August 28, 2020 Read More →

‘Beginning of end’ for fossil fuel companies


Despite rapid growth in renewables, storage and public appetite for cutting emissions, some claim fossil fuel must remain a fundamental part of the energy mix. With PetroChina PTR +1.2% now announcing a near zero emissions target for 2050 however, could this be the beginning of the end?

In Europe, renewable energy goes from strength to strength, with the news that renewables generated more electricity than fossil fuels for the first time, in the first half of 2020. Obviously any growth in renewables need to be seen in relation to the growth in energy demand overall, but figures from July show that wind and solar power have doubled their share of the global energy generation mix within the last five years. With a growing focus on green recovery after COVID-19, Europe is now considering increasing its ambition on emissions reduction and therefore energy transition.

It’s not just Europe where this change is taking place. With 80% of the world’s coal now being burned in Asia, a briefing paper from the Institute for Energy Economics and Financial Analysis (IEEFA) reported that Asian financial institutions and corporations have been stepping up and out of coal financing. Nearly 130 have committed to easing out of coal financing and some are now starting to include tar sands, as well as Arctic oil and gas drilling exclusions. 

[Felicia Jackson]

More: Is The Writing On The Wall For Fossil Fuels?

Posted in: IEEFA In the News

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