Change is afoot in the energy industry, but in the oil and gas industry especially.
President Joe Biden is hosting the Leaders Summit on Climate this Thursday and Friday. The event will bring together 40 world leaders to “underscore the urgency — and the economic benefits — of stronger climate action.”
In a related development, ExxonMobil is forming a new business unit to commercialize its portfolio of low-carbon technologies. In a press release issued Feb. 1, the company said, “The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement.”
According to an article published by the Institute for Energy Economics and Financial Analysis on Tuesday, a new bill in Colorado will require the state’s employee retirement fund to divest itself of investments in fossil fuels within a year of the bill’s passage. This is part of a trend of large investors divesting away from fossil fuels and into other investment sectors because fossil fuels no longer offer the potential for returns that they once did.