institute, CFACT, and other climate and energy realists have been accused of receiving large amounts of money from Big Oil to promote traditional energy sources. [emphasis, links added]
This is not the case, of course, but you know who has been getting big bucks from Big Oil? So-called renewable energy companies and sundry climate alarmist groups.
In fact, about $1 billion annually flows to green groups from oil and gas companies via the Oil and Gas Climate Initiative (OGCI), which includes contributing members like BP, Chevron, Equinor, Exxon Mobil, Occidental, and others.
It has been constantly irritating to see these companies toe the line for Big Green, a trillion-dollar industry itself that is costing the rest of us rather than helping.
Moreover, the entire renewable energy industry is built on falsehoods and alarmism, and, lest we forget — a ton of taxpayer dollars.
Recent news that BP and other multinational energy companies are cooling their affections toward renewables and green investment is causing panic among the usual climate scam pushers.
Hopefully, this marks a permanent shift towards sound science and climate realism from our largest energy producers. However, only time will tell.
According to a BMI report sent to Rigzone by Fitch Group, these cuts are substantial.
BP “abandoned” their oil reduction targets “and is divesting its U.S. onshore wind business.” Likewise, Shell is considering new oilfield projects while weakening its carbon dioxide emissions reduction targets.
In other news, Equinor slashed its decarbonization investment in half, from $10 to $5 billion. Although this is still $5 billion too much, I will say it is at least a decent start.
BP’s comments have been the most interesting. The Telegraph suggests that pressure from hedge fund Elliott Management convinced BP to abandon its focus on net zero because the company has “wasted too much money on renewables,” leading to declining corporate value.
With President Donald Trump back in the White House, subsidies for wind and solar may soon dry up, and big oil companies know they will not have that cushion of protection for their green projects. Trump has already paused offshore wind lease sales and paused approvals for onshore wind.
EPA administrator Lee Zeldin is working to “claw back” money from the Greenhouse Gas Reduction Fund, which threw billions of dollars at various questionable green projects.
Oil companies certainly received money from these subsidies and funds for green energy projects and pledges. If that cash flow ends, it would be difficult for them to maintain the grift.
Another key phrase in many reports now is “energy security” — and it is about time.
The premature closure of reliable energy like coal, nuclear, and natural gas plants has had grid operators and even individuals from federal commissions sounding the alarm; wind and solar just cannot fill the gap left behind. They are simply too unreliable.
Granted, BP and the others still talk about the so-called energy transition on their websites. However, it is hard to believe that they are not aware that there is no energy transition occurring at the global scale.
Electricity production data show that while wind and solar are being added to the overall mix, traditional sources of energy are still growing as consumption in general increases.
Whether or not this shift represents an earnest change of heart from major oil companies or a simple recognition that the Trump administration is unlikely to subsidize their forays into renewables is unclear.
What is clear is that a positive embrace of oil and gas would be a very welcome change.
Read more at American Thinker
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The post Big Oil Shifts Funding Away From Green Energy Companies, But Will It Last? appeared first on Energy News Beat.
