Posted by John Donovan: 23 November 2023
Shell and BP’s Net Zero Balancing Act: A Pricey Path to Clean Energy
Shell PLC and BP PLC might need to break their piggy banks and cough up a staggering US$35 billion yearly until 2050. Why? To keep strutting their stuff as major energy players while playing nice with the planet.
The Cost of Going Green (While Staying Black)
Here’s the deal: if these oil tycoons want to keep pumping out oil and gas but not be the bad guys of climate change, they’ve got to get serious about carbon capture and removal. The International Energy Agency (IEA) laid it out: around 60 Mt CO2 of carbon capture, utilization, and storage (CCUS) capacity, and about 200 Mt CO2 of carbon removal capacity.